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Episode 1173 of Bitcoin And . . . is LIVE!

Topics for today:

• Strive Gobbles Semler in First Treasury Takeover
• $1.6 Billion Longs Wiped Out
• Some BTC Political Announcement On The Way
• Bolivians Use USDT To Buy Cars

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Today's Articles:

https://bitcoinmagazine.com/markets/metaplanet-buys-the-dip-securing-a-massive-bitcoin-position-as-price-stays-below-113000

https://bitcoinmagazine.com/news/strive-acquires-semler-in-bitcoin-treasury-deal

https://cointelegraph.com/news/biggest-liquidation-of-2025-5-things-bitcoin-this-week

https://www.coindesk.com/business/2025/09/19/bankrupt-exchange-ftx-set-to-repay-usd1-6b-to-creditors-starting-on-sep-30

https://cointelegraph.com/news/ftx-crypto-liquidation-crypto-markets-solana-price


https://atlas21.com/bolivia-toyota-yamaha-and-byd-accept-usdt-to-tackle-dollar-shortage/

https://www.theblock.co/post/371674/us-uk-team-crypto-focused-task-force-guide-future-regulations

https://bitcoinnews.com/adoption/vancouver-firefighter-mental-health-fund/

https://decrypt.co/340684/strategy-shares-fall-bitcoin-giant-100-million-btc-buy

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[00:00:02] David Bennett:

It's 09:50AM   Pacific Daylight Time. It is the September   2025,   and this is episode eleven seventy three   of Bitcoin. And, well, I told you,   I told you   that Similar Scientific was going to be one of the companies to survive.   It's just not going to survive the way that I thought it was going to survive   as a Bitcoin Treasury company.   There's actually some pretty big news about what's going on with Similar Scientific today.   So stick with me because you're here for all the news you can use about Bitcoin and more. I got Meta Planet on deck   as well as well,   we are gonna look at some price action on Bitcoin because I know some people out there are worried about it.  

Cointelegraph,   generally speaking, when a liquidation the size that we saw,   this morning and late last night   comes in, they usually have a pretty good   pretty good piece about it. So I will I will,   you know, kinda renege on my promise that I never talk about price because I know people are worried.   I don't know why you're worried, but it's   it's there. Okay? So we're I'm I promise you I will we'll cover it.   FTX is back in the news, and I want to be very clear   about what's not   being   said   when we get FTX news because I think it's kinda reprehensible.   So I wanna sew that crap up. And then on the second side of the show,   Bolivia is in the news.  

It's gonna be kinda it's kinda interesting because there's a lot of there's some foreign companies   in Bolivia,   not not Bolivian companies,   like foreign to Bolivia.   And and they are making a change in how they take payments.   The US and The UK are teaming up on   crypto.   Vancouver,   well, one of their,   one of their, what do you call them,   charities   is gonna start taking Bitcoin   and then strategy.   Well,   strategy is strategy. But let's start with Meta Planet this morning.   Meta Planet buys the dip   securing   a massive Bitcoin position   as price   stays below   $113,000   Tokyo listed Meta Planet   has acquired   5,419   Bitcoin   worth approximately $632,500,000   making it the world's   fifth largest corporate Bitcoin holder   as the Bitcoin price hovers just below a $113,000.  

The company purchased the Bitcoin at an average price of a $116,724   per coin,   which means that they've, you know, in the very, very short term, have kinda lost their ass on that buy. But   this was according to disclosure filed with the Tokyo Stock Exchange on Monday.   The acquisition brings Meta Planet's total holdings   to 25,555   Bitcoin   acquired for $2,700,000,000   with an average cost basis of a $106,065   per Bitcoin. So from that standpoint,   there's still there's still treading water.   Quote, please note, and this is important. Okay? Hold on. Hold on to your ass.   Because Dylan Leclair reminds us, quote,   please note this purchase   is just the first tranche.  

And that was indeed Meta Planet's head of Bitcoin strategy. Dylan LeClaire writing on x   referring to the company's recently raised $1,400,000,000   that was intended   for Bitcoin acquisitions.   The purchase positions Meta Planet ahead of Bullish,   which is the name of the company, to become the fifth largest corporate Bitcoin holder globally,   trailing only strategy, Marathon Digital twenty one, and Bitcoin Standard Treasury Company.   The move comes as corporate Bitcoin Treasury operations continue to expand rapidly with new companies   entering the space almost daily.  

The latest acquisition represents   significant progress   towards Meta Planet's ambitious targets   achieving 85.2%   of its year end 2025   goal of 30,000   Bitcoin and advancing towards its 2026 target of a 100,000   coins.   The company has demonstrated strong performance metrics with BTC yield   reaching 95.6   in the 2025   and a 129%   in the 2025.   Yeah, I'm just just a word about that.   That's not a performance.   It's not a performance.   It's   it is the case that companies,   for the longest time,   should have really been leveraging their balance sheet in in   in fundamentally   positive ways. Not not being stupid.  

Okay? But for the longest time, companies just said, hey. Here's the cash on our balance sheet. And they really never looked at it as   an agent of change.   Not not really. I mean, it was like, hey. This is our operating fund. This is how we pay our people. We gotta make sure that we've got a pal positive balance here. And it was it was great for a couple of aspects, but it really wasn't until Sailor come along and says, hey.   We should probably leverage our balance sheet in in many more ways than we than we have been as companies   across the board, at least in the western   civilization.  

Right? Right? So   from that standpoint, Saylor   has actually done some pretty good things. I mean, he's actually made companies   look at their balance sheet as much more of an asset than they ever thought that they had. However,   let me come back to when they say things like this.   The company,   Meta Planet, in this case, has demonstrated   strong performance metrics   with BTC   yield.   That's not performance.   That's the performance   of when you bought an asset versus   how that asset, external to you, performs.   It has no bearing whatsoever on the performance   of your company.  

