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Join me today for Episode 1109 of Bitcoin And . . . 
Topics for today:

• The SS Weighs in on CoinJoin: We're Criminals
• California's "Unclaimed" Law is Still Bad
• Circle IPO Grabs $6.2 Billion
• ECB Cuts Rates to 2%
• Remote Kidnapper Caught

#Bitcoin #BitcoinAnd 

Circle P:

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Articles:

https://bitcoinmagazine.com/news/jpmorgan-to-offer-clients-financing-against-bitcoin-crypto-etfs
https://decrypt.co/323787/unclaimed-bitcoin-california-seized-theres-catch
https://x.com/SecretService/status/1930369039563465016
https://www.coindesk.com/markets/2025/06/04/circle-debuts-on-nyse-at-31-per-share-valuing-stablecoin-issuer-at-62-billion
https://cointelegraph.com/news/bitcoin-supply-shock-percentage-of-btc-on-exchanges-nears-2018-levels
https://www.reuters.com/business/finance/ecb-cut-rates-again-case-builds-summer-pause-2025-06-04/

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

https://decrypt.co/323802/reddit-lawsuit-anthropic-alleged-unauthorized-data-scraping
https://www.theblock.co/post/357117/solo-bitcoin-miner-wins-330k-worth-of-block-reward-after-renting-hash-power-to-beat-steep-odds-ckpool-dev-says
https://bitcoinnews.com/markets/trump-truth-social-bitcoin-etf/
https://bitcoinmagazine.com/news/matador-technologies-raises-c1-64m-to-invest-in-their-bitcoin-reserve
https://atlas21.com/suspected-organizer-of-frances-crypto-kidnapping-spree-arrested-in-morocco/

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[00:00:02] David Bennett:

It is 08:57AM   Pacific Daylight Time. It is the June   2025.   This is episode 11 o nine. Wait. Or is it eleven o eight? Let's find out. Nope. It is eleven o nine of Bitcoin.   And the reason you're here is to find out what the hell is going on in the news of Bitcoin   today.   And possibly a couple from yesterday. I've got several stories here. We're gonna start out with JP Morgan.   They're offering their clients   some product and services. Then we're gonna go to this unclaimed Bitcoin issue going on from the state of California in The United States.   Been making some serious rounds in social media over the last, well, over yesterday.  

And it seems that there may be a misconception.   I don't wanna be on the side of some,   you know, socialist   socialist   state like California,   but they may actually not this may not be as bad as people are making it out to be.   The United States secret service has weighed in on Bitcoin mixing. We'll talk about it. It's not that big of a deal, but   I figured I'd mention it.   And then Circle   has successfully   launched their initial public offering.   Circle is Jeremy Allaire's outfit. They were on the wrong side of the block size wars.   They are issuing   the second largest, as far as I can tell, stablecoin in the world.  

That would be USDC   and like I said, they IPO'd and   I guess it was pretty successful.   You're we're gonna have to know about it because Circle's not going away as a stablecoin issuer.   Is there a Bitcoin supply shock?   I don't know. We're always getting told there's a Bitcoin supply shock. And what happens to the Bitcoin price? It drops.   We'll figure it all out.   Then the ECB is gonna be in the news as well as Reddit.   I told you a little bit about this. I saw the breaking news yesterday during the market portion of it yesterday show.   Reddit has indeed filed a lawsuit   against Anthropic.  

Will yeah, we'll do it.   A solo Bitcoin miner has won a block,   and the Trump backed truth social is going to launch something.   And then there was a little known company out of, I guess, Canada   that has also weighed into   getting a Bitcoin Treasury,   and I forgot to bring that to you yesterday.   And then we will end with the note of caution like I try to end most of the shows with when I see news. We're gonna go back over to France   where we're gonna talk about the kingpin. It looks like the kingpin,   ladies and gentlemen, of the crypto kidnapping ring   has been brought to justice.  

I mean, bullshit.   Nobody's ever brought to justice.   But   the biggest criminals in the world, JPMorgan,   are going to offer their clients financing   against Bitcoin and crypto ETFs.   This is out of Bitcoin Magazine and Jenna Montgomery. I really wish you had chosen a different word than against because   people are gonna get this wrong.   Let's clear this up right now. JPMorgan   is actually not against Bitcoin,   but they are   going to allow its trading and wealth management clients   to use cryptocurrency   linked assets including   spot Bitcoin exchange traded funds   as collateral   for   loans.  

You know, when JP Morgan gets beat to the punch by Jack Mallers,   you just know he's gonna have a bad day.   And I guess this is his response. The bank   will begin with BlackRock's iShares Bitcoin Trust,   and additional ETFs are expected to be added over time.   The policy will apply globally, spanning all client segments from individual retail accounts to investors.   I wonder if that's   super qualified investors or just your regular old pleb on the street investor, but whatever, in addition   to the lending change,   JPMorgan will begin factoring crypto holders   or rather holdings into overall net worth   and liquid asset evaluations, placing them on par with stocks, vehicles,   or fine art when determining   loan eligibility   according to those familiar with the matter. I gotta pause to tell you that is huge.  

That is massive. And if I have more than three brain cells rubbing together by the time I'm done with this, I wanna come back to that.   This development marks a formal expansion of what had previously been permitted on a limited case by case basis.   The bank's new approach comes as other major financial institutions, including Morgan Stanley,   explore ways to integrate crypto offerings more broadly. And last month, Bloomberg reported   that Morgan Stanley plans to bring crypto trading to its e trade platform.   The shift   also reflects changes in The United States regulatory environment. Since returning to office, Trump's administration has taken a more favorable stance towards digital assets.  

