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Episode 1189 of Bitcoin And . . . is LIVE!

Topics for today:

• Was The Crash Organic?
• Tariff Back And Forth Causes Further Issues
• SBR Gets Filled: $14B in BTC Seized
• Farage Proposes SBR in UK

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Today's Articles:

https://cointelegraph.com/news/19b-crypto-market-crash-controlled-deleveraging-cascade-analyst

https://www.coindesk.com/markets/2025/10/14/bitcoin-slips-under-usd112k-eth-doge-drop-6-as-china-hits-back-on-u-s-tariffs


https://decrypt.co/344224/us-seeks-14-billion-bitcoin-cambodian-crypto-scammer-record-forfeiture

https://www.theblock.co/post/374573/nasdaq-listed-tether-gold-treasury-firm-completes-134-million-usd-purchase-xaut


https://atlas21.com/uk-farage-proposes-bitcoin-reserve-and-tax-cuts/


https://cointelegraph.com/news/elon-musk-bitcoin-fiat-ai-arms-race


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[00:00:02] David Bennett:

It is 08:47AM   Pacific Daylight Time. It is the October   2025,   and this is episode eleven eighty nine   of Bitcoin. And, oh my god, the market's dropping again. Why? Well, I'm gonna tell you why. That's why you're here.   It's all the news that you can use about Bitcoin and more around the world   with your host, me, David Bennett.   We're gonna start   with   a little bit of an overview of what happened on Friday. I know we've talked about it yesterday,   but this time we've got somebody different talking about it and it's good to have multiple angles   looking at the same object or chain of events.  

So we're definitely gonna be doing that one. And then   and then we're gonna talk directly about what the hell's going on this morning with not only Bitcoin, but pretty much   all of the markets, including legacy. Right?   Then   then,   seems that The United States has just   bolstered   the strategic Bitcoin reserve. I'm gonna tell you how.   And then,   treasury companies   marching on. They're just not they're just not stopping. And this time,   it's with   a stable coin version of gold. And then   mister Farage over there in The UK,   he's opening his mouth, and he is proposing a Bitcoin reserve himself.  

And Elon Musk   shocked the world this morning,   and I'm gonna tell you all about it. Gonna be a shorter show today. I've got some stuff that I gotta do. I can't get out of it. It's just one of those things. So let's get into it.   Zolton Vardy   gotta crank this sucker up from Cointelegraph.   $19,000,000,000   crypto market crash   was   controlled   deleveraging,   not a cascade   according to an analyst.   Well, who's the analyst? We'll find out. Friday's record $19,000,000,000   crypto market liquidation event has left traders divided,   with some accusing market makers of a coordinated sell off while analysts pointed to a more   natural deleveraging   cycle.  

Friday's   flash crash saw open interest   for perpetual futures on decentralized   exchanges   fall from $26,000,000,000   to below 14 according to Defi Llama.   Crypto lending protocol fees surged past $20,000,000   on Friday,   the highest daily total on record, while   weekly dex volumes climbed to more than $177,000,000,000.   And the total   borrowed across lending platforms also dropped below 60,000,000,000   for the first time since August.   Despite multiple traders   pointing to a coordinated   correction caused by platform glitches and large market participants,   blockchain data suggested that most of the record liquidation was actually organic in nature.  

During Friday's crash, open interest saw a $14,000,000,000   decline, but at least 93   percent of this decline   was a controlled deleveraging   and not a cascade   according to Axel Adler junior,   an analyst at blockchain data platform, CryptoQuant.   Out of the $14,000,000,000,   only $1,000,000,000   worth of long Bitcoin positions were liquidated,   which marked a, quote, very mature moment for Bitcoin, Adler said in a Tuesday post on x.   Still, not everyone is convinced the event was purely mechanical.   Several market watchers have accused major market makers of contributing to the collapse by pulling liquidity from exchanges at critical moments.   Okay. I'm pausing just to say, we keep telling people to get your coins off exchanges. And now when people did it, it's a problem?  

