Circle P:

Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:02):
It is 09:07AM
on this Monday,
June
2025,
and this is episode 11 d one. Yes. Eleven
eleven or row of sticks. One one one one. Whatever,
man. It's palindrome.
It's a lot of sticks. It's a lot of ones. I'm sure there's numerology,

(00:25):
but I ain't got time.
Because I'm gonna take a bike ride, a long one, later on today.
This actually may end up being kind of a shorter show, but what better way to ring in than Monday
with a bunch of news about Bitcoin? Because there is news about Bitcoin. Although, you would think that there would be more,

(00:45):
there's not. It's it's kind of a light
day, you know, way to start the week. And with all the bullshit that's going on in LA, with it's kind of a nice change of pace that I don't have
15 news stories to go through. So let's just go ahead and crank this puppy dog on up

(01:06):
with
Adrian Zmunski.
And Tether
USDT
stablecoin
has been seen in the wild
on Bolivian
store price tags.
So in Bolivia, they're actually denoting
the prices in Tether. That should be interesting.
Let's get into it. Out of Cointelegraph,

(01:28):
Tether CEO, Paolo Ardoino,
has shared photos
of goods in a Bolivian
airport
shop
priced in the company's stablecoin USDT
suggesting
growing unofficial use of the cryptocurrency
amid the country's
ailing
economy.
In a Saturday Twitter post, Arduinos shared images of items being priced in USDT

(01:53):
in Bolivia,
including sunglasses
and sweets. And one photo
showed a notice to customers that prices were set
in USDT,
quote, our products are priced in USDT,
parenthesis Tether, a stable cryptocurrency
with a reference price
informed daily

(02:13):
by the Central Bank of Bolivia
based on the rate from Binance, a cryptocurrency trading platform,
the notice read.
The notice said customers could pay either in local fiat currency,
bolivianos,
or US dollars.
USDT was used to establish the dollar bolivianos

(02:34):
exchange rate.
Interesting.
The notice
and the items were photographed
at dutyfly,
an airport shop offering, of course, duty free items to its customers.
Neither Dutyfly nor Tether responded to Cointelegraph's
request for comment.
It's unclear
how widespread the use

(02:55):
of USDT
is as a pricing benchmark across the country,
but other reports suggest
that the stablecoin is gaining considerable popularity in the country.
In late October twenty twenty four, major local bank Banco Bisa
began offering a custody service for USDT
stating that it would enable its clients to buy, sell, and transfer the assets through the bank.

(03:20):
Bolivia's economy
has been in a very steep decline. The country's usable
foreign reserves fell from $15,000,000,000
in 2024
to a piddly ass $2,000,000,000
in December of twenty twenty four, equivalent to only two point nine months of imports.
Of that amount, less than 50,000,000

(03:40):
was in cash and the rest was in gold.
Yeah. Well, that's what they say. Bolivia has a thriving black market for US dollars with the street rate rate reaching about 10 bolivianos
per dollar as of mid twenty twenty four. The current exchange rate is approaching 7
bolivianos

(04:00):
per US dollar.
The Bolivian government
also spends about $56,000,000
per week importing diesel and gasoline, yet it still faces nationwide shortages. And the consumer price index
inflation stood at, wow, 14.6%
as of March

(04:20):
2025.
'1 of the photos shared by Ardoino
showed a pack of Oreos
priced between 15
and 20 2
USDT
underscoring the rapid erosion
of the local currencies purchasing power
okay that's the end of the article but
that doesn't make any sense

(04:42):
because a pack of Oreos should not cost $22
because if USDT
is pegged to the dollar, and it is,
and
love it or hate it, it's actually pretty stable
as a compare not even a comparison, but as a stable coin pegged to the dollar, it pretty much holds its value

(05:04):
at a dollar. So you're talking about a pack of Oreos. I'm just gonna go ahead and assume
it's like your regular
family size
three row full size pack of Oreos and not like a small snack pack of six. Okay? But still, $22
for three, you know, what would actually essentially be three sleeves

(05:26):
of Oreos. Are you insane?
That doesn't underscore the rapid erosion of the local currency's purchasing power because it's not priced in the local currency.
If unless this article is wrong and it's between 15 and 22 Bolivianos, but I don't think so. I think it's actually costing $15

(05:46):
to $22 to buy Oreos in USDT.
So something else is at at at work there. But also what's even worse
is when it says the country's usable foreign reserves
fell from 15,000,000,000
to 2,000,000,000
in ten years
and that that is an equivalent of two point nine months worth of imports.

(06:11):
That's that's insane.
You're telling me that Bolivia, the country,
has three months worth of working capital as a country
to purchase goods and services
to be imported into the country, like food and gasoline and all the rest of the stuff. They have three months. Remember how we always said, hey. If you live in LA or New York or Chicago or even Dallas or Houston or maybe even Austin, you know, just getting into some of the smaller smaller cities, although Austin's kind of big, it's not as big as New York. You have three days worth of food

(06:48):
on the store shelves
out of all the stores
like that in your entire city gets drained of all usable food supplies
in three days.
And we talk about that in terms of, like, a natural disaster or, you know, some kind of, I don't know, solar flare that acts like a electromagnetic pulse and
wipes out the, you know, power grid for a few days.