Spot Bitcoin ETFs,   first introduced last year in January,   have seen rapid growth and now manage a combined $128,000,000,000   in assets, making them among the most successful ETF launches to date.   JPMorgan   was among the first large US bank to experiment with blockchain technology and maintains   relationships with firms such as Coinbase, and this latest decision allows   yet more digital assets into the bank's lending framework.   While JPMorgan   CEO Jamie Dimon   has remained skeptical of Bitcoin, he has consistently emphasized clients' right to access the asset.   Speaking at the firm's investor day in May,   Diamond stated, I'm not a fan of Bitcoin.  

I don't think we should smoke, but I defend your right to smoke.   I defend your right to buy Bitcoin.   Go at it.   Jamie Jamie Jamie Jamie. Okay. Let's get back. I I I seem to have three brain cells rubbing together, and I've remembered to go back to this section.   In addition to the lending change,   JPMorgan will begin to factor in crypto holdings   into overall net worth   and liquid asset evaluations,   placing them on par with stocks, vehicles, or fine art when determining loan eligibility   according to those familiar with the matter.   Why is that massive? And I'm not this is not hyperbole. I'm not being hyperbolic.  

Right? This is not hubris.   This is this is not me just trying to, like, get clickbait going on.   This is massive because up until now and   until JPMorgan   actually does this,   if you were talking about a legacy financial institution that you would go   supplicate yourself to to, please, sir, may I have a loan so that I can maybe go buy a house so that my family is not living under a bridge with the trolls   you were not able   and are still to this day unable in legacy financial institutions to include your Bitcoin holdings as part of your net worth   It it does not factor in. In fact,   for it   to factor in, you have to sell it. And not only do you have to sell your Bitcoin   and convert it into fiat currency   you have to deposit that fiat currency with a FDIC   insured   lending institution   or bank or something some some legal entity that has something to do with the legacy financial system right   and then   that's not enough   depending on the institution   you have to leave it there for thirty to ninety days   maybe even all the way up to a hundred and twenty days   before that asset   becomes countable   as part of your net worth. And why is that important? Because your net worth   determines whether or not you are quote unquote eligible   as a credit risk. So they're gonna take in all kinds of factors. They're gonna take in your credit score. They're gonna take in your income.  

They're going to look at how much assets you own already, and it doesn't matter. Like, you know, you you could own fine art. That counts. Right?   You can own a home. That counts. You can own like five motorcycles. They count. Cars. They count. Jewelry counts.   Hell, you can even put your clothes.   If you want to go through your clothes and add up the value, you can even put your clothes   as part of your net worth. Right? But you cannot put your Bitcoin there.   But JPMorgan   is saying, no. We're going to allow this. At least in the in the format   in the format   of a spot Bitcoin ETF, and they're starting with, guess what, the BlackRock   ETF.  

So I've I've made it   well known that I think it is stupid   for people to who own already self custody Bitcoin. Right? Self custody your own Bitcoin,   and then somehow or another   get it over into the BlackRock ETF and let them hold it. Right? And this is under review   by the SEC as we speak. They are asking questions   of about something that's called   in kind redemption.   Right? So if I wanted to if I had a 1 Bitcoin and I wanted for whatever reason, and we'll get to that because the reason's coming up, if I wanted to send it over to BlackRock   ETF, the iBit   share, I can't do it. I gotta sell it, and then I gotta   get the cash, and then I've gotta give the cash to BlackRock, and then they will actually buy me shares in the Bitcoin ETF. And then they they actually buy Bitcoin to back that.  

Okay. If I have an in kind redemption or an in kind   or the ability to, in in an in kind way get my Bitcoin over to BlackRock and then be able to redeem   that back to my wallet   I have always said this makes no sense but now it does   Because it's very likely that what will never happen   is self custody Bitcoin being counted   as part of your net value.   You will have to   send it   to something like the BlackRock iBit ETF   and then then it will count   as part of your net worth.   Unless they unless they actually capitulate later on and say, you know, if you can sign a message from your cold card wallet, your hardware wallet or something like that, then sure. You know, that way we'll be able to see how much is in that wallet and blah blah blah and sure. But I kind of don't think that that's going to happen and it's certainly not going to happen soon that's why this is big because at least   if you've got like several bitcoin or let's say you just got 1 bitcoin and let's say one day I don't know here in the next five years it's worth $1,000,000.  

And you take a quarter of that Bitcoin or $250,000   worth and you send it over to iBit, and then all of a sudden a quarter million dollars is now counting as part of your net worth. You can go to a lending agency, get a home loan, and that $250,000   now appears on your balance sheet. See how this works?   In a way,   I don't think it's act in a way, it's good, but in a in a more sinister way, it's bad.   It's capture.   It's it's it's a form of regulatory capture, especially if it never occurs   that you can sign a message on your privately held keys where your privately held Bitcoin lives   and have that actually count as your net worth, in which case you could have 50 Bitcoin   and none of it counts against your net worth, but your legacy financial, you know, the snapshot, the legacy finance,   world would take of you is that you have maybe $10,000   to your name. You ain't getting a fucking home loan,   and yet you've got 50 Bitcoins.  

This is gonna be a dilemma,   and it's honestly not the best dilemma in the world. Let's move on to unclaimed Bitcoin   in California.   Well, could it be seized?   Apparently, there's a catch, and Liz Napolitano   is gonna tell us all about it from decrypt.   California lawmakers passed a bill through the house   on Tuesday that would require the state to seize   seize this, honkis,   seize unclaimed   customer cryptocurrency holdings from exchanges after three years of inactivity   due to, quote, not showing an interest   in their holdings.   And you can tell why everybody went through the fucking roof on that shit. And still, I I don't blame them. I'm I mean, I'd after three years, what am I supposed to do? How am I supposed to show activity?  

What do I send my broker of fucking postcard from France or something like that I don't see this is a that's a major problem right there but let's move on   because the bill   has already stoked crypto investor jitters and led to pushbacks across social media, there may be reason to breathe a sigh of relief, however,   because proponents of the bill say that it allows for unclaimed Bitcoin and other digital assets to not be liquidated by the state,   but rather held by a custodian for customers to reclaim later so there's no risk that an investor's tokens could be sold at a loss without their consent.   Under assembly bill ten fifty two which aims to broadly regulate digital asset payments   and crypto business activities in this great state of California   cryptocurrency   holders must perform an active ownership interest   oh my god is this like prayer   Hey. You're not praying hard enough to God.  

