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Join me today for Episode 1103 of Bitcoin And . . .

Topics for today:

• Trump Media to Buy Bitcoin
• Pakistan Allocates 2 Gigawatts to BTC Mining
• Saylor Balks at Proof-Of-Reserves
• Circle to Remain Independent

#Bitcoin #BitcoinAnd 

Circle P:

Oshi
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Articles:

https://www.coindesk.com/markets/2025/05/27/trump-media-raising-25b-for-bitcoin-treasury-strategy
https://decrypt.co/322221/pakistan-world-liberty-financial-advisor-government-role-crypto
https://bitcoinmagazine.com/news/bitcoin-well-integrates-nostr-btc-purchases-via-dms
https://cointelegraph.com/news/how-to-research-altcoins-using-chatgpt-and-grok
https://www.theblock.co/post/355811/strategy-saylor-onchain-proof-of-reserves-bad-idea-security-threats-lack-of-liabilities
https://bitcoinmagazine.com/news/one-out-of-four-people-own-bitcoin-and-crypto-in-2025-report

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

https://www.theblock.co/post/355828/circles-ipo-targets-600-million-raise-at-over-5-billion-valuation-after-dismissing-coinbase-ripple-sale-reports
https://atlas21.com/bitcoin-without-internet-thanks-to-lora-technology-the-darkwire-project/
https://bitcoinnews.com/press-release/lightning-network-xverse-sati/
https://cointelegraph.com/news/france-blockchain-group-buy-590-bitcoin-bond-sale
https://cointelegraph.com/news/france-arrests-suspects-linked-crypto-kidnappings-report

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[00:00:02] Unknown:

It is 08:51AM   Pacific Daylight Time. It's the May   2025.   This is episode 11 o three   of Bitcoin. And why are you here? Because you wanna hear about what's going on with Bitcoin. You want all the Bitcoin news.   It's all the news you can use over here at Bitcoin, Andy. And we're gonna start   with Trump.   Media.   Yeah. His media company   is, I guess, raising $2,500,000,000   for a Bitcoin treasury strategy. I don't   know. There's some conflicting   reports on that.   But before we do it, we're also gonna talk about Pakistan   because apparently they're jumping on the Trump train. I'll tell you all about that one.   We've got Bitcoin well   is I have never heard of Bitcoin well, but they are integrating Nasr   in a very   particular way. So   marches on as well as Bitcoin.  

And then we're gonna have a really actually, I'm not gonna say very much about this particular story, so I'm gonna skip right over it.   I am gonna talk about it,   but it's gonna be like a little surprise. Because if you thought shitcoinery   was bad,   you ain't seen nothing yet. And Michael Saylor   ducks a huge question at Bitcoin   conference twenty twenty five.   And then   there's a report about how many people own Bitcoin. I'm not exactly sure if we should, you know, take it to heart. I'm taking it with a grain of salt. And then   Circle is pooh pooh ing the idea of selling themselves   and they're raising some money   and they're gonna go all in on the whole stablecoin thing in The United States. I really do believe that coin bay or   Circle is going to be the internal   stablecoin   in The United States. And,   as you know, I believe that Tether is the external   offshoring of United States debt through their Tether thing. I'm not a big fan of Circle by any stretch of the imagination.  

And Bitcoin without Internet,   is it possible?   Kinda.   We'll talk about it. And then they've got a couple of announcements,   and then we're going to France.   France   because somebody's buying Bitcoin   and some other people are getting arrested in France for, you know,   the whole kidnapping   and, you know, basically being dicks   at, people that are Bitcoiners and crypto moguls   over there in France. It looks like the French authorities kinda gotten their fill and has apparently been able to round up some. But first, let's go back to this Trump media thing.   I heard started hearing about this either yesterday or late on Sunday,   and there was considerable   conflicting reports.  

Because it at first, it was that Trump media was raising   $3,500,000,000   for a Bitcoin treasury strategy as well as getting into other shit coins as you would expect. And then   then I saw something from Trump's account on truth social that said that whoever wrote that story was full of shit.   And I'd I'm hoping that   CoinDesk   has gotten the clear story   and Christian   Sandor is going to give it to us here   in this piece, again, by CoinDesk, Trump Media and Technology Group,   the publicly traded company that operates the social media site, Truth Social,   announced on Tuesday   a $2,500,000,000   capital raise to create   a Bitcoin treasury.  

Now it doesn't say crypto. It, like, you know, sometimes I do that. Sometimes I'll replace the word crypto with Bitcoin because it's the only thing that makes sense. But   in this case,   they are actually saying   according to the   according to the announcement that it's just for Bitcoin and it's for a Bitcoin Treasury.   Well, the company has entered into a   subscription   agreement   with about 50 institutional   investors issuing $1,500,000,000   in common stock   and, as you might guess, 1,000,000,000   more in convertible   senior secured notes according to a press release.   The offering is expected to close on May.  

Crypto dot com and Anchorage Digital will provide custody services for the firm's BTC holdings.   The story was initially reported on Monday by the Financial Times.   DJT   jumped more than 10% in pre market action, but has turned modestly lower in early regular trading sessions.   Bitcoin is marginally higher trading just above a hundred and $10,000.   Yeah. That's probably changed by now   because,   some numbers came out, some United States economic numbers came out.   I guess the,   amount of money, the capital expenditure that producers are having to outlay   increased quite a bit, and that turned   early positive sentiment in the markets   kinda kind of around.  

But, you know, hey. It it it is what it is.   But we're not done with Trump   because Pakistan,   yes, Pakistan, the country,   is appointing   World Liberty financial adviser to a key government role   on crypto. Callan Quinn's got it for   decrypt.   The Pakistani government   has appointed a special assistant to the prime minister on blockchain   and cryptocurrency,   mirroring The United States' approach to state involvement in the digital asset sector   according to local media reports on Monday.   Well, the newly created role has been given to Bilal bin Saqib,   who is also a chief adviser to the finance minister and the CEO   of the Pakistan   Crypto Council,   a graduate of the London School Of Economics,   Spook School,   Ben Saqib   was featured in Forbes thirty under 30 and received an MBE   from   King Charles the third for his work in social impact,   whatever the hell that is. The appointment comes as Pakistan ramps up efforts to position itself as a crypto friendly economy.  