(07:12):
It's something on that.
But when you're talking about an entire country
unable
to have any longer than three months of being able to buy food
and gasoline and other needed items for their country people?
That's that's bad.
That looks to me like Bolivia is in in much worse shape than their inflation rate seems to suggest.

(07:38):
Okay. So let's move on. However, we've got what what we what we got over here? Oh oh,
let's stay
let's stay in South America and and talk about the Argentine president Malay.
He's apparently been cleared
of all misconduct
related to the Libra promotion

(07:58):
according to a report, and Jamie Crawley
from CoinDesk is gonna tell us all about it. Argentine president Javier Millet was cleared
of wrongdoing
over his promotion of the Libra meme coin in February,
the Buenos Aires
Herald reported on Saturday.
The resolution issued Friday by the country's anti corruption office

(08:20):
argued that the president was speaking, quote, as an economist
and not a public official when he shared news of Libra on Twitter. The president's personal account, quote, was created long before he was elected elected the country's president.
And even before the beginning
even before the beginning of his previous term as deputy

(08:41):
according to the resolution signed by Alejandro
Malik,
the head of the country's
corrupt anti corruption office.
Malay's post about the Solana based meme coin promoted it as a project designed to help small and medium sized
Argentine companies raise capital.
Libra surged to a market capitalization

(09:03):
of $4,500,000,000.
He deleted the post only hours later saying that he had not been aware
of the details of the project when he promoted it.
In the ensuing sell off that inevitably occurred,
Libra crashed by 90%,
wiping out over $4,000,000,000
in value.
On chain data from Nansen showed that 86%

(09:26):
of traders lost a total of $251,000,000
with the remainder securing a hundred and $80,000,000
in profits.
To make matters worse, it was revealed Libra's cocreator,
Hayden Davis,
bragged in text messages about his influence over Malay
because of payments he had been making to Karina Malay,

(09:49):
the president's sister and a powerful figure
in his government herself.
So he's been cleared of all wrongdoing.
I guess simply because his Twitter account was made before he was deputy
whatever, prime minister, president, and then he became president. And if that's all it takes to be cleared of wrongdoing,

(10:09):
wow.
I I actually think Belay's probably got, like, something on the,
minister of anti corruption office.
It's just
he obviously promoted shit.
And this is just
so blatantly
I am just so corrupt. I'm just gonna take take Malay's money. You know, it's like and I really liked Malay at first, but he really kinda showed his colors when he did the Libra scam. And unless he does something phenomenal, I'm just gonna continue to feel that he's just

(10:43):
he's just not your guy, man. He's just he's just not.
Okay. The Circle p is open for business. And a few words about the Circle p itself before I talk about the vendor of the day.
I I spent some time with ChatGPT
getting it to, code me up some what's called vendor cards,

(11:05):
for the website,
specifically for the bitcoin and show.com
forward /circlep
page. That's where all the circle p vendors are, and I now have collected up five. Now there's actually more circle p vendors than that, but
I've gotten a couple of people that have just flat out reached out to me

(11:25):
to ask to be in the circle p. And at this point,
it it seems like it's probably a good idea to go ahead and canonize this thing
and, you know, make it, you know, make it have some structure. Yeah. Because the circle p
is designed to kinda initiate or not initiate
to help propel the circular economy that we all want in Bitcoin, but it's gonna take all of us to do it. Not any one thing. There's not gonna be any one catalyst

(11:54):
that causes a Bitcoin circular economy. Alright? It's gonna take everybody saying, I I take Bitcoin for my goods and services, and you better because if you don't, you're not in the circle p. Because the circle p is about bringing plebs that have goods and services, and these guys are just like you. They're they're regular Joes.
Some of these people maybe do it full time. Some of them have it as a side gig. They maybe they wanna make it full, you know, their full time gig. But unless they get some kind of, you know, advertising

(12:23):
from people that have at least some listeners,
it it becomes hard and almost nobody has any money for advertising budgets. So I created the CircleP.
And what it is is I run an ad for one of the people that I think has a good or services
for sale in
Bitcoin that I think is worthwhile.

(12:45):
Either I've tried it or I've just I I just noticed that somebody's trying so hard, and they they need help. I mean, I need help. I've asked you guys on several occasions for help with this show to get the word out. Right? How could I just not
help my fellow brothers, like, people like Great Gee and Soap Miner and Oshi and

(13:08):
Leathermint and Peony Lane.
These guys are all trying their best to do the thing that they love and have that be the thing that makes them money so that they're not actually working,
They're just creating value
doing the thing that they want to do. And that that's what the circle p is about. It's about putting people just like you in front of you so that you can choose whether or not to buy their goods and services.

