Share on social media:

Episode 1222 of Bitcoin And . . . is LIVE! 

Topics for today: 

• UK Defines BTC as New Property Type
• Binance Now Has Two CEOs?
• NASDAQ to Raise IBIT Options 4x
• Saylor is "Talking" to MSCI About Exclusion

Circle P:

 
Oshi
 Artisan pecan butter, date bars and chocolates
 Website: https://www.oshigood.us/products
nostr Profile: https://primal.net/p/nprofile1qqswp94gnm4epqsgjkndl4lnd8krzdj5u4mzuppdtxksdymkty63g7gdurlfc
 

Today's Articles:

 
https://bitcoinmagazine.com/news/uk-formally-recognizes-crypto-as-property

https://atlas21.com/ten-european-banks-set-to-launch-a-euro-stablecoin-by-2027/

https://www.theblock.co/post/381196/binance-appoints-co-founder-yi-he-as-co-ceo-alongside-richard-teng

https://decrypt.co/350649/white-collar-fraudster-jailed-in-uk-after-converting-650k-in-company-funds-to-crypto

https://bitcoinnews.com/p/nasdaq-raise-trading-limits-ibit-options-4x

https://bitcoinmagazine.com/bitcoin-mining/horeb-energy-and-veolia-are-mining-bitcoin-at-2-5%c2%a2-kwh-with-colombian-landfil-biogas

https://cointelegraph.com/news/strategy-michael-saylor-msci-potential-exclusion-engaging

https://decrypt.co/350731/anthropic-starts-early-ipo-prep-possible-2026-debut-report

Get You're Free Comfrey Owner's Manual Here:
https://www.bitcoinandshow.com/the-comfrey-owners-manual-is-here/

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

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

Twitter:
https://twitter.com/DavidB84567

StackerNews:
stacker.news/NunyaBidness

Podcasting 2.0:
fountain.fm/show/eK5XaSb3UaLRavU3lYrI

Apple Podcasts:
tinyurl.com/unm35bjh

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

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

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

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

[00:00:02] David Bennett:

It is 11:08AM   Pacific Standard Time. It's the December   2025.   This is episode twelve twenty two   of Bitcoin and   what kind of news do we got today?   Well,   we we went past $93,000   per Bitcoin.   So there seems to be something going on in in the markets, and   apparently, it comes down to an ADP weak jobs report because we're also seeing some some flighty prices going on in, in the equity markets. Dow is up right now, like, 410   points.   And what this means is that everybody's hoping for a rate cut. So there's that as the macro.   But in The UK,   it appears   that Bitcoin is going to be categorized   as a brand new property.  

I promise you I'll get into that one.   And then staying in Europe,   we've got 10 banks   that wanna launch a stablecoin.   They're gonna do it together. They're gonna do it separately. I'll well, I'll tell you all about it. And then we got some Binance news that I think is extraordinarily   weird.   It's just weird. And may you know, maybe it's not in the business world at that that scale. I don't know. But   honestly, man,   the hackles on my neck rose up pretty much instantly when I read this one. And then,   well, they caught somebody   defrauding some people in in UK or at least defrauding a company.  

I promise you, I will tell you about that one.   Nasdaq   wants to supersize its trading limits.   An energy well,   a mining slash energy company,   is mining with landfill gas, but this time in in Colombia.   So we'll get into that one.   And strategy is fighting back against this whole MSCI   business,   and then we're gonna go talk about an Anthropic   and their IPO prep. So that should cover us for today.   Let's go across the pond, across the Great Atlantic   to The UK where they have passed   a bill formally   recognizing   crypto as a new category of property.   Micah Zimmerman starts us out with Bitcoin magazine.  

The United Kingdom   has officially written crypto into its legal framework   as a distinct   form of property.   On Tuesday, the Property   Act 2025   received royal assent   from his majesty,   King Charles the third,   completing its passage through parliament   and creating a third legally recognized category   of property   specifically for digital assets the act po, passed on both   in both houses   without any amendments,   which is also odd.   The new classification   places assets such as Bitcoin, stablecoins, and, god forbid, NFTs into a bucket   separate from traditional,   quote, things in possession,   like physical objects,   or, quote,   things in action,   like contractual   rights.  

Policymakers   say the reform was needed to modernize property law for the new digital era, Quote, a third category of property now exists, and it finally gives legal protections   to the SATs you hold, said Susie Ward, CEO of Bitcoin Policy UK.   Her group's chief policy officer, Freddie   New, called the act potentially, quote, the biggest change in English property law since the middle ages.   Probably more like the dark ages, but whatever. The reform stems   from a 2023   recommendation by the law commission,   which argued that digital assets   did not fit neatly into existing legal categories.  

The bill was introduced into the house of lords September 2024 before moving swiftly   swiftly through parliament.   While UK courts had already been treating crypto as property in rulings over the past several years,   the approach relied on case by case judgments.   Trade Association Crypto UK said that codifying the principle in statute   offers   much clearer legal pathways in matters involving theft, fraud, insolvency, and estate planning. Quote, this gives digital assets a much clearer legal footing,   especially for things like proving ownership,   recovering stolen assets,   and handling them in insolvency   or estate cases,   Crypto UK said in a statement. Lawmakers   also frame the legislation as a boost,   a boost to consumer and investor protections. Quote, by recognizing digital assets in law,   The UK is giving consumers clear ownership rights,   stronger protections,   and the ability to recover assets lost through theft or fraud,   Grinder Singh Yosan,   cochair of the crypto and digital assets all party parliamentary   group, told CoinDesk.  

The royal assent,   the royal nod as it were, was formally announced in the House of Lords around   02:30PM,   Tuesday, marking the moment the bill became law.   Earlier this year, The UK lifted its four year ban on retail access to Bitcoin and crypto ETNs,   allowing firms to offer the products on FCA approved exchanges.   After the ban,   BlackRock then launched its fully backed iShares Bitcoin ETP,   the   I b the the number one t, so iBit, but I is replaced by the number one, on the London Stock Exchange. And meanwhile, the UK government is reportedly weighing a ban on crypto donations   to political parties as it drafts its upcoming elections bill according to people familiar with internal discussions.  

