Share on social media:

Join me today for Episode 1079 of Bitcoin And . . . 


Topics for today:

• States Begin Legal Actions Against ripple
• Paul Atkins Confirmed as SEC Chair
• Bitdeer Makes Massive Waves
• China's M2 Hits $44.7 Trillion
• Europe is Toast

#Bitcoin #BitcoinAnd 

Circle P:

SoapMiner
 Product: Tallow Soap
 Website: https://soapminer.com/
nostr Profile: https://nostrudel.ninja/#/u/npub1zzmxvr9sw49lhzfx236aweurt8h5tmzjw7x3gfsazlgd8j64ql0sexw5wy
Twitter Profile: https://x.com/soapminer1
Discount code: Use "BITCOINAND" in the Cart's Coupon Code box for 10% off total purchase

Articles:

https://bitcoinmagazine.com/culture/peter-schiffs-bitcoin-bond-secret-the-gold-bug-caught-holding-digital-gold
https://cointelegraph.com/news/lawsuit-against-coinbase-claims-xrp-is-an-unregistered-security
https://www.coindesk.com/business/2025/04/22/dutch-bank-ing-said-to-be-working-on-a-new-stablecoin-with-other-tradfi-and-crypto-firms
https://primal.net/e/nevent1qqsyzgjurfnhw5d76rryy7c9rkxvk50wzclc9r0s7qrnjk2f6tfymcqu46q4g
https://soapminer.com/
https://decrypt.co/315705/paul-atkins-returns-sec-helm

• https://www.cnbc.com/futures-and-commodities/
• https://dashboard.clarkmoody.com/
• https://mempool.space/
• https://www.bitcoinandshow.com/
• https://fountain.fm/show/eK5XaSb3UaLRavU3lYrI

https://cointelegraph.com/news/bitdeer-60m-loan-expansion-bitcoin-asic-hashrate-record
https://bitcoinnews.com/markets/bitcoin-eyes-90k-chinas-m2-money-supply/
https://buzzbot.net/
https://atlas21.com/ecb-the-digital-euro-could-replace-e256-billion-in-cash-and-deposits/
https://www.theblock.co/post/351485/ecb-trump-crypto-contagion


Find the Bitcoin And Podcast on every podcast app here
https://episodes.fm/1438789088

Find the Bitcoin And Podcast on every podcast app here:
https://episodes.fm/1438789088

Find me on nostr
npub1vwymuey3u7mf860ndrkw3r7dz30s0srg6tqmhtjzg7umtm6rn5eq2qzugd (npub)
6389be6491e7b693e9f368ece88fcd145f07c068d2c1bbae4247b9b5ef439d32 (Hex)

Twitter:
https://twitter.com/DavidB84567

StackerNews:
stacker.news/NunyaBidness

Podcasting 2.0:
fountain.fm/show/eK5XaSb3UaLRavU3lYrI

Apple Podcasts:
tinyurl.com/unm35bjh

Mastodon:
https://noauthority.social/@NunyaBidness

Support Bitcoin And . . . on Patreon:
patreon.com/BitcoinAndPodcast

Find Lightning Network Channel partners here:
https://t.me/+bj-7w_ePsANlOGEx (Nodestrich)
https://t.me/plebnet (Plebnet)

Music by:
Flutey Funk Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 3.0 License
creativecommons.org/licenses/by/3.0/

[00:00:02] David Bennett:

It is 09:08AM   Pacific Daylight Time. It is the April   2025.   This is episode   ten seventy nine of Bitcoin,   and we're gonna burn through it. I've got a call to do and some other stuff, so   let's just jump right in. Peter Schiff apparently is holding a Bitcoin bond.   So the hypocrisy is real. Peter Schiff's   Bitcoin bond secret.   The gold bug has been caught holding digital gold according to Alan Helm   from Bitcoin magazine. Peter Schiff has built a career on deriding Bitcoin. Pausing right there to say that's not true.   He did not build his career on deriding Bitcoin.  

Let's have a little bit of respect. Alright? He may he may give a shit, like, all day long   about Bitcoin and whatnot,   But honestly, I think he secretly is just playing good cop bad cop. He's not an idiot. And he built his career   in gold. And we can say whatever we want to say about Peter Schiff.   Have you seen his house?   I mean, he's doing okay. He he's not living under a bridge. Alright? So   just let's kinda, like,   calm the rhetoric down on this stuff because I think that Peter Schiff is playing a longer game than any of us think. And, no, it's not four d chess.   But the outspoken gold evangelist and fund manager   has famously been scoffing   since 2019   to keep dreaming   Bitcoin is never going to hit $100,000.  

Well, to Schiff,   the world's largest cryptocurrency has long been nothing but digital fool's gold, a speculative bubble destined to pop. Yet in a twist   laced with irony,   recent disclosures reveal that Schiff's own asset management arm   has quietly gained exposure to a Bitcoin backed bond   late last year.   In other words, the man who equated Bitcoin with tulip mania now finds his firm unwittingly   invested in a bond powered by the very asset he loves to hate.   The   instrument in question is a Bitcoin Treasury bond issued by Samara Asset Group,   a publicly traded European asset manager formerly known as Cryptology   Asset Group. And in November of twenty twenty four,   Samara successfully issued what it calls Europe's First ever Bitcoin bond, raising €20,000,000   to expand its portfolio   and significantly   increase its Bitcoin Treasury holdings.  

The bond is structured as a five year   senior secured note maturing in 2029   offering a substantial   just over 10%   annual coupon.   Additionally,   the bond includes an innovative incentive. Bondholders receive an extra point 25%   premium   on the principal for every €0.25   increase in Samara's net asset value   per share,   closely aligning bondholder interest with shareholders.   Samara's CEO Patrick Lowry   describes the issuance enthusiastically   noting it was, quote, the very first time in history   a European firm has taken a page out of the Michael Sailor playbook,   issuing a bond explicitly   with the intent to acquire Bitcoin, end quote.  

Indeed, within weeks of the bond's issuance,   Samara utilized the proceeds to purchase approximately 76   BTC for its treasury   and invested in several crypto focused venture funds.   The bond's backstory reads like pure rocket fuel for institutional Bitcoin enthusiasts   announced in October of twenty twenty four amid rising BTC prices.   The Samara Bitcoin bond was designed to leverage Bitcoin as a strategic treasury asset reserve or reserve asset.   Samara then positioned it as a win win proposition.   Investors would enjoy   high yield   coupled with additional   NAV   based upside. While Samara could allocate capital into Bitcoin and pioneering tech investments. And by early November,   the bond had successfully   closed its private placement   at €20,000,000.  