Gosh.   You gotta   you you have to perform   an act of ownership interest at least once every three years to prevent their tokens from becoming the state's property. This is bullshit.   Those acts would include   conducting transactions involving their digital asset accounts or at least electronically   accessing their accounts, among other qualifying actions.   The draft legislation   passed the house 78 to zero on Tuesday according to the California State Assembly website,   and now it goes to the California Senate where it could be modified, rejected, or passed without any changes whatsoever.   The draft legislation, if signed into law, would make cryptocurrencies   subject   to the unclaimed property law,   the same rules that govern ownership of or ownership transfers of traditional assets such as bank accounts and safe deposit box   holdings. It's a possibility   that has divided some members of the crypto community. Some critics bashed the bill arguing it largely violates   privacy focused cipher punk ethos that underscores the Bitcoin movement,   and that interpretation   has fueled a growing array of posts from Bitcoiners   advocating for self custodying assets   rather than relying on exchanges.  

However,   supporters of the bill have suggested such concerns are largely overblown.   Panic over whether Californian officials could permanently seize one bitcoin   one's bitcoin under the terms of the recently passed bill are incredibly   incorrect,   Eric Peterson said on Wednesday in a Twitter post.   Peterson,   a policy director at pro Bitcoin nonprofit organization, Satoshi Action Fund,   previously championed   an earlier version   of the bill.   Now here's a tweet here's a tweet from Eric Peterson, and he's retweeting Simply Bitcoin   who says developing California passes bill allowing state to seize Bitcoin   left idle on exchanges after three years under unclaimed property the   un   the unclaimed property laws so that when your Bitcoin is turned over as unclaimed property from an exchange   it stays in the form of Bitcoin rather than being liquidated   you can then get it back from California in Bitcoin   Okay. You know what?  

I've I've I've I've gotta bite my tongue here. I'm just gonna say just gonna continue.   Crypto focused lawyer, Hailey Lennon,   doubled down on the point in her own Twitter post on Wednesday saying that the type of law is common.   Quote, most states have unclaimed property laws that exchanges comply with, Lennon said.   Quote, it's returned to the owner   when the owner reaches out to the state. Oh, you gotta ask permission to have your shit again.   Peterson suggested that since seized Bitcoin could appreciate in value over time,   customers who reclaim their assets would benefit   from those gains rather than receive the US dollar value of the assets from the time of liquidation.  

Of course, the opposite is also true. If the assets fall in value, well, that   you do the math. What's ultimately key is that the customer's assets remain intact   even if it is the state that holds them. In a subsequent Twitter thread, Peterson further clarified   the matter by saying, quote, no one touches your keys or your wallet. Oh my god. He already has this fucking wrong.   A b ten fifty two says hold them as they are.   Okay. You know what? All the guys that have have flipped their lids over this thing are absolutely correct. This is bullshit.   Okay.  

Sure. There there are unclaimed property laws. Texas has one.   I I think almost every state in The Union has some kind of unclaimed property law. In Texas, everyone like, I think it's every year, they publish to several newspapers   a list of unclaimed property, and you can always go to I can't I think it's probably the state comptroller's office   that has a list of all unclaimed   property and, like, the last known   the name of the last known owner.   Right? I I've gotten letters in the mail saying you may have unclaimed property in the state of Texas. I mean, I mean, it's it, you know,   it it's not outside that it's not this isn't new is all I'm saying.  

However,   this three year dead man switch is bullshit.   I what what   how come I gotta perform an act of supplication   to prove to you that I own something every single three years? Well, I I mean, log in to my, what, E Trade account?   How do you know I logged into my E Trade account?   Do I have to take a screenshot of it and send it to you? Or are you surveilling my E Trade account and my login information?   That's a breach of privacy right there. I could sue E Trade over that. I wouldn't probably win because I'm just a pleb with, you know,   maybe, like, four quarters, you know, and that's not gonna buy much of a lawyer, but you get my drift.  

Right?   This is ridiculous.   And the fact that   in this last one where he says no one touches your keys or your wallet, honey, if they're my keys, we don't have this issue in the first place.   If I had my Bitcoin on an exchange, I don't hold those keys. That's how they got turned over those Bitcoin got turned over to you.   Everything about this bill sucks.   Every single thing about this bill sucks.   How would you determine in the state of California or even Texas for that matter if my house is unclaimed property?   Do I have to take a picture of me walking through the door once every three years and, you know, maybe unlocking the the the lock with the key   and send it to what the the state comptroller's office to say, I really do own this house. What hap I have a deed to the property.  

Why is that not good enough?   This isn't really about Bitcoin.   Not at all.   They're just extending this cruel reach of the state   to dig into everything you own.   I I do not ever remember anything in Texas being this onerous. I've never heard   about anything even remotely approaching. You've got to log into your E Trade account every three years or E Trade's gonna send us all your shit.   This has gotta stop.   This has to stop. And you know who's not going to help it stop?   The United States Secret Service. If you did not know,   the secret service of the United States does several things. One of the things the secret service does is it's always been   a detachment for the president of The United States and   foreign dignitaries   and, like, I don't know, high   high profile senators, the, you know,   wives of the first lady, the second lady, the vice president.  

These kinds of people get secret service protection.   They are underneath the umbrella of the United States Treasury.   A lot I don't think a lot of people understand that. The Secret Service is the Treasury Department's police force.   You didn't   so many people don't know that.   Alright. So that's when we say US Secret Service,   what we're really talking about is the enforcement arm of the United States Treasury Department,   and they   decided to go on Twitter, and they said something about Bitcoin.   Well, actually, they're talking about cryptocurrency   because they say   criminals.  