Come on, guys.   Anyway, looking at order book data,   market makers allegedly created a   liquidity vacuum   that exacerbated   the correction according to blockchain sleuth, YQ.   Market makers started withdrawing liquidity at 9PM   UTC on Friday,   an hour after United States president Donald Trump's tariff threat.   By 09:20PM   UTC,   most of the tokens bottomed while market depth on tracked tokens fell to just $27,000,   A 98%   collapse, said YQ in a Monday post,   on x.   So   the feedback loop of destruction   looks like this. The interaction between market maker withdrawal and ADL   created a devastating feedback loop. One, you get the initial shock, the Trump tariff announcement, and that triggers the selling.  

Two, you get market makers withdrawing   because they sense a cascade potential.   Then, the liquidations cannot clear through empty order books.   Four, insurance funds rapidly deplete absorbing bad debt.   And then, ADL activates forcibly closing profitable positions.   Not not to be left out of the game, number six, deleveraged traders must then re hedge, which adds to sell pressure. And seven, and finally,   more liquidations   then trigger, and we return to step three,   rinse and repeat.   This loop continued until leveraged positions were essentially   extinct.  

The data shows open interest across the market fell by approximately   50%   within hours.   Quote, when the token price crashed,   both MMs pulled everything from the books. 1.5   later,   Blue turned their bots back on and returned to providing similar amounts of liquidity   as before. Meanwhile, Turquoise is in the books but barely at all. And the colors here that they're talking about, this is from, by the way, CoinWatch,   is they they've got a depth chart up here, and it's showing gray and blue and turquoise lines.   It it honestly,   all we really need to know is that   we had liquidations   after liquidations   after liquidations,   and then they just finally kind of dried up because there was   nothing left.  

It was like just like like a desert out there, man. But looking at another unidentified   Binance listed token worth over $5,000,000,000,   two out of three market makers deserted their responsibility   for five hours.   Coin watch also claimed to be in discussion with two market makers to, quote, accelerate the return into the order books. So they were begging liquidity   makers to come back and provide liquidity   because the exchanges were drying up.   So it doesn't   this what I don't like about this story is it doesn't really say   how   the organic nature of this   overpowered   the potential   that this was on purpose, that this would yeah. There's the the   the headline states that this was more organic than it was, you know, contrived.  

But I'm not seeing that much evidence in the body of the story   that overpowers me to think that it was definitely more organic. In fact, I am still of the position   because nobody has mentioned the $600,000,000   long that was taken out right, you know, thirty minutes before Trump.   They said that that, yeah, some some guy opened up a new account   and made a lot you know, made a short position on Bitcoin   thirty minutes before Trump announcement, but they failed to mention how big that position was.   That position was $600,000,000   as far as I can tell.  

And thirty minutes later, Trump lowers the boom.   And then all the guys pull their liquidity out of the markets. In fact,   the the way that I'm looking at this, this actually seems way more contrived   than it does organic. So   you need to be the judge   because we still have some issues this morning,   and it seems to be caused   by China.   CoinDesk,   Shara Malwa, is writing this one. Bitcoin slips under a 112,000.   ETH Doge drops 6%   as China   hits back on US tariffs.   So who knows what's going on? Maybe maybe Sharra will be able to tell us what's going on.   Bitcoin fell below a 112,000   during trading Tuesday afternoon, Hong Kong time, as China's retaliatory   trade measures sent a fresh wave of risk off sentiment   across global markets, not just cryptocurrency and Bitcoin.  

Bloomberg reported reported   reported   earlier Tuesday that China sanctioned US units   of South Korean shipbuilder   Hanwha Ocean   in a move that reignited fears that the trade conflict with Washington could spiral   just days after both sides signaled restraint.   Stocks in Asia tumbled, equity futures in The US and Europe followed, and crypto traders were again forced to derisk   after a brief weekend bounce.   Contracts tied to the S and P 500 dropped 0.7%,   Nasdaq 100 futures lost a point. And Japan's Nikkei index fell more than 3%, marking its worst session   in nearly two months.  

The yen reversed losses and strengthened against the dollar.   Gold and silver both erased earlier gains in heavy afternoon selling, while ten year treasury yields   eased to near 4.03%   as investors moved to safety.   Crypto again tracked risk. Bitcoin fell 3% to 11 no. $111,008.69.   Ethereum dropped four in BNB and x XRP and Solana and Dogecoin, and they go through it all, and I don't care. Only Bitcoin matters. Stacksat stay humble.   Total liquidations hit $630,000,000   with long positions   making up two thirds of the wipeout according to Coin Glass.   The correction extends a volatile stretch that began with US president Donald Trump's   100%   tariff threat on Chinese imports last week, that would be Friday,   a shock that triggered crypto's largest ever liquidation event.  