Does Meta Planet   actually have any other income? Because nope. None of these news stories ever talk about that.   All it looks like to me is that they were pretty much a failed hotel management company   and had some cash on their balance sheet and figured, what the hell? Let's do what sailors doing. We'll we'll exchange all of our cash into Bitcoin. And that gives us street credibility to the point that we can sell shares and use that money to buy more Bitcoin   and off to the Bitcoin treasury races we go.   I see no evidence whatsoever   that Meta Planet has any goods or services   for sale any longer. If I'm wrong about that,   I I'm begging you to please correct me and send me what it is that you have that says no. No. No. No. No. This is their this is how they make income   above and beyond selling   new shares that we that they've printed up for money to buy Bitcoin. If you've got that information,   believe me, I want that information.  

I haven't been able to find it.   I I can't see what Meta Planet does. And this this is kind of a theme for the day. It is all the information in these news stories that I bring you Monday through Friday.   It's what they don't say   that is starting to very much concern me.   When we talk about these Bitcoin treasury strategy companies,   what we don't know is, well, do you have a product for sale at this point?   What's your non Bitcoin related   revenue?   And I mean, if you're selling shares   and people are buying those shares, but you're using that money to buy Bitcoin, that I don't want that.   I mean, if you want to do it, hey, that's fine. I'm just saying, but where is your other income? Income not related at all in any way, shape, form, fashion, or function to Bitcoin,   and I'm not finding it. As far as I know, strategy stopped   selling any kind of software, and yet story after story just talks about strategy   and their Bitcoin.  

But   do they make any money   at all? Do they have any recurring licensing fees as an income stream? And I can't find that information either.   It just looks like these are just dead companies,   and I don't like it. I can't help it. I don't like it. I I don't mean to be like a doomer or anything like that, but I don't like it. These companies need to have   actual   solid revenue   and bolster   bolster   their company's   name,   access to credit, and all that with Bitcoin on their balance sheet.   And if they were to do that,   I think we'd be in a much better position.  

But   alas,   we now get into the   similar scientific news. And like I said,   I knew similar was gonna be one of the ones to survive. I just I didn't think I this was not on my bingo card.   Strive,   the company,   acquires similar scientific and landmark Bitcoin treasury deal,   Nick Ward from Bitcoin Magazine   On 09/22/2025,   two Bitcoin for Corporation members announced a transformative   move in the evolution   of corporate Bitcoin adoption.   Strive Incorporated,   an executive member of the Bitcoin for corporation   corporations, which I guess is a it's a club and you ain't in it,   entered into a definitive agreement to acquire   Similar Scientific Incorporated,   which is a premier member of BFC   in an all stock transaction.  

The deal represents one of the first major consolidations between publicly traded Bitcoin treasury companies   signaling a new phase of maturity in this emerging asset class.   For corporations,   capital allocators, and market observers,   this merger underscores how Bitcoin is no longer a peripheral balance sheet entry. It is becoming the foundation for strategic growth capital structure innovation   and shareholder value creation.   So the transaction   delivers a 210%   premium   to similar scientific shareholders.   Good god. With each similar share exchanged   for 21.05   Strive   class a shares.  

Alongside the merger announcement, Strive revealed   the purchase of 5,816   Bitcoin for 700 no, $675,000,000   at an average price of a $116,047   per Bitcoin, bringing its treasury   to 5,886   Bitcoin.   Upon closing, the combined company will control more than 10,900   Bitcoin, placing it firmly among the largest corporate holders globally.   Leadership continuity is assured with Strive's management and board of directors remaining in place and Simler's executive chairman, Eric Simler, joining Strive's board.   One of the most compelling aspects of this deal lies in Strive's declared capital strategy.   Unlike debt driven accumulation models pioneered by strategy,   Strive intends to rely exclusively   on perpetual   preferred equity to finance Bitcoin purchases.  

This preferred equity only model is designed to eliminate the refinancing risks that accompany traditional debt maturities   By sidestepping the need to roll over debt in volatile markets, Strive is positioning itself as a more stable,   long term accumulator of the Bitcoin.   Comparisons   highlight just how differentiated   corporate bitcoin strategies are becoming.   Strategies leaned heavily on convertible debt to build scale.   Meta Planet in Japan   has innovated with moving strike warrants   and retail participation   structures.  

The blockchain group in Europe has relied on Bitcoin denominated bonds.   Striiv's model adds another tool to the playbook.   Equity instruments   engineered to maximize   per share   while avoiding balance sheet fragility.   That two BFC members are at the center of this landmark transaction speaks volumes about the momentum within our network.   Strive, an executive member of the BFC,   has pioneered the concept of a publicly traded asset management company with Bitcoin as its treasury backbone.   Its mandate has been explicit.   Outperform   excuse me. Outperform   Bitcoin itself by growing Bitcoin per share through innovative financing.  

Similar Scientific,   a premier member of the BFC,   was the second US public company to adopt Bitcoin as its primary treasury reserve asset   by financing accumulation through both equity issuance and cash flows from a profitable health care business. Thank you for the love of God.   From a profitable   health care business,   Simler built a dual strategy blending treasury innovation with operating income.   Together, these companies exemplify   how members of the BFC ecosystem are not only adopting Bitcoin,   but also creating entirely new corporate archetypes in the process.   Pausing just to say,   I the word cannibalization   just comes up in my head, but that's probably just me being a tinfoil hatter.  

Continuing on, while the combined company will emerge as a scaled Bitcoin accumulator,   similar brings more than its treasury. Its diagnostics   business has long been profitable,   anchored by its FDA cleared   QuantaFlo   system   for detecting peripheral arterial disease.   Post merger, Strive intends to explore monetizing or distributing this diagnostics unit,   freeing capital for redeployment or providing direct value to shareholders.   The combined company also highlighted ambitions to expand into preventative   diagnostics   and wellness.  

The lesson for corporations is clear. Pursuing a Bitcoin's treasury strategy does not mean   abandoning   productive   businesses. Oh, thank you. I needed somebody else to to confirm that I'm not insane.   Continuing instead,   Bitcoin can serve as the anchor asset while operating units generate optionality,   whether through spin offs, monetization,   or reinvestment.   The 210%   premium   offered to similar shareholders is a powerful signal of investor appetite.   It demonstrates that markets are willing to reward corporate balance sheets anchored in Bitcoin at levels far beyond traditional operating multiples.   This premium sets a new benchmark for how Bitcoin treasury companies may be valued going forward. It also illustrates a new pathway for growth, mergers, and acquisitions   as a mechanism   for rapidly scaling your Bitcoin holdings   alongside equity offerings and preferred structures.  