Oh, it's gonna be great. This week,   the government announced plans to allocate   2,000   megawatts.   Let's read that again.   The government of Pakistan   is planning to allocate   2,000   megawatts of surplus electricity   to Bitcoin mining as part of a broader plan to support mining as well as AI data centers. And the initiative,   driven by the Pakistan Crypto Council,   is aimed at generating memes. No. I'm sorry. I mean, revenue,   creating high-tech jobs and attracting foreign investment.   And,   of course, here comes Changpeng Zhao, former Binance CEO,   has joined the council   as an adviser   in early April after serving a four month US prison sentence for violating anti money laundering laws. Of course, who wouldn't want a felon   on your council?  

Yeah. I know. I know. It was it was a bullshit charge on CZ, but still, it's just kinda funny. It's like, hey. Look at our council. We caught felons and lions and tigers and bears. Oh my.   But as in The US Pakistan's crypto   embraces raised concerns,   the push follows a sharp decline in foreign direct investment, down 45% in February compared to a year earlier   according to English language outlet Pakistan Today.   In January, Pakistan hired a   US Lobbyist to facilitate meetings in Washington.   And during a visit, the country's interior minister reportedly appealed for more US investment according to The Wall Street Journal.   Well, shortly after, it began to forge ties with Trump linked crypto project World Liberty Financial.  

Ben Psaki became an adviser to that project in April   shortly after a visit to Pakistan by cofounder Zach Whitkopf.   During the visit,   Whitkopf and his cofounders   signed a memorandum of understanding with the ministry   that opens up the possibility of world liberty's stable coin being used in the country for trade   and remittances.   WLF has been contacted for comment.   The Wall Street Journal also reported that Changpeng Zhao was helping facilitate   some introductions for World Liberties foreign travels. Zhao denied the claims and called the article   yet another hit piece. So there's the article. We don't know what Changpeng Zhao's   really what his, function really is. But the ties in Pakistan,   of all places,   to World Liberty Financial   and the possibility of the use of World Liberty Financial stablecoin, which I believe is called USD 1. Not exactly sure. I don't really keep track of stablecoins   other than the fact of what they represent.  

But still,   Pakistan   selecting   Trump   and the Trump branded   stablecoin   is an interesting play because it puts it right next to India   and Russia   as well as the West to the West of Pakistan being basically the whole of the Middle East. You know, from that standpoint, Pakistan is a geographically,   or geopolitical,   nice little spot to have   if you're Trump and you're trying to, promote your your own stablecoin.   Will it actually occur? My gut feeling is no. It won't. But   the 2,000 megawatts to Bitcoin mining   from Pakistan, I didn't even know they generated that much electricity in surplus,   much less so much more in surplus that they're going to allocate   what what would that be? Two gigawatts?  

I mean, that's a lot of power. That's not anything to sneeze at.   I just had no idea that Pakistan had that kind of electric electricity,   producing potential,   but we've got other things to do   because the Bitcoin well   again, I'm not sure what Bitcoin well is, but we are gonna find out from Oscar Ziranga Perez out of Bitcoin Magazine   about Bitcoin well   as well as their integration of NostrBTC   purchases   via direct messages.   Yeah. This is gonna be interesting.   Bitcoin well incorporated   has launched an integration with Nasr   allowing   United States customers.  

Now that's a sticky issue right there.   This is this is gonna be fraught with difficulty   right there.   Anybody else in the world you can do business with without having any problems, but the minute that you select United States customers as your customer base, you've got problems.   So let's just keep that shit in mind   because they want to allow US customers to buy Bitcoin directly   through direct messages   on the Nostra decentralized   social media protocol   according to a press release sent to Bitcoin magazine.   Users can link their Nostra identifier,   watch out, to their Bitcoin well account   and purchase Bitcoin by sending specific commands via direct message.  

The transactions draw from the user's cash balance   and send the purchase Bitcoin to their existing lightning wallet for security.   Nostr is a decentralized   social media protocol which is censorship resistant and runs on a network of relays rather than centralized servers, and this means that the users   have full control over their message servers.   It also adds a layer of protection to the customer's privacy. I've got to pause   because there's two things here that are that are rather wrong.   First,   Nostra is way more than a decentralized   social media protocol.  

What Nostra really is, if you think about it, it is a decentralized   communications   protocol   that handily   manages   all manner   of different kinds of media.   I think that that's really the best way to put it because, yes, I can I can treat Nostra as a social media protocol, and I do? I use   Primal. I use Domus. I use Coracle.   I use Nostrool.   These are all set up   to basically pick the low hanging fruit that was shit like Instagram and Twitter and Facebook and stuff like that.   But what we're finding out is that Nostra holds a lot more potential than simple social media, and we've known that for years.   My problem with people like Bitcoin Magazine not trumpeting that is that it continuously   knocks Nasr back down into this this hole in the ground of social media only.  

It's way more than that, and I I really wish that we'd start treating it that way. So let's just call Nasr   a decentralized   media   handling   protocol.   It could be social media. It could be movies. It could be music. It could be podcasts. It could be   pictures. It could be, I don't know, all kinds of shit. There's even AI bots that you you can just, like, ask directly on Nostr like you do on Twitter on with Grok. But there's all manner of, like, AI bots that are hanging around on Nostr.   It doesn't matter what the media is.   Is it   media? Then in a very decentralized way, Nostra can handle that media. The second thing that I've got a problem with here is that users do not have full control over their message servers because most users do not run their own relays.  

You can read relays   sort of like server.   You can,   but it doesn't mean that most people do. In fact, most people do not run   their own message server. If you do, then yes. You have full control   over what messages   are on or are not on your message server, and only you can be the one that determines whether or not to shut it down   or block certain nostr in pubs from interacting with your relay.   So you can be the sensor guy if you want to. And if you don't wanna be a sensor guy, then you just open up a a relay and you just, you know, let people have the address and let that baby fly.   But, no, for the most part,   if you're a user of Nostra, you do not necessarily run your own message server. Alright. So they again,   I really wish these people,   when they're writing about Nostra, would get some of this stuff straight because this both of those things are patently wrong.  