Nearly $20,000,000,000   in positions were erased across derivatives markets in twenty four hours per hyperliquid data before a short lived rebound over the weekend.   The latest slide continues to show just how tightly crypto remains coupled to global macro risk with an earlier bounce from Sunday nearly reversing fully. Now remember what I told you yesterday,   that the same guy that opened up that $600,000,000   short position thirty minutes before Trump   made his announcement,   opened up another 167,000,000,   short position on Bitcoin again   yesterday.  

And here we are today with China   hitting back against   The United States' tariff threats   when   Sunday and early morning yesterday,   the news started   saying that maybe this was a misunderstanding   in translation.   Well, maybe not. And I'm starting to wonder about this dude with the six with the $167,000,000   short position on Bitcoin because he's in profit right now.   He's in profit right now.   Did   I I I honestly do not think that this was organic. I think that this was contrived, and I think a lot of it has to do with insider trade well, insider knowledge. Now I'm not gonna say trading, but insider knowledge that the rest of the world just wasn't privy to. And if the dude gets caught,   maybe,   just maybe,   we'll you know? I don't know.  

It's hard to say what happens to people like this, but I I just   I can't be made to believe that this is completely organic. I I think somebody had prior prior knowledge,   and it makes me hungry.   For Sats for Snacks at satsforsnacks.com,   that's Sats, the number four, snacks.com.   It's my good friend, Perma Nerd.   What does he have? Well, he's got freeze dried fruits like peach. He's got freeze dried mango.   A what else has he got? He's got a medley pack. And   these things are really delicious. The the peaches especially   and   the bananas.  

The freeze dried bananas are awesome. But he also will provide you, if you so choose,   proof of healing   comfrey salve. And I used it on the back of my hand where my cat mauled me, and it healed up much faster than normal because comfrey is just that way. It has all manner of   medicinal out   alkaloids.   Yeah. I won't I won't get into what an alkaloid is, but   some of these alkaloids are   promote healing.   And if you've got minor cuts, scrapes, burns, bruising, that kind of thing, not this is not for deep cuts. Right? But sprained ankles, bee stings, wasp stings, cuts, abrasions, all that kind of thing.   This is Confrey is what you wanna use.  

And you can get all of this at sats4snacks.com.   And, yes, he takes Bitcoin   as payment. Because if you don't take Bitcoin for your goods and services, you're not in the circle p. The circle p is where I bring plebs with goods and services just like you to plebs just like you who want to buy   said goods and services. So do so and mention Bitcoin and all one word is a coupon code so that Perma Nerd will know that I made the sale. Again, that's sats4snacks.com.   Go to sats4snacks.com   and get you some. I'm just   just saying. Alright.  

So   the Bitcoin strategic reserve or strategic Bitcoin reserve, however you want to say it, just got   inflated.   Did we buy the Bitcoin? No.   We seized the Bitcoin.   Matt DeSalvo,   d crip dot c o. United States seeks $14,000,000,000   in Bitcoin from Cambodian   crypto scammer   in a record   forfeiture.   The United States on Tuesday   announced that it is seeking the forfeiture of a 127,271   Bitcoin   currently worth over 14,200,000,000.0   in the largest   such forfeiture action in the history   of the Department of Justice in The United States.   The United States attorney's office for the Eastern District Of New York and the National Security Division   filed the civil forfeiture complaint against Chen Zhi, the founder and chairman of Prince Holding Group, a multinational   business conglomerate based in Cambodia.  

Feds alleged on Tuesday that Xi ran a, quote, pig butchering scam that stole billions of dollars from victims in The United States   and around the world.   So that that's all that's that's as much as I have about this story right now.   We're gonna we clearly   clearly have to be looking at this.   Because   if   The United States and Donald Trump   and all the positioning around the strategic Bitcoin reserve   is true,   then the strategic Bitcoin reserve is probably going to get a 127,000   infusion into it. We can   we can fight and and lash out and and and and whine all we want about the fact that it's stolen money.   But I I honestly,   I   pig butchering is is a is a terrible scam. It really   it really works over, you know, a person's sentiment towards another person. It makes you believe that somebody's really interested in you when they're not. They just want your money, and it goes and they drag that. It is a long game, pig butchering. It's not like a short scam. It takes days, weeks, sometimes months   to actually do the full execution.  