Wall Street is beginning to recognize Bitcoin treasuries as not just novel strategies, but as capital engines capable of delivering outsized shareholder returns.   The leadership continuity at Strive ensures strategic stability, while Eric Simler's addition to the board   strengthens the combined entity's depth of experience.   Strive brings its asset management expertise, while Simler contributes   years of operating success and a record of being one of the earliest   US corporate adopters of Bitcoin.   This merger   creates a leadership team that spans both finance and health care united by a common belief in Bitcoin as the foundation   of corporate   strategy.  

So what are the implications   of corporate strat treasuries now?   Well, scale clearly matters. Controlling more than 10,900   gives the combined company strategic relevance.   Capital structure and innovation is key. Preferred equity models can reduce risk while maintaining access to capital.   Premiums   are indeed achievable.   Markets are rewarding bold balance sheet strategies   as evidenced by the 210%   uplift for similar shareholders.   Optionality   creates resilience.   Combining Bitcoin accumulation   with operating businesses   can offer shareholders both financial and strategic upside. It's not just about holding Bitcoin. It's about engineering corporate structures to turn Bitcoin   into a competitive   advantage.  

The Strive similar deal marks the beginning for what could be a wave of consolidation.   Yeah. It's coming, people, and it's coming fast.   A wave of consolidation   in the Bitcoin treasury sector.   As more public companies adopt Bitcoin strategies,   mergers may become an increasingly attractive way to scale holdings quickly,   reduce competition,   and capture interest   of investors.   The combined entity now sits among the top tier of Bitcoin,   corporate treasury holders alongside strategy, Meta Planet, and the Blockchain Group. This competitive layer of Bitcoin native companies is racing to accumulate,   refine capital models, and prove to shareholders that Bitcoin   per share growth   is the ultimate measure of success.  

Pausing to say,   no, it's not.   Stop saying dumb things like that. I don't I think that's just dumb. But the conclusion   is that this is all more than a merger   according to Bitcoin magazine because this transaction is more than a headline.   It's a marker of Bitcoin's deepening role in global capital markets and corporate finance.   Strive and Similar Scientific,   both members of the BFC network are showcasing   how corporations can not only adopt Bitcoin but use it to reshape capital structures,   investor relationships,   and operating strategies.  

For corporate leaders watching closely, the lesson is clear.   Bitcoin is no longer an experiment on the balance sheet. It is the foundation of bold corporate strategy   capable of driving shareholder premiums and fueling innovation,   as well as setting new standards for value creation.   As always, BFC will continue to track, analyze, and equip corporations   with the tools and frameworks to navigate this accelerating landscape.   So this is   this is bad and good   news. This is bad and good news. It it just is.   It's good news that people that there's at least some people that exist on this planet that understand   that if you're a company   that has no excess or rather no revenue whatsoever   aside from printing shares and selling it to dweebs   so that you can buy more Bitcoin,   you've got a fucking problem.  

I'm sorry to say it that way,   but it is. This   this is not this is not good. Right? You have to have that's why I like similar.   And that's why I still like similar.   Strive has actually made the correct play.   They bought   a business   that without   even without its Bitcoin standing on its balance sheet, it is a profitable business.   Now similar with smart. They bought Bitcoin.   They continue to buy Bitcoin.   They continue to be a operational health care company with real net positive revenue,   and they use some of that to buy Bitcoin. And they also participate in the selling of the shares to buy Bitcoin as well. But but they're they're not like hair on fire running around the middle of the street about it like strategy and   some of these other people are. Right. So it's it's   as we move forward in this landscape, it's not enough to have Bitcoin on your balance sheet to survive.  

If that's all you do, you will not survive.   Somebody will come gobble you up because they see a whole lot of Bitcoin that they can lay their hands on with only a few meetings and a couple of contracts and a few lawyers.   It's like it's an easy way to buy a lot of Bitcoin   all at once.   But it's this whole new this whole thing, though,   is bad because we keep   getting the messaging   of all these   seemingly failed companies that are only alive   right now because of the Bitcoin that's on their balance sheet, that's not healthy for Bitcoin and it certainly well, it's it's a lot more unhealthy for the company   than it is for actual Bitcoin because Bitcoin exists   in a much larger connected network than any one of these siloed companies   are. But   as we move forward,   we're going to see acquisition after acquisition after acquisition,   and it would not surprise me   if Strive   ends up   being one of the well, being on top.  

Now, what does this mean for strategy?   What can strategy do at this point   to start generating   actual   real world revenue   other than   printing shares and selling it to Dweeb so that they can buy more Bitcoin? They're gonna have to go into finance.   That's the that that is their only mechanism   of survival at this point.   Because, honestly,   we can say what we want about Michael Saylor,   but   he kinda he kinda knows how to do this.   He kind of understands   financing.   So when you've got that   much   bulk Bitcoins   chilling out on your balance sheet   and you have the attitude of leveraging your balance sheet   as deployable capital   to grow the balance sheet to begin with,   the only thing that Michael Saylor has in front of him is becoming some kind of   financier,   whether it's like like   straight up bank loans   that can be made.  

Like and I could see this. I could see Mike say, look, we're not gonna make the loan ourselves. What we're gonna do is we're gonna work out a deal with   our let's just say Wells Fargo for lack of a better term or Goldman Sachs or something like that. We're gonna work out a deal   where we're going to secure cash loans   for you on behalf of you   at Goldman Sachs, and we're going to use our Bitcoin as collateral   to secure that loan at Goldman Sachs. And we're gonna take some of the interest we're gonna take a cut of the interest that you pay every month to service that loan. That I could see. That   honestly, that makes sense.  