The move would directly affect   Nigel Farage's Reform UK, which became the first British party to accept digital asset donations and has already received several. So my question that's the end of the article. My question is this. How can you,   as a government,   recognize a thing as property and then deny   the allowance of possession of said property?   They're they seem to want to deny   Niall Farrar or Nigel Farage,   and   I don't it doesn't matter what you think of them. It it really doesn't.   Here, you got a law that says crypto is property,   but you can't   if you're this particular kind of person, you can't you can't take that property. They'd allow Nigel Farage to take British pounds,   you know, or euros, I suppose,   but not Bitcoin?  

Nah. See, nah. No. No. No. No. I call bullshit.   That's complete bullshit. But   in either event, The UK not only has it recognized   Bitcoin as a digital property   and given it property rights,   but they had to build   a third basket of   of of property.   They got the they got the standing property, they got the property in action, and they've had that, like the article says, probably since the middle ages.   This will be the first time   in UK history   that a third kind of property has been defined into law   in The UK.   And it honestly, this could have been anything. It didn't have to be Bitcoin and and and digital assets or whatever. It could have been something else. Let's say that Bitcoin didn't even exist.   This is a profound   change   in property   legislature   in The UK   that hasn't been seen since the Middle Ages.  

I find that I I think that this is really profound if you look at it sans Bitcoin.   I mean, they've had two kinds of property   legally defined   in The UK since the middle ages, but not as of today.   Because as of yesterday at 02:30PM,   I suppose their time,   King Charles gave his royal nod,   and all of a sudden, boom, a third kind of property now exists as a legal structure.   And it doesn't matter if it's Bitcoin or not.   I think it's profound. It becomes   more profound   because it is about Bitcoin and digital assets.   However,   because for the mainstream media,   because it's Bitcoin and digital assets,   the profundity   of this issue   is probably not really gonna be talked about. And I can bet you my bottom daughter that dollar that 80%   of the citizenry of The UK will not even know   that they now have a third kind of property.  

And they will probably won't know   for, like, ten years. It'll be interesting to see what else falls into this basket,   but, hey, good for The UK. Let's move on to the rest of Europe where 10 European banks   are set to launch a euro stablecoin by the year 2027.   You're   too late.   I'm just saying you're too late, man.   You're too late. Your your lunch has already been eaten. You just don't know it yet. Atlas21.com.   A group of 10 European banks has announced plans to launch a euro stablecoin in the 2026.   The initiative is taking shape through q Keyvalis,   an Amsterdam based entity formed by the 10 banks.  

BNP Paribas   is among the participants   and confirmed its involvement in an official statement. The goal is to create a stablecoin fully compliant with Mica regulatory framework, the EU's digital asset regulation.   Jan Oliver Selle, the CEO of Keyvalles,   highlighted the strategic importance of the project. Quote, a native euro stablecoin isn't just about convenience. Oh, no. No. No. No. It's about monetary autonomy in the digital age   presenting new opportunities   for European companies and consumers to interact with on chain payments and digital asset markets in their own currency, end quote.   The launch is subject to regulatory approval from the Central Bank of the Netherlands.  

Okay.   How important is the Central Bank of the Netherlands then? If these are if wait. This is   ten   ten European banks. Are they all in The Netherlands?   I I don't think so. So what's going on with the Central Bank of the Netherlands? Why are they so important?   Oh, well. The project comes amid an an evolving regulatory landscape.   While Europe progresses with the micro framework, The United States enacted the Genius Act establishing a regulatory framework for payment stablecoins   signed into law by Trump in July 2025. This legislation represents the first structured US effort to regulate the sector.   Monetary authorities have expressed concerns.  

Well, no shit. Really? You think? Olaf's governor   of the Central Bank of the Netherlands,   apparently very important bank,   reportedly raised doubts about potential monetary policy risks stemming from the expansion of the stablecoin market.   The European Central Bank, there you go, the European Central Bank has taken a more cautious tone.   In a report published in November, the ECB stated that risks associated with stablecoins are likely limited   while noting that, quote, their rapid growth warrants careful monitoring.   Yeah. I brought you that story a couple of weeks ago. According to Jurgen Schaff,   an ECB adviser,   euro stablecoins   had a market cap   below €350,000,000   representing less than 1%   of the global market as of July. So there you go. So we got 10 European banks   that are collaborating   together on release of a single   stablecoin, which would be, I guess, pegged to the euro.  

However,   there is some fuzz here.   Again, I I I gotta come back to it. Why the Central Bank of the Netherlands   seems to be leading this charge and not the European Central Bank?   That   that one raises the hackles on the back of my head as well.   What's going on there? Why is Central Bank of Netherlands so important?   If you happen to live in The Netherlands and you would like to give me a big old boostogram   for the show to help support the Bitcoin and podcast,   Let me know why the Central Bank of the Netherlands   is so freaking important   that they're the ones that are spearheading   the release of a euro stable coin.  

If please do that, I I I really wanna know why it's not the European Central Bank   that is more involved. Why is it the Central Bank of the Netherlands?   Whatever. Speaking of hackles being raised, let's go to Binance where they've made a big, big, big, big, big announcement   from the block.co   written by James Hunt.   Binance appoints   the cofounder   Yi He   as new   co CEO   alongside   Richard Tang,   the current   CEO.   Co CEO. That   right there.   Right there.   Why do you need a   co CEO?   You have a chief executive officer.   You might have a vice chief executive officer, but you don't it's like the president. We don't have two presidents in The United States. We have president,   and we got a vice president.  

You got a CEO,   and then you got the rest of the c suite. Chief operating officer, chief financial officer, chief investment officer,   chief mark chief marketing   chief   bottle washer. Who who knows?   Co CEO.   I don't know, man. Something's wrong about this. Anyway, Binance has appointed the cofounder Yi He   as its new co CEO in the biggest change to its leadership structure since Richard Tang stepped into Changpeng Zhao's   shoes in 11/23/2023   following US enforcement actions.   Tang,   who will continue to serve   alongside   Yi He as co CEO,   announced the news that Binance Blockchain Week in Dubai on Wednesday amid claims that the crypto exchange giant is now closing in on 300,000,000   users.  

