Episode 1217 of Bitcoin And . . . is LIVE!
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https://primal.net/p/nprofile1qqspqxs39j9dctnfuqqrz98lrswnddlumcrdsn28j689n824susmphcfxudsz
https://atlas21.com/jpmorgan-closes-strike-ceos-bank-accounts-without-warning/
https://cointelegraph.com/news/bitcoin-quantum-threat-consensus-old-address-risk
https://bitcoinnews.com/adoption/robert-kiyosaki-sells-25-btc/
https://cointelegraph.com/news/microstrategy-stock-bitcoin-bet-still-working
https://cointelegraph.com/news/pumpfun-transfers-436m-as-memecoin-market-slumps
https://cointelegraph.com/news/stablecoin-risks-limited-euro-area-low-adoption-regulation-ecb
https://decrypt.co/349788/thief-posing-as-delivery-driver-ties-up-homeowner-steals-11m-in-crypto
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Topics for today:
- JPMorgan Closes Jack Maller's Accounts
- Strategy Becomes Hedge Against 'Crypto'
- $11 Million Wrench Attack
- Quantum FUD is Still Here
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Today's Articles:
https://atlas21.com/jpmorgan-closes-strike-ceos-bank-accounts-without-warning/
https://cointelegraph.com/news/bitcoin-quantum-threat-consensus-old-address-risk
https://bitcoinnews.com/adoption/robert-kiyosaki-sells-25-btc/
https://cointelegraph.com/news/microstrategy-stock-bitcoin-bet-still-working
https://cointelegraph.com/news/pumpfun-transfers-436m-as-memecoin-market-slumps
https://cointelegraph.com/news/stablecoin-risks-limited-euro-area-low-adoption-regulation-ecb
https://decrypt.co/349788/thief-posing-as-delivery-driver-ties-up-homeowner-steals-11m-in-crypto
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[00:00:02]
David Bennett:
It is 09:42AM Pacific Standard Time. It's the November 2025, and this is episode twelve seventeen of Bitcoin. And this is Thanksgiving week for us that live in The United States Of America. So chances are real good we're not gonna get a whole lot of news. A lot of the, places that I go to to grab my news are US based companies, and things seem to be already kinda slowing down for the week. But we do have some. I'm just saying that these could be some some shorter shows during this Thanksgiving week here in The United States for the Bitcoin and podcast. But today, we do have some pretty outs well, I was about to say outstanding. It's not really outstanding news as much as it's definitely news.
Looks like JPMorgan has closed Jack Mallard's personal bank accounts without warning and without reason. And you know what? Let's just start into all the news that you can use right now with Atlas twenty one. JPMorgan closes Strike CEO's bank accounts without warning. Here we go. Strike CEO Jack Mallers revealed on x that JPMorgan Chase closed his bank accounts last month without providing any adequate explanation. The incident has raised concerns within the community about the growing phenomenon of debanking, the practice of traditional banks denying financial services to individuals connected to Bitcoin and digital assets. Quote, last month, JPMorgan Chase threw me out of the bank, Mallers wrote on x on Sunday.
It was bizarre. My dad has been a private client there for thirty plus years, end quote. Let's pause for just one second. If you are not aware of Jack Mallers' family history, then that one statement by itself is kind of important to look at. Jack Maller's grandfather is sort of like one of the old well, was one of the old school I believe he's one of the cofounders of the Chicago board of either Chicago Board of Trade or Commodities Exchange or, you know, things around that nature. We're talking about a pretty well placed individual, which means that at least since his grandfather's time and probably his great grandfather's time, the Mallers family has been well known at the highest levels of finance that there could possibly be.
We're talking about banking relationships that stretch back decades. We're talking about, like, people that these these are the people that go and eat lunch with presidents of JPMorgan Chase. This is a family that's probably been doing business with JPMorgan Chase for a hell of a lot longer than thirty plus years. This isn't just about his dad. This is his dad. This is his granddad and his great grandfather. Alright? So this is a little bit bigger than just some dude getting, you know, having getting a letter from a bank saying we don't wanna do business with you anymore. This is a bank that is literally telling the entire family that their family's relationship with that bank doesn't mean much.
So let's continue from that standpoint. When Mallers tried to understand the reason behind the shutdown, The bank's response was, quote, we aren't allowed to tell you, end quote. The CEO also shared an image of JPMorgan Chase's official letter commenting ironically, so proud, I got it framed. Almost like it's almost like when we when we frame great tweets, you know? Anyway, in the notice, the bank referred to alleged, quote, concerning activity detected in Mallor's account. The letter highlights the institution's commitment to regulatory compliance and the security of the financial system, adding that this may prevent them from opening new accounts in the future.
Maller's post is, well, as you might imagine, sparked a wave of comments suggesting that, quote, operation choke point two point o remains active despite the change in administration at the White House. Operation choke point two point o refers to an alleged coordinated effort by US federal banking authorities during the Biden administration to pressure traditional financial institutions into denying services to companies, executives, and individuals associated with the digital asset ecosystem. Last August, president Trump signed an executive order to penalize companies that engage in debanking against businesses linked to Bitcoin and digital assets, quote, the Trump administration has already ended operation choke point two point o once and for all by working to end regulatory efforts that deny banking services to the digital assets industry, Trump's working group on digital assets, markets said back in July.
Well, that's the end of the article. So why wasn't it the end of Operation Chokepoint two point o? Because I'm I'm in agreement. This looks very much like Operation Choke Point two point o is being refired, reinvigorated in the pits of Mordor, as it were. Mallers, this is not Strike's bank accounts. This is Strike's CEO personal bank accounts or at least, you know, most likely personal bank accounts because I don't know of any other business that that Mallers is actually directly into, other than Strike. At least, you know, not to the degree that that he's associated with Strike. But this is not Strike's accounts.