(13:32):
And today, today's featured vendor for the Circle P is Great Ghee,
who brings you pasture
raised
grass fed
ghee. What the hell is ghee? Well, it's spelled g h e e.
And what it is is it's essentially kinda clarified butter.
The the way that I make my ghee, and I don't sell my ghee because it's

(13:56):
I that's not my job. I I've got people like Great Ghee that do that. But I will do is what I will do is I will take a whole bunch of butter, and I will put it in pan on on a stove. And I mean, like a like a like a soup pan, not a pot, but like a, you know,
a good size eight inch

(14:16):
soup, you know, soup pan, something like that. I'll put it in there, melt it all down, and slowly
cook it. What am I doing?
Well, I'm causing all the milk proteins to fall down to the bottom so that they can be strained out, and all I'm left with is the clarified butter or the butter fat portion of the butter.

(14:38):
Because when you get butter, it's a lot of fat, but it's there's also quite a bit of milk proteins in there, and that's the stuff that can go bad. That's the shit that can go really, really, really bad. But if you cook well, if you cook it for long enough under, like, you know, a lower to medium heat, you gotta watch it like a hawk. It it's a lot of labor,

(14:58):
then you end up with this beautiful, wonderful,
darker colored
clarified butter. And many people make it different ways, but it is a staple in Indian food cooking.
If you like Indian food,
you are eating amounts of ghee that would probably make you blush.
This dude
sells his ghee and it's grass fed,

(15:19):
pasture raised. He makes it by hand.
From Jersey cows milked in Southwest Virginia,
It's
US made in small batches.
Just go it like, and the thing is is that he that that Great Guy does not have a website yet, so he's using shopster.store.
That is a nostril

(15:39):
based client for selling goods and services
using the nostril protocol
all of his information will be in the show notes URLs
directly to the shopster shop
goes right to his stall so you can see exactly what we're talking about.
He sells for Bitcoin, otherwise he wouldn't be in the circle p.
I have not tried his ghee yet. He is saying that he's going to send me some so that I can try it,

(16:06):
but Great Guy is one of the vendors for the Circle p. Why?
Because he's trying.
He's trying, man. We we all get to do this. We we can all just make things,
but we all can't just advertise. We all can't just throw the money at Facebook ads. We can't just all go to Google ads. Right? We just some of us just don't have the money.

(16:30):
That's what the circle p is about. It's about plebs
helping plebs. Now, onto
the Blockchain group,
which has unveiled
a $342,000,000
share issuance
as a plan to acquire more Bitcoin because they're, I guess, turning into a treasury company themselves. James Hunt from the block tells us about this new entrant from Europe,

(16:56):
which is Europe's First Bitcoin treasury company named the Blockchain Group, has announced a 342
and a half million dollar at the market style program
on Monday to acquire more Bitcoin.
I love how at the market is also the acronym ATM,
automated teller machine. And, functionally,

(17:18):
it works the same way. The Blockchain Group has signed
a standby capital increase agreement at market price with
t o b a m, Tobam,
a French asset manager and strategic investor in the Euronext
Growth Paris listed firm.
Folger Ventures,

(17:39):
David Bailey's UTXO Management, and Blockstream CEO, Doctor Adam Back, are also among its shareholders.
The program allows Tobam
to request new shares each day after market close priced at the higher of the previous day's closing price or the volume weighted average price capped at 21%,

(18:02):
of course, 21,
of that day's trading volume.
It enables capital increases to be carried out in tranches
up to the total value established for an initial six months. However,
Tobam
and the Blockchain Group's board of directors may choose to extend, renew, or not renew this limit,

(18:22):
the firm said in a statement.
During the program, the company will regularly update the market on new shares issued,
including their number, price, and timing, as well as the number of Bitcoin acquired and track Bitcoin per share on a fully diluted basis.
Any suspension,
termination,
or change to the program will also be announced. Yeah. It better.

(18:46):
Last week,
the blockchain group disclosed that it had completed the purchase of 624
Bitcoin for about 68,700,000.0,
bringing its current total holdings to $14.71
Bitcoin, which is worth around $158,000,000
The blockchain group's program is similar
to US style at the market or ATM offerings, such as those used by, of course, Sailor Strategy,

(19:12):
where capital increases happen at market conditions and the counterparty's
request or yep. Yeah. And the counterparty's request. However,
unlike a typical ATM,
where a financial intermediary
systemically
or rather
systematically
sells the shares
and does not intend to retain them,

(19:33):
Tobam
may choose to keep the shares it acquires and act as a shareholder, the firm said.
Tobam provides no placement
nor underwriting services and receives no compensation
from the company for this transaction, unlike the financial
intermediary
in a regular ATM program.
There are now a 44 companies that have adopted some of the Bitcoin treasury or rather some form of a Bitcoin treasury

(20:01):
with Tether back '21,
Trump Media, and GameStop recently joining the likes of similar scientific
and KULR,
which I will talk about in the later half of the show, in adopting the Bitcoin acquisition model pioneered by Saylor and Strategy.
Last week, Meta Planet announced a 4 point or $5,400,000,000

(20:21):
equity raise to purchase yet more Bitcoin.
So there you go.
Everybody's getting into the game.
And, again, is it a fad?
Yeah. Probably.
At this point, I I don't really I'm not really enjoying what I'm seeing.
Will it kill Bitcoin?
No. Will it hurt the price if shit comes crashing down?