Yee He previously held the role of chief customer service officer.   I never even knew there was such a thing. At Binance,   according to her LinkedIn page,   having been involved in the company's operations for over eight years since it was formed in 2017,   quote,   Yi   has been an integral part of the executive leadership team since the launch of Binance.   Her innovative and user focused approach has been instrumental   in shaping the company's vision culture   and bottom up business strategy,   Tang said in a statement. And he continues, quote, this appointment is a natural progression,   and she will continue to guide the organization   from strength   to strength.  

Another quote,   I am honored to build alongside   Richard who brings decades of experience in regulated financial markets and was among the first to regulate crypto in its early days, Yi He said. She continues,   saying together,   we bring diverse perspectives   and are confident in leading the future of the industry during this pivotal time. And we responsibly   expand our global or as we responsibly   expand our global presence and drive sustainable innovation   with our users always at the center. Holy shit. Who trained this chick in suit speak?   Again, I read you probably three to four sentences and all of them say nothing.  

God, I freaking hate suitspeak. Put a tie on it and hang it from a limb.   Anyway, fellow Binance cofounder,   Shengpeng Zhao,   well, he took to x to congratulate the new co CEO.   Now hold on to your pants for this one, guys.   Here's the quote.   Yi He   should have been the Binance CEO   from day one.   Great journey ahead with two strong leaders with complimentary skills   leading Binance.   Okay. So you just threw Richard Tang under the bus. This is the guy that stepped in to take over your shoes because you weren't allowed to have a goddamn thing to do with Binance, but yet it should have been Yi He.   It should have been her   that should that should have been CEO   of Binance   from day one. Does that mean that she should have done it instead of you?  

You would have at the early days of Binance, you sure as shit would have been able to actually make that happen,   but you didn't.   So why is it just now that she should have been   the CEO, not the co CEO?   That's not what he said.   What he said was the head honcho. The buck stops with her. The CEO   should have been her   from day one.   What how did how do you think Richard Tang feels about that?   Honestly,   all of these people need editors.   You can't do that again. This is like this is like the Fong Li, Michael Saylor bullshit going on over at strategy.   Somebody   get these two people into a room   and get them all on the same freaking page just once.  

Just once. That way, you won't have to write silly ass suit speak statements   because you don't know where your actual loyalties lie.   God, for god's sakes, fellow   sorry. It's just it this makes no sense.   It doesn't make any what the hell is going on at Binance?   That's the bottom line here. But let's let's continue   with this charade.   Yi, He, and Zhao have known each other since at least their okay coin days.   God, that was a long time ago.   Becoming both business and life partners.   Oh.   And having children together. Oh,   god.  

As if as if it couldn't get any thicker.   The plot thickens again.   They became both business and life partners and having children together. Yee Hee previously described Zhao as a comrade in arms,   comparing the relationship to that of a college roommate.   It's just you can't write this shit. In October,   speculation rose on a potential return for Zhao to a leadership role at Binance amid reports that Trump was considering a pardon for the former CEO. However,   no decision has officially been made. Yeah. Well, the pardon sure as shit was made, so I fully expect, Changpeng Zhao to roll back in. And maybe   maybe that's why we're getting a co CEO to Binance.  

Maybe and and maybe it's happening quicker than anybody wants, which is why we get bullshit suit speak statements.   Nobody seems to be on the same page.   The the the founder,   the freaking founder of Binance himself throwing his own CEO under the bus, and then then turns out   that it's his ex girlfriend,   oh, and baby mama,   that he's installing   as co CEO   alongside Richard Tang,   and then saying, oh, she should have been it. She should have been number one   all along.   Does this sound like a cohesive leadership team to you?   It doesn't to me.  

One of the worst things that you will ever do   is have babies with one of your employees, whether she's a cofounder   or he's a cofounder or not. And then it's a worse idea to continue working right alongside them where you're actually having to engage daily to make active decisions? Because, God forbid, what if you have a falling out? What if you get divorced? What if all of a sudden you end up hating each other? How is that work dynamic gonna play out? It doesn't.   Ask me how I know.   And I didn't actually was I wasn't actually the one in a working relationship. I was working at a company that had one of those, and it is a fucking freak show. Alright? It is a freak show, and nobody should engage in that, which is exactly why human resources love them or hate them, and most people, including me, hate HR.   They do have one standing rule.  

You do not form relationships   with your coworkers.   There's a reason for that.   And when bill hundreds of billions of dollars are on the line   representing   several countries around the world,   you don't wanna have anything to do with this crap.   This is a bad decision on the part of Changpeng Zhao, Richard Tang, and Yi He herself.   All three of them are complicit for allowing a goddamn circus   to grow up around a dumpster fire.   I digress.   Do you want do you want some huddle butter? Because you only got one of the original huddle butters and then oh, wait, wait. There's a there's a huddle butter   bundle.  

Let's see.   From   and this is from oshi good dot US because it's a circle p. It's where I bring plebs with goods and services just like you to plebs just like you who want to buy said goods and services with Bitcoin because if you're not selling your goods and service in Bitcoin, you ain't in the circle p.   But oshigood.us   definitely sells   all of his goods and services in Bitcoin. In fact, he doesn't even list prices in US dollars. He prices   his goods in sats.   And this one is the huddle butter bundle.   One sixteen ounce OG huddle butter and one sixteen ounce crunchy coffee huddle butter. Best of both worlds for fewer sats. Recommended pairings.   Have it on dates.  

Dip it in banana or dip, bananas in it. Steak and eggs. I know it sounds weird, but dude, give it a try. You can put it on chicken. You can have vanilla ice cream with it, but honestly,   best enjoyed straight from the spoon.   If you open one of these, keep it refrigerated,   please.   Just it's it's   he doesn't use preservatives.   He uses   pecans,   maple sugar, sea salt flakes, cinnamon,   black pepper,   and for the crunchy coffee one, he adds roasted arabica   coffee grounds.   So   get you some today. Make damn sure   that you tell them using code Bitcoin and   that you heard about it here on the circle p. You can get pick up both of these for 56,000   sats.  