Alright? This has nothing to do with Strike insofar that it's just Jack Mallers happens to be their CEO. Understand that this is most likely his personal banking relationship with JPMorgan Chase has been terminated. And, again, the question is, I thought we got rid of operations choke point two point o. So what's this? Are they firing it back up? Is there something that's changed in the attitude of the administration that we have in place right now that tells, Jamie Dimon that this is gonna be, quote, unquote, okay behavior, and Trump's not gonna come after him? And I gotta tell you, my gut feeling is that the answer to that question is not as much of a yes, but it's certainly not a no.
It's almost as if they're the administration is has telegraphed some indifference to the way that JPMorgan Chase wants to go. Because if if that executive order that Trump signed, if the language is true in that executive order, then they can penalize JPMorgan Chase directly under under this particular executive order for doing what they've actually done. So what we'll be watching for is does the administration push back at all against JPMorgan Chase? Also understand this happened last month. The and it's just now that Mallers is is speaking out about it. So I guess it took about a month to clear with his lawyers and all of it well, his his entire legal team exactly what he can and cannot say about this issue without, I don't know, incurring some more potential wrath from JPMorgan Chase.
But JPMorgan finds themselves in an interesting situation. So, like I said, my gut feeling is that is that they have received information from the administration, either directly or indirectly, that they are more or less indifferent and that they're not going to actually press the executive order against the executives over at JPMorgan Chase for doing exactly what the executive order said that they could be penalized for. So the next few days, weeks, possibly a couple of months, we're gonna have to see what the hell happens here because that's this isn't good.
Firing this fire back up, especially right now after a 35% drop in Bitcoin, I don't like it. And I honestly think it if it is if it is what I think it is, I think it's possibly coordinated. But let's let's move on to another another issue, quantum computers. Apparently, they're not going to break Bitcoin's code, but they will break its politics check on chain, said on Monday that the quantum threat is more of a consensus problem than a actual technology issue. In a Monday x post, Chek claimed that there is no chance we come to consensus to freeze Bitcoin that has not moved to quantum resistant addresses with development politics limiting the community's ability to react.
This means that a large amount of lost Bitcoin will flood the markets as old addresses are compromised when quantum computer attacks become feasible. Bitbo data shows that 32.4% of all the Bitcoin has not been moved in the last five years, 16.8% in over ten years, and 8.2% in seven to ten years, and 5.4% in five to seven years. So how much of those assets are actually lost or inaccessible, and how many are kept in storage or is, well, subject to debate. ChexPost was responding to comments by Centris Paribas, head of research at crypto market research firm Delphi in, Digital. He said that Bitcoin's quantum threat problem was not technological in nature, and what makes the problem specifically unique to Bitcoin is that the tech problem is actually secondary.
Quantum resistant Bitcoin will be feasible, but it doesn't solve what you do with the old coins, end quote. Talking to CoinTelegraph in late April, early cypherpunk, Adam Back, cited by Satoshi Nakamoto, of course, in the Bitcoin white paper, said that the community will have to choose between deprecating old vulnerable addresses or letting those funds be stolen. Chek said that the community should allow the old coins to come back on the market. The technological fundamentals for making Bitcoin quantum resistant are in place with the US National Institute of Standards and Technology having endorsed multiple post quantum public key cryptography schemes in the last year. If the Bitcoin community decides to implement them, quantum resistant Bitcoin addresses are well already within reach thanks to those encryption standards and the Bitcoin improvement proposal three sixty responds to this need. Still, Bitcoin uses the Elliptic Curve Digital Signature Algorithm or e c d s a signatures for legacy addresses and snore signatures for Taproot, both of which are vulnerable to quantum computers. And for this reason, it is almost certain that a solution would require the introduction of a new post quantum signature standard.
And this raises the question of what will happen to the large amount of lost Bitcoin left in non quantum resistant addresses during the interview with Cointelegraph Adam Back went so far as to suggest that the quantum threat may reveal whether Bitcoin's pseudonymous creator is alive or not He said that quantum computing may force Satoshi Nakamoto to move their Bitcoin to avoid it being stolen by quantum computers. Still, last week, he said Bitcoin was unlikely to face a meaningful threat from quantum computing for at least two to four decades, so twenty to forty years. Experts tend to agree that a backwards compatible fix that also protects older addresses is unlikely ever to be developed for Bitcoin.
Still, the same cannot be said for other blockchains. In late July, researchers unveiled a backwards compatible quantum resistant fix that would not require signature switching. Unfortunately, the new approach would apply to SUI, Solana, NEAR, Cosmos, and other shitcoin networks, but not to shitcoin number one in Bitcoin. That algorithm or rather that implementation leveraged pecu peculiar that I can't even talk today. Peculiarities of the Edwards curve digital signature algorithm that are used by those two networks or those other networks. And this scheme derives private keys deterministically from a seed, so researchers created a zero knowledge proof system that allowed one to prove that they hold the seed. If such a proof were required, a quantum computer falsified signature would not be enough to hack an address.
Okay. So the this continual deluge of, quote, unquote, quantum threat to Bitcoin is really overblown, and it's being used as FUD, and it's never gonna stop being used as FUD. Will quantum computing ever be able to actually break ECDSA? Yeah. Probably. But the law that means that it'll also be able to break all the nuclear codes of all the nation's defense departments, every single bank account on the face of the planet, every account with AT and T, every account with whatever municipal electricity provider you're using. If you're getting provided, you know, natural gas at your house, yeah, your account will be hacked.
