Friday Swagger Ep. 219

Join Bob and the panel for the latest discussion on Bitcoin and news. Visit bitcoinveterans.org to connect with us and join our Signal chats.

Episode Transcript

(00:00):
Thank you.

(00:30):
All right, guys, good morning.
Hopefully everybody can hear me.
Give me a thumbs up.
We've got a little bit shorter of an intro this morning,
which means not as much time to allow people into the space,

(00:52):
so we'll fill the space a little bit with some chatting.
Hopefully I'll give an intro.
but yeah guys feel free to pop up and
talk with us should be fun this morning obviously on new all-time highs hopefully people have an
excitement brewing and you guys have been adequately appearing preparing for this

(01:17):
had a lot of time to stack and so it's good to see all-time highs once again
All right, so let's see if we can get a couple of invites out.
And I am testing a little bit of a different setup, so hopefully my audio is sounding good.

(01:43):
I do think the music at the beginning allows for a little bit better start to the show
because we can get as many people up here as want to chat.
But we have exciting topics today, so hopefully we can cover those.
We had an awesome Dallas Bitcoin meetup last night.

(02:06):
The excitement was high.
Had a good presenter talking about estate planning.
And, yeah.
All right.
So, looks like we got Texas Toast up here.
I'm going to send you a co-host invite, sir.
And then, as always, Golf Winch, BFP, as a lot of people know him by.

(02:29):
Thanks for showing up this morning.
We'll let some more people file in.
Guys, please post the space and throw a little comment down in that bottom purple pill.
That helps us reach as many people as possible.
And with that, let's get started here.

(02:49):
So good morning to everybody. Thanks for showing up again on this fear and greed Friday.
I want to welcome you to Bitcoin Spaces number 219. We host this space every weekday at 10 a.m. Eastern.
My name is Bob Van Kirk. I'll be your host this morning, joined by Texas Toast as the co-host.

(03:10):
Had a great time with Coleman yesterday. Hopefully he can join us a little bit more here in the future.
He did a great job moderating and asking good questions, getting the panel to talk.
Not too many arguments, which maybe some of you want some more of.
We'll see what we can do.
But guys, it is Friday, July 11th, and we are at Bitcoin block height number 905,084.

(03:39):
Waiting on a 24-minute block right now.
and the Bitcoin price looks to be just below.
I think it's crashed.
Goodness, under 118,000.
We did have an all-time high of, depending on the exchange you were on,
a little over $118,800.

(04:01):
But at these prices, you can still pick up around 848 sats.
For each U.S. dollar, I've been warning you guys.
this is uh we finally fell under 900 and uh we'll see if it comes back but want to thank everybody
for joining us this morning as a reminder we'd love to have some new voices up on stage
please hit that little microphone button in the bottom left we'll get you up here

(04:26):
and discuss the topics if you have questions likewise you can hit that microphone button
we'll have you up here we'll try to be nice to you otherwise uh you can leave a comment
or your question in that purple pill in the bottom right.
And with that, I'm actually going to, before we jump into topics,
I'm celebrating something this morning.

(04:47):
Some of you may have seen my post on Axe.
I put it up in the Megatron or the whatever people call that thing up there.
As Bitcoin has gone to new all-time highs,
I am happy that my 2008 Toyota Sequoia has reached 300,000 miles.

(05:12):
I put, personally, a little over a quarter of a million miles on this vehicle since I bought it secondhand in December of 2011.
And my wife makes fun of me.
My kids make fun of me.
My neighbors look at me like I'm a crazy person.
and I don't care because this has allowed me to stack more sats and guess what it still works

(05:37):
funnily enough though I will say I did notice that the blower motor on the AC
is starting to fail making some crunchy noises and my wife's like get rid of it of course that's
always her response and i am saying i will either sweat and die on this hill or i'll take apart the

(06:00):
glove box and see if i might be able to replace that blower motor or maybe there's a rodent or
some other obstruction making it crackle and crank and do all these funny noises so we will see
uh with that that's probably the longest opening to a show i've ever done and now i will let texas

(06:21):
toast, I will let him in and make fun of it. No, that's awesome. It's, it's crazy looking back
on stuff like your car, like your crappy 300,000 mile, uh, shit box and, and saying, this is a,

(06:44):
this is like a quarter million dollar car because I didn't, you know, spend a ton of money on it.
and the money that I could have spent buying something nicer or a brand new car or anything
like that. Like if you had funneled that into Bitcoin, you know, that, that may, it's just
kind of looking at these things. We always, we always kind of go in the reverse saying like pizza

(07:06):
day and all this other stuff, but you know, it, it, it works the other way with, with stuff that
you could have bought, but you chose not to. And instead you, you saved your, your time and value
in Bitcoin and
it's paid for itself at this point
10 times over probably so
congratulations Bob
on your wonderful

(07:27):
quarter million dollar
300,000 mile
Sequoia
it's beautiful
I'm sure you see it that way
now that we're kind of
where we're at with the
price of Bitcoin and everything else
so it's pretty cool
I envy you
I was a sucker and bought a new car, and I regret it.

(07:52):
I was going to say one of the side benefits is that nobody really messes with it.
They just see it as like some beater.
And, you know, it's nice enough that you can still drive it around.
Well, at least I can with my head held high because I know I've lived this.
But people won't, like, crawl under it and try to steal the catalytic converters.

(08:15):
And even if they do, I don't really care because it's now worth about $4,200.
The back window doesn't roll down anymore.
I'm not replacing that motor.
I never use that anyway.
There's a little bit of rust, not surface rust, just underneath.
But, yeah, I mean, it checks out.

(08:36):
Everything works well.
And it's fun to celebrate these little things.
Yeah, there's something to that.
I mean, you know, I've got a newer vehicle and I'm constantly worried about it getting stolen.
I put a wheel lock on it whenever I leave in a sketchy area.
You know, I want to make sure it's locked up at night.