Believe me, man, I've I've got I've got some of this stuff. It is freaking awesome. Oh my god. Go to oshigood.us.   That's oshigood.us.   Use Bitcoin and and the coupon code. That lets Oshi know that I made a sale for him, and he can get me back on the other side   with some Satoshis.   White collar fraudster has been jailed in The United Kingdom after converting   $650,000   of company funds   to crypto.   Sounds familiar. I did a story like this a couple of weeks ago, but this one's different. And it's written by Simon Chandler from decrypt.co.   A British man   has received a thirty three month prison sentence after being found guilty of embezzling over £500,000   from his employer and converting the stolen money into cryptocurrency,   which he used on gambling websites.  

30 year old Jason Lowe from Skipton in North Yorkshire   had worked at the same Lancashire   based firm since 2016.   But between March 2023 and February 2024, he ended up siphoning off the funds in order to feed his gambling addiction.   That's why I'm telling you. Don't get into gambling.   If you don't gamble now, please, for the love of God, don't start. Otherwise, you're gonna end up like Jason Lowe.   Structured as an employee owned trust where staff benefited from, profit rewards,   the unnamed company   first detected that something was amiss   when its finance department spotted an unusually high volume of payments to two businesses,   Meteor Brand and PPC   Guru.  

Lowe's bank also flagged large sums of money entering his personal account,   including payments via PayPal. Yet, when questioned by the bank, he said that the sums were from the sale of his business,   which had been completed in 2021.   The Lancashire   company's investigation   initially aroused   internal distrust,   conflict, and stress among staff members with low avoiding guilt for a period   by using by the use of lies and false accusations. However, the company submitted an action fraud report in February   2024,   which led to North Yorkshire's police economic crime unit beginning its very own   investigation.  

Lowe finally pleaded guilty to fraud by abuse   of position of trust on Friday and was sentenced at Bradford Crown Court to thirty three months in prison.   A hearing   under the proceeds of crime act will take place at an as yet undecided date in order to begin the attempt to recover those stolen funds. And speaking in a press release, detective constable   Neil   Broadhurst of NYP's   economic crime unit said that the force is pleased,   pleased as punch,   with the sentence handed below, quote,   even though the stolen funds were converted into cryptocurrency,   we were able   to trace the transactions and prove how he benefited.  

Fraud is never a victimless crime.   And in this case,   it highlights the wider ripple effect of Lowe's actions. It undermined morale,   trust, and financial stability across a workforce,   end quote.   While figures on this particular   area of crime remain limited,   experts suggest that white collar crime involving cryptocurrencies is becoming more prevalent with financial crime tending to follow the money.   This is the view of Phil Aries,   a former crypto lead for the National Police Chief's crypto cybercrime program and now the director of UK public sector relations at TRM Labs. He told Decrypt, quote, we're seeing more cases where trusted insiders   misuse access or company funds to route value into crypto for personal trading,   gambling,   or straight up laundering   patterns that closely mirror the rise in traditional   insider fraud during periods of market expansion   or volatility.  

According to Arise, crypto is increasing   increasingly   just another rail being used by inside abusers who can make things difficult for their employers   by using multiple rails at the same time.   A key   challenge faced by firms is deliberate   commingling,   he said,   explaining that it involves blending stolen funds   with legitimate funds such as payroll, reimbursements,   or vendor payments   before rapidly moving them across exchanges,   stablecoins,   bridges,   or obfuscation   tools such as coin mixers to blur their provenance.   While the underlying cryptocurrency   activity remains traceable,   Aris explains   that many employers   and organizations   remain   underprepared   for crypto related white collar fraud. Quote, self hosted wallets,   rapid swaps,   cross chain movements, create blind spots when policies, approvals, and monitoring   haven't been updated, he explained   before adding,   that many companies,   well, they just haven't really kept pace with crypto adoption at all.  

And this failure to keep up with crypto has left gaps   in terms of how firms deal with internal access controls,   cryptocurrency   wallets,   and conversion of company funds into digital assets.   However,   while there also remains regulatory gray areas around crypto related insider trading and white collar crime,   Arris affirmed that the transparent nature of crypto may ultimately enable the rapid and effective detection of criminal activity.   He explained,   quote, the key   is operationalizing   the that transparency   by equipping finance and audit teams with blockchain   analytics,   strengthening transactional controls, and ensuring real time anomaly detection   is part of the compliance toolkit. So that's the end of the article, but that's not the end of the crime   because this article brings up a very, very good point, a very salient point.  

Remember how I I always talk about this.   For ten years, banks were basically pointing at us and laughing instead of wrapping their head around how all this shit works. And now all of them are behind and they have to rest on their laurels of   the knowledge of regulatory   arbitrage   and regulatory   moting   to be able to buy enough time so that they can finally get up to speed. It's like the it's like the high school kid that's got a term paper due.   He's had six weeks to work on this term paper. When does he actually decide to write it? The night before. Is it gonna be good? No. Is he gonna get a passing grade? Probably   not.  

But it's the same deal here with companies this time. It's not banks. It's not the high school student. It's private companies.   Think about it.   If it took this long   for banks,   both small, medium, and large,   to start going, this shit's not going away. We gotta wrap our heads around it.   How far behind do you think   companies   are? Big, medium, and small.   How many more companies are there than big banks?   A lot more. I'm gonna answer the question for you. A lot more. So where's the opportunity?   Become their crypto expert.   Become their become their Bitcoin guy.  

Work you know, figure out   this is this is untapped territory, ladies and gentlemen.   If you wanted to work in the industry,   this might be the best way to start doing that. Start maybe start, you know, working a a resume that looks like somebody who can help a company that doesn't know anything about this shit   with this shit. And then go take one step further and become bonded.   Say, I put up a $5,000   bond   so that if I screw you, I'm not only   if I screw you and it's illegal, not only am I on the hook for that,   but I lose $5,000   on bond   because I bonded myself. That, honestly, I think between because the why bonding?  

Because this would be a brand new this would be a brand new kind of position in any company.   Banks, they're they're fill they're filling their coffers with people who know what the hell is going on. But now we're at the level of companies,   and they're gonna need support too. They're gonna need somebody who can actually talk to their audit teams, their finance guys, their investment guys. They're gonna need somebody that they can put into a room and start   massaging that big brain   and have answers fall out.   And right now,   I don't see that happening. Clearly, in this article, it didn't happen for these guys. These guys are completely unaware. The one dude that would have been able to fill that position was the one dude that fucked him.  