This is a the the issue that we keep seeing is that they keep talking about it that this is a Bitcoin only issue. It is not. It is an everything issue. If it has something to do with cryptography, especially cryptographic scheme that's been developed, well, start, like I don't know. It's like, all the stuff that that was developed, like, let's say, ten years ago. Well, let's say, five years ago, you know, and then, like, later. Yeah. All of that shit's probably gonna get broke. And that includes ECDSA and, like, whatever else. Alright? So but we already we the other thing to be said is that we do already have the schema for quantum resistant, cryptographic schema.
That's fine. We will be able to implement that too. So the real question here is what to do about the old coins, and I'm prob I'm gonna say something that is most likely gonna be controversial. Let them get hacked. Let them come back online. Let them be redistributed to the people that are alive and are actually using Bitcoin. If you're not willing to move your coins to a quantum resistant address with if and when they come online, then there's two things that are that are possible. One is you're dead, and you didn't leave your keys behind for anybody else. Like, you didn't leave an inheritance. Okay. Or you're just so apathetic that you don't think anything's gonna happen. In either case, I am unconcerned.
I'm I like, I'm sorry for your loss, but I'm I'm honestly unconcerned. Having those coins be able to come online and, again, and I I kind of tend to agree with Adam back here, twenty to forty years actually sounds more plausible. It doesn't mean that we don't need to get off the stick and figure this shit out starting now. But I don't think, you know, running around the the block with hair on fire freaking out is gonna be an an appropriate way to vent our frustrations here. Still, the Satoshi Nakamoto coins, the 1,000,000 coins that were mined by Satoshi Nakamoto that we're we're pretty sure were, in fact, mined by Satoshi Nakamoto, it would be interesting to see them come back online.
Just just see watch them get hacked, And who knows? I mean, it's like we always assume, oh, they're gonna hack the Bitcoin and they're gonna sell it on the open market immediately. I don't know. Maybe not. And, also, it may not be it may not be priority number one to hack Bitcoin with the first quantum computer that is able to break this. If I was a nation state and I had a quantum computer in my control that was able to do this, or if I was a corporation that had developed a quantum computer that was able to do this, my first thought is not really Bitcoin. My first thought is all other corporations hack them.
Break all their encryption. Every bank, every corporation, every government, that would be my that would literally be my first thought. Bitcoin would be kinda like a a a number five. Right? It's not that Bitcoin's not important, but there are also other things that are secured by encryption that are very, very important, nuclear codes being one of them, all of the assets secured in the world being the other, And not all of that. You know, at this point, it's like it's like, what is it? $1,700,000,000,000 of the, what is it, 4 quadrillion dollars that that's actually out there is Bitcoin.
I'm I'm not only am I unconcerned with the rapidity or the, you know, how rapid the quantum computing comes online, I'm also kinda, like, not all that offended by the fact that that people are gonna go after Bitcoin first. I don't think I don't think the people that have the resources to develop quantum computing to get to that level are that as much interested in Bitcoin as they are all the rest of the stuff. Let's move on to Robert Kiyosaki. That's the from, Rich Dad Poor Dad, book fame. He sold $2,000,000 in Bitcoin because he's, quote, practicing what I teach, end quote, Bitcoin news.
Nima is writing this one. Robert Kiyosaki, the famous author, has sold $2,250,000 worth of his Bitcoin stash. However, he didn't sell because he stopped believing in Bitcoin. Instead, he wanted to use the profits to buy businesses that would give him a steady monthly income. Kiyosaki explained that he sold around 25 BTC for $90,000 each. He originally bought them years ago for about $6,000 per coin. This means that he made a very large profit. With the money he earned for the sale, Kiyosaki is buying two surgery centers and investing in a billboard business.
He says he expects these new investments to earn about $27,500 in tax free income every month starting next year. I have no idea how Robert Kiyosaki thinks that this is gonna be tax free. Maybe $27,500 a month after taxes, but I I doubt seriously that this is tax free. So I don't know where Nima's getting that one. Anyway, Kiyosaki said, this decision matches the financial lessons he's been teaching for decades. Ever since he was young, he learned that investing should be about creating regular income, not just holding on to assets and hoping they increase in value. He said, quote, this has been my get rich plan since I began playing monopoly with my rich dad for over sixty five years. His goal was always to use profits to buy businesses that pay him every month.
He also shared that his real estate investments already bring in a large monthly income. These new purchases will increase his total cash flow into the hundreds of thousands of dollars per month, And that is a direct quote. Even though he sold millions of Bitcoin, Kiyosaki said he still believes in the digital asset's long term value. In fact, he plans to buy more BTC in the future using the extra money that he earns from his new businesses. Quote, I remain very bullish and optimistic about Bitcoin and will begin acquiring more with my positive cash flow, he said. He has predicted that the scarce digital asset could reach a quarter of $1,000,000 by 2026 and 1,000,000 by 2030.
He also believes that Bitcoin, gold, and silver are people's money while government currency is fake money because governments can print unlimited amounts. And Kiyosaki also refuses to invest in Bitcoin ETFs. Oh, that's yeah. Okay. Good good job there, brother. Which he calls fake Bitcoin because he prefers owning assets directly rather than through banks or Wall Street. Kiyosaki's sale happened during a sharp drop in the market. At the time of the announcement, Bitcoin fell into the mid $80,000 range after dropping more than 30% from its recent high of 126,000, and many investors were panicking with the fear and greed index showing extreme fear in the market.