The minimum investment ticket,   €100,000.   And I don't know what that means. It's in parentheses. But I'm not a bond trader. So it is expected to be publicly listed for trading on the Oslo   and Frankfurt exchanges within one to two weeks.   Notably, this bond is secured by an over collateralized   portfolio,   comprising a hundred and €50,000,000   basket of Samara's venture investments   locked securely within a guarantor   SPV   resulting in an ultra low loan to value ratio   of approximately 13.3%.   Little did anyone suspect   that among these bondholders   would be Peter Schiff's Europacific.  

Enter the Europac   International Bond Fund, a global bond mutual fund managed by   Euro Pacific Asset Management,   the very firm founded and helmed by Peter Schiff himself.   Schiff, as an owning member of the adviser,   has long   shaped   Euro Pacific strategy around his macro views, hard money, skepticism of the US dollar, affinity for gold, and foreign bonds.   The EuroPAC International Bond Fund typically holds a mix of sovereign and corporate debt from around the world, aligned with Schiff's thesis that a non US asset can protect against dollar debasement.   It's the last place one would expect to find   anything related to Bitcoin, but that's exactly what turned up when the fund's SEC filings were published this year.  

In the fund's form n slash port p disclosure,   a mandatory   SEC filing of portfolio holdings   covering late twenty twenty four, a curious line item appears,   quote, Samara Asset Group plc, end quote,   identified by the very same ticker number of Samara's Bitcoin bond. The filing shows Europac's bond fund held €800,000   principal value of Samara's Bitcoin bond valued   at roughly 870,000   USD as the reporting date.   That position represented about 1.58%   of the fund's net assets.   In plainer terms,   Peter Schiff's flagship   bond fund   became a financer   of a Bitcoin backed enterprise even as Schiff himself spent 2024   loudly bashing Bitcoin's rally. To be clear,   this holding   was likely a small   yield driven allocation made by the fund managers.  

From a bond investment   perspective,   Samara's ten percent coupon for a five year note   may have simply looked like an attractive high yield opportunity. And in fact,   Europac's international bond fund   had a mandate to seek income in international markets, and twenty twenty four's rising interest rates made double digit coupons   well, enticing. In all likelihood,   this was a strategic bet on strong yield, not an ideological,   not an ideological   about face. But   intentional or not, the irony is exquisite.   Schiff's fund directly hitched itself to Bitcoin's success. If Bitcoin thrives and bolsters Samar's finances,   Europac's bond will be safer and its interest payments more secure. And conversely, a Bitcoin crash would imperil the very issuer that Europack lent money to.  

This revelation   is likely to spark both amusement and lively discussion within the Bitcoin and crypto communities. Given Schiff's well known stance, it's easy to anticipate the inevitable jokes.   Could Schiff be secretly stacking sacks?   Will Bitcoin and crypto Twitter soon have a field day pointing out the irony of Schiff inadvertently backing Bitcoin?   For years, Schiff has lambasted Bitcoin as having no intrinsic value and repeatedly predicted   its inevitable collapse.   Even when Bitcoin crossed a hundred thousand dollars in December,   Schiff dismissed the milestone tweeting that it only occurred due to buying off politicians and getting in bed with government   and insisted that the rally would soon end. While Schiff himself may not have directly involved or be directly involved in the decision to purchase said Samara Bitcoin bond, such allocations often reflect pragmatic yield strategies by fund managers rather than ideological shifts.  

The symbolic impact, however, remains significant.   Bitcoin, the decentralized   asset shift promised to never own, now quietly forms part of his firm's portfolio, underscoring how market incentives can override even deeply held beliefs.   Ultimately,   this exclusive discovery highlights a broader narrative.   Bitcoin's gravitational pull   in traditional finance   has become so strong   that even its most outspoken critics can find themselves indirectly aligned with its success.   Alright.   That's pretty much the there's a couple more paragraphs here, but I don't need to get into it Because the most important part was that very last sentence.   Bitcoin's gravitational pull in traditional finance has become so strong that even its most outspoken critics can find themselves   indirectly aligned with its success.  

Alright. So I like the way that this story rolled out. And the reason is is because at first, it was lambasting Peter Schiff for essentially   exercising an amount of hypocrisy   that   that we always hoped we'd see.   However,   Peter Schiff has held Bitcoin before.   I mean, come on. His son held Bitcoin.   It's always been a good cop bad cop thing. I think his son filed sold out of all his Bitcoin, which is a bad move for him. But, hey, you know, dude, whatever. It doesn't matter.   Peter Schiff has been given Bitcoin.   He's held Bitcoin. He doesn't like Bitcoin. We all know this. However,   even his own fund manager was looking at something and said, oh, shit, bro.  

Look at that yield.   Look at that yield. We just we gotta dive in, and maybe they didn't even really know.   Honestly, at this point, it is a casino the likes of which it's like a drunk person   walking through the floor of, you know, Caesar's Palace just finding some new game to play but doesn't even really understand the rules   of the game. You see what I'm saying there?   So even though we can laugh and point our fingers at Peter Schiff for being a hypocrite or or pointing out the irony of the entire situation,   it really is more likely   that they just accidentally stepped into this thing, and here's what I expect to have happen.  

People are gonna lambaste Peter Schiff for this so hard, he's going to call his bond managers on the phone, and he's going to say two words,   sell it.   I can almost guarantee that that's exactly what's going to happen.   Alright. So moving on to Oregon,   where their attorney general   has filed a lawsuit against Coinbase   and calls XRP   an unregistered   security.   So even though the SEC,   Department of Justice, or whoever   dropped all their crap against   XRP,   it looks like at the state level, because they can,   this may be cranking up again. So Adrian Zemunsky, please tell us more from Cointelegraph.   Attorney general Dan Rayfield, the Oregon attorney general, has filed a lawsuit against Coinbase in arguing that XRP and other digital assets are unregistered securities.  

Ray Yield sued   US based publicly traded crypto exchange Coinbase for allegedly   violating   Oregon's securities laws. In an April 18 announcement, the Oregon Department of Justice said the suit was part of an effort to fill what it described as a regulatory vacuum left by federal agencies under the Trump administration,   quote,   states   must fulfill enforcement vacuum   being left by federal regulators who are abandoning these cases under the Trump administration, the department said. Well, let's pause to just see or just to experience   what that really means.  

Like I said, the SEC itself is dropping almost all of its cases against all the shitcoins and all the exchanges,   but the states still have the right   to do some   incredibly,   incredibly   massive damage   to these companies, these coins.   It it's not at the level of of the federal government,   let's be clear, but it's not exactly a walk in the park.   So there's gonna be more pressure put on these guys because this this vacuum that the Oregon AG is talking about is exactly kinda what I was thinking. It's like somebody's gonna step up to this plate. I mean, just because Trump is is is basically backing off of all these guys does not mean Oregon, California,   New York isn't going to step in. And I expect even some red states like Texas and Florida   to also start stepping in and saying, no. This is bullshit.  

