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Episode 1207 of Bitcoin And . . . is LIVE!

Topics for today:

• My First Bitcoin Goes Global
• Square Terminals Now Accept Bitcoin
• To Stimmy of Not To Stimmy
• BoE Caps Stablecoin Holding at 20,000 GBP

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Today's Articles:

https://bitcoinmagazine.com/news/my-first-bitcoin-goes-global


https://x.com/JacobSzymik/status/1987866121072980290


https://primal.net/e/nevent1qqstcl2t7pz9vxvwe9z235v2rd7a0stycrk354neeuwqtg5ljqvvy2ctle2dg


https://cointelegraph.com/news/us-cftc-commissioner-wants-leveraged-crypto-spot-trading-allowed


https://www.coindesk.com/markets/2025/11/10/hold-your-horses-btc-bulls-bessent-says-tariff-dividend-could-be-tax-cuts


https://bitcoinnews.com/markets/jpmorgan-bitcoin-etf-holdings-ibit/

https://decrypt.co/347969/bank-of-england-proposes-20000-cap-on-retail-stablecoin-holdings


https://www.theblock.co/post/378149/rumble-northern-data-sign-merger-agreement-tether-150-million-usd-ai-commitment


https://atlas21.com/mining-phoenix-group-launches-30mw-facility-in-ethiopia/


https://www.theblock.co/post/378141/best-continue-michael-saylor-strategy-buys-more-bitcoin


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[00:00:02] David Bennett:

It is 09:15AM   Pacific Standard Time. It's the tenth day in November twenty twenty five, and this is episode 12 o seven   of Bitcoin. And I got a lot of news about Bitcoin and the rest of the world to get through, so we're just gonna dive right in. We're just we're gonna skip all the hoopla. We're not even gonna worry about it. It's Monday. Let's get this shit on the road. My first Bitcoin   goes global   and will empower educators   worldwide. This is Micah Zimmerman writing for Bitcoin magazine.   Founded in 2021,   my first Bitcoin began with a single class of   four students.  

Over the next four years, it grew rapidly, teaching more than   27,000   students, creating the world's first Bitcoin diploma for public schools,   hosting educators   and conferences, and building a node network now spanning   50 projects   in '27   countries.   Now,   my first Bitcoin   is shifting from local classrooms to a global movement. Founder John Denny   says the focus is on empowering educators,   not running programs directly. Quote, we wanna help others succeed   in their own communities and then link them together,   Dennehy said in a note to Bitcoin magazine. The project   is also embracing a fully remote structure.  

It's closing its offices   in El Salvador.   I don't like hearing that, honestly. But continuing on,   local meetups will now be run by independent   collectives   using open source blueprints developed by My First Bitcoin.   The organization will continue developing curricula, creating digital platforms, and fostering connections   among educators worldwide.   Quote, our mission remains the same, Dennehy says.   Independent,   impartial   Bitcoin educators   give people agency,   encourages critical thought, and builds   long term freedom.   Bitcoin is the tool.  

Education is the pathway,   end quote.   The move represents a new phase for the initiative.   By training teachers, sharing resources openly, and supporting community led projects, My First Bitcoin   aims to ignite a global movement.   The team invites educators,   organizers,   and Bitcoin advocates to join the network and help expand access to knowledge everywhere.   Founded in August 2021 by John Dennehy,   Me Premier Bitcoin,   also known as My First Bitcoin,   began as a small community led project in El Salvador with a mission to empower individuals through Bitcoin education.   Dennehy,   a soft spoken and introspective   thinker,   saw education as a means to restore personal agency and sovereignty,   especially in a world where people   often feel powerless.  

The idea took root during the COVID nineteen pandemic when Dennehy spent long walks   in New York contemplating   society's challenges.   Concluding that the solution   lay in education,   he initially traveled to Ecuador   to teach friends about Bitcoin.   However,   pandemic restrictions made in person engagement difficult.   Shortly awkward, Dennehy   leaned   or rather awkward. Shortly afterward,   Dennehy learned of El Salvador's historic adoption of Bitcoin as legal tender, and then he relocated there to support that country's efforts.   Landing in El Salvador, Dennehy drafted the organization's   mission and lesson plans,   recruiting both students and local teachers.  

He made community leadership a core principle,   ensuring that all instructors were Salvadoran   to better relate to students.   The first class had just one attendee   held in a yoga studio,   but the initiative grew steadily. And by the end of the first month, five students were regularly   participating.   In 2022,   Dennehy and his team formalized the curriculum into the Bitcoin diploma program.   The diploma includes 10 lessons   covering   monetary systems, Bitcoin fundamentals,   wallets,   nodes, mining, security, the lightning network, and bitcoin's future.   By the end of that year,   38 high school students in El Salvador had earned their bitcoin diplomas.  

The organization's   impact has since expanded globally.   In 2023,   me Premiere Bitcoin launched the independent Bitcoin educators node network,   now encompassing over 65 projects across 35 countries.   These initiatives range from circular economies to local meet ups,   united by six core principles,   independent,   impartial,   community led, Bitcoin   only,   high quality education focused on empowerment   rather than profit.   And then in May 2025, the nonprofit received a $1,000,000   grant from Jack Dorsey's   Start Small to scale its global efforts, including enhancing the Bitcoin diploma,   intro courses, teacher workshops,   and its online school and community hub.  