Continuing   with the integration,   it simplifies the process of buying Bitcoin   by allowing users to make purchases   directly through a social platform that they already use. As a censorship resistant protocol, Nostr ensures Bitcoin well   and Bitcoin well's customers   have full control avoiding restrictions and potential censorship. Quote, this is a great achievement for our team,   said founder and CEO of Bitcoin well, Adam O'Brien.   Quote, we are deeply committed to make buying Bitcoin directly to self custody better than using a custodial exchange. It's a huge step in the right direction. We are meeting Bitcoiners where they are and allowing them to buy Bitcoin safely.   Users can link their in pub to their Bitcoin well account   to enable Bitcoin purchases via direct message.  

Commands like buy   Dollar sign 21   or   oh, no. I'm sorry. Forward slash buy $21   or forward slash stack   69,000   sats   initiates the transaction which is confirmed by sending   a forward slash confirm   right after.   The purchase user   sorry. The purchase uses funds from the user's Bitcoin well cash balance and Bitcoin is delivered over the Lightning Network to a preregistered wallet address. Here's the problem.   For those of you that are really trying to keep your, you know, your Nostra profile private   and not connected to anything,   this is a terrible idea.  

So   does that mean that the whole thing is a terrible idea? Not at all. I I don't know how long Bitcoin well is going to be able to operate in a non k y c fashion   with Bitcoin with, United States customers because we all see where that leads. Right? But while they are doing it,   this is a killer way to buy Bitcoin   using Nasr. So how do you do it without linking your your Nasr in pub to this? Because according to this article, and I believe it, you have to.   You simply spin up another in pub, dude.   You don't and and don't connect those two in pubs together, I e, you know, don't send out on your main in pub   that you you've you've spun up another account so you can interact with Bitcoin well. And here's your in pub because that will connect those two in pubs, which means that your main in pub is thereby   forever and yawn connected to   Bitcoin well, at least through a proxy message that you put out, you signed it, which means that if somebody says, ah, but remember what remember what you said. Hey. I spun up this new in pub directly so I could buy with, buy Bitcoin with Bitcoin. Well,   you put that you may sent that message from this other in pub. So all three of those things are connected.  

And why would you not want to do you know, connect your in pub to the Bitcoin well?   Because I still have yet to confirm whether or not Bitcoin will when you sign up for an account over there,   because you have to is if if you've got cash in your account on bitcoin well then you've probably done some kind of k y c or a m l functionality   and that may be how they get away with this I don't know   But   but but but   if you connect your Nasr input, your the one that you use   to Bitcoin well, then it will be   forever known   that you are you   on Nasr. I mean, nobody else will know, but the feds would know, CIA would know, FBI would know, Department of Justice would know, the CEC or SEC would know, FCC would know, all these people would know. If they had if they have access to the Bitcoin well records and you've got a connected in pub,   well, that in pub is now basically doxxed   through Bitcoin well. And   like I said, I I don't think that this is a bad thing. I don't think the guys at Bitcoin well are out to screw you. I just think that a little bit of, you know, operational security is at hand.  

And because Nostra makes it so easy to just spin up another set of of, another key pair   so that you can have a completely separate Nostra, you know, Nostra identity,   then why not do that?   So if you're gonna take part of this, if you wanna experiment with it, make sure that you spin up a brand new nostril thing, you know, nostril key set, and use that.   Alright? Just use that. Use it as a burner account or something like that. And then then   you can connect it to, like, a, like, a lightning node or something like that. And then it becomes much harder to suss out if two in pubs are directly connected to the same lightning node.   And and if they if it is bay basically able to be assessed out, in what   in what capacity   is one connected versus another? Like,   did I, you know, spin up a lightning node and, you know, like, advertise on my main end pub what my lightning node address is while the secondary in pub   didn't ever do that. It just interacts with that lightning network like or, lightning network node like it's a public service. There's a difference there   legally.  

So   just keep that shit in mind. Alright? Just stop linking your   your your beautiful monster identity   to things that can definitely identify exactly who you are and where you live. Now onto this one.   How to research altcoins using ChatGPT   and Grok?   I'm not even gonna tell you   the name of the person that wrote this, and I'm not gonna read it. I'm just gonna read the headline again. And this I will tell you the publication   is Cointelegraph.   How to research   altcoins   using ChatGPT   and Grok.   If you didn't think   that, you know, having alt coiners and shitcoiners scam you directly was bad enough. Here comes   AI.  

They let let AI scam for you. There's I mean, honestly, it's like ChatGPT   and Grok can help you analyze your altcoins.   You can compare projects, and you can stay ahead in crypto research.   All I need to know   about crypto research is that it's all a scam,   and there's just absolutely nothing but dirt   and vileness   and sewage   in that entire capacity. And it makes me it just makes me   really, really want to just scream my head off. I cannot believe they're actually using AI   at this point   to   to telling people that AI is is is it going to hallucinate   on exactly what Ethereum is?  

The I no. But not even human minds can understand the train wreck that Ethereum is, much less   getting Grok   to try to figure it out for you.   Whole thing makes me kinda hungry, which is why I bring you   Oshi products.   Oshi's got well, he's got,   banana chocolate chip huddle bars. He has mint cookie huddle bars. He's got stickers. He's got huddle butter. He's got all kinds of neat stuff. Although, the Huddle butter, I just realized, is actually out of stock.   Go   and get some good eats from oshigood.us.   That's 0shig00d.us.   The huddle bars are wonderful. They're packed with dates,   banana powder,   chocolate,   vanilla.  

I mean, these things, they're weighty, they're beefy, they're meaty.   They they're there's when you get one when you open one up, it's like two and a half ounces,   but they look small. But it's two and a half ounces. It's actually kind of a brick. It's a brick of of nice,   good,   nutty,   fruity,   banana y, mint y, you know, goodness, man. I mean, it's like if you're gonna go on a hike and you need some extra energy, you're starving to death on the trail,   and you just need some quick nutrition, and you don't want to eat the ultra processed granola bar from Quaker Labs or whatever we we wanna call them, then go over to oshigood.us.   That's oshigood.us   and drop bitcoin and   into the promo code.  