Now take that,   build it into a resume,   go get bonded,   because that way when you present yourself as somebody who can help in these, quote, turbulent times,   you can say give your resume and they say, well, how how would we know that you wouldn't just steal steal from us?   Ah, I got a $5,000   bond I put up. Here's the receipt or whatever it is. Here's the bond.   Show them the bond. I'm James Bond. Here's the bond.   But they go check it. Sure enough, you put up $5,000   as a bond. Maybe you put up 15.   I don't know. Whatever how much of money that you think that it would be worth. Then all of a sudden, they've got a resume in their hand, and they've got somebody who's not bullshitting them.   You put up a bond.  

It doesn't mean that you won't ever do anything against them,   but it sure as shit does take a lot of a lot of chaff   out of that grain pile, doesn't it?   Well, think about it. Meanwhile, let's run the numbers.   CNBC   and woah,   Nelly.   Natural gas   going   above   $5   per thousand cubic feet. Haven't seen that price in a long time.   That's after a 3.39%   spike in natural gas prices. Brent Norsee is up a fifth of a point to $62.57.   West Texas Intermediate floundering   under $60   again   after a third point increase to $58.86.   Gasoline down a third to a buck 82 a gallon. And Murbon crude is up a third to $64.45.   Metal rocks having a good day. Palladium is up a half point. Gold is up over a third to $42.36   and 9 dimes. Platinum is up over a point. Silver is up a third to $58.92.  

Copper is up 2.86%.   Ag is mostly in the red.   Cocoa is the only one in the green, 1.04   to the upside.   And let's see here. Biggest loser is rough rice,   2.13%   to the downside. Live cattle is up a half.   Lean hogs are up point eight seven, and feeder cattle are up a half as well. The S and P is up a third. Nasdaq is up point one five. The Dow   is up almost a full point.   450   points to the upside.   Well,   units.   When I say points, I should actually say percentage points. And when I say that the Dow is up, you know, 449,   that's that's   whatever.  

I I would rather just use percentage points because it actually tells you more than, oh, the Dow is up 500.   That's that's why when I do this, that's why I use percentage points because the Dow is up 500 literally means nothing to me.   It's up, you know, over a point. That means something to me, a poor a percentage point. Now S and P Mini is up point 73%.   Meanwhile,   Bitcoin had gone past   93,000   earlier this morning, but it's back down to 92,860.   That's a $1,850,000,000,000   market cap.   We can purchase 22   ounces of our favorite shiny metal rock with our one Bitcoin of which there are 19,956,976.16   of an average fees per block are, well,   average 0.03   BTC taken in fees on a per block basis.  

32   or so blocks   carrying 89,000   unconfirmed transactions waiting to clear at high priority rates of six.   Satoshis per vbyte,   low priority gets you in at four.   1.06   Zeta hashes per second is the current hash rate of the Bitcoin network. It is more security than you will ever need, and we remain in Zeta Hash territory.   From Electric Money, yesterday's episode of Bitcoin, and I got Jason High with 200 sets says,   why was the mushroom the life of the party?   I don't know.   Jason,   tell me tomorrow.   Paul Cernine 500 says, thanks for another episode. Love your rant on carbon.   It really needs to be said much more often.  

We're really doing ourselves a major disservice by focusing   on only the downsides of carbon.   The upsides   by far outweigh them. Yeah. No shit, Paul. That's that is absolutely freaking true. And we never talk about that, do we?   I agree wholeheartedly   here.   Continuing. But   it seems to me that the powers that be profit more from climate emergency talk than from working on solutions for humanity.   But don't get me started,   I'll see you on the other side.   Yeah. You know, I was having a discussion with somebody earlier today about this kind of shit.   And it dawns on me, and it it it it well,   I've known this for a long time, but I was finally able to wrap my little bitty head around it.  

Like,   for for those like, let's take a a sensitive topic, LGBTQ   plus.   You go to any conservative and most rational people unless well, I would say I said rational. Let me say most mainstream people who are watching mainstream news and they their lips will curdle   at LGBTQ   plus.   Right?   Why?   The and and the the answer should be somewhere around, I'm tired of it being forced down my freaking throat.   Man, dude, more power to you, pal.   I hear you. I hear you. However, think of it this way.   That's false narrative.   That's that's what we're being fed by the media because it's clickbait.  

Check this shit out.   There have been several people that I've known throughout my life that either present as gay or lesbian or or something along the bisexual or something in the LGBTQ   thing. Right?   They're normal people.   I mean, when you talk to them, they talk about normal shit.   You know? Some of it, like, right now, the environment's really charged politically, so they probably all hate Trump, but that's, again, for the reason I'm coming up to. I'm talking about back in the day. Like, you know,   five, ten, fifteen years ago.   Then normal people. Unless they told you or unless you saw them out with their significant other, you wouldn't think that they were gay or bisexual or or or whatever.  

They dressed normal. They looked normal. They did normal things. They went normal places. They were just you know, they just wanna be left alone. They wanna be like the rest of us, man. They just wanna be left alone. And they don't do weird shit, and they don't scream,   and they don't yell at you for being a man and all that, all the shit that's being presented to us by the mainstream media. And then it dawned on me,   that shit's done on purpose.   The people that you see on TV from the LGBT   community are put there for a fucking reason,   to keep the reds   fighting the blues.  

It's about distraction.   It's about getting people riled up. It's about getting people to look at anything other than what they're doing with the money and what they're doing with privacy   and what they're just basically I don't know. Whatever else it is that those assholes do.   They get a bunch of people. They say, hey. Here's your script.   And I get my script. Oh, I'm gonna be gay today, but I'm supposed to be angry. I'm supposed to be malicious, and I'm supposed to hate Trump, and I'm supposed to do it very loudly. Yeah, buddy. You got your part.   Now go go go do that.  