Despite the funding,   Dennehy emphasized that the nonprofit will never accept government funding and carefully vets   all sources of fundage to preserve independence.   So   it's   sad news   for me that my first Bitcoin is closing down shop in El Salvador,   but I I I guess that just means that they're gonna be able to reach   further into the world, and and that's good. I mean, it's just that, yeah, I always kind of assume me, premier Bitcoin, would just stay in in El Salvador   for headquartering, but, hey, you know, more power to them. The other thing that I like about this, though, is   this   mirroring   of the Bitcoin node network   into damn near everything that we do. And if you've listened to my show for any length of time whatsoever, you know that I will ramble on for, you know, ten, twenty minutes about   mycelium living in the soil and   the network of information   that that provides   the, you know, living creatures of the forest and bushes and trees and, you know, little aspen trees and whatnot.  

But   whenever I look at that and I look at the Bitcoin network, it makes sense that they're mirror images of each other.   And it works   very, very well,   Having a whole bunch of nodes that are all interconnected,   maybe not all to each to every single one of the each other nodes,   but at least   a couple of connections to a couple of other nodes in that network. And then you just basically depend   on the network topology   to essentially   either through one or two or three hops,   have all nodes   connected to each other. And you end up like in this particular case, they're gonna be able to share curriculum. They're gonna be able to share,   I don't know, like, 27 countries. Let's say there's 15 or maybe 10 different languages represented.  

You'll be able to leverage, you know, what one node would be able to leverage probably the translations   of all this other material. And if we keep doing things like this, where we start developing whole networks   rather than just   single,   stand alone,   whatever it is that you're doing. I mean, unless you're, you know, unless you're like one of my circle p vendors and you're not really gonna network or or, you know, nodalize   or network at ties,   you know, making great gi or something like that. Right? It's just that's not part of it. But for other things, like, especially in situations where education comes in   or Bitcoin meetups come in or Lightning Network meetups or Nostra meetups or all of them together, it doesn't really matter. If you could interconnect   all of these meetups somehow to each other and leverage   each other's positions   or the speakers that you've had at your your Bitcoin thing, you end up with this   this really   nice,   well stocked   storage facility, essentially, that's decentralized   across the planet   that all of the members, all of the, quote, nodes   can draw from.  

And I think that this is a model that we should continuously   look at as we move forward in, not only this space, but   all the rest of the spaces to come. And starting today,   speaking of people selling things like ghee and,   I don't know, whatever, you know, meat, jerky,   what have   you. Today is the day.   It's here.   Because starting today,   over 4,000,000   Square sellers can now accept Bitcoin   at checkout,   zero fees until 2027,   instant settlement,   global freedom,   the switch is flipped. Nice. So   if you didn't realize,   November 10 was the day that Square was going to allow   anybody that uses a Square terminal. You go to a, I don't know, go to a place that that, you know, you cut your get your haircut.  

If they take Square,   you can now pay them in Bitcoin.   They can take Bitcoin. They can have that Bitcoin converted instantly to Fiat.   They can convert just a part portion of it to Fiat.   They can keep it all in Bitcoin if they want. It it it's all up to the actual vendor, the the person that would be, you know, noted or called the square seller here. If they've got a square terminal   as of today,   all of them all of them, at least in The United States,   can now take Bitcoin directly for their goods and services.   It's a lot bigger deal than people think. There's a lot of people that use Square. I mean, a lot of people, and more are coming on board every single day. But here's a couple of here there I I I saw a couple of, questions   on old,   Twitter or whatever you wanna call it   that there's a couple of questions that have been asked to Square, and they've given some answers. And I I thought I'd just give it give it a couple of minutes here.  

One person asks if there was gonna be a simple way to find restaurants   that have   Bitcoin acceptable   at their Square terminals.   You know, they they want a map.   That they they wanna know where they can go. Who's turned it on? You know? And honestly, I think I think it's, like, our job also to go up to Square sellers, whether or not they have them on and let them know, you know what? I'd like to be able to pay you. I'd or rather, I wanna pay you in Bitcoin and you use a Square terminal. You can take Bitcoin right now if you just turn the feature on.   And it's like, you know, just a little bit of pressure. You know, don't beat them over the head and shoulders about it or, you know, make them feel bad or whatever.  

But at least tell them because they may not even know   that they could now   you got a Square terminal.   Dude, I can pay you in Bitcoin right now. And the and this goes into the second question that was asked, which is gonna be a huge leverage point when talking to these vendors.   Somebody asked this question to Square, says, so a merchant can accept Bitcoin and not pay the 3% credit card fee?   Square's answer is   correct.   Oh, and as far as the answer to the map of of places that have this thing turned on, Square   says check back here on Thursday.  

So I guess on Thursday,   the people at Square are gonna release a map so that we know where we can go   to actually pay in Bitcoin. Now like I said,   if just because somebody has a Square terminal doesn't necessarily mean that they know they can take Bitcoin or if they do know that they haven't turned it on. So if we go to them and we say at least two pieces of information   every single time that we see them,   you can turn that switch on right now. And if you do, when I pay you, you will not have to eat 3% in credit card fees.   Who wouldn't want that?  