No. He's we're not given a discount. It's just so that Oshi knows if I made him a sale or not.   That kind of intelligence is actually really useful, not only for me,   but for Oshii because   Oshii   only takes Bitcoin for his goods. And that's what the Circle p is all about, ladies and gentlemen. If you're not selling your goods and services   for Bitcoin, then you're not in the circle p, and that's where we are right now, the circle p where I bring plebs   like you with goods and services to plebs just like you who might want to buy those goods and services. And today, it is oshigood.us.   Grab a huddle bar. You will not   be disappointed,   but you will be less hungry.  

Now Michael Saylor,   people have been giving him shit all day long and all yesterday   because he said a thing.   Well, what did he say?   James Hunt is gonna tell us all about it from the block.   Michael Saylor calls on chain proof of reserves a   bad idea   and rules it out for strategy over security concerns.   Responding to a question on whether strategy formerly MicroStrategy   had any plans   to publish on chain proof of reserves during the sideline event   just ahead of the Bitcoin conference in Las Vegas on Monday night,   the company's cofounder and executive chairman, Michael Saylor, said it posed security threats.  

Okay.   Many crypto firms broadly adopted   proof of reserve measures after FTX has collapsed to demonstrate   on chain holdings for transparency.   However,   critics agree the approach falls short, often omitting audited fiat reserves, liabilities,   and other key data needed to assess   a firm's full financial health.   Well, Saylor said that while the crypto industry   learned from FTX's failure, he was unsure   it had learned the things that the institutional   community needs going forward,   arguing that the current way to publish proof of reserves is   insecure.  

Quote,   it actually dilutes the security of the issuer,   the custodians,   the exchanges,   and the investors.   It's not a good idea.   It's a bad idea. It's like publishing the address   and the bank accounts   of all your kids and your phone numbers of all your kids and then thinking somehow that makes your family better. It doesn't make your family better, end quote.   Saylor suggested   that no institutional grade or enterprise security analyst would recommend publicly sharing wallet addresses   as it enables full traceability of past and future transactions.   Ask any AI to list the risks and you'll get a book's worth of vulnerabilities,   he claimed. Quote, you publish your wallet, that's an attack vector for hackers, nation state actors, and every type of troll imaginable.  

It creates   so much liability   that you should think twice before you do it. It's okay at a small level, but really, it isn't God's gift.   I think people give too much credence to it on Twitter,   End quote.   Well, the strategy cofounder   also picked up   on the lack of liabilities   side of the equation. If you really want this is a quote. If you really want crypto security and you're maxi about this   my suggestion is to buy bitcoin   self custody your bitcoin   it's pretty freaking obvious right you should own the bitcoin yourself if that's what you want but   if you're going to be a securities investor,   if you invest in securities,   what you want is an institutional grade proof of assets and proof of liabilities   with them netted out.  

And the best practice is not to publish the wallet.   He argued that the gold standard for Bitcoin treasury companies like strategy is a big four auditor verifying both asset ownership and liabilities,   ensuring no rehypothecation   Bitcoin or hidden obligations, and the results should be signed off by a public company's   CFO,   CEO,   and board of directors,   all legally accountable under US law as strategy does. Quote, it's much better than simply a proof of reserves wallet, he said.   Institutional investors care far more about audited financials than proof of reserves. They want 10 k's, 10 q's,   legal   accountability, not just a wallet ballot, Saylor continued.  

In public markets, missing a 10 k is a massive red flag while publishing a wallet means little without knowing the liabilities,   and proof of reserves alone won't protect you from a meltdown, he said.   Saylor said he was open to implementing proof of reserves at some point if it could be done with zero knowledge proofs that fully obscured the wallet addresses.   But even then,   it would need to be cleared with custodians,   exchanges,   auditors,   risk managers, and the company's directors   to ensure that there's no security gaps and it still ignores the liability   side.  

He said, quote, publishing a simple wallet that you can track is really just a crypto parlor trick.   I get why people like it, and it's interesting if you have an exchange.   But let me tell you the real lesson you should learn from FTX and Mt. Gox is   don't do business with shaky offshore exchanges run by juvenile tweakers.   They're tweaking. If you're a crypto person, hold your own crypto, end quote.   On Monday, of course, strategy announced that it had purchased yet another   4,020   for about $427,100,000   at an average coin price of $106,237   per coin.  

Strategy now holds a total of 580,250   BTC   worth over $63,500,000,000   bought at an average price of 69,979   per Bitcoin   for a total cost of around 40,600,000,000.0.   That's the equivalent of more than 2.7%   of Bitcoin's total, 21,000,000   supply, and implies around $23,000,000,000   of paper gains.   Not bad for four years or four and a half, five years worth of work, and it really wasn't all that much work. He was just   basically issuing debtor instrumentation   and buying Bitcoin with it.   Sounds easy. I'm sure it's much harder than that. So what do you say about this?   Sailor trying to hide something, that's what people on Twitter are saying. People on Nostra are saying the same shit. Oh, he's just trying to he doesn't really have that that Bitcoin. It's all it's all paper. It's all paper, and and that and this is proof. No. It's not proof.  

Am I gonna defend Mike? A little bit.   He's right.   The the people that are insuring   and the investors, the people that he has a fiduciary commitment to,   like the people that he   said, they do. They they want 10 k's. They don't give a shit. That they they literally don't care about your wallet balance because what they need is somebody like Ernst and Young to do an audit,   and then they will give their stamp of approval. And if Ernst and Young gives their stamp of approval, most investors and most creditors and most banks and whatever are gonna say okay.   And it's been done like that for decades. And if you think we're just gonna be able to jump out of that flaming boat immediately,   you're kinda wrong. I mean, even I wish that we could, but I'm not I'm not gonna be naive enough to sit here and say, yeah. That shit's just not gonna happen.  