(08:57):
It's like there's got to be some awesome freedom of just saying, you know what?
Steal it.
I don't care.
I envy you in a lot of ways, Bob.
yeah i think um for as many people like this and understand this way of thinking there's

(09:18):
so many more who are just like this is ridiculous i know you can afford something different even if
it's used and you're still driving around this piece of crap but you know what it's my piece of
crap and i put a lot of miles on it and i enjoy it so uh we don't have to camp out here too long
But I do think, guys, if you've ever bought a car while you were stacking Bitcoin, no matter what the price, how new it was, you can probably go back on that date and figure out what the Bitcoin price was.

(09:45):
And if you had a choice to not purchase that vehicle, probably go back and tell yourself not to.
So it is a maybe it's a fun lesson for Friday when we're sitting at new all time highs and people just want to hear why.
Oh, why is Bitcoin price pumping for me?
I think it's because I finally hit this other milestone, 300,000 miles.

(10:07):
But BFP wanted to say good morning to you as well, sir.
How are you doing and how is your vehicle doing?
Are you crying because you put too much money into your vehicle?
Actually, I'm doing well this morning listening to the birds.
And my vehicle is no longer with us.
I had a 09 Honda CRV, and I just recently sold it for a grand total of $1,300.

(10:38):
But I have a little story about it.
I had bought it with Bitcoin for $5,000, and it was doing fine.
It was a great little car.
But my son ran into the back of a Porsche with it, so I was driving it around.
And I renamed it Sharktooth because the hood didn't want to fix it because it was well along in miles and years.

(11:05):
And I was still driving it around for like two months.
Finally, my wife made me sell it.
And now I just drive her car.
But yeah, and I bought Bitcoin with the $1,300.
So my stack has grown a little.
Nice.
Yeah, you know, it just makes me think, like, as I zoom out on my life, and I'm getting a little bit older here, got some gray hairs.

(11:34):
I've just been thinking, like, man, maybe it was Bitcoin that forced me to also hodl this vehicle.
Maybe not.
Who knows?
But maybe I'm just stubborn.
I don't know.
I'm trying to figure it out.
But I think we all are.
And it's fun to have these little stories.
And I've always kind of lived a little bit differently anyway.

(11:58):
And maybe it's the Dave Ramsey stuff, right?
And I know a lot of people don't like him in the Bitcoin space, but he, what's his saying?
Maybe BFP knows or maybe some of you other guys know that have listened to Dave in the past.
I love Dave.
Live like no one else today.
Yeah, so that you can live like no one else tomorrow.
I know I butchered that, but.

(12:19):
That's about it.
You got it pretty good.
Yeah.
So maybe let's cover a topic.
BFP, if you've got something else, go ahead.
We can jump into a topic here in a minute.
The only time you see the inside of a restaurant is if you're working there,
bussing tables.

(12:43):
What?
Yeah, I think.
Ramsey-isms.
Yeah, he's special.
So let's move on for our audience.
Maybe some topics that people were hoping to hear this morning.
And again, guys, please share the space.
We're just having a fun time this morning, here this morning, this Friday morning, and

(13:06):
celebrating new all-time highs, but also maybe hope to get to some of this news and topics
and kick it around.
Love to get the information out there to more people.
So maybe one of the biggest pieces of news besides the all-time high, what does this mean?
Bitcoin has now taken over.
Amazon at the number five spot for the world's top assets.

(13:30):
Apple could be next.
Texas Toast, AC, BFP, thoughts on how Bitcoin is outperforming?
It's just a matter of time before all the companies, even NVIDIA is going to go down eventually because it's a system that they're all going to run on.

(13:51):
It's a new system of money and it's slowly eroding the old systems of fiat.
Yeah, I mean, if you look at that chart and how Bitcoin's climbing it, it's like there's this giant gap between two and one gold sitting above 20 trillion.
And it's like we all look at Bitcoin being a superior system of money than gold.

(14:18):
And and it's just crazy how undervalued it is, you know, on that list.
And it makes no sense that the network value of Bitcoin is less than any single one company.
So it's cool to see and it's cool to see how much room we have to run, really.

(14:41):
And to kind of catch that, get that number one spot, which we all know, you know, at least I know in my mind that Bitcoin is much more valuable than gold.
in the long run.
Well, gold is another system of money,

(15:01):
so that shouldn't even be on the list technically.
The other ones are just companies,
and it's just going to overtake those companies
and then eventually gold because it's a better system of money.
So it's kind of a fun list to look at and see how early we are.
Sorry for cutting in there.
No, you're good. I do it all the time.

(15:24):
yeah guys hey chill out it's friday let's not let's not piss each other off all right
let not make our audience angry at us for um talking over each other um bob don tell me to calm down all right That enough out of you
I'm going to mute you.
Okay, AC, what's up, man?

(15:44):
How are you doing this morning?
Are you enjoying the new all-time highs?
Hey, what's going on, guys?
Yeah, new all-time highs are always exciting.
Bob, congratulations on 300,000 miles on your vehicle.
You know, I heard it once said by somebody,
so I can't take credit for it, but it always resonates in my mind.

(16:04):
Somebody said, if your car is newer than when you were orange-pilled, you're short Bitcoin.
And I think about that a lot every time I'm considering making a large purchase is,
is this something that I want, need, and is it something that I can maybe exercise some low time

(16:25):
preference and maybe sacrificing the present for some benefits in the future.
So congratulations on that $300,000.
As far as the market cap size, you know, completely echo what BFP said.
This is one of those things that it's going to be a little bit of gradually and a little
bit of suddenly once that money printer comes on.

(16:46):
But eventually, we are going to surpass all of those and make our way up the leaderboard,
so to speak.
so so yeah morning guys yeah sometimes it's the little things that you do kind of behind the scenes
that uh really pay off and i just lost my connection and so i i know we still got you

(17:12):
yeah it's just there's some echo but um all good this is like par for the course sound uh issues
and uh sorry about yesterday i was driving but once again thank you to coleman who i see in the
audience for helping us out there co-hosting the space and uh looks like we got some new people
coming in so it's great uh good morning to tc and tjm and others lots of lots of familiar faces go

(17:41):
ahead yeah it and one more like it'll be crazy to think once we do take the number one spot um or
Bitcoin takes the number one spot and gets, you know, who knows if that's at 25 trillion by the time it surpasses gold, all that.
Sorry, I got a guy.