The first word,   criminals use cryptocurrency   mixers. You see where this is going?   Criminals use cryptocurrency   mixers,   also known as tumblers, to launder illicit funds. International criminal organizations such as the Lazarus Group use the   CoinJoin   mixing protocol   to launder millions of dollars in stolen cryptocurrency.   That's it. And then they give a little graphic.   It's it's a little picture,   but that that's what they're that's what they're saying.   They singled out CoinJoin   by name.   What do you think comes next?   Do the math and get back to me.  

Speaking of math, Circle   got a lot of numbers behind it. In fact,   they IPO'd   at $31   per share,   valuing the stable coin issuer at just under $7,000,000,000.   Helene Braun give it to us at a CoinDesk.   Circle priced its initial public offering on Wednesday at $31   per share,   which was above the expected range of 24 to $26   per share, and the company sold around 34,000,000   shares   in the offering for a valuation of $1,100,000,000.   Bloomberg pegs the total amount raised in the IPO at $6,900,000,000.   Circle initially planned to offer just 24,000,000   class a shares with 9,600,000.0   coming from the firm itself and the remainder   from early stakeholders.  

And the stablecoin issuer will begin trading on Thursday on the New York Stock Exchange under the ticker   Circle or, well, CRL   CRCL.   This initial public offering marks the second major crypto company to go public under the Trump administration after eToro listed last month.   I don't know why that's important, but the stablecoin   issuer's road to the public markets has been long.   It first attempted to go public back in 2021   through a special purpose acquisition company or SPAC, and that deal collapsed.   Though Circle never stopped pursuing its IPO   ambitions.  

There's some other stuff into this in this story, but we've got so much to cover. This is all we really need about this is that Circle   is now trading   at somewhere   probably south of $31   per share. In fact,   hold on,   c r c l. Let's see if we can get a ticker symbol on this thing.   Ticker.   Alright.   Nope. It's giving me choracle.   It's supposed to be trading today. Hold on. Hold on. Let me see if we   no. It's not actually going to give me   nope. Nowhere in this does it actually give me a,   oh, god. What am I trying to say? A link   to,   the CRCL   under the New York Stock Exchange.  

I could go to trading view, but I I I don't really give that much of a shit about it.   Because   because   we've got great ghee.   Circle p is open for business.   Circle p is where I bring plebs with goods and services   to plebs just like you that want to possibly buy those goods and services. It's it's the way that we build the circular economy, ladies and gentlemen. And I got a new one for you where where I'm testing them out.   Alright? So be aware,   I got no deal with great ghee   over on Noster or Twitter. I mean, he's he's reached out to me. I've seen I've seen the fact that he makes ghee. And if you don't know what ghee is, it's sort of like clarified butter.   It's it's like a staple in Indian cuisine, but it's   absolutely   gorgeous butter.  

It's 100%   grass fed,   pasture raised,   Jersey cow milk   in Southwest Virginia, US   made in small batches. So the the butter is made from % grass fed, pasture raised Jersey cow milk.   And then that butter is further clarified into what's called ghee and that's spelled g h e e.   I love   ghee. It's got a nice   rich   kind of if it's done correctly and I've never tasted this guy's ghee, so let's let's be very clear upfront about that. I'm just testing them out. Right?   It's got like a nutty almost,   almost like a   with, like, a note of caramel on the back end, but it's not sweet.   Right?  

It's that process of making ghee that   really deepens the flavor   of butter.   And if you didn't think, if you thought butter only had one taste, honey, you ain't tried ghee.   And it like I said, it's a staple in Indian cooking. You can't live without it. If you're if you like Indian food like I do, you have ghee all over the damn place.   So I have no deal worked out with this guy. I have not tried this product.   So   let's be real upfront with each other. But   the mandate of the Circle p is to put plebs with goods and services in front of other plebs who might want to buy that stuff.   I love ghee. I like the fact that I got a pleb out here who's a complete nostrilch, and I can tell, and I'll tell you why here in a minute, not only is just because he's on Noster, there's another reason.  

Making something like ghee, we've got SoapMiner makes fabulous soap. Right? We got Oshi that makes these really   high quality,   you know, snack bars and   and huddle nodes and huddle butter and or actually b t b t h c nose. I brought those to you yesterday, but now I got a guy that makes ghee. He's not just making butter, he's actually taking it one step further in making ghee.   So   in the show notes,   you will find   a way to get to him on Nostr. It's his Nostr,   you know, profile. Yeah. You just click it. It'll be in a URL. You can just click it. It'll take you over to ditto.pub   and it'll like, you know, even if you're not logged in there, you'll be able to get to them. But also in the show notes is a direct link to his Shopster   stall. That's right. He's using Shopster.  

That's why I know this guy is a dyed in the wool freaking nostrilch,   because Shopster   is a nostril based place that you can buy and sell goods and services, and that's what Great Guy is using.   You can get   one of these jars of what looks to be very pretty gi for 28,000   sats. I don't have a deal worked out with them. I don't know how to tell them that if if you buy something, if you wanna try it out,   I don't know how to for you to you're gonna have to reach out to my nostril and say, hey, I bought a jar of your thing,   and it was because I heard about you on the circle p. Again, the circle p is how we   support each other. If you support   great ghee by buying his great ghee, great ghee might, if he finds out that I made the sale for him, support me by sending me whatever Satoshi thinks that sale is worth for him, and that way I can bring you even more goods and services from plebs that are just like you.  

I'm not   probably ever going to get a big sponsor.   So my reaction to that is fine. Fuck it. I'll make my own sponsors.   And that's what the circle fee is about. But it is about circular economy, and it's about   in a very circular way trying to support each other. Now why   why   is Bitcoin supply shock not not, you know,   not not not raising the price?   The percentage of BTC on exchanges   is near twenty eighteen levels and that was   low. Joshua   Gola   from CoinTelegraph   is writing this one. Bitcoin's   percent supply on exchanges has dropped to near seven year lows, ladies and gentlemen, falling below   11% for the first time since March of twenty eighteen according to Glassnode data.  