(20:43):
Yes. Okay. How long will that last?
Near to medium term.
That's your answer.
It it it doesn't it it it's not hopeful, but it's not, hey. We're all gonna die.
But it's the truth.
Right? Some of these companies are gonna start going belly up, whether they've got Bitcoin or not.

(21:04):
Or or
it could actually go in a completely opposite direction.
Let's say that I'm 100%
wrong
and that the market
is unable
to overwhelm
Bitcoin in all of its
framing. What do I mean by that?

(21:24):
Do you frame Bitcoin as money? Do you frame Bitcoin as a store value? Do you frame Bitcoin or look at you could also say look at it through the lens of, like, do I look at Bitcoin through the lens of,
being market, you know, manipulated by market?
Do I look at it in the framework of
does paper Bitcoin exist in the market? What if I'm completely

(21:46):
wrong?
What if the market, and I mean
the entire market, what, you know, what Microsoft
thinks of Bitcoin
as what people think of Microsoft's
stock price or Amazon's price or what the pleb on the street or the institutional investor. I'm talking the whole shebang, ladies and gentlemen. What if

(22:08):
what
if it doesn't have the power to overwhelm
Bitcoin
any longer?
And the very worst treasury like, you lit just list all the treasury companies or or Bitcoin treasury companies,
list them all on a sheet of paper and find the one that is the dog,
the worst dog with the worst fleas that is like just just

(22:31):
grime,
filth ridden, starving, half to death, almost
zombie like.
And
even it can't fail
because it actually holds some amount of real Bitcoin on its balance sheet.
What if?
Well, if that were the case and that was proven out and it was very evident to everybody in the market,

(23:05):
commitment
to bring products or services to market
has been looking for,
like, since forever.
It could go that way,
but I get the feeling that there will be a couple of these things that just flat out implode.
It won't be the big ones,
but there could be one or two. But I think, like, the smaller ones, like, I'd be looking at similar scientific whose stock price does not look all that good

(23:32):
compared to when they started buying Bitcoin. It looked good for a while, but they're kinda, like, back to right when they started
their stock price is back to right when they started buying Bitcoin.
So it for some people, it's not working as well as for other people. So it it is what it is. But let's go ahead and run the numbers.

(24:01):
Commodities and futures oil, West Texas Intermediate up third
to $64.83.
Wow. Well, it seems to be some kind of rally going on in the oil market starting yesterday.
Yeah. Yeah.
Oil markets oil futures and commodities and stuff like that, they open at 03:00PM
on Sunday here in The United States because other countries are already open for business. So oil's been trading since 03:00PM

(24:28):
Pacific Daylight Time yesterday.
Brent Norsey is also up at third to sixty six sixty eight. Natural gas down 4
to $3.63
per thousand cubic feet, and gasoline is up a third to $2.08
a gallon.
All your metal rocks are having a small rally today, some bigger than others. Gold is worst

(24:49):
is worst performing metal today
after it's up only a quarter of a point to $33.54
and 3 dimes. Silver is up 1.8%.
Platinum is up almost four and a half. Copper is up one and a half, and palladium is up just over three points.
Ag is fully mixed, but kind of leaning on the red side. Biggest winner is

(25:13):
coffee. One and a quarter to the upside. Biggest loser is gonna be wheat
over two points to the downside. Meanwhile, live cattle is up a quarter. Lean hogs down
a tenth of a point, and feeder cattle is basically crab walking sideways.
As is the Dow,
it's down point 05%.
S and P is up point one three. Nasdaq is up a quarter,

(25:34):
and the S and P Mini is also up a quarter.
Bitcoin wow. Bitcoin's rallying this morning. A hundred and $8,040.
We have a $2,150,000,000,000
market cap. We can get 32.1
ounces of our favorite shiny metal rock.
I I know. It just it just hit me of what

(25:55):
what, Peter Schiff said on Twitter.
If you don't know what he said, I'm not gonna tell you. You're gonna have to go look at it for yourself. It's
wow. Talk about just not reading the fucking room. Holy mother
of God.
We can get 19 or no way. We can get 32.1 ounces of shotty about a rocks with our Bitcoin, which there are 19,876,363

(26:19):
and 3
quarters of. Average fees per block are very, very low today. 0.03
BTC taken in fees on a per block basis of which there is only one.
There can be only one
block,
which is carrying at the moment 1,500
transactions
waiting to clear at ultra high rates of high priorities at 1 satoshi per v byte, low priorities,

(26:45):
necessarily is gonna be 1 satoshi per v byte.
And
I'm not seeing that much of a change in hash rate.
888.9
exahashes per second.
It we're I mean, we're still way way way up there. So,
you know, do with that what you want. And from

(27:05):
revolution server, Friday's
Bitcoin and episode,
I got late stage huddle with a thousand says no need for further explanation.
I'm not a huge nerd for Bill and Ted's,
but I immediately understood the reference when you explained it. I had an English teacher who always said,
if you don't get the illusion,