(18:02):
One second.
Well, I love it when you have a guy.
That's amazing.
We will jump back to that for a Texas test.
Sorry, I'm out running errands.
But now the yeah, once it once it passes that that number one spot, kind of seeing what if the money printer is going, will those other ones continue to rise?

(18:27):
Will gold continue to gain in market cap because of money printing?
Or will Bitcoin really begin sucking all the value out of these other assets and kind of deflating them from their monetary premium faster than the money printer can inflate them?

(18:53):
That's where I'm kind of at.
So I can see a scenario where we either stagnate and, you know, that Bitcoin whirlpool vortex, you know, it really consumes the market or the monetary premium of all these assets.
And we actually see them decreasing and Bitcoin increasing.
but even if it maintains the same levels and doesn't increase,

(19:19):
that's still the Bitcoin sucking the value out of all these
or the monetary premium out of all these things
until they're back at their basically utility value.
So it'll be a fun five years.
Yeah, you're looking at that.

(19:43):
Five.
BFP.
You're breaking up.
Yeah, you're breaking up.
You're not allowed.
My bad.
First of all, do not speak over Texas toast ever again.
I'll kick you off the stage.
No, I'm just kidding.
But fix your audio.
We'd love to have you back.
I love the birds in the background, by the way.
And I think most of our listeners do.

(20:03):
Two, I get comments all the time, messages in the back channel about the birds.
So that's why I invite you up every day.
But if you can't fix your audio and if you keep talking over Texas toast, I swear it's going to be over for you.
Do you want to try it again?
Can you hear me now? Good.
Oh, man. Verizon all the way. Go for it.

(20:26):
I was just saying that Bitcoin, the end game, probably much more past five, ten years.
But all these charts will look different because it will look different.
As everything on that chart is in dollars, which is kind of funny.
Like gold is measured in dollars.

(20:48):
Like the dollar was gold.
And it's just morphed from what it took us off the stand in 70.
Even before that, when they...
I'm going to change the name of the space, guys.

(21:09):
It's called Birds in the Matrix.
That's what we're going to do.
We lost you again, BFP.
All good.
Let's move on.
We could keep talking about this.
There he is.
You know what?
The Fountain FM app that's going to have a recording of this is going to be like,

(21:31):
what is going on?
But, yes, guys, we do put this on Fountain FM.
Thanks to Coleman. And I think if you miss it live, it's a great place to go listen because you can stream and get some sats for doing so and also zap your favorite podcast.
So I think you might be able to zap Bitcoin veterans. I don't know. I just do this every morning because I like punishment.

(21:55):
I like to create my own cage, my own prison. I'm committed.
Yeah, another great thing is that you can skip forward 30 seconds at a time to get through all of our bullshit and into the meat.
Yeah, I also think I speak slowly so you can understand and then people speed it up.

(22:18):
So kind of, I don't know, it messes with the listeners, but I like it and it's fun.
And again, thank you guys for joining.
And we're just messing around here this morning.
A little bit different show.
But maybe let's move on to, well, I did put this up in the Nest or the Megatron or whatever you want to call it.

(22:44):
I'm warning people.
This pump for Bitcoin is actually just getting started.
If you zoom out, Bitcoin just broke out of a 224-day sideways channel.
And I think this has to do with the ETFs being launched at the beginning of January last year.
We've had 180 plus days.

(23:07):
Sorry, it's been 18 months of ETFs.
And this thing's starting to look like an ETF.
So if you're looking for a major pullback to buy or you're shorting Bitcoin,
I think you are going to get your face melted off.
And, yeah, that's my opinion.

(23:29):
Would love to hear others.
What do you guys think?
Do you think this thing is going to have a major pullback now?
Are you scared?
Yeah, I mean, I'm still looking.
We're not even at all-time highs and denominated in Euros.
So it's kind of crazy, the upside potential.
If we break out from that, you're kind of just seeing a massive breakout in the making.

(23:55):
So, yeah, I think it's just getting started. And yeah, it's interesting hearing a lot of newcomers that have kind of been here.
They've been listening to Bitcoin for a year, kind of researching it, maybe read the Bitcoin standard.
they've gone on YouTube, they've seen some of these chart analysts and they kind of understand

(24:19):
the dynamics of the cycles and the amount of days that we are past the halving.
And, you know, that might indicate a top is coming very soon.
I think, you know, I'll use the evil words.
This time is different, actually.

(24:40):
and I might look like a fool later, but I think it is a little different.
I think the market dynamics are different.
Every cycle's market dynamics are different.
And I think we're just getting started with the massive amount of global capital
that is being unlocked specifically out of the United States

(25:02):
and able to be allocated towards this asset.
So I think it's I think we're just the engines are are on.
We are there. They're firing them up.
It's a rocket ship. Get on board.
Who else? I got crickets ready this time.

(25:24):
But who else? AC, you got thoughts here?
Yeah, you know, I'll take a slightly different approach.
I welcome people to short Bitcoin.
I look at coin glass often or probably not often, but at least once a week, maybe.
But I welcome the shorts. You know, those are the guys who get liquidated.

(25:46):
And that's when we see some of these these face ripping four digit moves.
And, you know, the more that people will eventually short Bitcoin, they'll eventually get liquidated and they'll figure it out.
hopefully, you know, that Bitcoin is the superior asset, the superior store of value,

(26:06):
eventually to be the best medium of exchange. So if they think they're smarter than Bitcoin,
and they think that they're, they're still trapped in, you know, that TradFi mindset and
that fiat mindset, and they go to short Bitcoin, good, you know, everything's, everything's good
for Bitcoin. So go ahead and short it if you think you're smarter than Bitcoin. And yeah,

(26:28):
you'll eventually fuck around and figure it out.
How's my audio?
Cue the birds.
BFP, cue the birds.
Let's go.
There they are.
I think I hear them.
Yeah, I think this time, just what AC said, I was thinking about that,

(26:48):
and I think that was the most liquidated the Shorts ever got in the coin
history.
Yeah.
because I
have another space which I don't usually go to
but
what I was saying is I didn't hear about
the Coinbase