You can't do this to our citizenry, and that's exactly what's going to happen.   Coinbase chief legal officer, Paul Gruel, voiced his frustration over the lawsuit in an April 21 Twitter post.   Justin Slaughter, the vice president of regulatory affairs at crypto investment firm Paradigm, pointed out that the lawsuit claims a long list of digital assets including   Cripple   being unregistered   securities.   Yarden Noy, partner at crypto legal firm DLT Law, told Cointelegraph that if the court ruled these assets are securities,   it would most likely create more confusion in this regard. It would not be a binding precedent in other cases,   not even within Oregon, he added. Still, Noy explained that the court decision   could be used by regulators and potential plaintiffs to build and make their cases. He said, quote, just like the decision in the Ripple case, which   the complaint seems to be ignoring entirely,   did not make all tokens immediately listable on US platforms,   I don't expect the opposite to happen here, end quote.  

Paradigm's vice president of regulatory affairs, Justin Slaughter, called the action a kitchen sink lawsuit.   The tokens   cited include high profile shitcoins such as AAVE, Avalanche, Uniswap, and NEAR Protocol,   as well as the wrapped version of terrorist collapse token,   wLuna,   however, not Luna itself.   Quote,   Coinbase,   through the Coinbase platform   and Prime, has made available for trading in Oregon   crypto assets that are offered and sold as investment contracts and thus securities.   This includes but is not limited to   the units of each of the crypto securities further described below.  

Ripple Labs, the firm behind XRP,   has already faced a years long battle with the US Securities and Exchange Commission.   Ripple was hit with a lawsuit by the SEC in late twenty twenty   calling   XRP a $1,300,000,000   unregistered securities offering,   pausing to say it was indeed an unregistered securities offering. I don't care what Brad Garlinghouse   or any yeah. Brad Garlinghouse or whatever those idiots say. It is an unregistered security. I'm sorry. It is. If you hold Ripple or XRP,   I would sell it for Bitcoin today.   The same lawsuit was dropped in by the SEC in late March, but it did provide little legal certainty for the crypto industry.  

Oregon's complaint comes amid growing concern among state officials   that federal regulators are pulling back from crypto enforcement.   This suit appears to be part of a broader trend of state level authorities   stepping in to fill the vacuum.   Before Oregon's action,   XRP's legal standing was being viewed as increasingly clear. Coinbase,   a crypto exchange known for its relatively cautious stance on regulatory matters, added XRP futures to its derivatives trading platform on April.   And the states are going to just have   a heyday   on   on XRP   and a whole bunch of other shit coins.  

I I don't know what it's going to take. I remember all the XRP and the ripple heads basically going, see? Told you it wasn't a security.   It's a security.   There's no doubt about it.   It passes the Howey Test with flying colors,   and that's how you can tell something is a security.   I'm I I don't know what to tell you. If you're holding any of this other garbage, you've got to start really thinking about how you're going to get rid of it and get rid of it fast.   Alright.   On to the Dutch.   Holland, where Dutch bank,   I n g,   is said to be working on a new stable coin with other TradFi and crypto firms.  

Ian Allison   writing a story that basically is bolstering my position   on   the flood of stablecoins   that are to come. This is out of CoinDesk.   Dutch bank ING is working   on a stablecoin,   looking to take advantage of Europe's new cryptocurrency   regulations that came into force last year   according to two people with knowledge of the plans.   ING's stablecoin project could take the form of a consortium effort involving other banks and crypto service providers, both people said.   Quote, ING is working on a stablecoin project   with a few other banks.  

It's moving slow as multiple banks need   board approval   to set up a joint entity, one of the sources said, and ING   themselves declined to comment on anything.   Europe's markets   in crypto assets regime, also known as MICA,   requires stablecoin issuers across EU member countries to hold an authorization   license   while promoting the potential of euro denominated   stablecoins.   The vast majority,   however, of stablecoins in circulation are pegged, of course, to the United States dollar and not the piece of trash we all know as the euro. Anyway, MICA stablecoin rules,   which also require issuers to maintain significant reserves in banks based in Europe,   have strengthened complaint offerings like Circle's euro stablecoin   over its main rival, Tether, according to a note earlier this year from JPMorgan.  

And banks like ING   entering the European stablecoin space means that French lender   Societe Generale,   the first big bank to offer a stablecoin through its SG forged innovation division,   will soon have some competition.   Well, that's the end of the article, but all the Euro peg stablecoins don't do well.   Almost none of them have any traction.   And we're gonna get we're gonna circle back to this European situation   in the second part of the show because there's some other developments.   They're running scared.   The the European Union is in a frenzy, and they're being attacked almost on all sides.   But first,   first, I have some news.  

I have a discount code   for   SoapMiner.   Me and SoapMiner worked out a deal.   He's given me the bit   Bitcoin and coupon code. It's all caps just and or you could probably put it in lowercase, but what he gave me was all caps, all one word, Bitcoin and. And you get 10%   off of your total purchase, not a partial purchase.   Like, if you order soap my soap from SoapMiner because you're dirty and you wanna get clean with some nice clean soap, use the coupon code bitcoin and   it's in the little place where you put it, it's in the cart. So you shop on soapminer.com,   that is soapminer.com.  

And   when you select your items, you go to your cart. In the cart,   the page that shows what's in your cart, down below   your inventory   of what you want to purchase, there's a place to put coupon code. If you want 10% off that,   type in bitcoin and, all one word, coupon code bitcoin and, all one word and get yourself some soap like cedarwood tallow soap, maybe you want peppermint tallow soap, maybe you want lavender or even something called pine tar which is actually   a lot cooler than it sounds. It I mean, it's, oh, who wants to wash themselves with pine tar? Dude, you gotta try this stuff. And if you don't want any of that stuff, just get the rough cut tallow soap. It doesn't have any scent whatsoever.   It has three ingredients. It's a % beef tallow, there's lye, and there's distilled water. That's how you make soap. This is the old fashioned way of making soap.  

I love this guy's soap. He sent me like four bars of soap. It was freaking awesome. And one of those bars was rough cut tallow soap. No. Actually, he sent me five bars. He sent me every single one   of his lineup here,   and my entire family loves this stuff. If you want to get some soap, if you want to get clean, if if the culture today is making you feel dirty and nasty and smelly,   well, then wash yourself off with some of that handmade tallow soap from SoapMiner.   Get it at soapminer.com.   Use   Bitcoin and in the coupon code for 10% off of your entire purchase.   Now   Paul Atkins   has been declared   the new SEC   chair   as Trump reasserts influence over the agency watchdog,   Vince De Aquino from Decrypt,   describes more about it. Paul Atkins was officially sworn in as the thirty fourth chairman   of the Securities and Exchange Commission on Monday, bringing a crypto friendly approach   that contrast   with his predecessor's   aggressive   enforcement   strategy.  