Who wouldn't want that? Now let's move on to the CFTC   where Carolyn Pham   has confirmed to push to green light,   god forbid, leveraged   crypto trading in The United States.   It's coming.   As if we didn't have enough chicanery going on in the markets already,   Adrian Zmutsky from Cointelegraph   lines it out for us. Acting chair of the US Commodity Futures Trading Commission, Caroline Pham,   is in talks with regulated US crypto exchanges to launch leveraged spot crypto products   as early as next month. Oh, yay. In a Sunday expoast, Pham confirmed that she is pushing   to allow leveraged spot crypto trading in The US and that she is in talks with regulated US crypto exchanges   to launch leveraged crypto spot products next month. And Sam also confirmed   that she continued meeting with industry representatives despite the government shutdown.  

The regulator is also currently considering issuing guidance for leveraged spot crypto products.   The news comes after the CFTC launched an initiative in early August to enable trading of spot crypto asset contracts   on exchanges   registered with the regulator.   In an announcement at the time, FAM invited comment on the rules that governed retail trading of commodities with leverage,   margin, and financing.   According to the Federal Register, the Commodity Exchange Act   provides that a retail commodity transaction   entered into   with a retail person,   which is executed on a leveraged or margined basis,   is in fact subject to the commission's jurisdiction unless   the transaction results in actual delivery of the commodity   within twenty eight days of that transaction.  

So consequently,   leveraged crypto spot positions would only be allowed   if their duration were limited to twenty eight days   or they would be illegal.   The US government shutdown   occurred when congress fails to pass,   an annual spending bill or a short term continuing resolution,   blocking much of the federal government spending. In such situations, nonessential services are paused, some work as furloughed, and others work without pay. I don't know why they're talking about this.   It it goes more into the shutdown.   Does it have anything to do with what we were just talking about? No, it doesn't. Cointelegraph,   why   why why why the hell did you put in   four paragraphs?  

Oh my god. It's like, yeah. A whole four paragraphs about the government shutdown, which has nothing at all to do   with   leveraged   spot   crypto   trading.   That's being able to go long and short with 10 x leverage, you know, three x leverage. We   it's a casino.   That's all this is. It's just a fucking casino. It is just it's a it just continuously amazes me how we just   don't see it for what it is. We oh, it's a financial product. No, it's not. You're gambling on on, like, I don't know, football game.   That it's just gambling.   Stop it.  

And go get your great ghee. You can go over to greatghee.com.   That's greatghee, ghee,.com.   Get yourself some ghee. What the hell is ghee? It's clarified butter, baby. It's made by simmering butter to remove all the water,   the milk solids, and other impurities.   It leaves behind a beautiful,   deep, golden, lactose free oil with a nutty flavor and a very, very, very, very   high smoking temperature, which is about 485   degrees Fahrenheit.   It's extremely   robust.   You don't wanna get it that high,   but if, I mean, if you   if you accidentally get something like olive oil, you know, like, above its smoke temperature,   woah, Nelly. Or or even, you know,   other seed oils, they'll they'll they'll go to, like, I don't know, three seventy five, maybe 400.  

Butter, which is made from pure, beautiful animal fat,   yeah, it goes it goes up to three eighty five before   it catches on fire. Well, start start smoking. You do not want to get it that high. But you do if you do want something that's got some robust for, you know, robustness for, like, a quick searing of a steak or something like that, dude, d has got it in spades. You can get it at great ghee dot com. That's greatghee.com.   Use the coupon code   Bitcoin   and so that mister ghee over at greatghee.com   knows that I made the sale for him, and he can get me back on the other side with some Satoshis. Now from CoinDesk,   we've got this one.  

Hold your horses, BTC   bulls.   Bessent says Trump's tariff dividend could be   tax cuts.   Oh, the humanity. I thought we were getting straight up cash again. Amkar Godbal from CoinDesk says the cryptocurrency   market lit up on Sunday   with social media erupting in cheers as users   hope for a new bull run-in Bitcoin. And tokens like shitcoin whatever and the other shitcoin   fueled by stimulus checks following president Trump's announcement   of a tariff dividend for   low income Americans   on Truth Social. But the reality,   as treasury secretary Scott Bessette later clarified, is   just a little more complicated.  

Really? Who would have thought? Bessant explained that the president's tariff dividend   might be delivered through   the tax cuts from his major economic policy bill earlier this year. Quote, the $2,000   dividend   could come in lots of forms, in lots of ways.   It could be just the tax decreases that we were seeing on the president's agenda.   No taxes on tips, no taxes on overtime,   no tax on Social Security,   no tax on, you know, making the deductible   your auto loans. That would be awesome.   Bessette told ABCs this week when asked by Trump's social media   post asked by,   maybe meant asked about Trump's social media post. Anyway, these these indirect measures,   as mentioned by Bessett, may not trigger the same immediate surge in Bitcoin and shit coins   or or consumer spending   as direct stimulus tech checks typically do. That's because checks provide quick tangible cash inflows   that can rapidly boost demand while tax cuts tend to distribute benefits, you know, more gradually.  