Conversely,   there's no reason in the world   that his reasoning behind   why we can't give the wall why he can't give the wallet address as being something like akin to publishing the phone number,   that's kinda bullshit. Okay? He's these that one kinda does worry me a little bit. So what's what would be   what's my answer? I was like, okay. You've you've said the problem. What? How do you how do you answer the problem? Do both.   Just do both.   Give the wallet addresses   and do the audit   and let the people who trust the audit more than the wallet addresses   have their cake.  

And then let the people that trust the wallet addresses more than what Ernst and Young says, which is basically gonna be the plebs on the street,   have their cake and eat it too.   See how that works? It's not that hard. The fact that he's waffling about doing the wallet addresses is the only thing   that I have to look at that kinda makes me a little think think it's a little sketchy.   Right? But not so much that I think he's just lying through his teeth. I just I don't know. Is   but he's not wrong about the 10 k's and 10 q's and and big four auditing firms. He's not wrong about any of that. So my question is, why doesn't he just do both?   Question for another time.  

This one   is weird though   because according to Gemini's twenty twenty five global state of crypto report,   one out of every four people owned Bitcoin and crypto   in 2025.   I'm sorry. I'm calling bullshit, but,   apparently, today, Gemini,   a crypto platform, released its 2025   global state of crypto report, and it revealed a notable increase in cryptocurrency adoption in different countries.   And according to a press release sent to Bitcoin Magazine,   ownership among respondents in The US,   The UK,   France, and Singapore   rose from one in five in 2024   to one in four in 2025.  

And the Trump administration's treatment of Bitcoin may have played a major role in the global growth. Quote, The United States has proven itself as a global leader in web three and blockchain technology with the addition of Trump's pro crypto policies,   which is,   well, hold on for a sec. Oh, never mind. Sorry. Something shiny caught my eye. The United States has proven itself a global leader in Web three blockchain technology with the addition of Trump's pro crypto policies, which is a significant change from the previous administration,   said CEO of Gemini Marshall Beard. With this pro innovation approach, the crypto industry is positioned for significant growth in The United States and around the world,   end quote.  

There's some other numbers here too. It says, France's strong pro crypto stance   has encouraged more people there to invest in digital assets,   which is,   the highest rate among all survey nations   with 67%.   And following France are Singapore, Italy, The UK,   The US, and bringing up the rear is Australia.   I find that   I find this odd that France is leading the pack.   That's just bizarre,   which   kind of does explain the whole, you know, everybody in France getting kidnapped and shit like that, but we'll have to come back to that later because we've got numbers to run.   CNBC   futures and commodities, well, there's a kick in the crotch for you. Oil down one and a half percent   to $60.64.  

Brent Norsey down one and a third to $63.86.   Natural gas swinging the other way, two thirds of a point to the upside.   Gasoline   is down 1.6%   to $2.07   a gallon.   All of the shiny metal rocks are doing very poorly today, including gold, which is down just over two points to $32.95   and 6 dimes.   Silver down 1.1,   platinum down point 7%, copper down 2%,   and palladium down two and a half.   Good ag is is mixed. We've got just as much green as we got red. Biggest winner today, it looks to be rough rice, up a point. Biggest loser is wheat, down 2.6%.   Live cattle is down a full point. Lean hogs are up point 17%,   and feeder cattle are down 1.22%.  

Now, apparently,   I guess the the the, some of the indices that came out, some of the numbers of economics in The United States came out today, and the equity markets are very, very green today because the Dow is up one and a half points. That's a 622   move right there.   S and P is up 1.7%.   Nasdaq is in the green by two full points.   And S and P Mini   is up 1.8%.   Meanwhile, we've got Bitcoin sitting at a hundred and $10,160.   That's a $2,200,000,000,000   market cap. We can get 33.3   ounces. Oh,   that's the magic number, 33   right there. 33.3 ounces of shiny metal rocks with our one Bitcoin of which there are 19,870,485.22   of an average fees per block are low. 0.04   BTC taken in fees on a per block basis.  

There are 10, count them, 10   blocks carrying 13,500   unconfirmed transactions waiting to clear at high priority rates of 6 Satoshis per vByte.   Low priority's   gonna get you in at four.   Hash rate is at 910.6   x the hashes per second, so no minor capitulation   there.   This is a reminder to donate to the show, please.   You know? I I I run on donations. I I need I need the donations, man. The kids need shoes.   I need I need, like, I don't know, plane ticket to be able to go to the Bitcoin conference.   I'm just kidding. I don't wanna go to Vegas.   Of all the places in the world,   I just there there's something about being in the middle of the desert,   close to summer,   with nothing but sun   and no shade   that kinda makes me ill. It makes me sick to the stomach.  

How why anybody would choose Vegas?   I mean, yes. Strippers and blow. I get it.   Gambling. Okay. Whoop dee doo. Is there really no shady place that you could have put that thing?   I   mean, the whole Vegas thing is bumming me out. But go to bitcoinandshow.com   and sign up for   the email because I will email you pretty much only once a day unless I publish to the to the, website twice, in which case you you'll get two. But, normally, I only do one publication a day, and that is just to get the,   the show out there. I will be adding stuff to it as soon as I know what to add   and what you guys want. So I do not give your emails away.  

I do not sell it. I it's like, it's your email, and I have no reason to give it to somebody else else because why the hell would I wanna do that? I would lose your trust.   Go to bitcoinandshow.com.   That's bitcoinandshow,   all 1 word, Com. Bitcoin and show   Com. Sign up for the email,   and we'll make something   great together.   And from Friday's episode of bitcoin and easy breezy,   I've got progressively worse with a thousand says testing testing one two three. Is this thing on? The last two boost haven't sent the sats.   Will this make it three in a row? Tune in Monday to find out. Thank you, sir. No. Thank you. And I do believe I got them because I see them here. Yodle with 540.  

Great Memorial Day weekend to all. Yeah. Speaking of, I hope everybody had a great Memorial Day weekend.   Turkey with 500 says nothing is normal.   Perma nerd, 333   sat says none of your business days don't be a selfish a hole.   I cleaned up his language   using soap miner soap.   I hear you, buddy. Pies with a hundred says, cheers.   And that's it. That's the that's the weather   report.   Welcome to part two of the news that you can use.   Circle   dismisses   Coinbase and Ripple sale reports   and targets a $600,000,000   raise   with a 5,000,000,000   valuation.  