(27:26):
you don't get the joke.
I doubt I came up with the word plebconomy,
but I hope I did. Also love Wallace and Gromit. Keep up the good work, sir.
Well, I appreciate that. Yeah. Wallace and Gromit is is awesome. If again, for those who have never seen Wallace and Gromit,
you're totally missing out. Some of the best short claymation,

(27:48):
funny
a f.
I love almost everything that they've ever produced.
Psyduck with seven thirteen says,
Psyduck yodel five eleven.
More solenoid
transformer talk. He actually spells it transformer.
Paul Cernai in 500. Thanks for another valuable episode

(28:10):
and for continuously sharing your insights. I totally agree that Switzerland today is but a shadow of the country only a few decades ago.
This is not o or this not only applies to the financial sector, by the way.
Politics is ruined a thriving country, and nobody
has to be responsible because bread and games are cheap and abundant.

(28:31):
The road to hell is paved with good intentions.
What Switzerland needs is a new movement like the reform party in The UK who's willing to change quite a lot of things and have enough guts to see the task through
to completion.
Yeah. You know, I'm I'm continuously
surprised that Switzerland far,
fell as far, but moreover,

(28:52):
as fast as it did. That's
the speed
of which Switzerland just said, I give up.
All of you in Europe suck, so we wanna suck right along with you. So we're it's a race to the bottom. I would have never suspected that from a country like Switzerland, but
Turkey actually says something. 500 sats and he says one day I might say something.

(29:16):
I like how you, like how you think. Turkey with another 500 just basically post the episode URL. Pies with a hundred. Thank you, sir. No. Thank you. And that's the weather report.

(29:36):
Welcome to part two of the news that you can use. Bitcoin developers
call for implementation
of CTV
and CSFS.
There's a letter to the community,
apparently, and Atlas twenty one
is going to tell us all about
it. A portion

(29:58):
of the Bitcoin developer community
appears to have reached consensus
regarding the next protocol upgrade.
An open letter signed by over 40 experts.
Experts?
Experts?
I always cringe now
when I hear somebody say the experts.

(30:19):
Anyway, in an open letter signed by over 40 experts requests
the priority implementation of two op codes.
Op check template verify,
CTV BIP
one one nine,
and OP checksig from stack
CSFS
or BIP three forty eight.

(30:41):
The developers believe that activating
CTV and
CSFS
constitutes the most appropriate next step for Bitcoin's evolution.
The letter emphasizes how despite the existence of various proposals
to improve the protocol,
CTV and CSFS
stand out
for being extensively

(31:02):
reviewed,
for their implementation simplicity,
and for proving to be both secure and widely requested by the community.
CTV,
five years of development and refinement.
So op check template verify was first formalized in BIP one one nine over five years ago.

(31:23):
Despite numerous attempts at refinement or replacement, it remains the preferred method for enforcing
pre generated transaction sequences using consensus, the developer's
state.
According to the letter's signatories,
implementing CTV on Bitcoin would unlock functionality for the following:
scaling solutions,

(31:44):
secure vault systems,
network congestion
control, not that we have much right now, but
you never know.
Non custodial mining is number four and five, discrete log contracts or DLCs.
Then we come to CSFS,
eight years of proven experience.

(32:06):
The developers declare that op checksig from stack is a primitive opcode
implemented on the open source Blockstream Elements platform for at least eight years.
It does not represent a significant computational burden
compared to Bitcoin's most used opcode,
op checksig, the documents signatories

(32:27):
state.
When combined with CTV,
CSFS
enables
Lightning Network symmetry,
an improvement for Lightning Network.
Additionally, it unlocks a variety of other use cases.
The letter signatories ask Bitcoin Core contributors to prioritize

(32:47):
and review
I just messed up.
The signatories have asked Bitcoin contributors,
Bitcoin core contributors to prioritize
the review
and integration of CTV and CSFS
within the next six months.
This timeline is considered appropriate to allow for rigorous final review and activation planning.

(33:12):
The letter was signed by over 40 figures from the Bitcoin community, including developers
such as Andrew Polestra,
Cali,
Christian Decker, and Robin Linus, along with representatives
from industry companies such as Chung Wang from f two pool,
representatives from Zeus,

(33:33):
Luxor Mining,
Maripul,
and Cake Wallet.
That's gonna be a tall ask because from what I saw this morning,
Bitcoin Core
has
merged the pull request
that apparently takes all the filters
on Bitcoin core nodes and basically fleshed it down the toilet.