It's the case of a bird in the hand is worth two in the bush.   The certainty of direct cash inflow generally carries more immediate market impact than the uncertain promise of indirect measures,   Besson's clarification   followed euphoric   assumptions   that the announced dividends would come in the form of stimmy checks,   drawing parallels   to the COVID era payments   that were closely linked to unprecedented   rallies in cryptocurrencies,   particularly   on the Shitcoin side, I might add.   The narrative lifted market valuations.   Bitcoin   rallied from roughly a 103,000   to a 105,000,   and then it extended gains to over 106,500   at one point during Monday's Asian hours. The leading cryptocurrency has gained 4% in the past twenty four hours with altcoins such as, I don't care.  

They're shit coins. I'm not going to report on it. Stop wasting my fucking time. It's also worth noting   that drawing parallels with 2021   doesn't, well, quite hold up.   Back then,   inflation was well below the Federal Reserve's 2% target, and interest rates were pinned to near zero. Now both factors encouraged   increase   increased risk taking and market exuberance.   Today,   well, rates stand about 4% following recent cuts, and inflation remains at least a full percentage   point above the Fed's target.   This raises a crucial question,   whether recipients of the tariff dividend,   whether through direct stimulus payments   or indirect measures like tax cuts, will channel those funds into crypto trading or opt to save them instead.  

Who knows?   I'm I'm actually just surprised that, you know,   that Lynn Alden continues to be correct. Nothing stops this train.   Elections that the little the the little, you know, gubernatorial   elections that happened, like, last week or the week before, I can't remember when, you know, some of the mayoral elections in the larger towns   didn't go Trump's way.   Is it possible that he's carrying a little favor with the voting base?   Who knows, maybe? But, you know, I wouldn't you know,   I'm not gonna send the check back. If they if they drop a check into the mailbox, no. I'm not sending it back.   I'm going to buy Bitcoin with it. That's exactly what I'm going to do with it. So moving on to JPMorgan,   what do they think about Bitcoin?  

Well, they just increased their Bitcoin ETF holdings by 64%.   So I guess JPMorgan   is rather bullish. Alex Larry from Bitcoin News tells us a little bit more.   JPMorgan   Chase   has increased its investment in Bitcoin through BlackRock's iShares Bitcoin Trust.   According to recent filings with the US Securities and Exchange Commission,   the bank now owns about 5,280,000.00   shares of the Bitcoin ETF,   and that is a 64%   increase from what it held   just last June.   As of 09/30/2025,   those shares were worth around 343,000,000,   up from 302,000,000   the previous quarter. The large jump shows that JPMorgan   and its clients are becoming more comfortable   with getting exposure to Bitcoin through regulated investment products like these ETFs.  

The move is especially notable because JPMorgan CEO, Jamie Dimon,   was once one of Bitcoin's biggest critics.   In the past, he called Bitcoin a fraud and said the government should, quote,   shut it down, but things have changed   now   clearly.   JPMorgan's   filing show a strong and growing interest in Bitcoin investments.   The rate at which the firm is increasing its exposure suggests that its high value institutional clients are as well.   The bank's 13 f filing also revealed   that JPMorgan holds options related to the Bitcoin ETF,   About $68,000,000   in call options and a $133,000,000   in put options. This means the bank isn't just investing directly, but   is also using financial strategies to manage risk and take advantage of price movements in the market. JPMorgan's   increased holdings come at a time when Bitcoin's prices   go through a little bit of a rough patch.  

The digital asset has recently fallen by about 20% from its record high of a 126,000,   is trading near a 100,000 by the October.   The drop was caused by a wave of selling and liquidations in the futures market   after broader economic worries including,   again,   new US tariffs on Chinese imports.   Despite the dip, institutional interest hasn't disappeared.   Eric Balchunas, the senior ETF analyst for Bloomberg,   recently clarified   that during the market downfall,   ETF holders   had the steadiest hands   with less than point 5%   selling of holdings.  

On November 6, US spot Bitcoin ETFs broke a six day outflow streak with $240,000,000   of net inflows.   BlackRock's iBit   led the rebound attracting a 112,000,000   in new investments in just one day. This shows that big investors will see potential in Bitcoin   and JPMorgan's   larger position   supports that trend.   So the bank's analysts are now much more optimistic about Bitcoin's future. In a recent report, JPMorgan   suggested that Bitcoin could climb to a 170,000   within six to twelve months.   The bank's analyst   stated   that Bitcoin currently seems   undervalued   compared to gold. They said Bitcoin's futures leverage   has normalized,   indicating excess risk has been clear from the market,   citing that volatility in Bitcoin has eased while gold's has risen.  

Risen. Sorry. Risen.   Not so fast, ladies and gentlemen, on on that point about the risk has been or the, the all this   futures guys have been washed out.   James Wynne is still active,   and he, if you believe this guy,   he's the guy that keeps shorting Bitcoin all the time.   What he said and again,   I don't know. I I've never met the man. I I'm not watching him, so I don't know whether I believe the following or not. He has liquidated   everything,   all of his altcoins.   He's gone all in on shorting Bitcoin to $92,000   a coin.  