And then they go into he he goes into some some other market analysis stuff, which we don't need. But I'm sure that the fear, uncertainty, and doubt machine will pick up on Robert Kiyosaki, who's been a big Bitcoin advocate, and run with it and say, see, even even the biggest Bitcoin advocates are selling out of their Bitcoin. This is this is part of a cycle. We've seen it all before, and I'm not concerned about it at all. Sats4snacks.com. Go to sats,thenumberfour,snacks.com. That's sats4snacks.com. Talk to my buddy, Perma Nerd, and get your bit chunks. Freeze dried pineapple. You can get them in a five pack for 44,000 sats.
You can get, like, just peachy, which is freeze dried peaches. There's freeze dried mangoes. There's freeze dried bananas. The bananas, Man, I'm bananas for the bananas. This great stuff. Go to sats4snacks.com. Use the coupon code Bitcoin and. Right? Use the code Bitcoin and. Get 2.1% off with Bitcoin and, and it also allows Perma Nerd to know that I made him a sale. Because when Perma Nerd knows that I've made him a sale here in the circle b, then he is able to judge for himself how much that sale was worth, and then he pays me and sats on the other side. That's right. This is the 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. But you will be buying it in Bitcoin because if you're not selling it in Bitcoin, you ain't in the circle p.
And somebody else who's not in the circle p is Michael Saylor. Strategy stock is bleeding, but Saylor won't back down from his Bitcoin bet. Ezra Reguera, CoinTelegraph. Bitcoin investor strategy is facing a rough stretch this year. Oh my god. It's so horrible. Prompting speculation that its high conviction Bitcoin play is coming undone. A look beyond the one year chart tells a different story. Google Finance data shows that strategy stock is down almost 60% over the last year and has declined by 40% year to date. The stock traded near $300 in October, but, oh my god, horror of horrors, it's dropped to about a $170 at the time of writing.
Some interpret this as Bitcoin model being exposed. Strategy is still sitting on double digit profits on its Bitcoin purchases, however, and its long term equity performance actually outpaces major tech stocks. We never ever ever look at the long term chart. We only ever see FUD based around last year's performance, this year's performance, but not really not really back off, you know, into the past. Right? Because according to bitcointreasuries.net, strategy acquired its Bitcoin at an average price of $74,430. With Bitcoin trading at around 86,000, strategy is still up nearly 16%, up 16% on its Bitcoin investment over a five year window?
Strategy shares are up more than 500% according to Google Finance. By comparison, Apple has recorded merely a 130% gain. Microsoft, only a 120% increase in the exact same time frame. Even on a shorter two year horizon, strategy stock is up by 226%, surpassing Apple's mere 43% and Microsoft's paltry 25% increase during that time period. The slump might have less to do with Bitcoin's fundamentals and more to do with how the biggest investors hedge their crypto exposure. In a recent CNBC interview, Bitmind chairman, Tom Lee, explained that strategy has become the easiest way to hedge Bitcoin.
Quote, someone can use MicroStrategy's options chain, which is so liquid, to hedge all of their crypto. The only convenient way to hedge someone's long is to short MicroStrategy or to buy puts, end quote. This dynamic turned strategy into an unintended pressure release valve for the crypto market absorbing hedges, shorts, and volatility, and market anxiety that may have little to do with its own underlying Bitcoin strategy and the effectiveness of its long term thesis. Kyle Rada, a senior market analyst at capital.com, said that the biggest risk is a drop in BTC prices that would force strategy to liquidate its holdings.
This could add downward pressure on both strategy stock and BTC prices. Quote, we are probably a long way off from this, but the risk makes abundantly clear that in the long run, buying MicroStrategy stock or strategy stock is potentially inferior to owning actual Bitcoin, Radha said. Pause. If you've been listening to this show or most of the other OG Bitcoin podcasts that are Bitcoin only, we've been telling you the exact same thing. There is no reason to go out and buy the Bitcoin ETFs. Even Robert Kiyosaki doesn't do that. There's no reason to go buy MicroStrategy.
Just buy the Bitcoin, Hold the Bitcoin. And then you'll say, yes. But the yield products on the other MicroStrategy or strategy stuff. Yeah? You go chase that yield. I will be perfectly happy holding Bitcoin and not having to worry about any other third party inclinations of somebody like Michael Saylor or the market itself. I don't wanna worry about it. I sleep just fine now. I'm not borrowing that freaking trouble. Just saying. It's it's it's worth it's definitely worth considering. Anyway, he added and this is Radha. He added that while MSTR stock can effectively disappear, 1 Bitcoin will always be worth 1 Bitcoin.
Despite the slowdown in stock prices, strategy chairman Michael Saylor showed his resolve on x saying, we won't back down. And there's a picture of his tweet here that says, I won't back down. And, of course, b is the the Bitcoin symbol. Whatever. On November 17, strategy announced that it had acquired more Bitcoin, and they give all the numbers, and I don't care. On November 6, crypto market maker Wintermute pointed to stable coins, exchange traded funds, and digital asset treasuries as the key source of crypto liquidity, saying that a liquidity slowdown had caused the recent market slump.
Data aggregator, Defi Llama, showed that digital asset treasury inflows began to slow in October following the liquidation of $20,000,000,000 in crypto positions. And then, of course, we all know what's happened over the last couple of weeks. So what the the the takeaway for me here is not that Saylor won't back down. I don't care. It's not that he's made double digit gains. There's two things here that that are of really of real importance. First is to combat FUD by actually taking a longer look at strategy's performance, at least their stock.
You could buy that crap at $13 a share, $10 a share right before Michael Sailor started actually buying Bitcoin, and that was five years ago. Since that time, it's been a rocket ship ride up. Am I am I being a fan of strategy? No. I'm not. I'm just this this is just the facts. He is definitely down from the all time high price of $300 per share, and that's after a a stock split. Right? So do you know, go back through and do the math of how many times he split shares and, you know, what the original share would have been worth without the splits.