(33:55):
However you think about that
is your business.
Right? And I'm not gonna say anything about
on either direction because I'm trying to remain neutral on that whole thing. But people are pissed.
People are pissed. People are calling for a fork, a Bitcoin. We've been here before.
So for all of you that are following this but are are,

(34:18):
like, have gotten into Bitcoin after the the, block size wars
in 2016,
'17, and '8 and finishing up early twenty eighteen,
if you got in
to Bitcoin
after that and this is somehow scaring you,
do not be scared.
I was fucking terrified

(34:38):
in 2017.
I had gotten in in 2015.
I had seen none of the crap that came before, but I'd certainly started becoming
very, very attuned to what was going on with Bitcoin
when I after I bought my first Bitcoin
at the end of summer of twenty twenty or 2015.
So what did I wade into? Well, I waded right into the

(35:01):
to the pre battlefield battlefield conditions of what would become the block size wars.
Pretty much through the, you know, the very end of twenty sixteen, it got started getting hot.
All through 2017,
it started getting really scary. And then
and then the fork
that became
Bitcoin Cash

(35:22):
happened.
Or as
lovers of the of the protocol or haters of the protocol, we call it b cash because it's actually a better name.
And and Roger Ver hates it, so we continuously call it b cash. But it was it was
the the Bitcoin cash hard fork.
Right? And it brought and I won't get into it, but it brought a whole lot of problems.

(35:45):
There was a whole lot of we don't know what the hell's gonna happen.
And it turns out
that what happened is exactly what you see.
Bcash is a failed
fork.
Hardly anybody uses it. It doesn't have anywhere close to the value of Bitcoin.
Will it be the same this time?

(36:05):
No. It'll probably be different, but we don't know in what way
it might be different. And I'm not even I'm not even saying at this point, I haven't even given up in saying that there will be a fork. I'm just saying that
all of this has happened before,
and all of this will happen again. If one of the major I think it's the opening line to the actual book, Peter Pan,

(36:28):
that then became the movie for Disney.
It doesn't matter, man.
Bitcoin's going to Bitcoin's gonna be fine.
And if for whatever reason a hard fork happens, guess what?
If and this is a huge if. And we we again, all this has happened before, all this will happen again.

(36:50):
Back in the day when there was gonna be a a look like there might be a fork, You know what the call to action was for everybody? Instead of losing your ever loving mind and setting yourself on fire in a self immolation
way and running around the block, screaming at the top of your lungs before you fell over dead from being on fire.
It was to get your Bitcoin off exchanges

(37:12):
and put it into a wallet that you control.
Not somebody else not us not a not a non custodial wallet or rather a custodial wallet. A you self custody
the Bitcoin
under
a wallet address that you control
with a seed phrase that you spun up using however it is you spun it up. I used a cold card. That's how I that's how I did mine. Right?

(37:41):
Why?
Because if a fork happens
and you hold the keys
to the coins, which means you're holding the coins yourself,
then you will have the exact same amount of Bitcoin
on the other chain
if and when
it goes live.

(38:01):
How does that work?
Because when you fork it and you fork it from a date, if you hold
any coins at all, any Satoshis at all
before that fork date, that fork is a complete
and total copy
of the Bitcoin blockchain.
So if you held coins on this chain,

(38:24):
whatever fork happens, you will hold the exact same amount of Satoshis
on that chain.
Right?
That's that was very important for people to understand
because there were people
that had their Bitcoin
in places where they were not allowed to take the coins on the other chain.

(38:44):
I immediately
immediately
sold every single
Bitcoin cash that I ended up with
directly for more Bitcoin.
Right?
You do whatever it is you wanna do, but you need to make sure
that you have all your coins in your possession.
If you hold Bitcoin in a BlackRock ETF,

(39:05):
do you know who's going to take possession of the coins
if a fork happens?
BlackRock. Do you think they're gonna give them to you? No. That would not be the assumption that I would make.
Get your coins
into your own possession.
Even if there wasn't a threat of a fork, you need to do this shit forthwith.
Let's move on to k u l r technology

(39:27):
as they join Bitcoin for corporations
and
increase their holdings to 920.
This is written by Oscar Perez from Bitcoin Magazine.
KULR
Technology Group, a Bitcoin first company and global leader in sustainable energy management,
announced that it has now joined the Bitcoin for Corporations or BFC

(39:51):
initiative,
an institutional platform
by strategy and Bitcoin magazine
to promote corporate Bitcoin adoption.
The initiative is made to support publicly traded companies in integrating bitcoin
into their corporate treasury strategies and balance sheets.
Participating
organizations
gain access to institutional grade tools, frameworks,

(40:13):
and peer networks that support the responsible management and expansion of Bitcoin holdings.
KULR's
role as an executive member of BFC aligns with its strategy to position Bitcoin
as a long term reserve asset. Quote,
our commitment to Bitcoin for corporations
reflects a strong conviction

(40:34):
in Bitcoin's long term value as a monetary asset. As KULR
continues to scale its Bitcoin treasury, we welcome the chance to align with other institutions
pioneering this shift in corporate treasury management, CEO of KULR,
Michael Moe, commented.
And this didn't get too
terribly indebted to the suit speak until the very end, so I'll give him points for that. K u l r

(41:01):
also has increased his Bitcoin treasury by $13,000,000,
bringing total holdings to 920
BTC
at an average acquisition price of a mere 98,000
per Bitcoin.
The company's total Bitcoin investment now stands at $91,000,000,
and the latest purchase was made at an average purchase price of a hundred and 7,861

(41:26):
per Bitcoin. And year to date,
KULR
has delivered
a 260%
return
on its Bitcoin holdings.
They use a strategic mix of cash reserves,
and its at the market or ATM
equity program to fund their acquisitions.
On July

(41:46):
2024
at the twenty twenty four Bitcoin conference,
strategy and Bitcoin magazine announced the launch of Bitcoin for corporations,
which at the time was a new initiative designed to help companies integrate Bitcoin into their treasury strategies. I'd almost forgotten about this, by the way.
The program provides corporate leaders with educational resources,

(42:07):
practical tools, and access to a network of peers and experts.
It includes a co branded web platform offering specialized content newsletters and success stories because where would we be
without our success stories as well as VIP access to events?
Because, hey, hookers and blow
can't go wrong, bro.