So it looks like Circle is gonna remain   independent. And that's important because I really do believe   that Circle is going to be The United States choice   for circulating   internal crypt or crypto   stable coins.   Circle's gonna be inside The United States.   Tether's gonna be everywhere else in the world.   That's what I think is gonna happen. Yes. There will be JPMorgan   stablecoin. Yes. There will be Wells Fargo coin. I get the feeling though that Circle somehow or another is going to be the coordinator for a lot of this because they're gonna be thrown the bone.   They've been trying to go after Tether. They've been trying to do the regulatory moding thing, but Tether is too much ingrained in the rest of the world. The only place that Tether really isn't is inside The United States.  

And I think Circle's gonna fill that hole.   That may be why they're not going to allow themselves to be sold. Anyway,   James Hunt for the Block dot CEO says, Stablecoin issuer Circle is targeting   around   $600,000,000   from its proposed initial public offering according to an amended s one registration statement filed at the SEC.   The IPO or initial public offering seeks to offer 24,000,000   shares of its class a common stock with Circle providing 9,600,000.0   shares and existing stockholders   the remaining   14,400,000.0.   However, Circle is also expected to grant underwriters a thirty day option to buy up to 3,600,000.0   additional shares   to cover over allotments, the firm said in a statement.  

Circle has applied to list its class a shares on the NYSE under the ticker   CRCL.   JPMorgan,   Citigroup, and Goldman Sachs are the lead book runners for the offering, and the IPO price is currently expected to be between 24 and $26   per share.   Subject to market conditions, the company said, with no assurance,   it will be completed   as planned. Yeah. If you guys do release, I don't think you're getting anywhere close to $24.   I'll probably be wrong.   But I'm thinking 14   and as low as 6.   I'm just saying. I don't even know why I say that. It's not like I did, like, ran models and did math and had some kind of freaky fractal shit and, like, you know, golden ratios going on. No. No. No. It's just pure   gut feeling, but I'm pretty sure that 24 and $26   is not in the cards. I'm just saying. But based on a fully diluted share count   Of 217,300,000.0   shares in the filing and a midpoint   IPO price of $25   a share,   Circle is targeting a valuation of approximately 4 and a half billion dollars.  

Circle's midpoint proceeds from the IPO would be around 240,000,000,   while selling shareholders   would net,   360,000,000.   Quote, ARK Investment Management LLC and its affiliated entities have indicated   an interest in purchasing up to a hundred and 50,000,000   shares   or a hundred and $50,000,000   worth of their shares of our class a common stock being offered in this offering at the initial public offering price and on the same terms   as the other purchasers in this offering. However,   because indications   of interest rates are nonbinding   agreements or commitments to purchase, the underwriters could determine to sell more,   fewer   or no shares to any of these potential purchasers,   and any of these potential purchasers could determine   to purchase more, fewer, or no shares in this offering, which means we don't know who's buying what.  

Circle previously filed an IPO prospectus with the SEC in April, though it did not detail the number of shares to be offered. Quote, for Circle,   becoming a publicly traded corporation on the New York Stock Exchange   is a continuation of our desire to operate with the greatest transparency   and accountability   possible,   said Jeremy Allaire, CEO of Circle. Earlier this month,   reports then surfaced that Circle   had been courting acquisition bids from Coinbase and Ripple for at least $5,000,000,000   However,   Circle unequivocally   told the block at the time   that it is not for sale.  

Our long term goals remain the same.   In 2022, during the depths of the crypto bear market, Circle canceled its plans   of a black check SPAC merger, which would have valued it at 9,000,000,000.   Circle is is the issuer of the world's second largest stablecoin by supply, USDC,   with a $62,100,000,000   market cap according to the block's data dashboard. However,   Tether's   USDT   remains dominant   with $238,300,000,000   worth of supply.   Alright. So according to this,   Circle is not gonna sell to Coinbase or Ripple.   We'll have to see if they actually   stand on that.  

And as much as I do not like Circle because I do not like Jeremy Allaire for various reasons,   If   they are smart,   they will not   sell themselves to Coinbase or Ripple or any third party.   And what they will do is they will court the United States government heavily,   And they will be like some kind   of hub   of which   all United States States bank   stablecoins   or   United States   state banks   and federal banks, like, all the all the banks in The United States, they're gonna wanna issue their own stable coins. Somehow or another,   Circle, if they do it right, could potentially be the hub.  

Maybe they turn into something that is, like, more of, like, the issuer   of, like, Wells Fargo coin.   But they're go if they do it right,   they can capture the internal   continental well,   Continental   US and Alaska   and the territories   and Hawaii. Alright. So like anything that has anything to do with the internal US citizen,   if circle can bag that,   then Circle   is gonna just do fine.   I mean, like   bangers. Right?   Tether,   they would probably stop messing around with Tether because Tether is going to be the only way The United States can export the debt   that we start printing, and we are going to start printing money again. I guarantee it.  

But this time, we're gonna have the ability to send that debt away.   And that way, it'll take much longer for it to boomerang back to The United States citizen in the form of inflation.   And that's gonna be great for the next couple of administrations,   but it won't last.   Short term, medium term at best. Long term,   you print money, it doesn't matter how the hell you get rid of it. It's probably going to come back and roost in your neck of the woods and shit all over your car and not give you any eggs.   See what I'm saying?   Now moving on to Bitcoin without Internet.  

Thanks to LoRa Technology,   the dark wire project. I love that name. This is out of Atlas 21, by the way.   In an interview with Decrypt,   the I know it's Atlas 21, but they're just bear with me. In an interview with Decrypt,   the developer known by the pseudonym Cyber revealed the details of Darkwire,   an open source project   that could enable new use cases for Bitcoin transactions   without Internet access.   The project, presented at the Bitcoin twenty twenty five official hackathon,   leverages long range radio,   otherwise known as LoRa,   technology   to create a decentralized mesh network that allows Bitcoin transactions to be sent even in the total absence of traditional connectivity.  