The peak occurred around March of twenty twenty   when over 17.2%   of the BTC   supply was held on exchanges. And since then,   over 6% of the total supply or about 1,260,000.00   BTC   has been withdrawn from exchange wallets.   Bitcoin investors are holding on to their coins at the highest level in over two years,   according to the latest exchange flows to network activity ratio chart by CryptoQuant.   This ratio   measures the volume of BTC   flowing to exchanges relative to on chain network activity,   and it has fallen   to its lowest   reading since early of twenty twenty three signaling subdued exchange deposits   despite rising prices.  

And as of early June twenty twenty five, the thirty day moving average of the ratio sits near 1.2,   well below its three hundred and sixty five day average   and approaching   negative one standard deviation.   Historically,   such low levels have marked periods of strong conviction among long term Bitcoin holders,   with investors preferring cold storage to trading.   This reduces available supply   with fewer coins   potentially up for sale even as Bitcoin nears its all time highs.   The rise in institutional custody solutions is another major factor behind Bitcoin's decreasing supply across exchanges.   Instead   of public exchanges, large financial institutions like BlackRock, Fidelity, and Franklin Templeton prefer third party custody platforms.  

Coinbase Prime, for example, reported over 212,000,000,000   in assets under custody in quarter one   twenty twenty five driven by inflows from ETF issuers, corporations, and   high net worth individuals.   The Coinbase crypto exchange, on the other hand, witnessed over $500,000,000   worth of BTC   outflows,   not inflows, but outflows   in the very same quarter.   The outflows have continued   into the second quarter,   including 761,000,000   worth of withdrawals   witnessed on June.   ETFs have attracted a large portion of the Bitcoin to their coffers, and the net worth of assets managed across spot Bitcoin ETFs was 44 and a half billion dollars   as of June,   up from around 1,000,000,000   at the launch   in January of last year.  

Supporting this trend, a 2025   survey by Coinbase and Ernst and Young Parthenon   found that 83%   of institutional investors   plan to increase their crypto exposure with nearly 60%   allocating   over 5% of their assets under management to digital assets. That is a lot.   60%   of institutional investors plan to allocate 5%   of their assets under management to digital assets.   Holy shit.   Wow.   Man, that's that's kind of an impressive number, but not as impressive as this.   You're gonna love this one, guys.   The European Central Bank, the ECB has cut rates, but Lagarde hints at a pause.   The European Central Bank   cut interest rates as expected today,   Thursday,   but hinted at a pause in its year long easing cycle after inflation finally returned   to its 2% target.  

The ECB   has lowered borrowing cost eight times,   eight times,   or by two percentage points   since last June seeking to drop prop up a Eurozone economy   that was struggling even before erratic US economic and trade policies dealt it further blows.   With inflation now just below 2%,   bullshit,   ECB president Christine Lagarde said that the central bank for the 20 countries that share the euro was in good position,   which investors took as signaling a break in cuts,   if not an end to policy easing.   So they are at what?   Let's see. They are at 2%.  

Okay. Deposit rate has been cut to 2%   from 2.25%.   And they were taking quarter of a point positions   off of the the their funding rate   for, like, I don't know, the last   eight quarters or so. So they're now down to 2% on the deposit rate.   We, on the other hand, are looking square in the face at   four and 4.8%   on the ten year and maybe or maybe 4.7 on ten and four point eight   on the thirty year bond, and that's fluctuating wildly right now. So God only knows what the real number is. So The United States   is one of the last   countries   standing   at anywhere   close to the fund rate   of other countries. I mean, it's kinda eye watering that Jerome Powell is still sitting there. And   I I'm not saying that we should,   because you know what that means. That means money printer goes bird. That means inflation goes wild,   and we're one step closer to hyperinflation.  

Of course, for those that hold Bitcoin,   it's not so much of a deal. But honestly,   no matter how you slice it, it's gonna be slightly painful.   And for the people that don't hold Bitcoin,   they better hope they own real world assets that they can live in and don't and roofs don't leak.   Right? Because that art,   you know, they got in the vault, that's not gonna help him very much. It's gonna be like, are how are they gonna yeah.   You you know where I'm going with this. Right?   Still,   that said,   I kinda have a little bit of respect for Jerome Powell having the kind of spine that he's had for this long. This is that old man has been able to stand the test of time.   He's trying to be vulgar, and everybody's giving shit about it.  

And Trump hates him and like all these finance bros they hate him too because they want the cheap money   and Jerome Powell sitting there saying no and he's probably gonna continue to say no until something really bad happens.   I don't   know. But I thought I'd drop that on you right before we run the numbers.   Woo. Futures and commodities. Oil is up one full point. Back up to the pissing $63.47   a barrel that it was at, oh, I don't know, three years ago. Brent Norsey   up point 88%   to $65.43.   Natural gas down a quarter. Gasoline   up, wow, one and a quarter back up to $2.06   a gallon.  

Gold is sucking swamp water against all of its shiny metal rock brethren, which are all in the green. Gold is down   almost a point to $33.71   and 5 dimes. Silver is up three points.   Platinum is up four and a half.   Copper is up 1.15,   and palladium is up a third.   Meanwhile, in Agland, we've got only one loser today in the red. That is sugar point 78%   to the downside.   Biggest winner appears to be coffee 3.8   to the upside. And I got live cattle up 1.64%.   Lean hogs down a third. Feeder cattle up one and a quarter. The Dow is up a quarter as is the S and P.   Nasdaq is up a third as is the S and P Mini.  