Atkins vowed to push the SEC's   mission to facilitate capital formation,   maintain fair, orderly, and efficient markets, and protect investors.   In testimony   delivered before his senate confirmation act   confirmation,   Atkins said his time in public service and in the private sector   allowed him to see firsthand   how regulations, including those of the SEC, affect markets and investors.   Exactly 52 Republicans voted for his nomination, while 44   Democrats opposed.   Atkins' private sector leadership includes founding   Potomac   Global Partners in 02/2009,   developing standards   for a digital asset industry.  

Atkins said he'd resign for Potomac within ninety days of confirmation.   Last month, Elizabeth Warren wrote to Atkins demanding he clarify Potomac's advisory role in crypto firms, including the now defunct FTX exchange.   Unclear regulation creates uncertainty and inhibits innovation, Atkins told the senate.   He promised to guide the SEC through a rational, coherent, and principled approach.   Atkins replaces Gary Gensler who sued numerous crypto firms during the Biden era for alleged securities violations.   Previously, acting chair Mark Ulleda   and commissioner Hester Pierce have already moved to dismiss most of these while also clearing meme coins and crypto mining from securities oversight.  

Criticizing Biden era regulations as unclear,   overly politicized, complicated, and burdensome,   Atkins has signaled a deregulatory   approach to the market.   Financial disclosures for his his candidacy reveal Atkins holds up to $5,000,000   in digital asset investment firm Off the Chain Capital LLC where he is also a limited partner.   Atkins has combined net worth of roughly   $327,000,000   including   assets and equities from his heiress wife,   making him one of the wealthiest   to hold the SEC chair in decades.   President Trump's SEC picks beyond Atkins shows a consistent pattern of selecting individuals   with strong Wall Street connections   and a track record of handling financial industry matters,   in his first term,   Trump picked Jay Clayton who served at Sullivan and Cromwell, a prominent law firm with deep ties to Wall Street.  

At the law firm, Clayton represented top financial firms, including Goldman Sachs, Deutsche Bank, Barclays, Bear Stearns,   and UBS.   I thought Bear Stearns died.   Oh, well, that's right. That they were still alive during this time.   The Atkins led SEC now faces decisions on over seventy   seventy crypto ETF applications.   That's a lot. With crypto assets ranging from shitcoin number three to shitcoin number 12 to, god forbid, Dogecoin and even   Melania   coin,   quote, oh, sick.   Gonna be a wild year, Bloomberg senior ETF analyst, Balchuna, said on x.   Yeah. Well, the states are gonna are are gonna backstop a lot of this. That's gonna be that's gonna become more clear than I think anybody really realizes.  

Everybody thought the because the SEC   just basically   dove under the covers and said, no. We're not gonna do any of this, that everything was over and everything was gonna be just peachy.   No.   It's not gonna be just peachy.   You just wait. Meanwhile,   we're gonna run the numbers.   CNBC   futures and commodities   breaking. About half of Americans have a negative view on Tesla and Elon Musk.   CNBC   survey finds.   I don't care. Oil is up three points to $64.92   a barrel. That's West Texas Intermediate, while Brent, North Sea is up 2.6   to $67.98.  

Natural gas sucking swamp water.   It's, well, a third of a point to the downside, sitting right at $3   per thousand cubic feet. Gasoline   up 2 and a half   to $2.11   per gallon.   Gold is getting hit today probably because it exceeded some serious   some serious lines yesterday, making all time highs, like all day yesterday.   It's chilling out   at $3,392.60   after a point drop. Silver, however, is up two thirds of a point. Platinum is down two thirds of a point, while copper is up 2.88%,   and palladium is up a fifth of a point.   Ag futures are pretty much mixed today. Biggest winner is chocolate again.  

Three no. God. Three. Four. Four points to the upside,   And the biggest loser today is rough rice.   Apparently, nobody wants sushi. Two points to the downside.   I got live cattle   up two and a quarter percent.   Lean hogs up 2.14%.   Feeder cattle up almost a point, and everybody on Wall Street is having a good day. It's a good day on Wall Street. Dow is up 2.74%,   S and P is up 2.7%,   Nasdaq is up three, and the S and P Mini is up two and two thirds of a point.   Bitcoin doing well today, $90,770   nails us right at a $1,800,000,000,000   market cap.  

26.6   ounces of shiny metal rocks can be had with your one Bitcoin, of which there are 19,854,575.88   of an average fees per block or slightly elevated   at 0.05   taken in fees on a per block basis. And whoop dee doo, there is 15 blocks carrying 20,000   unconfirmed transactions   waiting to clear at high priority rates of 4 Satoshis per v byte. Low priority is gonna get you in at three.   Hash rate continues to drop   840.6   exahashes   per second.   So we are well off of our all time highs, yet we're way, way, way,   way up there.   So people that are, you know, probably   saying, oh, mining death spiral imminent. Yeah. Well,   good luck with that. Alright.  

05/2001   sats from user 42752445   says boostflation.   587   from Psyduck says   Psyduck.   Two thousand one hundred sats from SoapMiner.   SoapMiner, my man.   He doesn't say anything though. Come on, Soap. Give me some some clean thoughts.   +1   from Axelrod Double Ot says food for thought, look at the BTC versus gold and see how BTC is maturing as a store of value similar to gold.   Yeah. See, we   we shouldn't be fighting Peter Schiff and Peter Schiff shouldn't be fighting us. We should be walking hand in hand. I don't I just I don't get it. I don't get it. 2,100   stats from WiseHuddle   says your segues into your ad reads have been really good lately. Love it.  

Sometimes you just start getting good at stuff. And honestly, I love the live ad read. I wanna be really good at it. Like, you know, like it used to be in the olden days when, you know, people actually would spend time, you   know, appreciating their vendors.   I I I   it's not like I'm trying to sell you Black and Decker here.   It's not like I'm trying to sell you a Ford f one fifty. Right? They have their own advertising budgets. You know who doesn't? Soap miner,   Leathermint,   you know, Mapletrade. They don't have ad budgets, dude. They don't have that kind of cash.   It's up to people like us   to look and low look for and locate high quality products   that are made by just simple people. They just wanna you know, maybe   they would rather make soap than doing whatever the hell they do. Maybe they, you know, would rather just do leather stuff all day long instead of having some kind of fiat job and then having to do leather goods.  

Why not give these guys a leg up? I I've gotten some shit.   I've gotten some shit for advertising for people.   Not by the people I'm advertising for, but who would hear ads? Dude, you might actually want one of these things, and why would you not want to support your fellow pleb? And you can do so at the circle p because the circle p is open for business.   And 2,500   sets from   Christ wait. Hold on.   Christer   Christerkovich,   I think it's how it's pronounced, says love the content. You got me hooked. The first episode when you let's do the numbers.   It's a great ag and econ update along with the podcast episode. Yeah. Because Bitcoin does not exist in a vacuum.  