But I could also see him doing venture capital stuff.   But at one point or another,   Michael Saylor and Strategy are going to have to make moves   to start generating revenue.   People are losing their appetite for buying preferred   stock out of strategy,   and they are certainly tired   of being diluted   in their common stock.   And that is actually going to be coming up in the second part of the show. But for now,   let's talk about the price action. The biggest long liquidation of the year   happened   yesterday and today.   William Sueberg, Cointelegraph.   Bitcoin was already giving traders a run for their money as the last full week of September began.  

After a flat weekend, BTC price action action flipped volatile with a snap dive to a $112,000   according to CoinTelegraph   Markets Pro.   Traders were split on the significance of the move. Some warned of further losses while others eyed a rebound to new local highs after a downside freak out,   quote, key level being retested   after claiming it at the start of the month,   end quote, said trader, Gell, reacting   in a post on x.   Gell described the support retest at a 112,000   as a very clean   retest while demanding a return to a 116,000.   Yeah. Take all these numbers with a grain of salt, except the factual. What people want,   don't worry about that. What happened is what we need to understand.  

Among those seeing the dip   as the start of a broader correction was fellow trader captain Fabic,   quote, I already warned back in August that buyers would get trapped, and exactly that happened.   Late buyers got trapped, and since then, Bitcoin has dropped 13%   as part of his ex post. He said continues on and says, from here, I'm expecting another bearish leg that could drag Bitcoin down towards the 100 k zone.   An accompanying chart showed a breakdown   of a rising wedge structure on the BTC USD daily chart. Crypto commentator Whale Panda remained   dismayed   at BTC price weakness in the face of both gold and US stock markets   hitting fresh all time highs last week. Quote,   this last week,   we had $890,000,000   of net inflows   from ETFs and Saylor bought more, he said, referring to The US spot Bitcoin exchange traded funds and business intelligence company strategy.  

Quote, Bitcoin is flat on the weekly   with a rate cut and all other assets, stock indices, gold, etcetera, closing a very green week.   It almost seems like there are more than 21,000,000   Bitcoin in circulation.   Yes. He's referring to paper Bitcoin summer, which   we're out actually, I think today, in fact, I believe today is the first day of fall.   Makes sense for all this, doesn't it? Anyway, it may have bottomed out at a 112,000   after reaching only 2.8%,   but the overnight dip on BTC   took a large toll on traders.   Leverage was in the spotlight Monday as about $3,000   of BTC price downside   delivered over   $1,000,000,000   in liquidations.  

Everybody that got longed   got shredded.   Just   wow. Stop playing with leverage, people.   I don't I   how many times do you have to get wiped out before you go, you know what? Maybe this isn't healthy activity for me. Maybe I should take up a hobby like fishing or hiking or something. But my god, data from monitoring resource, Coin Glass, put the liquidation figure at $1,700,000,000.   Not just $11,700,000,000.0   in twenty four hours at the time of writing with longs making up $1,620,000,000   of that. Holy shit.   The biggest long liquidation   so far this year, Coin Glass   confirmed to followers on x.  

On chain analytics platform Glassnote revealed that longs were especially vulnerable   in the 113,000   area,   reacting trader,   or rather, reacting trader Dan CryptoTrades   noted that a chunk of open interest worth $2,000,000,000   had been erased as a result.   Quote, a big wipe out across the board. Now we wait and look for strength within the chaos, he concluded.   Well,   looking ahead, some market participants see conditions worsening before a market recovery, and among them is crypto investor and entrepreneur,   Ted Pillows.   Is that can't be your real last name, dude. Anyway, he warned that BTC price would target a large block of bid liquidity before the move. Quote, BTC has over   what this looks like?  

That can't be right.   What?   Hold on.   He's saying $2,000,000,000,000   in long liquidations   between a 106 and a $108,000   level.   I think   I think this should be 2,   like, 200,000,000,000.   I think there's a misplaced I don't think it's 2,000,000,000,000. I   I think this is a typo.   Anyway, quote, a sweep of this level, the 106   to $108,000   level, seems highly likely in the coming weeks before any big upward move.   Well, the Federal Reserve's preferred inflation gauge is due for release again this week as markets bet on fresh interest rate cuts.   The personal   consumption expenditures   index print for August   will round off several days of insight from Fed officials.  

This includes a speech on the economic outlook by chairman Jerome Powell himself,   And that will come tomorrow, Tuesday,   at the Greater Providence Chamber of Commerce twenty twenty five economic outlook luncheon in Warwick, Rhode Island.   After the Fed cut rates for the first time in 2025   last week, markets will be focused on further cues from Powell over future   policy trajectory   with risk assets   hoping for a more dovish tone.   The latest data from CME Group's FedWatch tool shows the expectation for the Fed's October 29 meeting firmly point towards another   point 25%   reduction in the federal funding rate.  

In the latest edition of its regular newsletter, the market mosaic   trading resource   mosaic   asset company warned that such a result is anything but certain. Quote,   updated projections from the Fed points to a couple more rounds of rate cuts before the year is out, but those projections are far from unanimous.   Of the 19 officials   providing forecasts,   seven saw no need to cut rates further.   The dual threat of rising inflation along with recent weakening in labor market data are dividing central bank officials.   Rumors   of a United States political announcement this week with implications for Bitcoin and altcoins   are also under scrutiny   as BTC price suffers.  

Okay. So before we and this is this is all in the same article,   but I wanted to break this out this part out specifically because I've seen all I saw a lot of chatter   on noster and I saw a lot of chatter actually way more chatter on x about this   supposed political announcement on Bitcoin coming tomorrow,   the September   23.   You got people like,   Dennis Porter.   He's he's throwing out videos about this   important political announcement.   I'm calling straight up bullshit.   That's my gut feeling.   My gut feeling is that this is going to be a massive nothing burger and that we should disregard   all of it.  

And that, in fact, this may have because   because so many people,   so many different people   on X and other platforms,   all at the same time started talking about the September   big political Bitcoin announcement,   it makes me it's the word   coordinated   comes to mind.   And as always,   you sell the news.   So you got $1,700,000,000   just wiped clean.   You got a floor right now of a $112,000   and all of this is in the face of all these big huge accounts,   way bigger than my account will ever be, saying things like   on the horizon,   big political announcement.  