(42:28):
Quote, the Bitcoin for corporations initiative is a significant step forward
to accelerating corporate Bitcoin adoption,
added cofounder and former CEO of strategy, Michael Saylor, quote, by combining our expertise,
resources, and reach along with Bitcoin magazine,
we aim to create a robust platform that educates and supports corporations in implementing Bitcoin strategies.

(42:52):
And it worked.
You got a lot of corporations that are getting into Bitcoin now. It took two and a half years, but, hey,
it's happening.
And strategy is not out of the news yet because Vivek Singh says from Bitcoin magazine that strategy
has announced this morning that it bought a hundred and $10,000,000
worth of Bitcoin,

(43:13):
which is a piddly ass amount compared to some of their other buys. I mean, it's only 1,045
Bitcoin, ladies and gentlemen. It's just disgusting.
It's horrible. I can't believe Michael Saylor can look at himself in the mirror at this point by this
piss
ant sized Bitcoin buy. I'm shocked and appalled,

(43:34):
and I'm frightened and confused.
I I'm not sure if Michael Saylor really understands Bitcoin at this point. Otherwise, he would've just said, fuck it. I'm buying the rest of it. Anyway,
he bought it for a hundred and $10,200,000
and further cements
its position
as the largest corporate Bitcoin holder as institutional adoption continues to accelerate in 2025.

(43:57):
According to an SEC filing on June,
that would be today,
the company purchased the Bitcoin at an average price of a hundred and 5,426
per coin
last week, bringing its total holdings to 582,000.
BTC,
the acquisition was funded through strategies

(44:18):
at the market
or ATM
sales of strike and strife
preferred stocks. And he's got there's like I don't know.
He's got Stride is, like, on the horizon if they haven't already pulled the trigger on that some of it.
I wanna go back and I I wanna reiterate

(44:38):
that it's almost like it's a psyop
that these companies
are using this thing called ATM
at the market.
What what exactly does it mean? It means that when they need money, they sell you stock and you buy it.
And if you don't buy it, somebody else will buy it. Somebody, somewhere is gonna buy it

(45:02):
for cash.
And then all of a sudden, they get the they get the cash.
It's like going to an ATM machine where you put in your card.
And and and you type in some numbers and it spits out the cash, and you take the cash and you go do what the it's it's like a psyop.
It's like, oh, well, anybody can just go to the market and get money like an ATM machine. It's just like an automated teller machine, Like ATM machine. That's redundant. That means automated teller machine machine. But you get what I'm saying. Right?

(45:36):
It's not special.
The ATM for a company is just you.
The ATM for you is your bank.
So does that that makes you
micro strategies bank.
Stop buying this crap. Just
use your money wisely
and just buy Bitcoin.

(45:58):
Even Meta Planet bought Bitcoin. They plan to buy more Bitcoin, and it's gonna be historic.
That's the word used by Bitcoin Magazine.
Watch out when people use the word historic.
Generally speaking, it doesn't become history. But
Meta Planet plans a historic
$5,400,000,000

(46:18):
equity raise to buy 210,000.
Two hundred and 10
thousand
Bitcoin Japanese investment firm, Meta Planet, announced
this massive plan
to increase its Bitcoin holdings
to 210,000
Bitcoin by the end of twenty twenty seven, and that's

(46:40):
a bright around 1% of the total Bitcoin supply. The Tokyo listed company is accelerating
its already aggressive Bitcoin plan with CEO Simon Gurevich
calling the initiative,
quote,
Asia's largest ever equity raise to buy Bitcoin.
Again. End quote.

(47:02):
They mostly come at night.
Mostly.
The company's new capital raise called the $5.05
5,000,000
plan.
Wow. Involves issuing 555,000,000
shares
through moving strike
warrants.
That's basically a type of option
where people can buy shares later.

(47:24):
And the price they pay depends on the stock's price
at that time. Just just doesn't make any fucking sense anymore. So
with moving strike warrants,
the price at which people can buy the stock goes up or down depending on how the company's stock is doing. This sounds like you're just buying the stock whenever it is that you decide to buy the stock. This stop it.

(47:46):
Stop it. Just it gives investors more flexibility. What? Like buying stock on Wednesday rather than a Tuesday?
And it can make the warrants more attractive because they don't get stuck with a bad deal if the
stock price drops.
Like,
what?
Jeez. This way, the company can raise capital gradually over the next two years without impacting the stock market and existing shareholders.