And that's what makes it so sinister, not only on the person that loses their Bitcoin, but the person performing the pig butchering is essentially slave labor.   They they they can't get away from the people that are forcing them to do this. It is terrible for everybody involved.   So   even though I'm I'm   I am against   The United States just seizing assets for the strategic Bitcoin reserve,   and I know it's a slippery slope after this,   at this point, this guy,   I don't really care what happens to him. I I just don't. So let's run the numbers.   CNBC   futures and commodities   breaking.  

Trump trade representative   says the new 100%   tariff on China depends entirely on Beijing's next move.   Ball's in your court, boys. Let's run.   All the markets are trashed, like I said, and energy is,   well, getting pummeled today.   Brent Norsee is down two points to $62.10   a barrel. West Texas Intermediate down 1.75%.   Natural gas is down three and a third.   Gasoline down a row of sticks, $1 and 11   or no. Not $1.   It is a 1.11%   change to the downside. And Murbaughn crude is also in the red, 1.7%   to the downside to $63.89   a barrel.  

Gold and the rest of its brethren are kind of mixed this morning. Palladium is up three and a third. Gold is up only point 43%,   but still chilling out   at $4,152.40   per troy ounce.   Silver is up a third, yet platinum   and copper are both in the red. Platinum is down point 79%.   Copper is down two and a half full points.   Ag is mostly in the green on futures today. Biggest winner is   coffee, three and a half percent to the upside.   Biggest loser is cotton,   point 5% to the downside, and live cattle is up a third.   Lean hogs down two full points   and beyond.  

Feeder cattle is up point 93%.   Beef prices are going to go even higher.   It just is. It's gonna be this way for a while.   Hopefully, people start rebuilding their the herds.   Farmer or ranchers that turned to that started leasing their land   from grazing   to corn manufacture,   I hope they start putting it back into grays   and start   raising cattle. It's the only way   that we're gonna get beef prices down. We cannot depend on Brazil and Argentina and foreign beef providers   when we literally make the best beef in the entire world. So just saying that.   S and P is down point 08%,   but the Nasdaq is down a half.  

The Dow making a rebound, it is up a third, and the S and P Mini is up point 59%.   And Bitcoin having its problems at a $112,004.20.   Market cap is $2,240,000,000,000,   and we can only purchase 28 ounces of shiny metal rocks   with our one Bitcoin of which there are 19,934,316.79   of, and fees are still low.   0.02   BTC   taken in transaction fees on a per block basis,   and there's only 18 blocks carrying 31,000   unconfirmed transactions waiting to clear at high and low priorities   of 1 satoshi per v byte. And hash rate exploding,   1.07   x no. Zeta hashes, not hexahashes,   Zeta hashes   per second.  

So that's that's   what's going on.   With the crash, you might think that miners   of Bitcoin would have pulled their hash rate off of the network, but, no,   we're back up to 1.07   Zeta hashes per second. So do with that what you will   from Steak and Shaken and probably Argentina's   Fire Sale, which was the last two episodes of Bitcoin and Psyduck   with 753   SAT says   Psyduck. And God's Death with $2.37 says thank you, sir. No thank you.   And tulips with 200 says, tulips.   I walk by a large free range chicken operation the other day. Around 200 chickens started following me thinking I will feed them or something.   I, being me, turned around suddenly and said, boo.  

All of the chickens ran away, leaving behind three dead ones. Oh, man. To my dismay.   Oh, that's awful.   I felt bad about it. I do not know if it was a heart attack or they just passed out.   The market is exactly the same.   I was Trump, the market was the chickens, and some altcoins died of fear.   The FUD, the confusion and filth in the crypto   slash TradFi space is unbelievable.   I guess it is   just tulips, and it's going to zero.   That's sad about those chickens.   If it truly was like a a large,   confined animal feeding operation with, you know, tens of thousands of chickens,   it very well possible that they could have died of a heart attack. But don't don't blame yourself. Those chickens,   the they're on the edge of death   no matter what happens. Alright? I I wouldn't go around blaming yourself, tulips.  