Well, let's see what these rumors might hold.   In what some suggest is classic market front running, crypto markets are falling after reports of a massive political news event,   circulating on social media.   The exact nature of the announcement is unknown.   Bullshit.   But in an ex post on Sunday, Dennis Porter,   CEO and cofounder of digital asset policy lobby, Satoshi Fund, did not mince his words.   The move due Tuesday, he claimed, would, quote, oh, I love this,   reshape   the trajectory   of Bitcoin   politics,   in   quote.   Now, here's here's his act here's Dennis Porter's actual tweet word for word.  

And it's in all quotes,   by the way, they're not not all quotes, all caps. It's this is all it's important y'all. It's in all caps. That means it's   way more important than pushing the caps lock button on your   keyboard. Right? Anyway, massive political news coming for Bitcoin Tuesday   that will reshape the trajectory of Bitcoin politics.   This   will be a defining moment   on he's got an American flag on his tweet. That makes it important,   that and the capitalization.   Cryptos become sensitive to promises from US political circles in 2025,   thanks to the initial buzz and frustration over the strategic Bitcoin reserve.  

As Cointelegraph continues to report, the idea remains far from forgotten. Quote, I still think there's a strong chance the US government   will announce this year that it has formed the strategic Bitcoin reserve and is formally holding BTC as a strategic asset. Alex Thorne, head of firm wide research at exchange Galaxy Digital, wrote on x earlier this month.   Thorne argued that the market had underpriced the likelihood of the SBR becoming reality.   Last week, United States lawmakers met with crypto market executives, including strategies,   Michael Saylor with the SBR reportedly   under discussion.  

Okay. This is all bullshit until they actually say   and maybe it's maybe this is what they say tomorrow.   I doubt it. I honestly honest to God, I doubt the following occurs.   But unless they say The United States has found out a way to purchase Bitcoin,   put it in the strategic Bitcoin reserve. Here's how we're going to do it, and it's already been done. And then they announce how much Bitcoin they bought. Anything short of that   is   bullshit and a massive   nothing burger, and none of these people should ever be listened to again. They can't be trusted.   All they seem to me is to be market manipulating,   and I'm just I'm just kinda done with it. So I'm calling out their bullshit. It makes me feel filthy   when I have to read all this crap, which is why I go to soapminer.com   to get my soap. I need to get clean from all the rubbish that just got poured on me, and I depend on soap miner at soapminer.com   to do exactly that with this handmade   tallow soap. It's   homemade.  

It's tallow. And you can go shop for it at soapminer.com.   You can get a comfrey tallow bar. You can get Earl Grey soap. You can get goat's milk. You can get lemongrass,   orange, and clove, and redacted, and rough cut. And you can even get lip balms. And soon,   soon on his website,   he's going to have 100%   beef tallow   deodorant, which I've never used, but I can't wait to order a stick of that from him because it's either gonna make me smell like a cow, which I actually don't mind, or it's gonna make me smell like,   fresh, which is exactly what I expect because   using Soap Miner soaps has done wonders for the skin on my hand. I wash my hair with it. I shave with it. This stuff lasts   forever   as long as you keep it high and dry.  

I   highly and strongly recommend   that you go get one of those soap little bar soap mats at, like, Walmart or something that's got the, like, the little spikes on it that keeps the soap out of the water of the soap dish that inevitably occurs because that ruins   soap,   whether it's a crappy piece of bar soap from, you know, lever   USA   or   it's the finest soap that you've ever held in your hands at soapminer.com.   You can get 10% off of soapminer.com   products if you use   the coupon code Bitcoin and that's right. Use Bitcoin and in the carts coupon code box for 10% off of your total purchase.   This is the circle p. The circle p is where I bring plebs like you with goods and services   to plebs just like you who want to buy said goods and services in Bitcoin. And that's exactly what he does. In fact,   he only accepts Bitcoin, and I think people really don't understand that. He's not gonna take your Fiat. He's not he's not gonna take your PayPal. He will if if whatever   method that you can use gets in Bitcoin, that's how you're gonna get your soap because you're not giving them United States dollars. No. No. No.  

You've got to be selling your goods and services in Bitcoin to be in the circle p. Now   let's do this one. Where where wait. Where are we on time? Okay. We are already way over time. So what I'm gonna do now is we're gonna run the numbers and then I'm gonna reset some of these stories.   CNBC Futures and Commodities West Texas Intermediate Oil is up point 03%   to $60.62 dollars and 70¢. Brent Norcey down a quarter   $66.53.   Natural gas is not doing well at all.   I can only assume that it means that we're going we are in for a mild weather, but it's down 2 and a half to $2.81   per thousand cubic feet. That's not a good price for people producing   natural gas.  

Gasoline itself is up a quarter to a buck 97 a gallon, and Merban crude is down a point to $68.71.   All of your shiny Mellow rocks are screaming. They are on fire. They're like the afterburners   are on full because gold is up another 1.8%   to $37.73   and 3 dimes.   Silver is up 3%. Platinum is up point six. Copper is up point one six, and palladium is up almost four full points.   Ag, on the other hand, is doing very, very poorly, mostly in the red. The biggest winner is coffee, point 4% to the upside. Biggest loser is chocolate.   It's four full percentage points to the downside.  

Live cattle, however, is screaming   2.15%   to the upside.   Lean hogs, one and a third in the green and feeder cattle in the green as well, 2.6%   to the upside.   The Dow is relatively mild this morning, point 13%   to the upside, forty six seven ten,   and the S and P is up a third. The, Nasdaq is up almost a half, and the S and P Mini is in the red one no. 0.11%.   And as we all know, Bitcoin's not doing well today. A $112,500.   That brings us back to a $2,240,000,000,000   market cap, and we are sub 30 ounces of shiny metal rocks with our one Bitcoin,   of which there are 19,924,504.3   of an average fees per block or low at 0.02   BTC   in fees on a per block basis.  