Go to the protest. Go everywhere, and make sure that you get as far in as far close to the cameras as you possibly can because we need your face   screaming   utter bullshit   at the people of The United States so that they have a reason to be mad and   stay mad.   What I'm getting at is the people all this LGBTQ   stuff that's driving everybody fucking lunatic shit, like, you know, drag queen story hour, that's not   yes. It's real insofar that it was designed.   It wasn't an organic   manifestation. It wasn't like, well, all of a sudden drag queens woke up and said, you know what? I think I wanna go read stories to children.   The the real ones, the ones that aren't fucking psychos that have been turned into, like, weird,   idiot   poster children for everything that you hate by the mainstream media,   those people,   you, like, you wouldn't have even known if unless they were in drag. You wouldn't have even known because they weren't they weren't being weird.  

What we're being presented with, whether it's LGBTQ   stuff or climate change stuff or, you know,   universal basic income crap or or pizza will you know, an entire pizza will feed, like, the entire world. Whatever   stupid bullshit that we're be we've been hearing,   the actual people   that talk about these things from an intellectual standpoint   that are not on the news   are actually fairly normal people.   Even if you disagree with them, they they make, you know, they at least try to make an argument without telling you that you're a you're a woman hating misogynist.   Right?  

Same thing with climate change.   The people that really understand carbon,   you will never see them on TV.   You will never ever ever see them on TV talking about the good side of carbon because, a, it doesn't get clicks and, b, it doesn't sow dissent into the masses.   And you can you can literally do that with every goddamn thing that is on the news that is causing regular citizens to battle with each other, whether it's race,   whether it's carbon and climate,   whether it's money,   whether it's UBI,   whatever.   Pick one.   And the same shit happens.  

The reasonable people that think about it or the reasonable people that think it's a good idea, even if they're wrong,   are reasonable about it.   But what you see   is the unreasonable,   and that's   all you will ever see.   I guarantee it. And it's that way   for a reason.   Let's continue. Thank you, sir, with 500   says, for those interested,   I transcribed and uploaded the short newspaper article on Henry Ford's energy money idea.   It's post it's posted   to highlighter.com   and can be found via my profile,   Steve   b, all one word, Steveb@iris.to.   That's steveb@iris.to.  

Thank you, sir. Good talk. PS, they killed Bitcoin.   Those bastards. Yeah. I know, man. I hate them all.   Nick Dose with 113   says, cheers.   Pies with +1 21 says thank you sir, no thank you.   And I think that is that it? Yep. That that that's the weather report.   Welcome to part two of the news that you can use. Nasdaq starts us off by pushing   supersized trading limits for iBit options   by four x.   What what could possibly   go wrong?   Maybe NEMA from Bitcoin news will tell us.   Nasdaq is asking US regulators for permission.   Permission.  

To greatly increase the trading limits   for options tied to BlackRock's Bitcoin ETF, the iBit.   This change may sound technical, but it is one of the biggest steps in bringing Bitcoin fully into traditional finance.   Nasdaq's International Securities Exchange   wants to raise the position limit for iBit options from 250,000   contracts   to 1,000,000   contracts. And right now,   the limit is too small for large investors who need to hedge or manage risks.   Nasdaq says the current limit is now restricting market makers and institutional   desks that depend on options for hedging and yield strategies. Okay. Well, from that context, it does kinda make sense. But, again, there's always gonna be a gotcha with these things.  

Interestingly,   less than a year ago,   that limit,   the contract limit, 25,000.   And then it was increased once by 10 x   to 250.   And now   now Nasdaq wants to quadruple that limit.   If approved,   iBit would join the same tier as the say as some of the biggest ETFs in the world, products like SPY, QQQ,   and EEM.   That means Bitcoin would officially sit next to major,   major stock market giants in terms of trading capacity.   IBit options trading has grown very quickly in 2025.   Nasdaq says demand is rising so fast   that the old limits are now holding back the market.   Some analysts say big trading desks cannot properly hedge their positions with such a low cap.  

Analysts say that raising limits is normal when an asset becomes highly   traded, highlighting that   these adjustments   are normal once an asset provide or proves it can handle real volume.   Raising the limits would help tighten spreads and improve overall market efficiencies.   Nasdaq also stressed that even if someone used all 1,000,000 contracts at once,   it would still only be 7.5%   of the ETF   shares and 0.284%   of all Bitcoin in the world. That is too small to pose a serious risk.   Yeah. Well, never say never.   The exchange   is also asking regulators to remove limits on flex iBit options, which are custom   options used mainly by bigger bigger institutions.  

This would match the rules used for gold based ETFs.   Analyst Adam Livingston, contributor at Bitcoin for corporations, said that iBit is now trading like a mega cap asset.   Quote,   this is the moment every banker secretly fears.   You don't scale options by 40 x unless you know demand   is about to detonate.   The change   also opens the door for new financial products with higher limits.   Banks can start offering structured products,   yield based instruments,   and other Bitcoin linked investments for clients who might never buy Bitcoin directly.   The market reacted quickly to the news.  

Bitcoin options open interest jumped by $4,000,000,000   in a single day,   reaching 62,000,000,000.   Bitcoin's price also bounced back sharply,   rising to the 90,000   to $92,000   range   after weeks of fear in the market.   Bitcoin advocate Max Kiser thinks the new limits are bullish. He highlighted the increase   of the limit by 40 x since last year, adding that a new all time high is now in play. He said,   quote, I   said a year ago, the next Bitcoin pullback   would come when market hit size barriers   for market makers.   That problem is now solved with a 40 x increase in options contract size. So 40 x, what they're what they're talking about is that over the year,   this this move by Nasdaq only wants to multiply it by four,   not 40.  

But if you take into consideration that the original contract   size was 25,000,   and then Nasdaq and I didn't even see this news. Nasdaq multiplied it by 10 x.   And then now they want they're going back and saying we need to get four x on that. Then, yeah, within the year, you're talking about going 40 x   for these contracts.   I you know, if I was more of a, you know, if if I had taken business went to business school and majored into finance or something like that, I would probably   realize just how big that is. But for me,   being the pleb that I am, I just buy Bitcoin and hold Bitcoin.  