It exists alongside the   everything else in a macroeconomic   environment.   And if we don't look at bond prices, if we don't look at what's going on equity markets,   oil, energy, all that, all at the same time, then we don't get a very clear picture of what the hell is going on outside.   500 from Lupin says,   oh, looks like poor oh, wait. Am I am I beyond yes. I am already beyond. Those are all   those are all the   larger than 500   sat boost. I've still got my, helipad,   boost filter on. I forgot to take it off. I am sorry guys if you gave me less than 500 and you didn't get your,   your note read,   it's because I forgot to pull the filter off. It's nothing personal.  

I will try to remember to do that next time here on the Bitcoin and podcast and that's the weather report.   Welcome to part two of the news that you can use. BitDeer   secure $60,000,000   to boost Bitcoin ASIC production   amid record hash rate.   Well, hash rate has been dropping, but, yeah, we are in in very high hash rate times.   Amin   Hashanis,   I think is how it's pronounced,   Cointelegraph.   Bitcoin mining firm, BitDeer, has secured $60,000,000   in loans   to ramp up its Bitcoin ASIC manufacturing   efforts as global mining competition intensifies   amid record breaking network hash rates.  

According to the annual report, BitDeer entered a loan agreement in April   with affiliate firm   Matrixport,   a crypto financial services company founded by   BitDeer's very own chairman,   Jihan Wu.   The facility offers   up to 200,000,000   backed by BitDeer's   Seal Miner hardware   with a floating interest rate of 9%   plus market benchmarks.   As of April,   BitDeer has drawn $43,000,000   from said credit line.   In April of twenty twenty five,   this statement from BitDeer, we entered into a loan agreement with Matrix Finance and Technology Holding Company for a re for a financing facility of up to 200,000,000   in loans drawn under the facility bear a viable interest rate equal to 9% plus a market based reference rate. Each drawdown is repayable in   fixed monthly installments over a twenty four month term and is secured by a pledge of Seal Miner   maintained   based on a loan to value ratio. As of 04/21/2025,   we drew down the $43,000,000   under that facility.  

Well, private placement of 5.25%   convertible senior notes are due   2029.   On November   2024,   we issued   $400,000,000   US in aggregate principal amount   of 5.25%   convertible senior notes due 2029   in a private placement to persons reasonably   believed to be qualified   institutional   buyers   pursuant to rule one forty four a under the Securities Act of 1933   as amended,   including   $40,000,000   aggregate principal amount of 5.25%   convertible notes   pursuant to the exercise in full by the initial purchasers   in that private placement   of their option   to purchase additional   5.25%   convertible notes. The convertible notes is the micro strategy play.  

You know, we we had   conjectured   when strategy   or or, well, Michael Saylor did that huge webinar for all the CFOs of all these Fortune 500 companies, and and that that webinar was, like, packed.   It was, like, like, hun you know, few hundred. And that's a lot. That's a lot of CFOs because each one represents a different company. It was a lot of money in that webinar. Right?   We were kinda we weren't really thinking about convertible notes because nobody had really peeled into what was in that webinar except, you know, a couple of people did, but it didn't really get out. We were just thinking that he was telling him, hey. Buy Bitcoin.   But what was really going on beside behind the scenes is he was saying, you're going to here's how we're constructing our debt instrumentation.  

Here's how we're selling it, and here's what we're doing with the proceeds. But it was really the construction of the debt instrumentation   that clearly was the great guts and feathers   of strategies webinar   to all these CFOs,   and now it looks like it's taken hold.   Continuing,   the latest funding   adds to a $17,000,000   unsecured   loan obtained in January   alongside previous capital raises   totaling $572,500,000   via, you guessed it, convertible notes in 2024.   BitDeer also issued over 6,000,000   shares raising nearly a hundred and $19,000,000   in equity markets this year. Dude, these people are just vacuuming up funds.  

They've they're just building debt instrumentation   like a freaking Dyson vacuum. It's just it's amazing. But in February   of twenty twenty five,   BitDeer acquired a fully licensed 101   megawatt   gas fired   power project near Fox Creek, Alberta   for 21,700,000.0   in cash.   The site with potential to scale up to one gigawatt,   121   gigawatts,   includes all necessary permits for construction and a 99 megawatt grid connection.   The power plant is set to be developed with an EPC partner   and is expected to be operational by the fourth quarter of twenty twenty six.   In March,   the company also purchased 40 megawatts worth of liquid cooled   mining containers   from CyHeat.  

And more recently, it was reported that BitDeer is expanding its self mining operations   and investing in United States based production.   The shift came in response to cooling demand on its mining hardware from other   miners. Quote, our plan going forward is to prioritize   our own self mining,   said Jeff Laberge,   BitDeer's head of capital markets.   Additionally, on 02/28/2025,   BitDeer launched a $20,000,000   share repurchase   program. So they're buying their shares back   effective through February   2026.   And to date, it has repurchased well over 1,000,000 class a shares   valued at about $12,000,000   under the program.  

BitDeer's expansion comes as Bitcoin's network compute power hit a record one sextillion   hashes per second in early April according to BitInfo charts.   A higher hash rate indicates that more miners   or more powerful machines   are competing to solve Bitcoin blocks. And as competition   rises,   each individual miner's chance of earning block rewards   decreases   implying declining profitability.   Further hurting miner revenue are low transaction fees.   As of now,   the average Bitcoin transaction fees hovers at around $1   down from over $16   per transfer in April just last year according to ycharts.  

The low transaction fees and rising hash rate forced public miners to sell over 40% of their BTC production in March,   the highest   since late twenty twenty four. And firms like Hive, Bitfarms, and Ionic Digital   reportedly sold more than 100%   of their monthly output   of BTC.   Now, where else have we heard about BitDeer?   I'm gonna find out. I'm gonna use my handy dandy,   my handy dandy search tool on Obsidian, which I keep   all of my transcripts from all of the shows that I've done since I started using Obsidian.   And I'm just gonna type in bit dear   and see what happens.  

Let's see, okay, I've been talking about them in Obsidian since at least episode seven eighteen.   And I've got a point to this, trust me, I've got a point.   Ah,   Tether.   Buying BitDeer's   dip.   Remember that? That was episode ten seventy seven of Bitcoin and.   So, let's see here.   I'm gonna   get into this. Let's see.   If anybody remembers Butterfly I'm gonna say anyway.   Yeah. Bitcoin miners as Bitcoin mining companies slump,   Tether loads up on BitDeer.   Alright? So if you remember that story,   they were purchasing like was it,   Tether is betting big on one of the sector's largest players   purchasing $32,000,000   worth of equity   in publicly   traded BitDeer in April. And here we have BitDeer   going whole hog on getting into facilities.  