(48:11):
The funds raised will be used to buy Bitcoin with some to redeem bonds and other income generating strategies like, you know, selling put options.
This is a big step up from Meta Planet's previous targets initially aiming to reach 10,000
BTC by the end of twenty twenty five.
And the company now plans to reach
30,000
BTC by the end of this year, a hundred thousand by the end of next year, and 210,000

(48:37):
by the end of twenty twenty seven.
The firm hopes to be in the Bitcoin 1 percent club, which means holding at least 1%
of the total 21,000,000
Bitcoin supply.
Meta Planet is already making good progress because as of June 2025,
the company holds 8,888
BTC
acquired

(48:58):
at a cost of about $849,000,000
and has already reached 89%
of its original 10,000 BTC price or target for
2025.
And then they go on talking about all these other companies

(49:26):
every time I
I I know I sound like I'm just poo pooing everything, but come on. You gotta see it for what it is.
As long as there's enough rubes
with enough cash
walking around, people like Sailor and this guy from Meta Planet are gonna take their money. And honestly, I can't really blame them.

(49:49):
If dude, if you're stupid enough to give me
a hundred dollars for a $4 shoeshine, I'm going to take your $100.
I'm not going to make any excuses whatsoever about how it's a $4 shoeshine.
Dude, you paid a hundred dollars for a $4 shoeshine. You got you got had.
Yeah.

(50:10):
This is ridiculous.
All you really have to do is just buy Bitcoin.
So, again, let me go back to what I said in the first part of the show.
If this
thing in this entire ATM,
Bitcoin Treasury Company,
debt riddled
instrumentation
bullshit, if the crap hits the fan and this entire thing pops and goes away,

(50:36):
what's gonna happen to the price of Bitcoin? It's going to fall.
How far will it fall? I don't know. I'll just say it, 60%.
I don't know if that's true, but I mean, it's gonna be more than 10%,
but it's not going to zero. So I'll give it a nice round number of 60% because, hey, we've seen it before. How long will it last, David? I don't know. A couple years?

(50:58):
Maybe not even that.
Maybe not even that.
Will it happen? Fuck. I don't know. Like I said, there's a huge question mark in the back of my head. This
all this shit may work
for, you know, for these companies.
They may be able to draw an infinite amount of money from these ATM machines that they or, sorry, these ATMs that they have.

(51:20):
You're the bank. They're
they're getting your money, but, hey, you know, whatever.
There could be an infinite amount of cash that just continuously flows their way
to buy and and people buy in MicroStrategy
stock and Stride and Strife and
Strike and and and then other, you know, derivative people that are coming along and they, hey. I want a piece of this shit too. And it's like this misty thing,

(51:45):
which is giving I don't know. Just telling people that they're making, like people are saying that they're making, like, 8.9
to 10%
yield.
On what?
What's generating the yield?
What product is being sold?
Right? What service is being rented?
How are you generating
revenue

(52:06):
to generate this quote, unquote
yield,
especially
if it's a derivative. What is a derivative? It's a bet
on something real.
It's a bet. That's what a futures contract is. It's a bet on the price of oil or the price of silver or the price of gold or frozen concentrated orange juice. If you understand that movie reference, give yourself two points.

(52:31):
It's a fucking bet.
How can me betting on the chargers
in the Super Bowl generate a yield?
The only yield that it can generate is if I win and at that point, the bet is extinguished.
This is a rolling yield
on a rolling bet.
This is

(52:53):
if people in the future will ask,
granddaddy,
how did we how did we end up living in a in a soup bowl underneath the fucking bridge?
And I'll point to derivatives in the market and idiots wearing suits thinking that they're really important
because they haven't lost their ass yet.

(53:14):
None of these instrumentations
are good for you.
Right?
I I guess I have to say it. This is not investment advice, so you won't sue me when all of a sudden in the short term, you go, you know, if I hadn't listened to David and I had bought a fuck ton of Misty, I had to be rich by now. Well, sure. Go ahead.
Man, I'm just gonna buy Bitcoin.

(53:36):
And you know what that means?
It means that I'll be able to 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.
Have a great

(54:00):
day.

All Episodes

J6 Strikes Again!

Circle P:

Articles:

Episode Transcript

Popular Podcasts

On Purpose with Jay Shetty

The Breakfast Club

The Joe Rogan Experience

.css-15opob5{left:0;position:absolute;top:0.8rem;} All Episodes

.css-14f5ked{margin:0;word-break:break-word;display:-webkit-box;-webkit-box-orient:vertical;box-orient:vertical;-webkit-line-clamp:2;overflow:hidden;}J6 Strikes Again!

Circle P:

Articles:

Episode Transcript

Popular Podcasts

.css-r6mb8g{margin:0;word-break:break-word;display:-webkit-box;-webkit-box-orient:vertical;box-orient:vertical;-webkit-line-clamp:1;overflow:hidden;}On Purpose with Jay Shetty

The Breakfast Club

The Joe Rogan Experience

All Episodes

J6 Strikes Again!

On Purpose with Jay Shetty