There are 20 blocks carrying a 104,000   unconfirmed transactions waiting to clear at high priority rates of three sets per v byte. Low priorities get you in at one. And mining is, woah, a new all time high on hash rate.   1.08   Zeta hashes per second.   That's quite a jump in hash rate.   So   what's   going on?   Well, these are, like, you know, kinda like weekly or daily averages. So we might see a dip in mining come tomorrow given this this price action that we've got. A reminder that you can go sign up   at bitcoinandshow.com.   That's bitcoinandshow.com.  

That's my website.   That's the website for the show.   If you give me your email, I promise I won't give it to anybody else. But go to bitcoinandshow.com,   sign up for the email, and you will get well, you'll get you'll you'll get like a little newsletter,   that accompanies,   the episodes   that I drop. I haven't done it I didn't do any of the episodes last week, but I'll start up again this week. You will get those, and I promise I will not give your information away to anyone nor will I sell it.   From don't get ticked   and a couple of other ones, I got some I got some boost grams here to read to you. War time with a 133   sat says you can rebalance your son's channel by accepting an out of band payment   in cash from him and then paying a lightning invoice   of his through that channel. Yeah. It does work.  

With 900 says, I really enjoyed the piece about ticks spreading disease through experiment or thought experiment.   Another great   Bitcoin adjacent topic that was thought provoking as well as entertaining. Keep up the good work. I appreciate that, Axel Ron.   Wartime with a 133   says cheers,   and that's it. So donation's extremely   low as of late. It's kinda disheartening.   So donate to the show, and that's one of the other things that you can do at bitcoinandshow.com.   Go to bitcoinandshow.com.   You can sign up. You'd like throw me $50   for the year just to support the show. If you if you get value from what I do,   it'd be appreciated if you show that value back by throwing me some boostagrams, stream me some satoshis   or flat out throw your fiat at my website   and get the $50 buy and you will get the same thing that you get if you sign up for free,   but you support the show.  

And supporting the show is important because donations have really been sucking lately. Anyway, that's the weather report.   Welcome to part two of the news that you can use. Bankrupt exchange   FTX   is set to repay $1,600,000,000   to creditors   starting   September 30. So here in eight days.   Okay? Now this we keep dropping I keep dropping this news on you because it keeps getting dropped on me. But remember the theme for today's show,   What's not being said?   Let's find out what Christian Sandor   doesn't say   in this one from CoinDesk.   FTX's   bankruptcy estate is set to release $1,600,000,000   of funds   to creditors at the end of the month, marking the third major payout following the crypto exchange's implosion three years ago.  

The FTX Recovery Trust, which oversees the bankruptcy process, announced on Friday   that payments will begin September 30 for creditors   who have completed verification steps on the FTX claims portal.   Funds will be routed through service providers BitGo,   Kraken,   or Payoneer,   what a dumb name, and are expected to land   in accounts   within three business days of September 30.   US customers will receive 40% in the latest round, bringing their total recovery so far to 95%   according to the press release.   Quote.com,   end quote customers,   users of the exchange's international arm will see an additional 6% payout for 78%   in cumulative   distributions.  

General   unsecured and digital asset loan claims   are set for a 24%   payout, raising recoveries to 85%.   And convenience   claims will be paid out at a 120%,   exceeding   the face value of what was owed.   God, this smells bad. The September distribution follows earlier rounds that has returned over $6,000,000,000   to creditors,   part of the process aimed at recovering assets   to users   of the once prominent crypto exchange, which collapsed in November 2022, pushing the crypto industry into a deep bear market. Sam Bankman Fried went to jail. Yes. We know all that. So what was not said?   What is never said, especially   in these FTX   stories?  

Are they selling Bitcoin   at this moment in time?   Are they selling shitcoin numbers one through 12   at this time to get the cash?   Because a long time ago,   we knew   that they had mostly already sold all their crypto, and yet when we see these new stories come out   in out from outfits like CoinDesk,   it is never   mentioned.   And almost everybody is always especially   after the liquidation of it we saw early this morning and late last night,   especially after that, you know fear is in the market.   So here comes another story   that's like, oh my god, another $106,000,000,000   in liquidations.  

Uh-uh.   Not so fast.   What Kristen is not saying   is that a lot of this liquidation   was done   years ago.   Years ago. In fact, I had to go all the way back.   What was it? Like, I all the way back to episode   what was it? Eight zero three.   I'm on 1,173.   That   today's episode is 1,173.   I had to go back all the way to episode 803   to find this one,   to find this next story. Right?   So from 09/29/2023,   like like,   two full years ago,   they were talking Cointelegraph   was talking about FTX's   $3,400,000,000   crypto liquidation   and what it meant for the crypto markets.   So bankrupt crypto exchange FTX   has been approved   to liquidate nearly $3,400,000,000   worth of crypto assets,   creating a sense of panic   among crypto investors.  

But experts say the phase liquidation   schedule will ensure market liquidation.   Guys, they've they've already   almost all of these have already been sold into cash.   And that's why I that's why I've got a little bit of a beef with the people out of coin,   of CoinDesk.   And any actually, not just CoinDesk.   Any   anytime that I've brought you recent FTX news and they've talked about, hey, man,   the the repayments are coming. They're on the horizon.   What they never say is, by the way, about 85%   of all this shit was already sold.   Right? And we don't really have to worry about it as much this time around.  

So   please understand that when we go through these stories, when you see stories or when somebody   tells you, like, Dennis Porter's   screaming on x about this political announcement about Bitcoin is gonna be a defining moment,   Nothing burger.   But   other news   from down south, specifically in Bolivia,   that this makes   this could actually move the needle.   Toyota   and Yamaha   and BYD   are all accepting,   well, it's not my favorite, but USDT   to tackle a dollar shortage. Oh,   Atlas 21   coming out swinging three global automotive giants   have begun accepting payments in Tether in Bolivia responding to the country's drastic decline   in United States dollar reserves.  