A gigawatt?   40 megawatts   here,   you know, $200,000,000   of of of senior notes there at 9%,   you know,   plus market benchmarks over there, and $43,000,000   in in the $200,000,000   credit line. These people are freaking on fire.   And and Tether is knee deep into this company.   And Tether's knee deep into agriculture   in Central And South America.   Tether is the seventh largest buyer of United States Treasury bonds.   The the they they rival whole, like, groups of countries collectively.   They buy more bonds than Canada and Mexico.   And and   and we're we are not   watching this company   closely enough.  

I'm telling you, and I used to tell you, and I still do,   if you're watching Western Europe and The United States as your benchmark for who's buying Bitcoin and when shit's gonna pop, that ain't it.   It's Central America, South America, Africa.   Right? Eastern Europe,   Southeast Asia.   You know, Balkans and the Baltics.   These are the place you know, maybe even Australia, but I consider them Western you know, part of the western culture. And   we have you know, basically, we're we're we're blinded to our by our own hubris and our financial   prowess and the our instrumentation   of being able to spread debt everywhere that we want to. And here we have Tether,   who is going to be   The United States'   tool of choice   to keep the dollar alive   just long enough   for Trump and the rest of all the people in Washington   that hate the EU. And if you don't think that we hate the   EU, you're not reading the right news stories.  

Victoria Nuland   herself on a phone conversation   said fuck the EU   when it came to Ukraine.   They didn't she didn't care if they came into the negotiations. She didn't care at all. She was our I don't know. What was it? Was it secretary   of, secretary of state for a while? This is like one of the one Victoria Nuland in The United States is one   of the heaviest hitters ever.   You had our   the way that we were doing our interest rates, especially kinda coming out of COVID,   we were really screwing up   Europe's bond markets to the point that they damn near collapsed.   That we are being hostile to the EU or well, not not to Europe, but to the European   Union,   the structure,   the umbrella structure   under which   all of these European unions that have collectivized   into this EU thing, we are actively   attacking this thing, and we have been for at least five years, possibly longer.  

And we'll get into that here in a second. But first, I wanna talk about   China because   China's M Two money supply   has hit   a record high, and this might explain   why we're seeing a little pop in Bitcoin.   By the way, this is written by Alex Larry   from bitcoinnews.com.   Bitcoin may be about to take off as China's money supply   just hit an all time high.   In the past few weeks, China's m two money supply,   which includes cash,   savings, and liquid deposits,   has reached   326,000,000,000,000   yuan   or 44,700,000,000,000.0   United States   dollars.  

If that didn't make your eye water, it was probably because you were distracted by the hot blonde crossing the street and you were watching her. So I'll say it again.   China's m two money supply is at $44,700,000,000,000   US.   This is getting global attention, especially from Bitcoin analysts who think it will push the scarce digital asset to the much awaited $90,000   price, which we did hit earlier today.   Quote, China's m two money supply just hit 326,000,000,000,000   yuan. The money printers are back on.   Risk assets are about to go parabolic,   says analyst,   Kong Trading.  

M two money supply   is an economic indicator   used to track how much liquid money is in the system.   When m two goes up, it means the government is printing more money and it's easier for people and businesses to spend   and more importantly,   borrow and invest.   Here's how that sentence should actually read.   When m two goes up, it means the government is printing more money, and it's easier for people and businesses   to borrow   so that they can invest   and spend.   It's about the borrowing.   It's not about the spending, and it's not about the investing. Well, it is about the investing, but you've got to have money to invest with. And how do you get that money? You borrow it, but you wait until interest rates go down.   Right? And when interest rates go down in this environment,   they're printing money.  

They're printing lots of money.   And those monies are being used to prop up   what? The world stock markets.   Why do you think we have valuations   this freaking high? And I'm talking about the Dow at 39,000   points   and bought your whole real would used to be 84,000,   but Trump destroyed it with a tears. Yeah. Well, yeah, that didn't help anything, but you're still talking about   like local   all time highs of a stock market. You got stock valuations with   price to earnings   valuations that are like eighty two one.   It's like you just spend 80 times   to buy one share   of a company   to give you like, if you spent $80   on a share, it has an 80 to one valuation,   you are going to get $1 back that year if that stock   has any kind of dividend at all. And that's just a very simplistic view.  

When my father was giving me advice about, you know, investing, and this is, like, back in the eighties,   he wouldn't touch anything   over six to eight   price to earnings ratio.   And now I've seen forties, sixties   as common events.   What do you think is driving that?   It's cheap money entering the market. People borrow it and they use it to throw in the stock market.   Stock market goes up, and all the politicians can say, look. We're awesome.   Why and and people buy that. They they say, yes. You're awesome. We want you to we wanna vote you in again.   So what do they do?  

What it this it's all bullshit. That's why I buy Bitcoin.   Anyway, quote, if China's m two money   keeps growing, it could give Bitcoin a push upwards based on what we've seen before, said Emmanuel Cardenzo de Armas,   market analyst at Brickken.   As of mid April twenty twenty five, Bitcoin is trading at around $88,000   up from lows of 75,000   earlier this month, and we're watching to see if it can break through the $90,000   resistance level. Well, let's see what it's doing right now.   And I'm gonna go over here to trading view,   and we are at $90,751,   and we broke through 91,496.  

The high on this daily candle so far   was $91,496.   So, yeah.   Yeah. We broke all the way through it, ladies and gentlemen.   So let's see. Where are we at here? Bitcoin is doing well even as global markets are dealing with the challenges like US and China trade tensions and uncertain Fed policy.   Fed chair Jerome Powell just said   interest rates will not be cut in the near future, and investors are on edge.   But Bitcoin is holding steady and even outperforming US equities in the past few months. It's not just China.   Global m two money supply. That's the global m two.  

We're way beyond China's m two. We're talking about global m two, the liquid cash floating around the world. That money supply has been growing   up by   $4,500,000,000,000   US just this year.   European Central Bank has cut their interest rates several times, and that's adding to the global quantitative   easing.   This extra liquidity globally is making investors   more comfortable with risk assets like Bitcoin as traditional inflation hedges like gold are also doing well.   Analysts say Bitcoin often follows gold's performance but with a delay of several months. Analysts   or the analyst,   CryptoLica,   thinks Bitcoin will hit a hundred and $55,000   in the midterm following gold's lead.  

Even with optimism   around Bitcoin and rising liquidity, experts warn that there are still risks.   The US China trade war is heating up again,   and Trump's ninety day tariff pause nears its end.   That could cause market volatility and delay Bitcoin's rise to 90 k. Well, we're have punched through it, but we've gotta close that candle for today.   Otherwise, all bets are off. Regulatory uncertainty, especially in The US, is still weighing on investor sentiment.   China is also reportedly looking to liquidate seized Bitcoin through private firms, which adds more complexity to the market. Yeah. They're selling their Bitcoin to buy gold. But   I let me finish this first, and then I'll get back to that.  