(27:09):
falter
these blow off times
and based on the space
they said their
Coinbase did falter but I didn't hear
anything
I don't think so
I'm still wondering if it's true
yeah i said cue the birds not the matrix birds you trailed off there at the end but wade welcome

(27:33):
to the stage uh you have any comments on the uh coinbase stuff or um bitcoin price or anything
else we've been talking about how about birds um i just had a comment on you you talking about
giving the warning to folks who are short uh bitcoin and i was just thinking about that in
the context of a conversation I had with Gary Cardone last year, and it was talking about

(27:59):
veterans and their TSPs and what the risk-adjusted Bitcoin price at the time was. And Bitcoin was
hovering around the low to mid 60K. And I was doing a risk analysis of the amount of money I had.
And these were a lot of deployment funds that I collected inside my TSP at the time. And I was not

(28:19):
happy with the fact that I had no control over the funds whatsoever. And I basically had an S&P
500 proxy that we could invest into that was BlackRock managed in the C fund. And after doing
my analysis on it, we decided to pull those funds out and we obtained a substantial Bitcoin position

(28:40):
in the mid 60s. And we paid a massive tax bill for that this year. But what we ultimately are
and decided and agreed on was that we were short the U.S. dollar and we were offered,
we had credit offers to pay our tax bill at 0% interest over like two year periods. These were

(29:01):
just offers that the open credit market was offering to us. And so effectively what we've
done is we've gone long Bitcoin and short U.S. dollars and this position over a multi-year
timeframe, at least for us. I'm not advocating anyone do this, but this position that we have
taken has radically changed our financial position. And it's just, I can't imagine people looking

(29:26):
at just where we are at this point and where we've gone over the last 400 days. And I can't imagine
being, I just don't know, how can you look at the S&P 500? How can you look at gold? How can you look
at Bitcoin or housing, how can you be a short Bitcoin and how could you be long dollars?
And I was just wondering, Bob, if you had any thoughts about flipping your, you know,

(29:47):
flipping that statement that you just made and being, you know, not being short Bitcoin,
but long Bitcoin and short the dollar.
Because, wow, that's really worked for us over the last five years now.
Yeah, no, it's a great way to think about it.
I think everybody's in a different position.
And even Texas Toast, I think he has experience with taking those funds, those same types of funds and purchasing Bitcoin or maybe Bitcoin proxies.

(30:19):
But at the very least, not to dox him too much here.
Oh, yeah.
I liquidated my TSB and did the same thing when I got out of the military.
You know, I was I discovered Bitcoin while I was still in.
And yeah, just seeing the lack or the outperformance or actually it was I don't know, it was it was bear market.

(30:46):
It was low, but I I had understood it at that point.
And I knew that whatever tax it I had, I was going to take was going to be totally swamped by the appreciation of Bitcoin.
And yeah that was one of the better decisions I made especially you know getting out and being able to control all of my funds That was a huge thing for me And I think this this idea of especially these government you know mandated retirement funds it looking out 60 years the only thing like I have no

(31:25):
idea if the, if the dollar is going to be there. You'd like to think it, it will be kind of maybe
for like global stability, but it's not going to be worth 10 cents in 60 years, $1. So it's like,
I don't know. Yeah, it was one of the better decisions. I applaud you for making the same
thing. It makes me feel a little better that I wasn't so crazy. And I advocate for that. I try to

(31:50):
tell people, you know, get the match. Not financial advice, but, you know, get the match, but
it's going to be worth it. Don't be scared to take that tax hit and be able to, you know,
control your own destiny. It's a double-edged sword, right? I mean, you guys
are helping fund these endless wars with those tax hits you're taking.

(32:12):
But no, in all seriousness, I think, again, everybody's situation is different, right?
Some people have high incomes and don't want to take the tax hit.
So it just depends.
I'll caution people.
If you're going to be doing this, you probably should have already done it.

(32:33):
Um, and, um, you know, just don't do it at the top.
That's, that's all I have to say.
Obviously these are longer term funds that people are holding onto, right?
They're retirement funds.
So you gotta be, uh, mindful of that and, uh, you can withstand some volatility hopefully.
But, uh, yeah, I, I wouldn't blanket statement by any means that everybody should take that

(32:57):
approach, but I, I would say, um, you know, for these guys, it's worked out.
BFP, what's up?
there is no top Bob
there is no top because there is no bottom
with how much they debase
that's the
the truth is
no matter how
high the top is

(33:18):
Coleman always talks about it as soon as he buys
that's when Bitcoin goes down
and that's
that's why I just I try to DCA
every day a little $10
$10 a day
makes the doctor go away
There you go. Wanted to welcome to the stage a new member, a new somebody up here that hasn't been up here before, I don't think. Rico, what's up?

(33:44):
Yo, what's up? Yo, what's up? I just wondered, I'm in France, but yeah, shout out to the veterans. Really quick, Bitcoin's just, what it's doing is it's allowing people to get out of the system that's predatorial, right?
with loans, whether it's the inflation system, taxes.
So Bitcoin, in a sense, allows people to step out of that abusive system.

(34:08):
And so for those of you veterans who got in, I mean, there were some police funds that
were trying to get in, but were being told not to do it.
I think that Washington, D.C.'s police bureau back in like 2020, right around there, was
getting in.
They were getting in.
They weren't going to listen to anybody else.
So those people who are aware of the system, how it works, they get out quickly.

(34:33):
They're already out of the system.
They're probably holding bags with the regulators and stuff like that.
But those people who are waiting for something to hold their hand and to say it's okay, that's the system.
It's literally keeping you underwater.
It's keeping you in this inflation system so that way you just drown.
Whereas Bitcoin is the new system.
It's the new land.
It's a new start.
So, yeah, I think it's just really shining a light on how evil the fiat system is.

(34:58):
And Bitcoin is a hard system.
So it means you're going to have to actually produce a little bit or you're going to have to understand how market dynamics work in order to participate.
I just think that the old system is just very predatorial.
And it's really sad to see so many people at a young age, you know, sign their lives off for debt or they get sick or they, you know, they get medical bills.