This is a man who has been liquidated   12 times   in twelve hours.   Not not shitting. At least that part we that part seems the, you know, the most confirmable   because we can see a wallet that, generally speaking, people agree are definitely James Wynn is definitely James Wynn's wallet.   Right? But this guy, I've talked about him at least three times before on this show. He keeps getting his ass handed to him, like, all the time.   So now   he said he is either gonna make a $133,000,000   when Bitcoin goes down past 92,000,   or he's going to be completely liquidated for the final time,   and he's going to delete his x account, and he's still gonna be able to have enough money left over to walk off into the sunset with his wife and four children and not even blink. And I asked the question,   what then what are you trying to prove?  

I I don't I don't I don't understand gambling. I I guess I'm one of these people that literally look at people that gamble money and just think   it's stupid.   I don't care if you're betting on whether the cat crosses the road or not. I don't care if you go to Vegas and you're actually play poker, I can almost deal with. Poker is actually a game of skill, but roulette, no. There's I got I got a system. No, you don't.   You do not have a fucking system.   Well, I I I know how to throw dice. I I I got a system for craps. I know exactly where to no, you don't.   No. You don't. I had I had a stepdad that used to tell me that. He knew exact he could get box or, or you get sevens every single time.  

Bullshit.   He's full of shit. He was full of shit. He's dead now, but he was full of shit then. And if he's telling people in heaven or hell wherever he went after he died, that same story, then he's still full of shit. You do not have control of the dice.   You do not have control of the roulette wheel.   You do not have control of the one armed bandits.   About the only thing that I can think of in Vegas   that that requires   real skill   is like blackjack and poker.   That and and so from that standpoint, I'm like, hey, man. More power to you. But people have bet on sports, you know, sports games and and one armed bandits. I just I think it's the dumbest thing in the world. This dude,   this James Wynne guy,   I I mean, why don't you just how about this? How about you not risk losing that much money if you can still walk off into the sunset with your family and be happy?  

Why gamble?   If somebody can tell me,   like, just give me a boostgram or something and say, well,   here's here's why people gamble and and you're being a you know, it's okay. You can you can say you can go, dude, you're being a bit of a curmudgeon, man. Have have some fun.   I don't look at putting money into a brown paper bag and lighting it on fire to find out if the money inside burns or not is a quality waste, you know, quality use of my time here upon this god's green earth. But if you've got a reason,   if you vehemently   disagree with me that somehow or another gambling is good and gambling is right and it's righteous and it's a it's the noble, ethical, moral path to take, then I wanna hear why. Because, otherwise,   I think this James Wynne dude   is a dickhead.  

Let's run the numbers.   CNBC   Futures and Commodities Brent North Sea Oil is up point 14%   to $63.72   a barrel. West Texas Intermediate   up slightly   to $59.78   a barrel. Natural gas is down a third to $4.30   per thousand cubic feet. Gasoline is up point 87%   to a buck 95 a gallon. And Murbaughn crude is up point four percent back to $66.15.   All of the shiny metal rocks are   doing very well today. So palladium is up 3%. Gold is up two and a third. It is now back up   to $4,105   a troy ounce.   Platinum is up over 3%. Silver is up over four. It's chilling out at $50   per Troy ounce. Copper is up 2%   today.  

Every single   ag future is also in the green today. I guess we're okay with the I guess the agricultural tariff scare is over. I   I don't know. But the biggest winner is   coffee. Yeah. Coffee. 2.2%   to the, upside.   Lumber is the biggest loser, I guess, in comparison. It's up only 0.09%.   Meanwhile, live cattle,   up 3%. Lean hogs up 3%, and feeder cattle up 2.8.   The S and P is up a point. Nasdaq is up 1.6%.   Dow is up a third of a point, while the S and P Mini is up almost a full half point.   And Bitcoin's doing okay. It's a $105,800.   That is a $2,110,000,000,000   market cap. We can get 25.8   ounces of shiny metal rocks with our one Bitcoin, of which there are 19,946,719.9   of. An average fees per block are   nominal, 0.03   BTC,   taking in fees on a per block basis. There's 30 blocks   carrying 61,000   unconfirmed transactions waiting to clear your high priority rates. Gonna cost you one. Low priority rates gonna cost you the same. And we're still in Zeta Hash territory. 1.05   Zeta Hash's per second is the current hash rate of the Bitcoin   network. And from humanity on brink,   I got Richard Whitman 200 says pep slot.  

Oak Grove with 1,019   says regarding Meta Planet buying back stock.   I mean,   corporations are gonna corporation.   It is a valid technique   mired by the long list of other superorganisms that have already looked out for their own self interest over the community.   Our bias lies in whether we want other BTC corporations   to follow suit.   Oak Grove comes back with 1,151   SAT says,   sat for the previous episode,   I've changed my formula for boost. I divide the time of the episode over   one   hour and multiply that by the episode number.   So 3,441   over 3,600   multiplied by 12 o five equals   1,151   sets. Now you can't unhear that. That's right.  

Oak Grove coming back with, wow, 1,206.   Brother, thank you. Says, for a palate cleanser, here are some experiments with low time preference.   And then he references this particular episode   of, you know,   humanity on brink.   Wartime with a 100 33 says, cheers.   Psyduck with 765   says   Psyduck.   Jason Hyde with 200 says, thanks for the news. We can use. You're welcome, brother.   And,   let's see. Brent   Kearney   with twenty one hundred says, your efforts are appreciated.   Yeah. But your sats are appreciated even more.   And KT with five k sats says, rant on a fucking men.   A fucking men.  