The announcement came from Tether CEO, Paolo Ordano, who confirmed the implementation   of this new payment method.   Operational confirmation   came from crypto security company BitGo, which documented the first purchase of a Toyota vehicle   in Bolivia   using Tether.   Images shared by Ardoino   shows dealerships   displaying signs,   promoting USDT as an easy, fast, and secure payment option for car purchases.   BitGo also announced its strategic partnership with Tether and Bolivia Toyota   to facilitate self custody of funds and ensure secure transactions.   Until June 2024,   Bolivia was considered one of the last countries in Latin America hostile to cryptocurrencies.  

However, the critical economic situation   pushed the government to reconsider the stance,   lifting the long standing ban on digital assets and authorizing banks to process Bitcoin and stablecoin transactions.   The first sign of this shift came in March   when the state owned oil and gas company, can't pronounce it, but it's their state oil company,   received government approval to accept cryptocurrencies   for fuel imports   as a solution to the growing   US dollar shortage.   Data from trading   economics   paint   a worrying picture.   Bolivia's foreign currency reserves   have collapsed by 98%,   dropping from 12,700,000,000.0   US dollars in July   2014   to just a 171,000,000   US dollars in August.  

This collapse has led citizens and businesses to seek more stable alternatives to the local currency.   Fears of losing purchasing power in the national currency have pushed many Bolivians to favor the US dollar   or increasingly   stablecoin.   The country's main bank described digital assets as, quote, a reliable and viable alternative   to traditional currencies. And retailers in Bolivian airports   have begun pricing essential products in USDT as a strategy to navigate the currency crisis.   Gabriel Campa, Tower Bank's head of digital assets, explained to Bitfinex   how Bolivian import businesses are using USDT   to bypass the US dollar shortage.  

The process involves purchasing stablecoins   locally or via offshore bank accounts,   converting them into US dollars to pay foreign suppliers, and then determining   the product prices in USDT.   This says a lot more   about than just Bolivia   and Bolivian,   you know, dealerships   accepting tether.   The US dollar shortage   in Bolivia should raise all the red flags.   Because what have I been saying about Tether?   It's going to be the way The United States prints   enormous,   exorbitant,   eye watering,   hubristic   levels of freaking debt   and export it   to the poorest nations on the planet who need it the most. And who needs US dollars the most? Well, right now, it seems to be Bolivia, doesn't it?  

And they are not going to be the only Latin American country that ends up in this boat.   All a lot of the Latin American countries, whether they whether they're like,   no. Who's our favorite guy? El Salvador. Like, El Salvador.   You was on US dollar standard. They don't they don't don't even have their own their own fiat currency anymore. They haven't had it for years. They just use the dollar.   Now El Salvador may not be seeing a dollar shortage,   but I can guarantee you that more than Bolivia and El Salvador use the United States dollar   in these countries in Latin America.  

And these countries are going to start running out of dollars.   And then they're going to be, oh, well, we need more dollars. And the United States government's gonna be there to help. It's gonna be like you thought the IMF and World Bank was, like, the nightmare   fucking twins from   Stephen King's The Shining movie. Right? The little twins in the blue dresses can't play with this, Danny. That's the IMF and the World Bank.   No. No.   You ain't seen nothing yet. You ain't seen the shadow of death of Beelzebub   that's standing behind those girls,   which is The US   debt printing machine   and the ability to export it now that we've got Tether.  

I'm telling you, man, this story is speaking a lot more to me about that than it is about, oh, look. See, even Toyota's taking crypto for their cars.   That's not the important part.   The important part is that Latin American countries are running out of US dollars.   You can bet your bottom dollar that Tether's gonna be there to print as much as they can, and they are going to   buy   every   treasury   bill and bond that the United States treasury prints. It's going to be   glorious   right before the fall. Anyway,   US and UK has teamed up to create crypto focused task force   to guide further regulations.  

Oh, boy. This should be fun. Coming out of the block, written by Sarah Wynne.   Top financial officials in The United States and United Kingdom,   including   US Treasury Secretary Scott Bessent and UK Chancellor of the exchequer   Rachel Reeves have launched a joint task force   aimed at developing policy recommendations for digital assets. Oh, this will be fun. The so called Transatlantic   Task Force for the Markets of the Future, that's the name of it,   will look into short to medium term collaboration as well as longer term coordination   for digital assets.  

The group will also release a report in one hundred and eighty days on crypto   and broader digital market innovation   according to a statement released on Monday. Quote, the task force is to report back to both finance ministries via the UK   US Financial Regulatory Working Group   on recommendations to enhance collaboration on capital markets and digital assets   and other innovative financial activities, treasury department officials wrote,   quote, these recommendations   are to be developed in close collaboration with industry partners ensuring   we unlock opportunities for investors,   businesses, and market participants   on both sides of the   the Atlantic Ocean.  

Oh, isn't that nice? The initiative   marks a significant move in deepening collaboration   on crypto regulation and innovation. And last week, the Reeves and Besant met.   What the Reeves? It literally says this. Last week, the Reeves   and Bessent   met to discuss   collaborating   on crypto oversight. What's so was it like the Reeves and Bessent families? What did they meet and have dinner? I mean, are they good friends? What the hell are the Reeves and Bessent?   What   editing people. It's it's important.   There's really not much more about this. There I mean, it it just turns into a soup of suit speak, and we don't need any of it because we've got too much suit speak as it is.   But now The US and The UK   are teaming up to create crypto focused task force for guiding future regulations.  

That's probably not gonna   I don't know, man. I just I was all I could think of was those two   evil twins in The Shining, the the little chicks in the blue dresses. And instead instead of seeing the IMF in the World Bank, like, tattooed on their heads, now I see The US and The UK.   It doesn't matter.   The US dollar in the short to medium term wins.   It's it's just gonna happen.   Fiat currencies and and nations around the world are gonna fall like flies. It's gonna be replaced by the US dollar.   Trump's gonna get what he wants. He's gonna he he he want he says he wants a strong US dollar, but he doesn't want it too   strong, which is why we're going to print the living crap out of debt.  