A hundred and $4,000   even gives us a $2,070,000,000,000   market cap, and we're only gonna be able to purchase 30.6   ounces of shiny metal rocks with our one Bitcoin of which there are 19,874,541.47   up. Average fees per block are low, 0.04   taken in fees on a per block basis.   There are four blocks carrying 6,500   transactions   waiting to clear at high priority rates of 5 Satoshis for v byte.   Low priority is gonna get you in at three.   We have oh, we got a dip in hash rate all the way down to   887.9   exahashes per second, which boys and girls, that's still really high.   No. I'm not including this   in minor capitulation.  

MagaCoin.   Yesterday's episode Bitcoin and I got chill now $7.07   7 sats.   Initiate protocols   to see the void, one must become it. BTC 20 20 5 political in shitification   of your dreams, a mirror of fragmented memory, instability, back shit coronary,   stablecoin,   metaphorical figures in the leaking dam dreamed by a bunch of nothings,   Exuding   idiosyncratic   propaganda, the void watches,   and so do we.   Seek no permission, build for yourself, let the unknowable fuel your day.   System descend   deeper. Thank you,   Jill now. I I for some reason, I really like those. I don't know why. They're they're formatted really cool looking too, by the way. I might actually if I remember right, I'll take a screenshot and maybe post that up on Noster.   Psyduck with seven eleven says   Psyduck Yodel with five 11 says boost.  

A guy whose name I do not know gave me 500   sats and said nothing. Turkey gave me 500   and said nothing. That may be the exact same person though because   fountain is is weird about the way that they do things. It's whatever. Perma nerd two ten says, please give this man some sats.   Where else are you gonna hear references to   extra full extra turf genes?   Means tough skins.   Extra tough jeans.   Next episode, I expect to hear some Jordache talk. Dude,   if I never see a Jordache commercial with the, you know, like the 13 year old girl with a freaking ponytail holding the stuffed animal in my life again, it will be too soon. I had to sit through that shit in the sixth, seventh, and eighth grades. It was horrible.   That and and my favorite monkey. Don't even ask. Also,   hit up Oshii for some sweet, literally,   chocolates. Use promo code Bitcoin and to expand the BTC's circular economy.  

And then I got pies with a hundred, says Bell Bell Bell.   Flex, flex, flex.   Not exactly sure if that's what he meant, but that's it. That's the weather report.   Welcome to part two of the news you can use. Let us start it off with high   AI anxiety   where Reddit has filed a lawsuit against Anthropic over alleged unauthorized   data scraping.   Well, what did you think was gonna happen?   Callan Quinn   from Decrypt.co.   Reddit has launched a lawsuit against artificial intelligence firm, Anthropic, accusing the company of scraping its platform   and using Reddit content without permission   to train its Cloud AI model.  

The complaint,   filed Wednesday in a US Federal Court, alleges that Anthropic violated Reddit's user agreement   and continues to access   access Reddit servers including doing so   more than 100,000   times after publicly claiming to have ceased such activity in July of twenty twenty four.   Reddit is seeking damages,   restitution,   and a court order barring Anthropic from using any Reddit derived data in its products, including preventing the company from licensing or profiting profiting off of any AI programs   trained on Reddit content.   Decrypt has contacted Anthropic for a response to Reddit's claims.  

The social media giant claimed that there were two faces to the AI company,   which has tried to position itself at as the responsible player in the AI industry. Quote, there's the public face   that attempts to ingratiate itself into the consumer's consciousness   with claims   of righteousness   and respect for boundaries and law,   And the private face that ignores any rules that interfere with its attempts to further align its pockets, the lawsuit reads.   At the heart of the dispute is a broader controversy   surrounding how large language models are trained.   Since the debut of OpenAI's   ChatGPT,   concerns have escalated   over the use of both copyrighted and user generated materials.  

And then they talk about several other lawsuits going on, yada yada.   So, apparently,   adding to the raft of lawsuits against, you know, other AI companies because it ain't just anthropic,   Reddit has entered the fray. Why is that important? Because Reddit ain't exactly small potatoes when it comes to   size   of the amount of money that they can use to fund a lawsuit. Let's just let's just put it that way.   However, I go back to my original question. What the fuck did you expect?   What did you expect? Do you have the ability   to do you do you let people   have API keys?  

If you do,   then you should assume you're being scraped for all your data and that should have been true even before the advent of   AI, at least the way that AI is presented to the public nowadays.   Through things like chat GPT.   I'll bet you shit was being scraped   like, years   years   before we even heard the name ChatGPT.   And yet, here we are with shock and awe   and some kind of feigned surprise that this is, oh my god, I can't believe they're doing this. Really? How could you not believe that they weren't doing it?   You dumbasses.  

It'll be interesting to see what Reddit does and how far they get with this lawsuit because, again,   you're not exactly talking about somebody who's like digging in their pockets for for chump change.   Reddit's been around a long time. They've got a war chest.   They have lawyers on retainer and they're probably pretty good. We'll have to see. But meanwhile,   a solo Bitcoin miner has won $330,000   worth of block reward after renting   hash power to beat steep odds,   at least according to c k pool developer.   On Thursday, a single Bitcoin miner claimed 3.15   BTC   for mining block   899826   with a solo mining setup from c k pool.  

The miner earned 327,625   in subsidy rewards and some 2,761   in total transaction fees according to data from Bitcoin Explorer mempool.   BTC hash rate,   calculates the total computational power miners deploy on the Bitcoin network and the miner operated with a weekly hash rate   of 6.11   petahashes per second,   but they increased their compute power   as high as 261   petahashes per second to mine the Bitcoin block. This suggests that the solo miner likely rented additional hash rate to better their odds of earning the block reward.   This hash rate was almost certainly a rental based on there being only one worker,   though the account has been mining for a while with a much lower hash rate.  