And thank you for mentioning the dead babies in the other countries. Unfortunately, I don't think they count when your own tax dollars fund the killing.   Such hypocrisy   and such utter bullshit on all fronts. The samurai wallet guys should have helped fund the White House Ballroom. Maybe then they could have gotten a pardon. Wow. And Kazakhstan   is making an announcement   about an announcement   about buying an ETF.   What fucking pioneers.   And everyone knows the best way to build a reserve is by illegally   confiscating alleged illegal funds, take a bite out of crime, thanks for the cynicism   and sarcasm.  

It pulls on all my heartstrings. You got it, brother. 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. Bank of England   proposes a £20,000   cap on retail stable coin holdings.   If you got more   than £20,000,   I guess you, what, can't have it? Can't hold it? I I don't know, man. These people, I I don't think they quite understand how all this works. But Vince De Aquino is gonna tell us more out of decrypt.   The Bank of England has proposed. It's just a proposal.   Everybody calm down.  

The Bank of England has proposed   temporary   limits on stablecoin holdings   for retail   and business users and new rules   for how issuers can manage their reserves.   In a consultation paper published on Monday, the central bank said individuals would be allowed to hold up to 20,000   British pounds sterling or about $26,000   in a single systemic stablecoin   while businesses would face   a £10,000,000   cap. Notably, the proposal would not cover stablecoins used as assets   for non systemic purposes such as the buying and selling of crypto assets.   The predominant use of stablecoins today, wrote the bank.  

The restrictions   are described as   transitional,   designed to prevent sudden outflows from, guess who,   traditional bank deposits during the initial phase of adoption. They are freaking terrified of this stuff. They have no control over it. It's gotten huge. It is stable. I mean, look. You can hate stablecoins if you want.   I don't. I don't use them either,   but I don't hate them. Not inherently. Not yet, anyway. I'm I don't know. I'm I'm I'm sort of like got that, you know, I'm I'm watching you, man. I'm watching you. But   what makes me smile every single time   is watching Tether just walk all over the dead bodies of the central bankers because even though they don't realize it,   they are dead.  

They died a while ago. They just nobody's really come out and given them the bad news.   And it makes my heart   sing   every single time I see this. They are freaking terrified   that all of a sudden one day there is going to be a major run on banks   to go into stable coins because the citizenry of the world has gotten their fill of the bullshit.   And these guys are not gonna be able to meet that demand,   And it is going to cause   huge   problems, and they're not gonna be good problems for for anybody around the world. But   if we I mean, if if you if you were with one of the people that are out there that says we need to burn the whole system to the ground, this is what burning the whole system to the ground looks like.  

And it's not going to be easy.   Is it just please understand   that if you're sitting there twisting your mustache, just waiting for that match to fall on the the diesel soaked pile of rags,   you might wanna back up a few steps because you will probably get your ass burned too. All of us will.   Alright? So let's   you know, it does need to burn to the ground.   But somehow or another, we need to take steps to insulate   ourselves   from the conflagration   to come. But   there was sorry. Excuse me. According to the bank, the limits would be loosened and eventually removed once the risk to financial stability subside.   Good luck. The proposal   applies to stable coins recognized as systemic, meaning   those that could be widely used in everyday payments. Think Tether, think Circle.  

Nonsystemic   tokens will be regulated separately by the Financial Conduct Authority.   Those are more specialized, like little like Trump like the Trump probably, they would include the Trump,   stablecoin   as sort of non non systemic.   But Tether and Circle   and maybe even Pi USD,   yeah, they're gonna consider those systemic.   The the consultation   of companies that detailed financial stability paper that outlines   how issuers would be required   to maintain backing act assets   up to 60% of the reserves could be held in short term UK government debt   with the remainder held as unrenumerated   deposits at the central bank. The paper notes   that allowing   greater share in interest bearing instruments could affect trust and confidence in money by limiting liquidity during periods of stress.  

The central bank said it also   is considering   providing   recognized   issuers access to its liquidity   facilities   to ensure   they can meet redemption request. It it it's acknowledged that the size and structure of The UK short term debt market may not support   large scale stable coin demand   in its current form, pausing to say, and that's why Tether   is going to take all of that shit away from all of these bullshit stable coins that The UK think are gonna become to rise   in The UK.   They're they will, but they're they're not gonna gain traction.   They're they're just not.  

And   Tether is basically going to be buying United States debt like it's going out of style. The United States Treasury and Federal Reserve   have their buyer of last resort. Used to be the Saudis and the Chinese and the Japanese. Those are the guys you could always count on them to come to auction,   but they they're not really showing up the way they used to.   And nobody's really talking about it, but the last few bond auctions   look pretty freaking anemic.   But it doesn't matter. We've got Tether.   And The United States is going to it's gonna be a debt jubilee.   And that debt is going to land in every other country first before those chickens come home to roost. You do not wanna be caught with your britches down not having Bitcoin when those chickens come back to roost if you're living in The United States.  