Despite the headwinds,   institutional interest in Bitcoin is strong. Bitcoin ETFs in The US saw a hundred million dollars in inflows recently,   which means big investors are still bullish. Let's get back to China.   Report reportedly   liquidating their seized Bitcoin.   I told you about this shit, like, last week or the week before, and it's not the Chinese government, and they're not doing it through private equity firms.   It's regions   in China,   cities, like like the it's not the Chinese government.   It's all these cities that have basically is at a regional   in a very regional, a very local way,   has seized Bitcoin, but they're not giving it to the unite to the Chinese government.  

Right? That's I I get the feeling that that's a cultural thing   that it did that the federal government of the United States would definitely confiscate that shit.   Right? But in China, it doesn't seem to be that way. So who's selling it is the regions in China as far as I can tell. That that's what we went into either last week or the week before.   It's not the Chinese   government. It's not their their   federal government, their unified   communist Chinese party. Right?   It's all these little regions   are selling what they've confiscated   from, I don't know, well, what whoever they confiscated it from.  

Right? Maybe it was, like, illegal mining activities or drug dealers. I don't know. I don't care.   But everybody   that I I've seen several news reports saying it's the Chinese communist government that is selling 15,000   Bitcoin. It's not that way.   It's not working that way. It's these regions that are doing it. Now it might have the same effect,   but what's being overblown here is that   the news and the media are saying that it is the Chinese government.   Guys, it's not.   It's Chinese regions. They're making decisions on their own.   Alright.  

Buzzbot.net.   Yeah. You're pissed. If you're on Nostr, you're pissed at buzzbot. I'm not.   I think it's fun.   I don't care what anybody says. Oh, it's spamming.   It's   first of all, it's completely destroyed   like the like the sidebar on primal if you're using, like, a web browser.   The sidebar the right hand sidebar on primal is the trending.   Right? And it's always the same people in the trending. It's always Matt O'Dell. I love Matt O'Dell. Don't get me wrong. It's always Marty Ben. I love him too.   It's always Gigi.   It's always Fetzky.  

It's always the same names.   It's been that way for like a year and a half. Ever since Primal put the trending   tab on the right hand side of the Primal page, it's always the same. And now it's not   because anybody can buy influence.   And I know what you're saying. God freaking influencers.   I I I probably just misspoke.   Look, guys,   take it easy on the buzz bot, guys. There have been at least two separate attempts on Nostr   to where you could pay   to have people   see your posts.   And neither one of them worked   because they just didn't work all that well.   But Buzzbot seems to be freaking killing it. If you're not really understanding what buzz bot is or for whatever reason you haven't seen one of these things yet,   buzz bot is a Nostr native bot that lets you attach Bitcoin bounties   to your posts   and reward engagement   auto magically.  

Guys,   I mean, yes. Can this be, like, abused? You damn Skippy. It can be abused.   Whatever.   Get over it. And by the way,   this this the buzzbot will probably die die down a little bit. Right? People you know, like, I I've I've used buzzbot   all of two times   just to, you know, just to figure out how it works and what what the mechanism is. And it's honestly, it's like it works.   This shit, like, gives but, I mean, the engagement is there's no real engagement.   Right? So what they're doing is they're saying, look,   if you pay, if you say at buzzbot   space and then however many Satoshis you wanna spend on getting engagement,   that's where you put it. So I'll put, like, you know, like I don't know. I said I think I said orange cats are the best cut best cats,   at buzz bot space   five hundred.  

Just 500 sats.   That   particular post   probably outperformed all of my other Nostra posts. But do you know what most of the engagement was?   It was just thumbs up or somebody liking   just simply   reposting.   Because that buzz bot gives you those three options. Because it will say, hey, a random somebody who liked this post randomly will get x amount of sats. Somebody who randomly   or or somebody who posted this will, you know, will pick a random winner of somebody who repost.   Somebody who did something else will randomly be chosen to be a winner,   and buzz and and Buzzbot   keeps, like, 10%   of   whatever this thing was, you know, whatever the bounty was. If I put in 500,   they they charge me 550   Satoshis.  

Right?   But it worked.   I mean, it's I mean,   I I understand   the abuse.   And I understand that people are concerned that it's just gonna clog up the thing. Have you ever been tagged   in a the Maria's,   or the Marie's   health thread?   Then you do not know hell.   Buzzbot is not causing the hell that you think it's causing.   Not by a long shot. The Marie,   she causes hell and I love her for it.   We're all experiencing this thing together, this thing called nostr.   So do me a favor. Give buzzbot a try. It's you can go to buzzbot.net   on the web to read a little bit more about it.  

It's   honestly, it's a lot of fun. Just give it a shot. Stop bitching about it. Okay?   It's it's not it's not that big of a deal because we've got much larger fish to fry   at the European Central Bank.   This is what I wanna end the show on. I've got two here.   Alright? And they go together. This is from Atlas twenty one,   European Central Bank. Quote,   the digital euro   could replace   $256,000,000,000   or billion   euros   in cash   and deposits.   Alright?   According to the latest ECB's   report,   the digital euro could replace a significant share of physical cash   and traditional bank deposits   as reported by EFE.  

The central institution estimates   that for every €10 issued in digital form, €5 in physical bank notes could be withdrawn from circulation.   This is how they do it.   While €3   might migrate   from conventional bank deposits.   This transformation would depend on adoption rates   among the public.   Frankfurt's projections   outline three different scenarios. In the most conservative case, with minimal adoption,   about €15,000,000,000   in cash could be replaced.   Pausing   to remind you that if you've never listened to Alex Jones rant about a problem,   one of his major issues   is taking   hard cash out of the hands of citizenry.  

And he was always saying, it's going it's happening right now.   You gotta keep cash alive. Well, Europe has discovered   cryptocurrency,   and they think they're going to win.   They're not.   But cash is going to be replaced no matter what the hell we do. Okay? Just hold on to your horses here.   The medium   adoption scenario suggests a hundred and €25,000,000,000,   while the most optimistic forecast   points to €256,000,000,000   in physical currency being phased out.   Last January,   ECB board member, Piero Cipollone,   emphasized   the strategic importance of the digital currency presenting it as a countermeasure   to the growing influence of,   wait for it,   dollar based stablecoins   inside the European financial ecosystem.  

Despite the ECB's stated goal, the actual need for a digital euro remains uncertain.   This uncertainty is reflected in the lukewarm interest shown by European citizens.   An ECB study revealed a strong preference for traditional payment methods   and   widespread   indifference   towards the digital euro.   Out of a sample of 19,000   people across 11 European countries,   only a small portion   hypothetically   allocated funds to the digital euro   favoring instead cash   and conventional bank accounts.   Alright. So before we get into the next one, let's kinda look at this.   The European Central Bank wants to be the people's bank   of all European countries. You would have an account with the European Central Bank. Well, what does that mean for the rest of the banks of Europe?  