(35:22):
So I've just I've seen some friends who got in early and they're doing really, really well.
So I hope that more people stop denying their own freedom and take a, you know, take a step in the heart of like this, just this new direction of self-sovereignty.
But yeah, I just wanted to say that real quick.

(35:44):
Yeah, I appreciate you coming up and love the foot stomp on that, on what these other guys have been sharing.
Looks like we also have a new speaker coming up.
Maybe if we still, there we go, Bad Dog.
I wanted to welcome you to the stage.
Good morning.
Good morning.

(36:05):
I just wanted to say that the U.S. dollar, no matter what, is going to go into hyperinflation.
So if you want to save your purchasing power and your life in the future, it's best you start learning Bitcoin right now and get off zero.

(36:29):
Yeah, I think it could end that way eventually.
I think it's going to be a long, slow lead.
It's been pretty fast recently.
I think we're going into hyperinflation.
Yeah, I mean, there's a lot of thoughts on that, right?
I think the way I see it could be wrong, so I'll reserve that right.

(36:54):
Can't change my mind at any point, so can you.
But I think really what happens is the dollar is going to eat other fiat currencies first.
And you'll have a system eventually, maybe when I'm dead, of dollars.
Probably stable coins representing those dollars.

(37:16):
And then also Bitcoin.
See, Robert's down there.
Love to have him come up.
The inflation is moving in an exponential curve.
So the change between now and five years ago is far more noticeable than the change five years ago to 10 years ago, and so on and so forth.

(37:37):
And that continues to happen, but you get the boiled frog phenomenon, which is all the normies that have just found a way, despite how aggravating and frustrating and just unavoidable and impossible to not see the inflation is, they find every way to distract themselves from it.
And they find every way to rationalize it.

(38:00):
And they continue to, you know, adjust and become numb to it.
So that's the interesting thing.
I mean, Bitcoin is like a canary in the coal mine.
It's literally showing you the melting purchasing power.
But, you know, people will find a way to convince themselves why that's not real or why they shouldn't pay attention to it.

(38:29):
It's amazing. It's incredible.
It's like I think being in Bitcoin is like participating in a giant social study on the psychology of money.
So TC, I'll just chime in.
Okay.
Let me just jump on that real quick and then bad dog, you can go.
Did want to welcome Robert and Coleman to the stage.

(38:50):
I think people in the future and others have said this,
but I think people in the future will look back and say,
I can't believe there was a time where there's, you know, 100,
120 year time where people were basically getting paid and saving in something
that someone could print out of thin air.
I think it'll be so foreign. It's like we look at things and say, I can't believe there was a time where a whole economy and a whole country operated on horseback and buggy.

(39:20):
You know, we have cars and there'll also be a time where people say, I can't believe people drove their own cars. Right.
So but but back to Bitcoin, I do think it'll be a case study, like you said, TC, where people look back and say, that's nuts.
Like they could just create that out of thin air and people just were
complicit in that system for a long time.
And then along comes Bitcoin and smash.

(39:42):
So go ahead,
bad dog.
Didn't mean to jump on you there.
Well,
I just feel like hyperinflation is coming because Trump,
no matter what is going to get his 300 basis points cut.
And everyone thinks they're going to be able to afford a house,
but the prices are just going to go fucking skyrocket.
It's just,
they have no,

(40:03):
there's nowhere for them to go.
It's either you get into Bitcoin or lose purchasing power
It's that simple
And buying a house right now is the worst idea anyway
There's people that I know in my circle
In the real world that are really starting to realize this now
It's just like, even people with a family and a home

(40:26):
You have to have a home for your family
Whether you rent or buy
But my God, just like maintaining property and like keeping up with all the repairs, the property taxes that just keep going up.
And in the case of commercial real estate, all the headaches with tenants and all this bullshit.

(40:46):
It's unbelievable.
I think there's a lot of people coming around to realize that actually it's not the sort of panacea that they thought it was.
Hey, really quick. Bad dog. I agree. And everybody up here, great conversations. I love where we're going with this.

(41:09):
I would just caution when we use like a hyper. I'm going to say it's a hyperbole with hyperinflation.
We have to be careful when we use things like that, because as Bitcoin becomes more mainstream, people are going to look to us as experts.
And if we throw around, you know, hyperinflation, that term around, we're going to be taken less seriously.

(41:30):
And this is where I'm going to throw my Joe Colasari hat and just kind of bring this back down to level ground, where if hyperinflation is happening here in the States where we have 300, 400 percent CPI, like the whole world has gone crazy.
We will be the last country that suffers that.
Do I think inflation is going to persist and the dollars have become worthless?

(41:52):
100 percent.
But I would caution you from using hyperinflation.
I don't think we will see that in our lifetime.
Our children might, but I really don't think that's going to be the case with us.
They will just have a very slow bleed of the dollar to prolong it as quick as they can.
Once hyperinflation happens, the U.S. dollar ceases to exist.

(42:12):
So I could be wrong with this, but that's just my word of caution.
Well, Coleman, I would caution you to not just look at hyperinflation as sort of an extreme
or sort of a hyperbolic state that we arrive at at some point.
It's more of a nuanced phenomenon, in my opinion.
And I've done quite a bit of research, actually, in the past on hyperinflation.

(42:38):
It's funny.
I have a little collection of different bills from different parts of the world at times where there were hyperinflation episodes.
I've got the Zimbabwe set, and I've got some bills from Weimar and some other interesting cases.
But I really studied these events historically at the time I was collecting those things.

(42:59):
And really, the interesting takeaway is that it's like a psychological social phenomenon.
You see these things when it's really, really bad, where, you know, people are paying for their meal in a restaurant the moment they sit down, because literally an hour later at the end of their meal, it would cost more if they paid then and stuff like that.

(43:20):
But what you see in America, I think, is a much, much milder version.
But we're seeing that, which is that people are being gaslit into thinking that there's only 3% inflation when there's really 12% to 15% inflation.
And with certain things, there's way more than that.
You try to tell a housewife who's maybe planning and budgeting for food in the family, and over the course of a few years, the cost of everything has doubled.