You're gonna want Bitcoin anyway.   The UK's cautionary approach is aligned with how the government has been dealing with crypto regulation for quite some time now.   Sasaya Lopez, head of policy and research at   god. Solana's super team UK told the crypt, the bank's latest proposal   represents a softening from its 2023   discussion paper, which recommended that all reserves   be held as central bank deposits only, quote,   requiring systemic   issuers to hold some of their reserves in central bank deposits could actually give the great British pound backed stablecoins a structural edge   since their reserves would be in central bank money rather than commercial bank deposits.  

Lopez said, in turn, this could, quote, help strengthen confidence and systemic resilience   while the caps could be lifted once risks to the BOE,   are, you know, have subsided, she added.   Lopez warned, however, that if The UK fails to get the review process and transition right,   it could negatively affect the country's ambitions   to be a leader in digital asset payments.   I'm gonna put that one to bed right now.   They won't.   It's too it's too late.   It's too late for The UK to join in this. It's too late for China.   It's too late for Japan.  

Too late for Australia. Too late for Canada. Too late for New Zealand.   That leaves The United States,   Latin America, the shit that's going on in Central America.   And I'm gonna put this in here, The Middle East. They seem to have been they seem to have done very, very well wrapping their heads around this shit. And they didn't start   this year. They started quite a while ago trying to figure all this crap out.   And here comes The UK   being terribly British as they are, were just a little too slow   eating their crumpets.   And they think that they're gonna have a shot in hell? No. Sorry, buddy.  

It's too late for you.   Is it too late for Rumble? I don't know. Well, let's talk about Rumble.   This is James Hunt writing for the block. Rumble   and Northern Data   signed a merger agreement as Tether   makes a $150,000,000   artificial intelligence   commitment. Oh, god. What so what the hell is this all about? Rumble   and Northern Data have signed a business combination agreement that will see The US video and cloud platform   submit a voluntary   public exchange offer for all outstanding shares of the Frankfurt listed AI and high performance compute infrastructure   firm. The merger, announced on Monday, comes shortly after Northern Data   sold off its Bitcoin mining subsidiary,   Peak Mining, in a deal worth up to 200,000,000   and marks an expansion of Rumble's cloud and AI ambitions with the addition of one of the largest   GPU   estates in Europe. It also deepens Rumble's ties with Tether,   which is committed to sustained   customer and commercial support   tied to the transaction.  

Under the proposed offer, each Northern Data share may be tendered   for 2.0281   newly issued rumble class a shares   with no minimum acceptance threshold, meaning that the offer   can close   even if only a small portion of shareholders   accept it. However, that's down from 2.319   newly issued shares   proposed by Rumble   when it first announced plans to acquire Northern Data back in August, which was then valued as a potential 1,170,000,000   deal, and now it's dropped all the way to 200,000,000.   Or what was it? A 150?   Yeah. So 155?   150,000,000.  

Wow, dude. That's   whatever. Okay. Cool.   At Friday's closing price of $5.89   for each RUM   stock   according to the Block's rumble price page, that   could value the deal at around $767,000,000.   A potential cash   component of up to 200,000,000   may also be paid to participating shareholders,   taking the total value to 967,000,000   contingent upon Northern Data completing the successful sale and commercialization   of its former Corpus Christi   Chris Corpus Crispy   Corpus Christi   HPC   site   under an existing exclusivity   agreement with an unnamed global infrastructure asset manager.   The deal is expected to close in the first or second quarter of twenty twenty six,   pending   regulatory approvals and satisfaction among other conditions with Northern Data shares delisting thereafter.  

Northern Data shareholders would hold   about 30.4%   of rumble on a pro form a basis if all   Northern Data's equity, including Tether and shareholders affiliated with Northern Data CEO,   Arush,   Philanathan   Philanathan.   I'm not even gonna try a third attempt there.   They've committed to sell on the same terms as the public offer at completion.   Rumble will also acquire   Northern Data's   roughly €610,000,000   or $705,000,000   shareholder loan from Tether.   Half of the balance will convert into Rumble shares priced at $7.88,   with the remainder refinanced through a new secured loan from Tether.  

For Rumble, the deal would add around 22,400   NVIDIA units   across its h 100 and h 200 models, as well as a network of owned and co located data center sites, including Northern Data's   180   megawatt capacity   Maysville,   Georgia department, quote,   Northern Data,   Tethr,   rumble.   This is how we build the AI ecosystem for the future, from the ground up. Rumble chairman and CEO, Chris Pavlovsky,   said, quote, freedom first is the new way forward for tech.   Unlike big tech, it represents a future where technology empowers   rather than controls   built on the principles of free speech, privacy, independence, and resilience.  

Freedom first seeks to ensure that people,   not unaccountable   digital gatekeepers,   are in charge.   Unaccountable   digital   gatekeepers.   You know what   you know what term that reminds me of?   Those fat cats up there in Washington, DC.   That it it does. It it reminds me. This is that statement, by the way, half of it is at least suit speak.   Just   saying. Tether,   which completed a $775,000,000   strategic investment in Rumble in February, simultaneously   agreed to become an anchor customer for the merged entity.   The stable coin issuer will commit to purchasing up to a $150,000,000   of GPU services   over two years following the deals closed, positioning the company to build AI models on infrastructure   outside of hyper scale cloud providers.  