You do that, but I'm just gonna continue here. He was at $300 a share. Yeah. He's down to $1.70. If you go back and you look at that chart from, like, the for especially for its entirety, you see this massive pump that he got into, like, 1999 to 2,000 because it was all part of the ..com bubble. And then following the .com bubble bursting, he crashed all the way down to, like, $9, and it just stayed there. It didn't do anything until he announced a Bitcoin strategy. And now he's at a 170. So if you draw a line, if you draw if you follow that curve of all like, you basically get this bowl shape.
But on the right hand side of the graph, that bowl shape is is matching like it it well, actually, not matching. It's blowing away a lot of this this competition. If you just don't look at the $300 price, if you cut that off, what you end up with is a fairly good looking graph. So I don't know why everybody is continuously freaking out about this except to generate FUD. That's the whole point. The other point is what, Tom Lee is saying. I'm I'm not a fan of Tom Lee because he's a shitcoiner. He buys a lot of Ethereum with his BitMine or BitImmersion or whatever his company is called, but he's got a point here.
He's got a point about strategy becoming an accidental hedge against Bitcoin and the and the broader crypto market. The question becomes, did Saylor could Saylor foresee that and say, look, the minute that we structure these, the minute that we start dropping these yield producing products and these these other debt instrumentations, it's going to cause us to actually be a pressure release valve on the crypto market. Only Saylor can answer that. I I I wish I could because I think it was it would be fascinating if he said, oh, yeah. That shit's inevitable. Just do the math. It would be really surprising to me if he said, oh, yeah. We didn't see that shit coming at all. So, well, whatever. Let's run the numbers.
CNBC Energy mostly in the green today. Murbaughn Crude is up a full point. Brent Norsey is up point nine. West Texas Intermediate is also up point nine, but still below 60 at $58.58 a barrel. Natural gas being the natural hedge is down a row of sticks. 1.11 of the downside brings it to $4.53 per thousand cubic feet. Gasoline is up only slightly to a buck 88 a gallon. Then we've got the metals. Most of them are doing very well today. Let's see. Palladium is up point no. One and a half percent. Gold is up a mere quarter of a point to 4,089. Platinum is up 1.86.
Silver is up point seven, but copper is down almost a full point. Ag is pretty fully mixed today. Biggest winner today is coffee. Over 2% to the upside, the biggest loser is wheat. Also a row of sticks. No. Actually, it just flipped. Lumber is the worst performance today in the red by 1.3%. Live cattle, that's not gonna make anybody happy. It's down three and a third. Lean hogs, however, are up by two, and feeder cattle are down three full points today. But the S and P is doing good. One and a half percent to the upside, and Nasdaq is up two and a half. The Dow is up one half of a point, and the S and P Mini is up 1.15%. Meanwhile, Bitcoin's at oh, look at that. $88,480.
We are now at a $1,770,000,000,000 market cap, and we can purchase 21.6 ounces of shiny metal rocks with our one Bitcoin, of which there are 19,952,979.29 of. Average fees per block are low, 0.02 BTC, taking in fees on a per block basis. There's about 35 blocks carrying 37,000 unconfirmed transactions waiting to clear at high priority rates of two. Satoshis per v byte, low priorities get you in at one. And mining, see what we're doing here. Oops. Still in Zeta Hash territory. We are down slightly 1.05 Zed Hash's per second is all the security on the Bitcoin network that you will ever need or want.
From 8,000,000,000 supercomputers, I got Saints and SATs, 200 SATs, but he's actually giving me 200 SATs just, for the the Thursday show, Bitcoin Core on the Brink. Jason High 500 says, shout out to Oshi and SoapMiner, two merchants I've bought from after hearing great reviews from Bitcoin. And I appreciate you patronizing my my my my my vendors over there on at the circle p there, Jason. Paul Cernine with five hundred says cheers. Have a great weekend and looking forward to seeing you on the other side. I I I'm here. I'm here, man. I'm here.
2,100 sats from oh, wow. Wow. From cracking up Kenya. That was, like, that was a while ago. He just says thanks. Bitcoin Sandy with 500 says love the pick for this episode, and that was from 8,000,000,000 supercomputers where I've got a picture of the brain on there. Yeah. 8,000,000,000 supercomputers walking around this planet, and the best thing that we've come up with is fucking gambling. It makes me sick. Nick underscore dose with one zero eight says, cheers. And that seems to be the weather report. Welcome to part two of the news that you can use. Let's have some fun by laughing at pump.fun.
And if you don't know what pump.fun is, you're about to find out. Most people already know, by the by the way. Anyway, Zoltan Vardai, writing this one from CoinTelegraph. Pump. Funds massive. $436,000,000 cash out turns heads as mean coin media mania fades. Yeah, this is exactly when people figure out that they're holding the wrong bag. Meme coins, shit coins, alt coins, ICOs, all through the history of Bitcoin has been the same way. You get a 35% drop and all of a sudden, that meme coin that you thought was gonna, I don't know, let you retire at 15 years old, it just doesn't seem to have as much shine on it as it did. Anyway, meme coin launchpad pump.fun has reportedly cashed out of more than $436,000,000 in stable coins since October's record crypto market crash, throttled trading activity and slashed the platform's monthly revenue.