(43:52):
And meanwhile, the incomes haven't, and people are being told there's no inflation.
So there's a psychological kind of effect that's going on, albeit at a much milder rate, but it is starting to happen.
And it's one of these things where you're going to see that evolve.
And all it means, in my mind, hyperinflation is this tipping point where things just accelerate as far as those phenomenon.

(44:22):
The choices that are being made by businesses these days are absolutely being affected by this.
Look at the bond market, which is essentially a giant market that prices the cost of money.
And the whole thing's inverted. And I bet Robert's got a lot to say about this. The inverted yield curve shows you that people cannot plan for the future right now. So there's already major, major effects that are happening today.

(44:49):
You don't need the Zimbabwe full-blown, all hell breaking loose to start seeing where the effects of this is very perceptible and making an impact and causing a sort of effect that snowballs over time as more and more people make compromised decisions because they cannot plan further out.

(45:15):
so i have to bounce really quick so i just want to say this i agree with you tc i guess where we
differ is the the rate of inflation where we consider it to be hyperinflation i do think you
are correct we're going to see a long period of time or the rate of inflation is extremely high
double digits probably but what i would consider hyperinflation is when we get to triple digits

(45:38):
and things are just like you said you pay for your your food as soon as you sit down because
you know that price is going to increase.
So I think we agree with that.
But I have to balance, guys.
I really appreciate it.
I'll be listening to the audience.
Great discussion.
Last thing I just want to say.
You know me.
I like to get the last word in.
The useful thing to me, because hyperinflation is a very triggering word,

(46:00):
and I don't think it's very useful in most conversation.
But it is effective.
It gets attention.
And much in the same way when you say, you know, hold Bitcoin forever,
which is hyperbolic as well.
Um, that's maybe a useful thing to someone who doesn't do any saving at all to get them to think about maybe holding onto something for a few years. And from that point of view, it's like, there is a use of letting people know, like, there, there's a spectrum that we're actually on. And we're not at that extreme other end. But we're not on the extreme starting end either where this, this problem doesn't exist.

(46:40):
And so there I think there some happy medium there where you know there needs to be more discussion about how real inflation is because there so much goddamn gaslighting in the media and so many people are walking around just with this idea in their head that it like
not a problem so i told you guys at the beginning of this show that we were going to get in a big

(47:05):
argument i don't really think this is one but it's still fun i think it's good for people to
have kind of ends of the spectrum i do want to go to wade i see his hands up um but yeah guys
This is a great discussion.
Thanks, guys.
I actually had a question for Robert.
And first off, I just wanted to thank him for his YouTube channel.
I think he's cracked like several thousand subscribers on that channel right now.

(47:29):
And it's actually just got some fantastic analysis on him.
And I just wanted to kind of piggyback off of kind of where we're going with the conversation and some of the things that he's brought up in his recent shows.
So like just doing a review of like my and my family's wages and salary over the last five years, maybe we've got around a 12 percent increase in salary and U.S. dollar denominated terms.

(47:51):
But just looking at the amount of inflation that we've incurred over that time period, I think is somewhere between reasonably between 25 and 30 percent.
And so I was wondering if Rob had done any like background or thoughts into the wage earners in the country, the bottom, you know, 50, 60 percent.

(48:11):
Where are they bleeding from?
What what what what how is that negative purchasing power impact?
Like what sectors is that impacting and what areas of people's lives is that impacting?
Yeah, so discretionary spending for sure. Unfortunately, from an aggregate, when you hear economic data talked about on CNBC or the nightly news, unfortunately, the bottom 60-ish percent, the bottom half, just doesn't factor into that aggregate data.

(48:48):
They don't move the needle. What really matters, like, for example, we have the top 10 percent of income earners. Those alone account for 50 percent of total spending.
So kind of if you're looking at the aggregate data, what you're really looking at is how how well is the upper leg of decay doing?
How well are the upper incomes doing now for the lower incomes?

(49:09):
They are hurting. You're seeing delinquency rates creep up. You're seeing default rates, charge off rates creep up.
So I noted the Fed puts out a monthly credit report, consumer credit report, and I did a video diving through that.
And we actually are seeing a substantial decrease in the rate of credit for consumers.

(49:35):
So revolving credit, like credit cards, actually decreased by, I think, $34, $35 billion this past month.
That means that either defaults are occurring, you know, charge-offs, or one thing is for sure, consumers are not taking on new debt.
And we know that the debt in a debt-based system that's highly levered, the debt must always grow.

(50:01):
And if it doesn't, the money supply, right, things start to fall in on themselves.
Not only is consumer debt not growing anymore, but it's actually shrinking in certain categories, indicating either they are charging off going delinquent and defaulting or they are paying down their debt.
Both of those have the same real effect, which is they're both deflationary kind of shocks.

(50:23):
Now, I do on the hyperinflation thing, you know, I generally don't believe the U.S. will face hyperinflation, as TC accurately noted.
But hyperinflation generally accompanies a social phenomenon of a total loss in the currency.
I think also hyperinflation assumes 50 percent monthly inflation rate, technically speaking.

(50:48):
So 50 percent monthly inflation, I think, you know, it would take really a lot to get the U.S. there.
And I don't see that. But I do see this this emergent kind of fiscal dominance approach that they are all talking.
Everyone in the administration is basically telling you they're going to run massively negative real rates, right? They're going to cut that federal funds rate by 300 basis points or even more, issue all the debt, basically, in those short-term bonds. This is hugely inflationary. This is what we did after World War II. And we had, you know, 17, 18, 19% CPI on a year-over-year basis.

(51:27):
We had negative real rates of about 12%.
Europe had negative real rates of about 30%.
Negative 30%.
If you bought bonds, you lost 30% of your purchasing power.
You got repaid at the end, but those dollars you got repaid in plus the interest they paid
you purchased 30% less goods and services.

(51:47):
So that's a negative real rate.
That's how they'll deal with the debt, quote unquote.
And they're saying that this is what they're going to do.
It's very inflationary.
I think this is why we see gold and Bitcoin and the stock market ripping higher.
Now, look at the stock market in gold terms or certainly in Bitcoin terms.
It's not the same story.
So really, the assets that truly protect you in these sorts of environments are scarce assets like gold or Bitcoin.