Rumble said the arrangement will allow Tether to pursue long term AI development insulated   from censorship or platform restrictions.   Tether also   entered into a separate   $100,000,000   advertising   agreement with Rumble,   spanning $50,000,000   per year over 2026   and 2027.   The commitment is intended to drive adoption of Rumble Wallet   and expand creator monetization   on the platform   while supporting   new advertising formats linked to Rumble's payment ecosystem.   Earlier on Monday, Rumble reported third quarter twenty twenty five revenue   of 24,800,000.0,   average revenue per user of $0.45   a share, I guess.  

No. Wait. Per user. Average revenue per user at 45¢.   That's an interesting way to look at it, I guess. Anyway, it it's a or there's a reduced net loss of $16,300,000.   The company ended the quarter with 300 and, no, 293,800,000.0   in liquidity,   including 269,800,000.0   in cash, and 210,082,   which is about 24,000,000.   I don't know. That's the the last part of this news story just kinda went off the rails for me. My apologies.   Jeez, if it did, it's just I don't know, man.   It's either me not reading well,   or this   news story was written in a really shitty manner. It doesn't matter. Let's not lay blame. Let's move on to mining.  

Phoenix Group launches a 30 megawatt facility in,   of all   places,   Ethiopia.   Yeah.   Ethiopia. I keep telling people,   do not   do not do not do not sleep on Africa.   This is from Atlas twenty one.   Phoenix Group listed on the Abu Dhabi Stock Exchange   has inaugurated   a new 30 megawatt Bitcoin mining facility in the Ethiopian   capital,   Addis Ababa.   According to the company, the facility was developed in collaboration with Ethiopian   Electric Power,   the state owned power provider   at Bollemi   Industrial Park.   The plant covers   6,250   square meters and increases Phoenix global mining capacity to about 1.9   exahashes per second.  

The infrastructure is designed to support future computational loads, of course, including artificial intelligence and high performance compute.   Phase one   of this situation is the activation   of 20 megawatts with around 5,300   air cooled mining units,   And then phase two   scheduled for the end of the 2025,   which is that's already passed, but whatever.   Adding 32 megawatts using liquid cooling technology.   Third quarter financial results reveal that Phoenix mined a total of 305   Bitcoin,   not bad,   of which 195   Bitcoin came from self mining activities.   This corresponds to an effective proprietary hash rate of approximately   4.34   x a hashes per second.  

As of the September,   the company's operational treasury held 682   BTC.   Not bad. Phoenix Group has announced expansion plans for the up upcoming   quarters   in q four.   An additional 62 megawatts in Ethiopia   and 44 megawatts in North America are expected to come online.   For 2026,   the company plans to launch yet another 90 megawatts of capacity.   According to corporate projections,   the self mining hash rate is expected to reach around 13 exahashes per second by early   twenty twenty five.   Dude, what? I think Atlas twenty twenty one has got this these years. I think they're writing these these years wrong.   I'm looking at the date   November this was written November 10. This was written today   in 2025.  

So that's a mistake. I'm pretty sure they mean by early twenty twenty six   tripling   current performance.   This is kind of a lot bigger than than than you might think.   I mean, a, it's Ethiopia.   B, it's in Africa, and I've been saying you need we need to keep our eyeballs   firmly looking   at Latin America,   the Continent Of Africa,   the Baltics,   the Balkans,   The United States. That that's where we need to be really be looking. Because the rest of the world   kinda like   I don't know. They're just they have just completely dropped the ball. Doesn't matter though.   Last one for the day.  

You you knew I was gonna do it.   Michael Saylor strategy buys another 487   Bitcoin   for $50,000,000   as the total holdings now reach 641,692.   BTC James Hunt   from the block says Bitcoin Treasury Company strategy acquired   additional Bitcoin   according   to,   an eight k filing   and bought the Bitcoin somewhere between November 3 and November 9.   Strategy now holds 641,692   Bitcoin. It's about $68,000,000,000.   All the Bitcoin was bought at an average price of 74,079   Bitcoin for or per Bitcoin for a total cost of around 47,500,000,000.0.   So say what you will, he's still   doing really well on this trade, man.  

But, you know,   I kind of expected him to buy,   and he didn't he didn't disappoint. And I know that there's a lot of people out there that really don't like Michael Saylor,   and don't like the position that he's put Bitcoin in. But if you really believe that one person can put Bitcoin in any kind of position,   then we've already failed.   The only position   that's anybody is in because of Michael Saylor   is your perceived   value of the price of Bitcoin in terms of United States dollars   or some other fiat currency that you're familiar with.   That's the only it's it's it's your it's   it's what you think is going on. That's the only thing that's in danger. Bitcoin?  

Bitcoin will be just fine,   trust me.   Alright, man. It's Monday, tomorrow is Veterans Day.   Probably be able to bring you a a show, but my kids and my wife are all gonna be home, so it may not happen. It may not happen. But you do me a favor,   five star reviews on Apple Podcasts   really helps the show. I cannot tell you how much it helps the show.   You know, if I tweet it or if I put it on Noster, the show announcement, then, you know, retweet it and renosterize it. Tell your friends and family. Throw me boostograms.   Do all the things   to help a brother out, and I will see you on the other side.  



[00:56:51] Unknown:

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  

[00:57:02] David Bennett:

a   great   day.