Since October 15, the Solana based meme coin launchpad transferred $436,000,000 of USDC stablecoin to cryptocurrency exchange Kraken signaling the platform's operators were cashing out according to blockchain data. Pump.fund began transferring millions in stablecoins to the exchange a week after the record $19,000,000,000 October crypto market crash had cut speculative appetite among meme coin investors. Could you imagine telling people that you're a meme coin investor? I mean, it's kinda bad enough to say I'm a Bitcoin investor, but my god. Meme coin investor? Anyway, pump.funds. Monthly revenue fell below $40,000,000 for the first time since July, dropping to 27,300,000.0 in November, which is down over a half from September's $58,900,000 according to data from Defi Llama. Cointelegraph contacted Pump dot Fund for comment on the reason behind the selling and whether the platform plans future token liquidations.
A spokesperson for pump dot funds said that the relevant team is working on a comment and will respond when they, quote, have the time. I'm surprised they answered the phone. Pump's large scale transfers triggered criticism among amongst crypto investors who saw it as a potential precursor for more selling pressure from the platform. Meme coin trading activity has been trending down before the October market crash, which accelerated the slowdown according to Nikolai Sondergaard, research analyst at crypto intelligence firm, Nansen. Quote, retail got burned repeatedly over the past few months, so the drop off we're seeing now is a continuation of that.
This also isn't the first time we've seen reports of large sell offs from pump.fund, so it wouldn't be surprising if they continued selling from their holdings, end quote. The pump dot fund tag cryptocurrency, Walt, still holds about $855,000,000 worth of stablecoins and 211,000,000 worth of Solana tokens according to blockchain data platform, Arkham. The 436,000,000 transfer was likely a withdrawal rather than an immediate sell off according to on chain analyst, Embarcian, who wrote that the funds come from institutional private placements of the pump token in June at a price of $0.004.
Pump dot fund moving like a full time liquidation machine while everyone else out here buying dips that never stop dipping crypto investor SK wrote in an ex post. Yeah. I don't really know what he's trying to get out there, but it doesn't matter. This is exactly what you expect to see. This is the tide going out. This is watching who's swimming naked. That's what this is. The tide goes out every once in a while to the tune of about 35%. Sometimes worse, sometimes not quite so bad, but 35% is definitely a good tide going out scenario so that you can get a quick scan of who is actually wearing swimming trunks and who's going commando.
Now from Helen Parks, also from Cointelegraph, stablecoin risks seen as minimal in Europe amid low adoption and MICA. And, of course, this is according to the European Central Bank. So you can believe about anything that they say like you believe a convicted felon. And by the way, they're kinda headed up by a convicted felon. Financial stability experts at the European Central Bank said stablecoin related risks in the Euro Area are limited due to its low adoption and, of course, the preventative regulation of MICA. The ECB said on Monday and published its financial stability review pre release, devoting it to the growing market of stablecoins, which are digital assets pegged to fiat currencies.
Authored by ECB financial stability experts, Asin Aerts, Claudia Lambert, and Elsa Reinhold, the report questioned stablecoin use cases beyond crypto trading and highlighted their low financial stability risks in the Euro area. Quote, currently, financial stability risks stemming from stablecoins are limited within the Euro area, but the rapid growth justifies close monitoring while risks stemming from cross border regulatory arbitrage should be resolved. The report said, quote, at present, crypto trading constitutes by far the most important use case for stable coins, the author said, adding that other use cases such as cross border payments, quote, play only a minor role, end quote.
Citing a July study by the International Monetary Fund, the report said that a large share of stable coin flows were cross border, but noted a lack of evidence that these flows were systemically linked to remittances. The report also highlighted limited stable coin use in retail transactions, referring to Visa's estimates that only about 0.5% of stablecoin volumes were organic. Retail sized transfers, which are, you know, less than a $250. Quote, the use of stablecoins seems to be primarily driven by their role within the crypto asset ecosystem, and it remains to be seen whether stablecoins will be adopted widely across other use cases, the bank staff concluded.
Well, the stablecoin's not being widely used for transactions involving real world assets, especially within the Euro Area, the stablecoin market does not pose urgent financial stability risks for Europe, the report continued. And although US dollar peg stablecoins such as Tether and Circle's USDC dominate the market at a whopping 84%, their interconnections with Euro Area financial markets remain limited. Even if stablecoin use cases rose and even if interconnections with the Euro Area were to grow, the European Union's crypto regulatory framework, markets in crypto assets regulation, or the MICA, would mitigate potential risks.
The authors wrote, and they added, quote, to mitigate risks posed by cross border regulatory arbitrage and diminished spillover risks from inadequately regulated jurisdictions, it is vital that regulatory frameworks are further aligned at a global level. They want everybody on the same page. This is always this is globalization. It's never done anybody any good. All it does is protect the people that already have the power. That's all it does. Anyway, among specific measures to restrict stablecoin related risks, the authors mentioned Micah's prohibition of paying interest on stablecoin holdings by both stablecoin issuers and crypto asset service providers, pausing to remind you that The United States banking lobby wants the exact same thing. They do not want to allow interest paid on the holding of any kind of stablecoins.
The authors noted that the banking groups led by the Bank Policy Institute have been calling for similar plans in The US. Okay. Well, I guess I should have just read that. With federal regulators expected to issue final implementing regulations on the Stablecoin Focused Genius Act in 2026 or 2027, The latest ECB report highlights a notable shift in the EU's stablecoin agenda with executive board members such as Piero Cipollione previously warning that US stablecoins pose a threat to Europe's payment sovereignty, strengthening the case for a Euro central bank digital currency with the ECB targeting a digital digital euro pilot in 2027.
I y'all are so late to the game. It's just laughable at this point. But whatever. The digital euro pilot in 2027 and a potential first issuance in 2029, the institution is progressing while continuing to monitor and address stable coin related risks. That is not progress. That is an embarrassment. But here's the thing. The language of this report is very interesting. It's almost like they are not concerned, and I hope they stay that way. It's not because I'm a fan of Tether or Circle or Stablecoins. I just wanna see the rug ripped out from underneath these people because they're making the same mistake that they made starting fifteen years ago.