You're not needed.   You're not needed.   And that's a bad thing, by the way. Yes. We can all hate banks for as long as we want, but   it's worse to have one single bank.   And your cash is digital held by that bank that is highly politically influenced, which means that you can have your shit shut down   if you make a wrong tweet,   if you make a wrong Facebook post, if you were caught on camera at a protest.   You see where this goes? That's why they want the cash out of your hands. They wanna just be able to tell you   what you can get,   when you can get it, how you can get it, where you can get it, and if you piss them off, you don't get shit.  

Well,   pretty sure stablecoins have something to say about that.   But let's get back   into   why are they talking about this?   Why is the ECB   so interested in a digital euro?   And why because they they had been talking about this and then it just kinda died down. But now the rhetoric is insane coming out of Europe and the need for a digital euro. Why? Well,   European Central Bank fears a contagion risk from Trump's crypto embrace,   and MICA rules may not be strong enough   according to Politico, and this is written by Adam James   from the block.  

The European Central Bank believes United States President Donald Trump's support for the new cryptocurrency   industry may cause financial   contagion,   a word frequently used amid last cycle's fallout from collapsed crypto exchange   FTX,   failed CeFi crypto lending platform BlockFi,   and collapsed DeFi project Terra Luna,   putting the European economy at risk   according to a policy paper   seen and reported on by Politico.   The European Commission, however, has reportedly pushed back on the ECB's analysis of the situation across the Atlantic,   highlighting an ongoing debate on the continent over the Trump administration's   embrace of the relatively new sector to strengthen the dollar's reach.  

Strengthen the dollar's reach and promote asset inflows into The United States   specifically   via,   wait for it,   stablecoins.   The arguments in Europe follow twenty twenty three's market and crypto asset regulation or MICA,   which has widely been considered the first significant legislation designed around cryptocurrency   firms.   Among other things,   Micah limits the issuance   of foreign currency   backed stablecoins.   2 newly drafted laws in The United States meant largely to extend the reach of   dollar backed stablecoins   called Stable InGenius.  

Those those not the stablecoins. The Stable Act and the Genius Act is what they're talking about. Are unsettling   the European Central Bank, which fears Micah may not be strong enough to combat their effects.   I think I think Europe the European Central Bank and the European Union are waking up to what is about to befall them.   One EU official has claimed according to Politico that the ECB has been overplaying the threat of stablecoins   to garner political support for its controversial digital euro project.   However,   the ECB argues that should European Union or European Union issuers   be forced to redeem foreign held tokens alongside European ones, there could be a quote run   on their reserves.  

I I'm going to try my best to make this black and white, and I'm gonna try rereading this one sentence.   One EU official has claimed   that the ECB has been overplaying   the threat of stablecoins to garner political support for its controversial digital euro project.   That EU official is 100%   wrong.   Fully wrong. Cannot be more wrong.   The ECB has been overplaying the threat of stablecoins   not to garner political support for its controversial digital euro project, but   because they know that stablecoins   are going to run over them   like a team of horses   carrying a wagon   loaded with cow manure.  

They are terrified of the stablecoin   because they the European Union   and the European Central Bank, they understand what is about to happen to them.   Micah is not strong enough.   It had no chance.   And when Micah was coming out, there was a lot of people we were we were very concerned about what what Micah meant.   But here's what we didn't see.   Even though it was has been around for years,   Tethr, the company,   we did not did not see   that they were not   just some, you know, I don't know, zombie walking around in a forest and, yeah, I got these stable coins and you can use them and blah blah blah and you blah blah. No. We had no idea that the potential that laid within the Tether stable coin itself   was going to scare the ever loving   off   of Fifi Lagarde.  

I'm talking about Christine Lagarde,   the president or the head of the European Central Bank, the French   federal felon   because she was convicted in France. But, you know, she didn't serve any time. And while she was being convicted in France, she was on a plane going to New York to have a party thrown in her favor at the United Nations because she was going to become   the head of the European Central Bank.   And she is scared shitless. And she's been scared shitless of this for the entirety   of the probably the entire lifespan of Tether,   because she was smart enough to understand what it actually meant. And it has grown up to the point   that it is be that it is well beyond a threat to the European Union. The United States has been trying to kill the European Union for years.  

It's not good for anybody. It's not good for Europe.   It's not good for The United States either.   Right? And there's a whole   there could be an entire show about just this, and I'm not going to do that here. I'm running out of time. I gotta get prepped for a phone call. I'm just telling   you. The the new rhetoric, the the newly ignited rhetoric   for the creation   and circulation   of the European Central Bank's digital euro   is because they are absolutely   terrified that they are going to be saddled with United States debt   as stablecoin   in the form of Tether   floods their economy.  

Because Tether is going to buy probably every single shred of debt that The United States can print in the form of treasury bonds, and they're going to convert those into stable coins and essentially   monetizing in a privatized way   United States debt. What does it mean to monetize debt? It means basically create money out of thin air.   Tether's gonna buy   debt printed by the United States Treasury,   and then they're gonna monetize it by creating stablecoin   called Tether for it. They're going to export that everywhere   because the West is still not going to embrace Tether the way that Europe is, the way that Latin America is, the way that Africa is, the way that Southeast Asia is.  

It's almost as if our own ignorance of Bitcoin   in the West or at least in The United States is going to have an insulary   effect,   and we're going to be able to print as much money as we want.   We're going to convert it into Tether,   and we're going to flood European   markets and the rest of the world with that monetized   debt.   And it's going to work.   That's the whole point.   There's a lot of people who will never work. Oh, bullshit.   It's going to work beautifully.   In fact, this, in my opinion, is an organic   culmination   of separate events   that nobody could have foresaw on,   nobody could have engineered.  

This   is 100   organic,   and it's going to cause the wholesale destruction   of economies around the world.   Does that mean that it's good?   Not   not in the short term.   That's for goddamn sure. But   medium to long term? I don't know.   Maybe.   We need to get out of this system of fiat.   I mean, and and you'll well, but Tether's fiat. Goddamn right it is because US Treasury bonds are fiat. That's the real money.   Don't let anybody fool you, man. It's the US Treasury bond. That's the real money,   and we're going to flood the world with it. But it's not going to look like a United States Treasury bond. It's gonna look like Tether.   And Christine Lagarde has no weaponry left to combat it.  

They're caught flat footed.   The whole world is gonna be caught flat footed, but watching   European   Union   heads of state and heads of finance and heads of industry   not seeing this until it was too damn late   is kind of delicious.   I'll let you ruminate on that, and I will 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 day.