(52:14):
Bitcoin will clearly do much better than gold, but I expect gold to rise as well, just kind of objectively.
it's not hyperinflation, but you don't need hyperinflation to, given the pain that the
lower income groups are already in after two decades of declining purchasing power of their
wage, and especially an acceleration of that over the past five years, it doesn't take very much,

(52:39):
you don't need 50% monthly inflation to really crush people. So I can't give financial advice,
But, you know, this is the time they're telling you what they're going to do.
And it's it's it's definitely a shakeup.
Hey, Robert, real quick.
I've never gotten your take on the inflation numbers as reported by the government.

(53:04):
Yes. Do you do you think that they're heavily watered down?
What is your thoughts around the heuristic adjustments and just the entire strategy that's taken around them calculating these things?
also the way they're reported and then constantly revised later quietly.
Yeah, I heard, I think it was in the Bitcoin Today space, you and Joe going back, I'm fully

(53:28):
in your camp.
I've looked at it and the adjustments, for example, oh, well, people can't afford a steak,
but they can afford ground beef and that's just as good.
Like what?
So you're just pricing in a decline in standard of living like it's nothing?
And then you look at, for example, if you calculated housing costs, right, for me as a young person that wants to buy a house, if you calculated my the housing component, the shelter component, instead of using OER, which is this crazy owner's equivalent rent, you know, bullshit that they that they use to calculate shelter inflation.

(54:08):
If you use the actual monthly payment on the median or average house, inflation from 2020 to 2025, just making that one adjustment, taking out OER and putting in the actual monthly payment for an actual house, inflation cumulative from 2020 to 2024 is 120%.
percent. So that, you know, you ask a young person, especially that wants to buy a house,

(54:33):
that is going to resonate much more than the BS, you know, I think it's 21 percent over the past
couple of years. It's yeah, I see where Joe comes from. And I do agree in parts with his comments
that the basket of goods changes as, you know, we advance and technical. I agree with some elements,
But like widely speaking, broadly speaking, I'm much more in the camp that it is heavily undercounting actual inflation.

(55:00):
Well, it just gets me when they continually point to those watered down inflation numbers as evidence that everything's OK and that it's not out of control.
And that's the gaslighting part because you not only have the working class people who are actually feeling this every single day of their lives and unable to escape it, but then you have the investor class folks kind of brushing it off as a problem.

(55:26):
And that's where the K-shaped economy is not just an economic metric. It's like a societal kind of warping dynamic where you've got the people that are benefiting from this system actually blinding themselves from the reality that all the other people are experiencing. I don't know. It really pisses me off.

(55:50):
I mean, for example, you know, for me here in L.A., in 2019, I could have afforded to buy kind of just an average house in a suburb outside of L.A.
The payment tripled, right?
In four years, it tripled, 200 percent increase.
And you're going to tell me the actual rate of inflation is 20 percent?

(56:12):
Like I understand some of that is interest rates and whatnot, but that's a very real cost for very real people that they really have to – that is applicable to their actual life.
The payment – the income needed to qualify for a mortgage tripled from $80,000 or $90,000 here to like $250,000.

(56:34):
It's insane.
Yeah.
Hey, guys, did want to go to some hands.
I wanted to go to our German correspondent, Alexander.
Wie geht's, Alexander?
Ich kann ein bisschen Deutsch sprechen.
Klingt ganz gut.
Vielleicht sogar besser als ich mit meinem Slang.
But let's switch back to Robert.

(56:54):
I would like to ask you actually two questions.
And here's my take on it.
So what I saw with the BBB, right, big, beautiful bill, is, okay,
You guys had to roll over about $9 trillion until the end of the year,
until August, so it's 7 point whatever.
So I think with the big, beautiful bull,

(57:15):
we definitely filled the gap in many new ways.
Bitcoers were right that we will see printing,
we will see more stable coins and all that stuff.
So I think there where Joe is correct,
we will kick the can down the road.
And now actually it's also getting clearer that
Trump pressuring Paul to say, hey, lower the rates because we will print the money.

(57:44):
So you're really too late.
Paul?
Now, who's the Fed?
Oh, Powell.
Okay, sorry, sorry.
Powell.
Yeah, they're even laying the groundwork to actually fire him, right?
Like we've been talking, I've been talking about the shadow Fed.
But yesterday, the OMB director put out a letter talking about firing him for cause for lying to Congress and going vastly over budget with their federal reserve. Talk about like what TC was getting at, right? Like the Fed living, renovating their already, you know, a posh sort of palace that they all, you know, gallivant around.

(58:24):
renovating it into this like opulent palace.
I mean, it's just, it's so emblematic of the disparity
and the direction things are going,
but TC was saying much more eloquently than me.
So, but then here's my question,
and I probably definitely should send you some stats,
but I'm just still pulling up my lightning note,

(58:45):
and then I will send you some stats.
But the question which Jack raised,
and I think he has the most honest take
on the current situation,
where he actually said when he could ask Besson and, you know, even saying, oh, you have both positions and stuff, how competent you are, whatever, kind of.
But anyway, so when I can ask, am I allowed to ask Besson one question?

(59:10):
Is it beneficial for the U.S. to be the issue of the reserve currency?
What would be your take?
No, on net, it's a negative.
And actually, J.D. Vance, vice president currently, you can find a clip of him in, I think it was the Senate Banking Committee, pressing Jerome Powell on the downsides of the dollar.

(59:33):
This was years ago, you know, two, three, four years ago, talking about Triffin's dilemma, not naming it explicitly, but the concepts and the hollowing out that his area, the heart of the kind of Rust Belt has seen and Appalachia has seen due to this reserve currency status, the structural overvaluation of the dollar, which has driven hyperfinancialization of the economy, which has driven the K-shaped economy where its asset holders and the top 0.1 percent.

(01:00:03):
versus everyone else. All of these factors are really downstream from the dollar's reserve status
and this kind of structural overvaluation of the dollar. I think it's one of the biggest issues of
our time for sure. And Robert, my take is without even knowing all of this and studying history,
like you did, okay, I also thought about that question and came to the same conclusion.