While this is the third I'm sorry, three hundredth   block solved with c k pool and the miner likely least extra hash rate, it's no small feat for a solo miner to mine a Bitcoin block.   It's also not the first time a similar case has occurred, although it's rare. In April of twenty twenty four, a single miner beat one in 5,000 odds and earned $218,000   of block rewards, and another miner   surpassed odds of one in one point three million   and took home subsidies worth   260,000.   So it just dawned on me. Have you ever sat there?   You got you're waiting for it. You you put in a Bitcoin transaction for whatever reason,   and you see it get into the block,   and you see all the blocks that came before, and it's, like, thirty minutes ago, and then twenty five minutes ago, and then, you know, the next block was, like, fifteen minutes ago. It's like, he is like all these blocks are separated by five minutes, but no. Not your block. No. That's not the way this shit works. Right? No. No. No. No. No. It's like you go, okay. Well, average is, like, right now in this local time period, average is, like, five minutes a block. It'll be there in a couple minutes and you wait and you wait and you wait and you wait and then you start getting older and older. The birds outside your window start falling over dead of old age. And the the kitty that you raised from a cat is now this skull and bones because you're fucking waiting on your goddamn transaction to clear. And it ain't five minutes. It ain't ten minutes or fifteen or twenty or twenty five. No. No. No. No. No. Because you selected the block.  

You're waiting an extra long time. Right?   Well, what if?   And I'm just   I'm just spitballing here.   What if this guy   with this deciding to rent extra hash power, what if he rented it   sort of like I don't what am I trying to say? Right at the end,   right before that block was mined.   Right? Let just let everybody else hash the living crap out of this block. It's is taking forever to go and then right at the very end of that block you say you know what rent me some extra hash power and then boom   because 90% of the block life was basically trying to be hashed on   by other people. They they wasted their electrons.  

But no, no, no. You wait until the very last minute.   Now,   let's say, how would you know when how would you know   that you're   within, I don't know, 10%   you you only have your your let's say let's say it this way.   You wait and you wait and you wait and you've got a calculator going that says, if you go now, you have a 90% of completing this block. And if it still doesn't complete, those odds increase because   because why?   You're comparing   all of the block times.   Like like especially in a local group, like let's say the the like, the 30 blocks that came before or even maybe just the 10 blocks that came before   as compared to the average of the 10 blocks that came before that. And maybe the 10 blocks that came before that, do you see where I'm going? And you get start to start building a real time algorithm   that says, given the data that's already streamed through me,   you have the likelihood   at this particular time,   given this particular behavior.  

Now, it's just statistics. Does it mean that it's always right? No. This is like a this is like having I got a system at roulette.   You know, I go to go to Vegas and I got a system at roulette.   It's not outside the realm of possibility that if you had if you   had a monitor like a a camera pointed down at a roulette wheel   as opposed to a different roulette wheel,   that you would be able to see different rotational behaviors like this one goes faster longer.   This one slows down and then somehow stops slowing down and then slows down a little bit more because bearings are different, because the weight of the wood is different, because   there's the types of materials used are different between the two roulette wheels. You can you can look at behaviors   and you might actually be able to form a system, but guess what? They catch you trying to install a camera in Vegas above one of the roulette tables. You're gonna go to jail   for at least for trespassing,   if not damage to property,   at least   if not full blown something else.  

But here,   when we're looking at the men pool,   that we're watching the roulette wheel   in real time,   and we can tell that the roulette wheel is slowing down or speeding up.   This isn't anything to sneeze at. I wonder   if it's possible   that that is actually a thing going on in the background. Now I certainly don't I don't do anything like that. I I don't have the ability   to put that type of system together, but   some people do. There's a lot of people that probably know how to do something like that. It would not surprise me to find out that there's a way to automate rental of hash rate   once you once a certain amount of time goes by on a certain block,   given what the 10 prior blocks have done,   would not surprise me one bit. Let's move over to truth social   where they are going to launch   the Bitcoin   ETF.  

It's Trump backed.   Oh my   god. Oh, Bitcoin news. Alex Larry writing,   president Donald Trump's media company is doubling down on its Bitcoin bet, partnering with crypto.com   and Yorkville America Digital   to launch its very own Bitcoin exchange traded fund called the Truth Social Bitcoin ETF.   On June,   a division of the New York Stock Exchange, NYSE,   ARCA,   filed a 19 b slash four form with the Securities and Exchange Commission.   This is the final regulatory hurdle before an ETF   could be launched.   If approved, and it's not approved yet,   this fund   will allow everyday   investors to buy shares tied to the price of Bitcoin without having to hold the asset themselves.  

We already have 10 of these. Why do I need one from Trump? The Truth Social Bitcoin ETF will track the price of Bitcoin   and give investors a simple regulated way to invest in the digital money. It will be listed and traded on NYSE Arca and Forrest Dax Trust Company, which is the custodian for Crypto.com's   assets,   and they've been named as the proposed custodian for the new fund. And according to the filings, the ETF is designed to remove the obstacles represented   by the   complexities   and the operational burdens involved in a direct investment in Bitcoin. Oh, bullshit.   This   this is exactly   I've got I've I gotta do it. I gotta pause. This is fucking exactly what they've been doing to us all along, and it's not just Trump. I'm I'm not going on after orange man because he's orange man or he's Trump. I'm saying this is you're too stupid   to hold Bitcoin yourself even though that's not true. It's insanely easy to hold Bitcoin,   but they're telling you the same shit that people like, you know, like,   not Fred Krueger. What what's that that idiot's name that got the Nobel Prize for   calling the two thousand and eight housing crisis? The guy that hates Bitcoin and thinks fax machines are the Internet.  

That dude, whatever that guy is, he's the same kind of guy as this.   This is the guy that will tell you, you're you're too stupid to to think about economics.   You gotta leave that shit to us.   We're the smart ones. We're the Nobel laureates. We're the ones with advanced degrees and Keynesian economics.   You're just a bricklayer. You're too fucking dumb   to be able to hold your own money. That's why we invented the four zero one k.   Just for you because you are a rube. You your your IQ is 70.   You're just too stupid.   I'm sorry for you, but you're just too dumb. This is the this is how it begins.  