It's gonna make people dependent on the US dollar, but we're gonna be able to control the dollar strength through the amount of debt that we print.   And that third mandate of the Fed, the supposed yield curve control, for lack of a better term, that I was talking about last week,   I think that actually takes a back seat to just printing money.   But, hey,   not a Nobel,   you know, winning economist over here, so I'm probably just dumb as a post.   But I've got good news. Vancouver   Firefighter   Mental Health Fund is going to accept Bitcoin.   Alex Larry out of Bitcoin News.  

Vancouver   mayor Kim's or sorry. Ken Sim   has launched a new fund to support the mental health of firefighters.   And for the first time, the city will accept donations   in Bitcoin.   The initiative was announced at a fundraiser hosted by the Vancouver Firefighter Charities   on September 13   and aims to address the growing mental health issues faced by frontline emergency workers.   So then they go there's a lot of the story that goes into what what these guys are actually facing.   But we are at an hour right now.   And I don't want this to go too long. So   the takeaway is   Vancouver   and Canada in general,   has not really been   let me make sure this is the Vancouver   that I think it is.  

It's not really saying   let's see.   Yeah. This is the   Canadian   Vancouver. There's a Vancouver, Washington, but there's also   so I get confused. Anyway, I'm sorry. Yes. So Canada hasn't been all that graceful   to Bitcoin,   and and Vancouver itself has been no. I mean, they've been nicer about it than than other other places, especially, like, you get further east in Canada and the more hatred for Bitcoin builds. But   still, the country of of Canada hasn't been too kind to Bitcoin.   So now we've got a mayor of one of the larger and most well known Canadian cities, Vancouver,   doing this himself.  

He is not advocating for somebody else doing it. He set the charity up himself. So the Vancouver   mayor   is himself   a Bitcoiner, and I that's good news. I'm saying we're gonna end up with some good news. But then we go right into strategy.   Their shares fall   after the Bitcoin giant reveals a $100,000,000   Bitcoin buy. We're gonna finish off the day with Logan Hitchcock out of Decrypt.   Shares of leading Bitcoin treasury firm strategy are down 1.4%   amid the news that the firm spent a $100,000,000   to acquire 850   Bitcoin last week at an average price of 117,344.  

So at 112 or below 113   well, actually, anything below a $117.03   44, they're underwater on that buy. But   trading at $339.80   a share,   MSTR is now down 5.2%   in the last month,   underperforming   Bitcoin itself, which is only down around 1.6%   in that time.   Now here's why I'm bringing this to you because it's like David   this is another treasury it's the same treasury company they just they're just buying more Bitcoin. Ah, but how did they buy this Bitcoin?   Did they sell a bunch of product to get revenue to buy the Bitcoin? Oh, no, no, no, no. No, they didn't.   Here's how they made the latest purchase.  

The firm used around $19,000,000   in proceeds from its   STRF   preferred stock offering,   but here's here it is.   And more than $80,000,000   in net proceeds from its   existing $21,000,000,000   MSTR   common stock offering.   It's a dilution   event   that's going on. Now this is kinda like says, hey, well, hey, this was already planned. Yeah. I know. I get that. But   the what I'm saying is that strategy is just kind of it's just kind of becoming common place to dilute   your common shareholders.   There's only so much beratement   that a human being can take financially   before they say, fuck it. I'm out.  

And if the common stock shareholders   flee   micro strategy because they're tired of being diluted,   they don't want it. I'll bet you there's a whole bunch of guys that have been holding   micro strategy stock before it became strategy.   They don't care about how much Bitcoin per share they have.   I mean, it's part of a metric of the performance of the company, especially now that they're not doing pretty much anything else. Yeah. It's kind of become important.   But there's other there's other fish out there to fry. Shit. I can go buy Strive,   a s s t, if I wanted to because they just bought Simler. And why is that important? Well, I told you because Simler   actually has real revenue coming in.  

They make money.   They have a product. They put it on the market, and people said, I like that product. I'm going to trade you this money for that product. And then Semler takes that money and divvies it up and pays their people some of it, and then they buy some Bitcoin with the rest of it.   This this is that's how you should act.   And and   for me, until strategy   comes up with a plan   to fundamentally   generate revenue   without having anything to do whatsoever with Bitcoin unless   they start making loans   for like on like like I said, like, say, hey. We'll   we're going to loan you this money, but you're gonna take the loan to Goldman Sachs. We're gonna secure that loan for you, and we want we want, I don't know, point two five basis points   off the top. So we're just gonna add that to your loan   and and but we'll be the one to securitize it. And then you got you have collateral that you use to securitize with us.  

Now if they're gonna if they're gonna make revenue on the interest rate, okay,   that's functional.   It's usury,   but it's functional revenue. And it's it's not up at the 18 to 20%,   you know, levels, which is where   US legal,   structures   start identifying   things as being usurious.   In the Old Testament, usury is you can't   charge any interest rate.   You loan your neighbor the money to get by. Your neighbor pays only the principal back. Now that's been bastardized   over the centuries. I get it. But usury is any interest rate at all. But until strategy can demonstrate   that they can make some money   without selling shares of preferred stock and without diluting their common shareholders   and make money the old fashioned way by offering good or service to somebody else who   who requires   that good or service and and offers to pay them actual   money   that they can then buy Bitcoin with, at that point, then I'll say, okay. I'm I'm I'm on board.  

But   it's just been it's been too long that strategy   hasn't   had any plans to generate revenue   outside of Bitcoin, and I'm getting kinda sick of listening to it.   Right? So it's it's another it's another common stock,   shareholder   dilution event.   They only bought a 100,000,000. Hell, even Meta Planet bought a lot more Bitcoin than than strategy did.   What I'm seeing is that the appetite for all these preferred stocks are going away.   And these companies better get their ever loving shit together and do it real quick.   Strategy is gonna have to make some revenue,   and they can't do it by selling   debt.  

I mean, they they can, but they're gonna have to have some other revenue generating mechanism.   Otherwise, even somebody as big as strategy can go away.   Don't think that they can't.   They can.   I hope it doesn't happen,   but even if it does, I'll see you on the other side.  

[01:07:52] 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 a  

[01:08:10] David Bennett:

great day.