Maybe Horeb Energy and Viola   are mining Bitcoin and keeping it because they're only paying   2.5¢   a kilowatt hour with Colombian Landfill   Biogas.   This is, Juan Gault out of Bitcoin Magazine.   Colombian Bitcoin and crypto mining company, Horeb Energy,   reveals 2.5   United States penny cost   per kilowatt hour of green biogas energy in the North Santander region of Latin America,   and that would be Colombia.   The company has achieved energy prices 50% lower   than the North American average of 3.5   to 6¢   per kilowatt hour for Bitcoin mining.   Authorized in 1853   by Napoleon the third   to help build out public waterworks infrastructure in France,   Viola or Viola, it's hard to pronounce, is a global leader in environmental services focused on water, waste, and energy solutions. And today,   in Norte De Santander, Colombia, the company operates critical facilities dedicated to biogas   valorization   and solid waste management,   a common problem in Colombia and Latin America in general, known for its massive landfills.  

Veliola, or however you pronounce it, also operates the Centro Intelligente   de   gas   or   Ecologica.   God, that is a mouthful. It's a landfill,   and it's a pioneer in biogas system development in the region as well. Now HORB Energy, the Bitcoin mining arm of that operation,   specializes in technological   solutions for biogas treatment and renewable energy production   from waste. Quote,   it's collaboration   with Veolia   in this pilot project   that sets the milestone for new sustainable business models in the global cryptocurrency mining sector.   The project aims to reduce the region's carbon footprint. Oh, god.  

Sign or significantly and demonstrates   Veolia's   strong commitment to accelerating the ecological   transformation of local territories.   Through the pilot project, biogas generated at the CIGE   Gaoyubal   landfill   by Veolia   is transformed into electricity to supply a secure stand alone data center dedicated to cryptocurrency mining.   Orb Energy oversees advanced biogas filtration and energy conversion processes   and the Bitcoin mining dimension, which unlocks new economic models for energy infrastructure development in the region.   One year after the launch,   the program boasts tangible results with the production of nearly 1,000   kilowatt hours of 100%   renewable energy   powering an entirely off grid Bitcoin container and mining system.  

This unique approach in the Colombian market provides an alternative use for methane gas, a byproduct   of waste decomposition that poses environmental challenges   for landfills.   Humberto   Posada   Cifuentes,   general manager of Viola   in Norte de Santander, said in a press release that this pilot demonstrates   that with innovation   and strong local leadership, we can turn waste into value   and contribute meaningfully   to the clean energy transition.   Arle Lozano,   operation manager of HORB Energy, told Bitcoin Magazine that they had achieved 2.5   pennies   per kilowatt hour in green energy, adding that we are proud that this project   has been developed by local talent   in partnership with the French company.  

Our goal is to replicate this model in other municipalities   across Colombia and throughout Latin America.   Why is it not   an American company?   Were we just resting on our loyal laurels?   We're letting we're letting the Frenchies in, man   We don't want those frogs over here No, I'm just kidding You guys in France   have some really good croissants. Now, on to strategy.   Well, Michael Saylor   is   kinda bitching at MSCI,   and he's doing it by saying   that   strategy   is engaging   with this potential MSCI   exclusion.   Are they engaging directly? I don't know. Helen Parts, help us out from Cointelegraph.   Michael Saylor's strategy has not given up on its efforts to keep its common   a stock   part of the MSCI   indices after the stock entered the MSCI   world index during the Bitcoin rally in 2024.  

Amid MSCI global standard indices,   holding consultations   on whether to delete MSTR and other digital asset treasury companies from its indices,   StrategySaylor   said   the company   is communicating   with the index provider about the issue according to Reuters. Quote, we're engaging in that process.   The strategy founder said, adding that he was not sure about the accuracy of JPMorgan's   reported estimations   that a potential exclusion from MSCI could trigger 2,800,000,000.0   of outflows.   No. No shit.   MSCI initially announced the addition of MSTR   into its indexes   May   2024,   so just last year. And they're already trying to figure out a way to get out of it? I don't know, man. I smell fear.  

And it smells like   victory.   Anyway.   The stock became one of the three largest additions to the MSCI   World Index when they did include   strategy.   Launched in 1986   by its original operator, Morgan Stanley Capital International,   the MSCI World Index is a widely followed global stock market index that tracks the performance of more than 1,300 large and mid cap companies across 23 developed markets.   Among its top constituents,   the MSCI   World Index includes tech giants like Nvidia,   Apple, which together   account for more than 10%   of that one index.  

Strategies MSTR   became part of the MSCI World Index in May 2024, about three years after the company began accumulating Bitcoin   as part of its digital asset treasury strategy,   by which point it had hoarded only 214,000   BTC.   And then after a booming   in July   2025,   many digital asset   treasury companies, including strategy   and other companies like Japanese Meta Planet, have been struggling with stocks   plunging to multi month   lows.   Yeah.   Multi month.   Short time horizons all over the place here. By mid October, Meta Planet's enterprise value dropped below the value of its BTC holdings,   marking   unprecedented   developments   with significant implications for the broad broader DAT   sector. That's digital asset treasury.  

On October 10,   MSCI issued an official announcement on potential exclusion of DATs from its indices with the consultation remaining open until 12/31/2025   with final conclusions coming 01/15/2026.   Addressing the question of DATs   stock volatility,   Saylor said that equity   is going to be volatile because the company is built on amplified   Bitcoin. Quote,   if Bitcoin falls 40%,   then the equity is going to fall more because the equity   is built to fall, he reportedly said, on the sidelines   of a Binance event in Dubai on Wednesday.   These people seriously need to keep their mouths shut.  

On Monday, strategy launched a 1,440,000,000.00   US dollar reserve to support dividend payments on its preferred stock. Yeah. That's like I said yesterday,   they're doing that to assuage the fears   that Fong Li sent through the market after he opened his big ass mouth.   It just   never ends with these people. But, hey,   at least sailors, you know, got them on the phone and saying, hey, what's the deal, dude?   And it would honestly, for MSCI,   that would actually be kind of a leadership fail.   You put them in in May 2024.   Here it is,   December   2025,   and you're already trying to figure out a way to eject them?  