Speedy with a thousand says, hello from Scandinavia.   God, I would love to go up there just to see it. Nick Dose with a 101 SAT says, cheers.   Reid, holy crap, with 21,000   Satoshis says,   Western Mass Regional Bitcoin Meetup Announcement.   Join us   at 6PM   on Saturday, October 18 at the Dante Club in West Springfield   to celebrate the third anniversary of the Western Mass,   sorry, western mass Bitcoin meetup. Pizza will be provided and there will be a cash bar if you mention you heard about us on Bitcoin and   you'll get a free laser engraved pint glass. Holy crap. RSVP   at westernmass   bitcoin.com.  

That's westernmass,   massbitcoin,all1word,.com.   Again, for the people on the back, westernmass   bitcoin.com,   6PM,   Saturday, October 18 at the Dante Club   in West Springfield.   6PM,   Saturday, October 18,   Dante Club, West Springfield.   And if you mention Bitcoin and you'll get a free   laser engraved pint glass. Dude, Reid, I can't thank you enough for helping me promote the show. Pies with one twenty one says thank you, sir. No. Thank you. And that's the weather report.   Welcome to part two of the news that you can use. Nasdaq   listed Tether Gold treasury firm   completes a $134,000,000   purchase   of XAUT,   which is Tether Gold.  

If if I've talked about it before.   Maybe James Hunt will help us understand it fully,   the block.co.   Prestige   Wealth announced Tuesday   that it has purchased a $134,000,000   worth of x a u t,   the first Nasdaq listed corporate treasury composed entirely   of Tether Gold, which is XAUT.   Previously trading under the ticker PWM, Prestige Wealth began trading under the symbol   AURE on Monday, and the company plans to be renamed   Arleon   pending   regulatory approval. I'm pretty sure I just butchered that word.   My apologies. The firm bought Tether Gold at the average purchase price of $4,021.81   per x a u t according to a press release.  

Tether Gold   represents one troy ounce of gold per x a u t token,   fully redeemable for LBMA   standard bars of gold, which are stored in Switzerland.   Since launching in 2020, the asset has accumulated approximately   seven tons of physical gold backing.   Gold is currently witnessing its strongest annual rally since the late nineteen seventies,   recently breaking fresh all time highs above $4,100   per ounce,   up more than 57%   year to date. Quote, this marks a defining milestone   for Arleon   and for the broader adoption of tokenized gold. Arleon CEO Bjorn sorry. Bjorn   Schmidke   said, quote,   by merging the stability of physical gold with the efficiency and transparency of blockchain,   Arleon   is redefining what a modern digital treasury can be.  

This structure offers daily on chain verification,   regulatory compliance,   and the potential   for,   wait for it,   yield generation,   end quote. The acquisition comes after Arleon announced it had raised about a $150,000,000   through a $200,000,000   pipe, PIPE,   and a $50,000,000   three year debt facility on October 10.   Institutional   digital asset financing firm, Ant Alpha,   invested 43,000,000   in the pipe and gained a controlling voting stake in Arleon,   building on its $20,000,000   pilot Tether Gold acquisition earlier this year.   Accredited investors, including Tether's x a u t, issuing   entity   TG Commodities,   and Kyra Capital also participated in the round, investing 15,000,000   and $6,000,000,   respectively. So Tether Gold,   Be very careful   with these things.  

Alright? I mean,   USDT has been around for a long time.   Tether,   quite   not quite as long, you know, actually nowhere close to as long as the original Tether.   But,   you know, the the Tether crew,   they have I mean, I've never seen Tether lose its peg to the dollar.   I don't use it. I don't really need it. And if I really want gold,   I'm   I'm of the mind to actually buy the physical gold and hold it. That way, I know it can't be rehypothecated,   which means, oh, you own an ounce of gold. Well, it so happens you own the same ounce of gold that these other 10 people own. So whoever comes calling first is the one that gets it, and the people that don't get it,   that's when they find out that they were holding paper   and not any   actual   goal. Be very careful with these these kinds of instrumentations. Alright?  