Darkwire   was specifically designed for situations   where conventional communications   infrastructure is inaccessible or controlled.   According to Cyber,   the system is ideal for politically sensitive regions like the Rafa crossing or the Indo Tibetan border where Internet access can be limited   or heavily monitored.   Excuse me.   Dark wire   is for individuals seeking privacy or wishing to bypass surveillance   of their communications   and transactions.   Imagine it to be akin to Tor, but for this specific use case, the creator explained.   Darkwire operates through a combination of technologies.  

The system uses long range radio or LoRa radios   along with microcontrollers   such as the Arduino   UNO to form a decentralized mesh network. When a user wants to send a Bitcoin transactions without Internet   access,   they specify the recipient's address and the amount via a local graphic interface managed by BitcoinLIB.   The system then generates assigned Bitcoin transactions in hexadecimal   format,   which is split into smaller packets and then transmitted via radio.   Darkwire's mesh network allows the data to hop from node to node until it reaches an internet connected exit point. In ideal connections or conditions,   each darkwire node has a range of up to 10 kilometers   with a direct line of sight reduced to three to five kilometers in densely populated areas quote.  

At least one node in the network needs to be connected to the internet   so that the transaction can be pushed to the blockchain for miners to verify it, Cyber said.   Once the transaction data reaches a node with Internet   access, it acts as an exit point,   broadcasting the verified Bitcoin transaction to the global network   where it can be included in a block.   Currently, Darkwire faces   several technical limitations   that the team is actively working to address. The relatively low bandwidth of LoRa radios and their sensitivity   to terrain obstacles represent challenges. Moreover,   the system's dependence on Internet connected exit nodes could create potential points of failure. Yeah. No shit.  

According to the reports,   the project is still in its hackathon phase, but cyber has plans to further develop it, turning it into a full open source platform and making it the industry standard   for LoRa based communications. Quote, I do hope people living in any kind of authoritarian   regime   or states   do get to use dark wire and put the truth out there, the developer added.   Okay. So this has been done before.   In fact, it was,   I think it was Rodolfo   Novak and Adam Curry   sent a Bitcoin transaction. I think I can't remember which way it went. I think it was   Rodolfo Novak of CoinKite, the guy that does CoinKite, the cold cards and stuff. He sent Adam, if I if I remember right, he sent Adam Curry, the creator of podcasting and podcasting two point o, a Bitcoin transaction via Ham Radio,   and I believe it was in hexadecimal   format. So this it's not like this is actually a new idea,   but it would be nice if we could get more people in the field   to be able, you know, to start building things like this. Now moving on   to Sati,   who is unlocking lightning for its 1,500,000   X Verse users, and this is BitcoinNews.com.  

Satti,   s a t I, a Bitcoin payments app and Lightning infrastructure provider, today announced the launch of its Lightning integration with X Verse,   a Bitcoin wallet used by over 1,500,000   people worldwide,   pausing just to tell you I've never heard of X Verse.   Okay? I don't know anything about it. I'm just reporting the news because that's what Bitcoin and does for you. Thanks to the integration,   X verse users can now send and receive Satoshis   instantly over the Lightning Network with no setup,   no app switching, and no custodial risk.   Initially designed in 2017,   the Lightning Network has grown to become Bitcoin's leading layer two with a current BTC capacity of over, wow, $465,000,000.  

Satti is now leveraging the technology to bring the world's favorite digital currency into the pockets of 3,000,000,000   users worldwide   thanks to its powerful API integration with WhatsApp.   Sounds like it's more it's actually more news than this one. But anyway, quote,   Bitcoin was not meant to be an asset for Wall Street. It was built for peer to peer money, borderless and accessible, said Felipe Severin founder and CEO, Sati.   Quote, integrating lightning natively into X verse brings that vision back to life, making Bitcoin usable at scale   for billions, end quote.  

Thanks to the integration,   every X Verse user now gets a lightning address instantly,   and that means they can receive tips, pay invoices, and use Bitcoin for microtransactions   all without having to manage channels or switch between different apps.   Satti expects USDT   on Lightning to be supported as early as q three for the X Verse wallet and in July   2025   for users accessing Satti through WhatsApp.   Wow.   The the it's the WhatsApp stuff that's really blowing my mind here, but whatever.   The integration positions Sati's   role as a lightning infrastructure provider and not just a consumer app.  

By leveraging its API based solution,   the company provides plug and play back end services to wallets and platforms using looking, sorry, looking   to add Bitcoin payments without compromising   on security or user experience.   The launch follows the debut of Parasite Pool.   Great. A new mining pool leveraging sata Satti and x versus tech stack and focused on democratizing   Bitcoin mining. Who the hell names their shit Parasite?   Are you really?   I mean, look. I I know jack shit about marketing, but I know that you don't name your product   that you want other people to use   a negative name, and Parasite is not exactly the name that I'd be going with. Even if it's completely   descriptive,   pick something else because Parasite Pool is a terrible name. But they charge   0% fees,   and they pay out instantly over lightning making it ideal for small scale miners, especially those running ultra low power hardware like the Bitaxe.  

With over 500 users joining Parasite Pool within weeks of launch and an average pool hash rate of five pet hashes per second, the pool is steadily growing its presence in the home mining space.   Thanks to lightning integration, Parasite Pool supports the smallest lightning payouts in the industry,   a fraction of a cent lowering the barrier to entry for anyone interested in mining.   Alright. So there you go.   Two things to take away from this. One, Parasite Pool is a terrible name.   And Saddy   integrating with X Verse is interesting,   but not as interesting as the integration with WhatsApp.  

I wanna hear more about that. If you guys have news,   please, please, please put it into a boostagram, like a link to some news story or something like that, and I will talk about it on the next show. Alright. On to France. Let's get back to France   where   the blockchain group,   I guess, a French company, France's Blockchain Group is going to buy 590   Bitcoin   after their own bond sale. Everybody's   jumping on this train,   And as Lynn Alden says, nothing stops this train. Steven Cottey from Cointelegraph   says,   the Paris based crypto company Blockchain Group is adding more Bitcoin to its growing treasury   with a €63,300,000   bond sale. What could possibly go wrong?  