(01:00:26):
It is not beneficial. On the other side, you will also not be, right? Everybody, I totally
understand i mean come on guys if i if i make vacation and i go to turkey or i go i've never
been to china or whatever if i would have to choose between the yuan or lira or whatever
of course do i take the freaking dollar everybody knows it's green so stable coins will persist right

(01:00:50):
but anyway so i yeah thanks guys yeah i mean we got cheap travel right we got cheap foreign travel
that only the top 1% can afford, right?
The bottom 80, 90 can't even afford to travel to Europe.
You got cheap travel and you got cheap Chinese imports,
cheap plastic junk on Alibaba.

(01:01:12):
That's what we get.
Robert, sorry to interrupt you.
No, but I wanted to say, you know,
everyone I traveled and I don't know
if I look too much to the West.
All what I can tell you is, of course,
I always had the feeling when you go to Turkey
and all these countries, okay,
they also trust the dollar more, right?
if I even would come to them with my

(01:01:33):
urine they would say what the fuck give me
this green paper I know okay
and why did they do this
because you were known as the one of the free
so and
they know this message you know
and anyways so
yeah
good stuff guys
we are coming to the end of the show but I think

(01:01:55):
we have somebody new up on stage
or showing up is it Wolfie
Yeah, can I ask a quick question? Thank you. It's actually for Intra. I listened to that morning show, Intra, or Infra, and you mentioned the paper, I think, Myron did. Was it Myron you were referencing from the Federal Reserve to avoid the Dutch disease?

(01:02:18):
Yeah, Stephen Myron, the chairman of the Council of Economic Advisors, yeah.
Do you know the name of that paper?
It's...
I'm pretty sure it's a user's guide to restructuring global trade.
I think if you put that in, you'll see Hudson Bay Capital.
That's where it was published.

(01:02:38):
Okay.
Yeah, I got it.
Thank you very much.
I've been trying to figure that out since that talk, since the morning call.
Thank you.
Yeah, no problem.
Good stuff.
So I did want to go around the horn.
We had a lot of new speakers and regulars up here.
So thank you, guys.
Please follow every one of these guys and do check out Robert's YouTube.

(01:03:01):
Great information.
I think he does it nearly every day, which is pretty incredible.
He's building his own prison just like I am.
Because once you start these things, you just got to keep doing it.
Let's see who would like to go first.
Texas Toast, what are your final thoughts on this Friday
where we're celebrating new all-time highs in Bitcoin

(01:03:22):
and the shorts getting wrecked?
stay humble stack sats have a wonderful weekend be safe keep your head on a swivel
world's a dangerous place but it's a beautiful place i love you all good night wow that is nice

(01:03:43):
that is very nice thank you for that wade i'll go to you next we live in exciting times gentlemen
Bitcoin first.
All right, let's go to BFP and his bird matrix.
Yeah I just want to say keep showing up to these spaces because this is basically a podcast that you can jump into the conversation because you guys are so welcoming and you want people to come up to the stage and talk

(01:04:16):
So there's nothing like it. I mean, X is what it is, but it offers a or an opportunity to have your voice heard or hear different voices.
Like I don't even have a blue checkmark and I'm up here with these stallions.
But stay humble, stack sets and keep showing up.

(01:04:37):
Yeah, thanks for that. And also a word of warning.
If you come up here and you talk over Texas toast, I will block you.
And also, don't spam the nest. Thank you.
AC, how are you doing at the end of this show? I know it's been a long one.
Can you give us some final thoughts? And then I'll go to Robert after that.

(01:04:59):
AC, and we have to go to the crickets.
Robert, how are you? How would you like to say some final words for this show?
Yeah, the Bitcoin price, I don't even really watch.
You know, certainly, you know, a day like yesterday is exciting.
But, you know, for me, at least my mindset, especially given all the things that we were kind of talking about,

(01:05:24):
I look at the Bitcoin price ripping and I sad because that means that like my next paycheck will buy me less Bitcoin And you know I don look at it as something I ever going to sell I look at it as basically the only protection that I have against insane reckless
profligate spending and bureaucrats that are essentially ungovernable.

(01:05:49):
You know, there's nothing we can do to really rein them in.
I look at it as, you know, a protective thing that the goal is to never sell it.
Right. And I don't I look at the price ripping and I'm like, I don't have enough.
So, yeah, it's good to see, you know, when markets move in your favor.
But it's also kind of a little bit sad because it means you get less.

(01:06:11):
Right. Your income was just devalued in Bitcoin terms.
I think it's just one of those things where, you know, in the back of your head, it's bound to happen.
And it's kind of still surprising to some of us that it does.
Bad Dog
Final words
Okay no crickets for you

(01:06:34):
Rico
Yo what's up no I appreciate it
Different veterans
Just what all these guys said
I definitely second what Texas Toe said
Leave it at that
Yeah thanks again for coming up
Thanks to Bad Dog too
Coleman you able to give any final words
Or are you still in transit here
All right I going to take his silence as he good So I did want to say to everybody thank you so much again for coming up Love all the new voices And like BFP said you are welcome up here anytime as long as you don mess with us We try to keep this lively and fun but not too much fun We still serious about Bitcoin and hopefully you guys are getting some value out of

(01:07:21):
these discussions we have each weekday, 10 a.m. Eastern. Please, please continue to join us and
we will continue having fun and talking about Bitcoin. If you do need help on your Bitcoin
journey, visit BitcoinVeterans.org. Throw your information in there. You can also DM any of us
up here and we can get you plugged in to resources to help you on your Bitcoin journey. But that is

(01:07:44):
all we have for this Friday. Again, guys, it's been a blast. It's always fun to celebrate with
friends when Bitcoin starts ripping. I know some of you are sad that it's under 900 sats for each
US dollar, but maybe you'll get another chance at it. Probably not.
So keep stacking and I want to wish you guys a
great Friday. Remember, do not, whatever you do

(01:08:07):
this weekend, do not shitcoin.
Get off zero. That's right.
I don't even know what to say anymore. If you guys are still shitcoining,
don't even join the space. Sick of it.
Pass it.