This is   how designed to remove the obstacles   represented by the complexities   and operational   burdens   involved in direct investment in Bitcoin.   Okay. Maybe that would be true for an investment house   like like a third party custody company, but this is for,   according to this,   everyday investors.   But everyday investors are apparently   frightened and confused by the complexities and operational burdens involved in direct investment in Bitcoin   stop it   it's not a burden   I've been holding Bitcoin for years. You know what? You know what? How much of a heavy lift it is?   It's not   at all.  

Continuing, this is   part of a bigger plan by Trump Media to offer a full suite   of digital asset based financial products. I guess all of the rest of that they're going to offer also, you're too stupid to understand, so you gotta let other people do it for you. This is how we get here. This is how we're here right now.   Because everybody under the sun told us we were too dumb to think about this shit ourselves, and now guess what?   What used to cost that, you know, a home buyer $75,000   in the mid eighties is now costing 5, you know, half a million,   3 quarters of a million,   depending on where the fuck you live. That same house could be 2 and a half to 3.  

That's how we get here because   the operational   complexities and birds are just too much for the regular investor on the street. You shouldn't think about economics. You need to leave that to CNBC   and the money, honey.   Good luck   and good night.   The company   has also applied to trademark six investment products and has plans for additional ETFs under its truth.5   fintech platform.   Trump Media also recently announced a $2,500,000,000   Bitcoin treasury plan and raised 2,400,000,000.0   in stock and debt to support those Bitcoin initiatives.   Now that the 19   b   slash four has been filed, the SEC has 45 to approve, reject, or delay the application,   and this can be extended several times. But a final decision has to be made 01/29/2026.  

Boy, that is a long time if they choose to exercise that. In addition   to the 19 b stroke four,   Yorkville America Digital must also file an s one registration statement.   This will outline exactly   how the ETF will work, what it offers to investors,   and how funds will be used as well as the risks involved.   Guess the operational complexities and the burdens and blah blah blah blah blah.   Anyway, it's coming.   You gotta trump   Bitcoin   ETF.   As, again,   even beyond the hyperbole   of the the operational burdens,   Do we really need yet one more Bitcoin ETF?   Is that like me asking if we need more porn on the Internet? I don't know. But Matador Technologies   has raised   1,640,000.  

I'd it says c.   Usually, that's represented as CAD. I don't know. Let's find out. Apparently, they wanna raise whatever money this actually is to invest in their very own Bitcoin reserve.   Matador Technologies   was not part of the four companies that I brought you yesterday,   but   it is, if you wanted to know, a Bitcoin focused tech company.   And they have announced that they've closed their second,   not first, but second tranche of its non brokered private placement   raising   1,640,000.00   c   through its issuance   of 2,650,000.00   units at a price of, oh, 62¢   USD. Okay. At least we've got that 62¢ per unit with the proceeds going towards investing into their Bitcoin reserve.  

Quote, each unit consists of one common share and one half of one common share purchase warrant. Ah, we did this last week or the week before.   Each warrant entitles   the holder to acquire one additional common share of the company at a price of 77¢   for a period of twelve months from the date of issuance. Okay. Now, I remember.   Yes. Yes. This is this is an interesting way to go about it,   but they have apparently   when I had now when I told you about it the first time, that was their first tranche.   They're on tranche number two.   Dude, I only told you about this like two weeks ago. In fact, hold on for a sec. Let me I'm gonna go back. Alright. I gotta go do a quick search of my database   of Bitcoin and   oops.  

Oops.   See where if I can get to Matador. Matador.   Matador.   Yeah. That would be episode   ten ninety three,   In fact, let's get back down. Let's go. Matador Technologies   raising okay. There it is.   Also from Bitcoin Magazine. So May,   somewhere around there is when I brought you news about Matador Technologies   raising 1,000,000 to invest in Bitcoin.   So here we are,   not even a month later.   Right?   And   Matador   is raising   another 1,600,000.0.   Second tranche.   Kind of impressive.   And yet what happens to the price of Bitcoin?   Either it crab walks sideways or it goes down. Whatever. I don't care. But the end game here, ladies and gentlemen, is don't get caught with your britches down.   Suspected organizer of France's crypto kidnapping spree has been arrested   in Morocco   according to Atlas twenty one.  

The suspect,   Badis   oh my god. He's one letter away from having the name Badis,   b a d I s s. Mohammed   Ahmed Baju   was captured in Tangiers   by Moroccan authorities following an international arrest warrant issued by Interpol.   The arrest marks a major breakthrough in the investigation into a wave   of kidnappings that targeted several figures in the French crypto sector. And according to La Perision,   the   suspect   was warranted   for multiple crimes or wanted for multiple crimes including armed extortion and kidnapping.   Baju is accused of remotely oh, he was remotely orchestrating   a sophisticated criminal network specializing in targeting wealthy individuals in the crypto world. Hey. What do you do for a living? Oh, I work remotely.  

Anyway, he alleged that the the alleged criminal activity dates back to, wow, July 2023   when he began coordinating abductions   and extortion attempts against industry entrepreneurs.   Apparently, Fiverr wasn't paying out. Anyway,   among the most shocking incidents was the attack on David Balan, cofounder of Ledger, yada yada yada. And we get into   all of the history   of all of the kidnapping attempts and of the chicanery that's gone on that I keep telling you about. And I was really ramping those stories up before you guys decided to go to Bitcoin 20 20 5.   I really do hope you took my advice if you are somebody who went to Bitcoin $20.25.  

You didn't wear the Bitcoin swag, you didn't get hammered by yourself, you stayed with groups of people, and you knew where your exits were. Just because Bitcoin $20.25   is over does not mean that any of that shit is not any less true now than it was right before that conference.   Don't wear Bitcoin swag out in public.   And if you do, for whatever reason, God forbid, don't sit at a bar all by yourself getting hammered. You're a target.   Don't do it. That way, I'll be able to see you on the other side.   This has been Bitcoin and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon.   Have a great day.