Alright. On to atlas21.com.   That's Atlas, the numbers, 21.com.   In The UK,   Farage proposes   Bitcoin reserve   and tax cuts according to the Financial Times during the digital asset summit in London.   Nigel Farage unveiled a promising vision for The UK's digital asset sector,   positioning himself as a supporter of the industry.   The reform UK leader stated that he is fully aligned with the movement, quote,   when it comes to your industry,   when it comes to growth in this industry,   then I am your champion.   Pause.   That sounds like he made a correction mid sentence.   When it comes to your industry I I I mean, when it comes to growth in in this industry,   then I'm your champion.  

How can you be my champion if it's   my thing you're championing   and not yours?   I think that was a bit of a Freudian slip. We need to watch this guy very carefully as to whether or not   he's just trying to garner votes for something that he's interested in, if not for himself   in total. But moving on,   the strategy proposed by the British politician   would represent a major shift for The UK, which has so far maintained a cautious stance toward digital assets.   Farage pledged measures to encourage the adoption of Bitcoin and other digital assets across the country.   One of his proposals is the creation of a strategic Bitcoin reserve funded with 5,000,000   British pounds sterling,   confiscated by authorities from illegal activities. Here we go again.  

The Bank of England would be responsible for managing the reserve, and the proposed legislation could include provisions allowing UK taxpayers   to pay taxes directly in Bitcoin with collected funds either converted into pounds or sent directly to the reserve fund   managed by the central bank.   In addition to the reserve,   Farage   proposed cutting capital gains taxes on cryptocurrency investments.   The rate would drop from 24%   today   to 10   if successful,   making The UK more competitive compared to other European countries.   The tax cut aims to encourage traders and investors to operate within The UK.  

Farage   also opposed the Bank of England's plans to introduce   the central bank digital currency calling the project, quote,   the ultimate   authoritarian   nightmare, end quote, and promising to stop it overnight   if Reform Party wins the elections. Oh, there you go. He's pulling a Trump. He criticized the Bank of England's proposed limits on stablecoin holdings,   which would cap individuals at £20,000   sterling and businesses at £10,000,000   sterling.   According to Farage,   those restrictions are frankly ridiculous   and hinder innovation.   Reform UK has become the first major UK political party to accept cryptocurrency donations,   collecting Bitcoin   and a whole host of, well, crappy ass coins through its website.  

Despite leading in numerous polls,   The UK's   first past the post   electoral system hinders translating support into parliamentary   seats. In 2024,   reform received 4,100,000   votes, but they only won five seats.   The next UK general election   is not expected before 2029.   Now   that's the end of the article.   Twenty twenty nine's a long way off.   However, there has been rumors and speculation,   and people have been trying to get the king of England to dissolve parliament altogether and force a brand new round of elections   because of all the stuff that's going on in The UK right now.  

But if that doesn't happen,   Keir Starmer and all the people in parliament stay where they are   until 2029.   Again, that that that's a long time, ladies and gentlemen, so we'll we'll have to see   what happens there.   Onto the last one of the day. Like I said, this is gonna be a short show.   Nothing I can do about it. But Elon Musk,   back in the news with Bitcoin,   he's touting Bitcoin as an energy based   and inflation proof currency   unlike, quote,   fake fiat.   Zoltan Vardai, Cointelegraph,   billionaire entrepreneur,   and Tesla CEO Elon Musk touted Bitcoin's ability to protect investors from fiat money printing, which may increase   due to what analysts call a forthcoming government funded race to develop artificial intelligence.  

Musk has praised Bitcoin's energy based proof   excuse me. I messed that one up.   Musk has praised Bitcoin's energy based proof of work model for its inflation proof mechanism,   which is immune to governmental   fiat currency printing   as it is impossible to fake energy.   Quote, that is why Bitcoin is based on energy.   You can issue fake fiat currency, and every government in history has done so.   But it is impossible   to fake energy,   Musk wrote in a Tuesday post on x.   Musk's comment came in response to popular analyst Zero Hedge's post,   which attributed the current momentum behind Bitcoin and precious metals   to a debasement   to fund the government funded AI arms race that will play out between the world's largest economies. So Zero Hedge says the following. The money is not the problem. AI is the new global arms race, and CapEx will eventually be funded by governments, US, and China.  