Bond?   James Bond? Anyway, the company hopes to buy another 590   Bitcoin with the funds, increasing its total holdings   to 1,500   BTC, the blockchain group said on May 26.   Bitcoin is trading at over a hundred 9,000 at current prices. The blockchain group could buy 658   BTC with the total amount that it raised according to CoinGecko.   However,   the company said that only 95%   of the proceeds from the issuance will be used to buy Bitcoin,   and 5% is marked for operational expenses and management   fees.   Venture   capital firm, Folger, not vulgar, but Folger with an f, Ventures invested the lion's share for the bond sale   with €55,300,000,   while crypto private investment fund, Moonlite Capital, invested €5,000,000.  

The bond will be convertible into shares of the Blockchain Group at €3.8,   which is about $4.34   US.   The Blockchain Group   is listed on Euronext Paris, Europe's second largest stock exchange by market cap. The company's website says that it's focused on, quote, increasing the number of Bitcoin   per share   over time by leveraging the holding company's excess cash   and appropriate financing   instruments, end quote.   It's the strategy   strategy strategy. It's there's nothing more, nothing less. It's just everybody's jumping on the same train.   So that whole webinar that everybody thought failed from Michael Saylor, love him or hate him, it didn't fail at all. It took two years   to to grab enough attention,   and now it's a fad.  

And I hope it doesn't end badly because we we see how that happens. But,   you know, we've gotta be really careful out there   because a growing number of public companies are buying Bitcoin   to hold for the long term in the hopes of making gains from the asset,   like Swedish health tech company, h one hundred group AB,   becoming one of the largest   and latest companies to take the orange pill after announcing a Bitcoin buying pivot on May.   And then we got Strive Asset Management   also announced on May that it will transition into a Bitcoin treasury company.   Experts speculate that there are tangible   long term benefits for a company holding Bitcoin despite its unpredictable volatility,   such as a hedge against inflation, long term price appreciation,   and theoretically   lower correlation to equity markets   over   time. Well, gee, why would you not wanna be connected to equity markets   if you have stock, which makes you sort of an equity?  

What could possibly be going on in world finance that that corporate CEOs are going, we gotta get out of this? What could possibly   it's like rats   leaving a sinking ship.   I think I honestly think that that's what's really going on here.   I I think that's why we're seeing so many strategy.   That that's that's   what this said about this this whole thing.   Theoretically,   lower correlation to equity markets over time as being   a long term tangible benefit   of turning into a Bitcoin   holding company.   Lower   correlation   to equity markets   over time.  

Even these guys wanted to couple from the clown show   because that's what it is now. It's a clown show.   But the clowns in France that tried to kidnap people and get their Bitcoin,   they didn't get away because they got arrested.   In fact, France arrests over 12 suspects linked to crypto kidnappings according to a report brought to us by Tarang   Khaitan   from   Cointelegraph.com.   French authorities have arrested more than 12 people   who have been linked to two   high profile crypto kidnapping cases in Paris, France, local media reports.   Those arrested include   several minors. And no, We're not talking about Bitcoin minors. We're talking about two utes.  

And if you don't know what that means, you need to go see the movie My Cousin Vinny. It's a great flick, dude. But no. Miners as in underage people.   Children.   Think of children. These are children.   They arrested   several minors   with charges against them including kidnapping,   attempted kidnapping, and criminal conspiracy   La Parisian reported on May.   French investigators are exploring the possibility that a criminal organization is behind two recent crypto link kidnapping cases with social media networks being used for recruitment.   Oh, Jesus. Recruitment. Is this gonna be like another terror cell, only a crypto kidnapping cell?  

Is that what we're looking at? Are we are we actually looking at the   terrorism model of recruitment?   I mean, you know,   or should I say,   you know, going to work for the CIA? But no. No. I I guess I shouldn't say that. In one recent alleged kidnapping attempt on May,   '3 French men   tried to snatch the daughter and grandson of Perrie Nozat,   the cofounder and CEO of French crypto exchange, Paymium,   in broad daylight in Paris. And that attempt,   which bystanders   captured on video, shows that the alleged attempt was thwarted   as the daughter fought back and passerbys   intervened. Thank god they weren't all on Instagram. In another case and earlier in May,   French authorities rescued the father of a crypto marketing entrepreneur   who was kidnapped and held for a ransom between 5 and €7,000,000.  

La Parisienne   reported that authorities   have not yet made any arrest regarding the alleged botched kidnapping of Nauseat's family, but up to six people allegedly tied to the kidnapping of the crypto entrepreneur's father   have been identified   and imprisoned,   including the alleged kidnappers themselves.   Earlier this year, the cofounder of hardware wallet maker Ledger David Boland was kidnapped from his home, and they mutilated him. Blah blah blah. We know some of this. And then they go into the GitHub page created by Jamieson Laupp that keeps track of all these kidnapping and and other crypto crime related offenses.   Again, if you are at Bitcoin the Bitcoin conference in Vegas,   I'm begging you.  

Don't wear swag.   Don't get drunk   and be alone. If you're gonna get hammered, have, like, be hammered with a bunch of different people.   Not one or two or three or four, maybe, like, you know, six or seven. And   as drunk as you are, seven people can beat somebody up even if they're fucking bombed out of their tree. I don't care. Seven drunkards   probably can take care of one or two people. But you by yourself or you with just one single other person and you're both hammered and you're you're wanting to go get strippers and blow and you're stumbling down the street out of the Bitcoin conference, you're a target.   You have friends. You have family.  

You have a commitment   to make sure that they are not saddened by the fact that you decided to get stupid,   get hammered, and wear swag, and stagger down fucking Fremont Boulevard   in the middle of the night   in Vegas and get kidnapped or worse.   Alright? So this this train, again, this train does not stop a rowing.   You've got   recruitment   cells   on social media   akin to terrorism recruitment cells, whether it's CIA based or not. I don't really give a shit.   There are still terrorism   recruitment cells, and it looks like that model is being used   to recruit children   to come help kidnap   people that have been identified as having a boatload of crypto.  

Don't let that be you,   and I'll see you on the other side.   This has been Bitcoin, and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon.   Have a   great day.