They're not taking it seriously. And the longer they don't take it seriously, the chances that they ever catch up just decrease exponentially. That's what I wanna see. I like this language in this report because they seem, oh, look. It's got really low adoption in Europe. So therefore, we don't have to worry. Yes. You do. Yes. You do. And all of us needs to worry if we're holding Bitcoin, especially if we go out and do stupid shit like tell people that we have Bitcoin or wear Bitcoin swag. Why? Because a thief, posing as a delivery driver, ties up a homeowner and steals $11,000,000 in crypto. This is from Decrypt.
Vismaya v is writing this one. And she says, a man posing as a delivery driver in San Francisco robbed a homeowner of $11,000,000 in crypto Saturday morning after pulling a gun and binding the victim with duct tape. If you can't fix it, duck it. The suspect used the delivery disguise to gain access before brandishing a weapon and restraining the homeowner then forcing him to hand over his crypto wallet credentials along with a laptop and phone according to a police report seen by the San Francisco Chronicle. The attack happened at around 06:45AM at a residence near 18th And Dolores Streets in the Mission Dolores neighborhood, the report says.
The incident marks the latest in an alarming surge of, quote, wrench attacks, which are physical assaults targeting crypto holders, with security researchers warning that such crimes are reaching new levels this year. The report gave no details on injuries or arrests according to the San Francisco Chronicle. San Francisco police did not immediately respond to requests for comment from Decrypt. Cybercrime consultant David Sheyhan Baik told Decrypt that investigators will likely move on all hold on. Move on all three fronts at once. Devices, blockchain, and victim profiling rather than choosing one over the other. Quote, in the first twenty four to seventy two hours, they'll push hard on the hardware side, Beck explained, noting that authorities will probably attempt to track the stolen phone and laptop while securing remaining assets in exchanges before attackers can move them, quote, in parallel, they will also try to identify the exact wallets and addresses involved so blockchain specialists can start tracing outflows in real time.
He noted that coerced transfers let attackers move crypto within minutes, especially if routed through privacy focused services, whereas digital only thefts are more likely to be flagged and frozen by exchanges. Jamieson Lop, cofounder and chief security officer at self custody platform firm Casa, who maintains a database tracking such incidents, has documented over 60 wrench attacks just this year, roughly double the number recorded last year. Recently, Russian crypto promoter, Roman Novak, and his wife were murdered, murdered say one more time for those in the back, murdered in The United Arab Emirates after meeting with men posing as investors who demanded access to his crypto wallets.
And on Sunday, Thai police arrested a South Korean man and three Thai nationals for allegedly kidnapping and robbing a Chinese victim of over $10,000 in cash and crypto according to local media reports. Quote, the hard truth is that identifying the suspects is usually far more achievable than recovering the stolen crypto, end quote. Be careful out there, y'all. Don't let people know that you have Bitcoin. You know, people are getting really desperate anyway because the the fact that the global economy is just I mean, it's like it's like a tattered flag on a pole where you're, like, looking at the flag going, jeez.
That's that flag is so ripped up that shit's probably illegal, and the owner should take that down and replace it before getting cited. Because if you do have a flag in The United States, the American flag, and it's, like, ripped up, technically, that's illegal, and you can be fined for it. Just saying. This the the world economy looks like that. It looks so bad that the world leaders should literally be taken to jail. Of course, we've been saying that forever. Anyway, just be careful with who you even let know that you have Bitcoin, and I will see you on the other side. This has been Bitcoin, and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon.
Have a great day.
It is 09:42AM Pacific Standard Time. It's the November 2025, and this is episode twelve seventeen of Bitcoin. And this is Thanksgiving week for us that live in The United States Of America. So chances are real good we're not gonna get a whole lot of news. A lot of the, places that I go to to grab my news are US based companies, and things seem to be already kinda slowing down for the week. But we do have some. I'm just saying that these could be some some shorter shows during this Thanksgiving week here in The United States for the Bitcoin and podcast. But today, we do have some pretty outs well, I was about to say outstanding. It's not really outstanding news as much as it's definitely news.
Looks like JPMorgan has closed Jack Mallard's personal bank accounts without warning and without reason. And you know what? Let's just start into all the news that you can use right now with Atlas twenty one. JPMorgan closes Strike CEO's bank accounts without warning. Here we go. Strike CEO Jack Mallers revealed on x that JPMorgan Chase closed his bank accounts last month without providing any adequate explanation. The incident has raised concerns within the community about the growing phenomenon of debanking, the practice of traditional banks denying financial services to individuals connected to Bitcoin and digital assets. Quote, last month, JPMorgan Chase threw me out of the bank, Mallers wrote on x on Sunday.
It was bizarre. My dad has been a private client there for thirty plus years, end quote. Let's pause for just one second. If you are not aware of Jack Mallers' family history, then that one statement by itself is kind of important to look at. Jack Maller's grandfather is sort of like one of the old well, was one of the old school I believe he's one of the cofounders of the Chicago board of either Chicago Board of Trade or Commodities Exchange or, you know, things around that nature. We're talking about a pretty well placed individual, which means that at least since his grandfather's time and probably his great grandfather's time, the Mallers family has been well known at the highest levels of finance that there could possibly be.
We're talking about banking relationships that stretch back decades. We're talking about, like, people that these these are the people that go and eat lunch with presidents of JPMorgan Chase. This is a family that's probably been doing business with JPMorgan Chase for a hell of a lot longer than thirty plus years. This isn't just about his dad. This is his dad. This is his granddad and his great grandfather. Alright? So this is a little bit bigger than just some dude getting, you know, having getting a letter from a bank saying we don't wanna do business with you anymore. This is a bank that is literally telling the entire family that their family's relationship with that bank doesn't mean much.