If you want to know why gold, silver, and Bitcoin are soaring,   it's the debasement   to fund the AI arms race, and that's when Elon Musk weighs in and says, true.   That is why Bitcoin is based on energy. You can issue fake fiat currency, and every government in history has done so. But it is impossible to fake energy.   You I gotta pause here.   Elon has has performed some pretty   heinous acts when it comes to Bitcoin,   especially when he embraced Doge.   But I gotta say this.   He actually seems to understand Bitcoin at a fundamental level.   I've never   actually heard it put that way. I've been in this game for a decade,   and I've never actually heard it put as succinctly   as Elon Musk just put it.  

It is impossible   to fake   energy.   That   is a true statement.   From every physical   aspect I can think of in my scientific training, of which I've got a lot,   it is in   fact impossible   to fake   energy. Whether heat energy, electricity,   chemical energy, it does not matter.   Energy   cannot be faked. It cannot be created. It cannot be destroyed. It can only be transformed,   and it can never   be faked.   Elon gets it.   Will he actually,   I don't know, give up this this   this ridiculous   stance on Doge? Time will tell. But, quote,   AI is the new global arms race, and CapEx will eventually be funded by governments,   Zero Hedge wrote in a Tuesday expos, attributing   the recent momentum of Bitcoin gold and silver to the debasement to fund the AI arms race.  

Tuesday's response marked Musk's   first serious Bitcoin related public post   in nearly three years   since November   2022   when he predicted the incoming crypto winter shortly after the collapse of FTX and Alameda Exchange. It's not a stretch, dude, to make that claim after   FTX and Alameda went down. I think we all knew. I don't think we needed Elon to tell us, but, quote, BTC will make it, but it'll be a long winter, most Musk wrote   on x on 11/14/2022   in response to Bitcoin hitting the previous bear market's lowest point of $16,000.   FTX collapsed due to the misappropriation   of user funds resulting   in an $8,900,000,000   loss of investor funds.  

The crypto exchange filed for bankruptcy 11/11/2022   and was seen as the main catalyst behind the subsequent crypto winter.   Musk has yet to comment on the sustainability   of the Bitcoin mining network, which he has previously criticized   for its overreliance   on fossil fuels.   Remember back in May   2021,   electric car manufacturer   Tesla suspended Bitcoin payments for vehicle purchases,   citing environmental concerns,   which caused Bitcoin's price to drop by to drop by 6% within one hour   from 58,800   to 51,600.   While Tesla hasn't sold the majority of its Bitcoin holdings, the company has yet to comment   on potentially reinstating Bitcoin payments   as Musk previously pledged to do   if the mining network's use of renewable energy increased.  

On 06/13/2021,   Musk said Tesla would allow BTC transactions   once it could confirm   that the Bitcoin mining network uses at least   50%   clean energy.   Bitcoin mining sustainable energy usage   reached an all time high of over 55%   according to the above graph modeled by climate tech venture capitalist Daniel Batten and Bitcoin analyst Willie Wu.   So and then, of course, they're referring to this graph of the usage of sustainable energy in Bitcoin mining, and   and, yes,   sustainable energy has risen to almost   60%   given this graph. So   but Elon hasn't said that he's gonna return   and and let people buy Tesla products   with Bitcoin. So who knows, man?  

I mean,   I'd   I'd actually, I I just I don't really trust him.   Kinda like I I don't trust Nigel Farage. I I think he's saying Bitcoin reserve   just to get votes for the reform party.   I mean,   you can't blame him.   I mean, it's it's a bit unethical.   But then again, that would mean that I wouldn't have to know for sure that that's exactly why Neeraj,   or Neeraj,   Nigel Farage   said that. I would I would actually have to be inside of his mind   and understand   wholeheartedly   and without any capacity for doubt that he didn't care about Bitcoin,   that he just wants the votes. And I don't know that because nobody can be in the mind of another person.  

However, it smells funky.   And every time something smells funky,   I will well, I'll bring it to your attention.   So that's it for today. Like I said, I got I've got some other things that I've got to get done. I just I have to. There's just no way about it. I   I wish I've been able to do an hour like I normally do, and I apologize if any of you guys were expecting a longer show, but can't be helped.   But I will see you on the other side.   This has been Bitcoin, and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon.   Have a great day.