What the fuck was wrong with your decision making processes back in May 2024?   I'm sorry, man. I don't buy it. I smell fear. Fear smells like victory, or at least in this context.   Now onto Anthropic and our last story of the day, they have started early IPO preparation ahead of possible 2026   debut according to a report.   Vince D'Oquino   take us out.   Anthropic has reportedly begun formal   initial public offering groundwork by tapping Wilson Sonsini,   a US law firm that has advised it since 2022 as it weighs a possible listing as soon as next year and looks to test whether public markets could be ready for an AI lab still deep in capital intensive growth.   The AI development company has reportedly engaged the firm while holding early informal talks with major banks according to an initial report, and estimates from sources vary with one person saying Anthropic could be ready by 2026,   while another cautions that doing so remains very unlikely.  

An anthropic spokesperson   cited in the report said that the company has not made any decisions   about when   or even if they go public. So it looks like they're just   exploring the idea at this point.   The same report indicates that Anthropic appears to be tightening   internal readiness as it pursues a private round that could lift its valuation   to over $300,000,000,000   with early commitments totaling at least 15,000,000,000   from Microsoft and NVIDIA.   In most recent money or post money valuation was pegged at 183,000,000,000   in September.  

Based on the West Coast,   the law firm has advised Anthropic   for three years and has also worked on advisory roles for other major tech IPOs, including Apple   in 1980,   and then again in 2004   when Google   went to the market.   Decrypt has reached out at no comment so far.   The move positions Anthropic alongside other major AI labs, such as OpenAI, in exploring a path to the public markets,   though both face the same constraint.   Training cost that scale faster than revenue   and financial forecast that remain difficult to anchor even as investor appetite for Frontier AI bets continue to rise, quote, an IPO by Anthropic as soon as 2026,   if   realized,   would dramatically tighten the competitive   pressure among major AI labs.  

Ram Kumar, core contributor at blockchain and AI infrastructure firm, OpenLedger, said, once sealed, it could formalize   valuation   expectations,   push capital markets to assign public valuations to AI output,   and likely trigger a rush of IPO and exit plays across the sector. So there would be a reshuffling   of positions being made almost immediately.   For investors and enterprises,   this could mean that AI will increasingly be seen not just as a research cost,   but as an investable asset with tradable   equity,   quantifiable   growth targets, and public scrutiny.  

Still more broadly, the timing for Anthropic's public debut   raises critical questions.   Oh my god. Ach, the humanity. Quote, the biggest risk is valuation   distortion.   Large public market expectations may incentivize   speed   over substance,   pushing labs to prioritize   growth metrics   over data quality, safety, transparency,   or long term infrastructure,   all key pillars of a trustworthy   AI ecosystem   of   bullshit.   There's no such thing as a trustworthy   AI ecosystem.   Not because it's AI,   but because the ecosystem hasn't developed to figure out what trustworthy   even looks like. This is a misuse   of that word in this context, and I will have none of it.  

Continuing. Yet given how data feedback loops and scale tend to concentrate power, there is possible danger over how public market pressure could accelerate consolidation,   reduce diversity of models, and entrench a small number of dominant players. He said, quote,   an IPO driven race can deliver capital, but it won't by itself guarantee fair distribution of value, traceability, or long term ecosystem   health. We need fair growth where contributors are recognized   and rewarded   and where intelligence becomes a collectively owned   infrastructure   rather than a private play thing   of a few. So there he's this guy's Kumar is weighing   on the whole intellectual property and he's getting a little socialist on us.  

It doesn't matter, man. These there are so many of the highest quality models that keep getting released to places like Hugging Face.   You can go grab your own now you'll have to host it yourself, but there are most of these are pre trained.   Right? You won't be able I mean, if you wanna spend the money, you can get one and train it yourself.   And I don't know how many models have already been trained   but have remained open for training so that you can train it further. But still, my point is is that   we do have an ecosystem.   When it comes to these public companies,   there's no such thing as trustworthiness.  

But   as far as Kumar and his   socialist bent   here with intellectual property,   dude, there's there is enough AI out in the wind   right now   to fuel a small army   to do whatever it is that they feel that they need to do.   Alright. Well, that's the last   of the articles that I have today for you here on the Bitcoin and show. Please, please, please consider,   you know, give me boostograms.   And if you can't, if you can't just straight up donate to the show oh, by the way, I've got something here for you. You. Let me see. Let me go to monetization.   I'm over here on my podhome.fm   page.  

That those are my that's my podcast host.   So I'm gonna go to my they they just recently released   hosting pages   for the people that are host of podcast on their platform.   And mine is support.podhome.fm/bitcoin-andhyphen.   Support.podhome.fm.   Support.podhome.fm/bitcoin-andhyphen.   And you can just straight you can actually straight up give me, like, USD.   Donation amounts are set at $3, $5, $10, $20.   You can opt for a one time support. You can do recurring.   You get a chance to give me a message. You can enter your name or I guess you can call me a name, but you've got it you can put in your name and you put in a message.   It's at support dot pod home, p o d home, dot f m forward slash bitcoin hyphen and hyphen.  

Go support the show.   Go support the show. Help me out. Help a brother out, man. Bring you as high quality news as I possibly   can. Also, by the way,   I believe   is it hold on.   I need I I have to say this, so hold on.   Well, poop. I can't find the particular vendor for the Circle P, but this, honestly, this kind of goes out for all the vendors of the Circle P.   If you are buying Christmas gifts from any of the vendors at the Circle P,   you need to check with them   as to when you're going to get your   shipment.   Because things are a little hairy right now. You got a backlog at USPS because of the federal government closure here in The United States.   You've got back you know, Christmas backlogs for, UPS and FedEx anyway. That always happens every year. So so for, like, all my vendors,   the Perma Nerd   oh, wait. Hold on. Perma Nerd,   Oshi,   Soap Miner, Great Gi, Bitcoin beans.  

Get your orders in right now.   A couple of these guys have said, you've got to get your orders in by December 13. Otherwise, you're not going to get your stuff by Christmas.   Alright. So all of my vendors, Soap Miner, Perma Nerd,   Oshi,   Great Gi, Bitcoin beans,   get your orders in for gifts   ASAP,   and I will see   you on the other side. This has been Bitcoin, and and I am your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon.   Have a great day.