So let's continue from that standpoint. When Mallers tried to understand the reason behind the shutdown, The bank's response was, quote, we aren't allowed to tell you, end quote. The CEO also shared an image of JPMorgan Chase's official letter commenting ironically, so proud, I got it framed. Almost like it's almost like when we when we frame great tweets, you know? Anyway, in the notice, the bank referred to alleged, quote, concerning activity detected in Mallor's account. The letter highlights the institution's commitment to regulatory compliance and the security of the financial system, adding that this may prevent them from opening new accounts in the future.
Maller's post is, well, as you might imagine, sparked a wave of comments suggesting that, quote, operation choke point two point o remains active despite the change in administration at the White House. Operation choke point two point o refers to an alleged coordinated effort by US federal banking authorities during the Biden administration to pressure traditional financial institutions into denying services to companies, executives, and individuals associated with the digital asset ecosystem. Last August, president Trump signed an executive order to penalize companies that engage in debanking against businesses linked to Bitcoin and digital assets, quote, the Trump administration has already ended operation choke point two point o once and for all by working to end regulatory efforts that deny banking services to the digital assets industry, Trump's working group on digital assets, markets said back in July.
Well, that's the end of the article. So why wasn't it the end of Operation Chokepoint two point o? Because I'm I'm in agreement. This looks very much like Operation Choke Point two point o is being refired, reinvigorated in the pits of Mordor, as it were. Mallers, this is not Strike's bank accounts. This is Strike's CEO personal bank accounts or at least, you know, most likely personal bank accounts because I don't know of any other business that that Mallers is actually directly into, other than Strike. At least, you know, not to the degree that that he's associated with Strike. But this is not Strike's accounts.
Alright? This has nothing to do with Strike insofar that it's just Jack Mallers happens to be their CEO. Understand that this is most likely his personal banking relationship with JPMorgan Chase has been terminated. And, again, the question is, I thought we got rid of operations choke point two point o. So what's this? Are they firing it back up? Is there something that's changed in the attitude of the administration that we have in place right now that tells, Jamie Dimon that this is gonna be, quote, unquote, okay behavior, and Trump's not gonna come after him? And I gotta tell you, my gut feeling is that the answer to that question is not as much of a yes, but it's certainly not a no.
It's almost as if they're the administration is has telegraphed some indifference to the way that JPMorgan Chase wants to go. Because if if that executive order that Trump signed, if the language is true in that executive order, then they can penalize JPMorgan Chase directly under under this particular executive order for doing what they've actually done. So what we'll be watching for is does the administration push back at all against JPMorgan Chase? Also understand this happened last month. The and it's just now that Mallers is is speaking out about it. So I guess it took about a month to clear with his lawyers and all of it well, his his entire legal team exactly what he can and cannot say about this issue without, I don't know, incurring some more potential wrath from JPMorgan Chase.
But JPMorgan finds themselves in an interesting situation. So, like I said, my gut feeling is that is that they have received information from the administration, either directly or indirectly, that they are more or less indifferent and that they're not going to actually press the executive order against the executives over at JPMorgan Chase for doing exactly what the executive order said that they could be penalized for. So the next few days, weeks, possibly a couple of months, we're gonna have to see what the hell happens here because that's this isn't good.
Firing this fire back up, especially right now after a 35% drop in Bitcoin, I don't like it. And I honestly think it if it is if it is what I think it is, I think it's possibly coordinated. But let's let's move on to another another issue, quantum computers. Apparently, they're not going to break Bitcoin's code, but they will break its politics check on chain, said on Monday that the quantum threat is more of a consensus problem than a actual technology issue. In a Monday x post, Chek claimed that there is no chance we come to consensus to freeze Bitcoin that has not moved to quantum resistant addresses with development politics limiting the community's ability to react.
This means that a large amount of lost Bitcoin will flood the markets as old addresses are compromised when quantum computer attacks become feasible. Bitbo data shows that 32.4% of all the Bitcoin has not been moved in the last five years, 16.8% in over ten years, and 8.2% in seven to ten years, and 5.4% in five to seven years. So how much of those assets are actually lost or inaccessible, and how many are kept in storage or is, well, subject to debate. ChexPost was responding to comments by Centris Paribas, head of research at crypto market research firm Delphi in, Digital. He said that Bitcoin's quantum threat problem was not technological in nature, and what makes the problem specifically unique to Bitcoin is that the tech problem is actually secondary.
Quantum resistant Bitcoin will be feasible, but it doesn't solve what you do with the old coins, end quote. Talking to CoinTelegraph in late April, early cypherpunk, Adam Back, cited by Satoshi Nakamoto, of course, in the Bitcoin white paper, said that the community will have to choose between deprecating old vulnerable addresses or letting those funds be stolen. Chek said that the community should allow the old coins to come back on the market. The technological fundamentals for making Bitcoin quantum resistant are in place with the US National Institute of Standards and Technology having endorsed multiple post quantum public key cryptography schemes in the last year. If the Bitcoin community decides to implement them, quantum resistant Bitcoin addresses are well already within reach thanks to those encryption standards and the Bitcoin improvement proposal three sixty responds to this need. Still, Bitcoin uses the Elliptic Curve Digital Signature Algorithm or e c d s a signatures for legacy addresses and snore signatures for Taproot, both of which are vulnerable to quantum computers. And for this reason, it is almost certain that a solution would require the introduction of a new post quantum signature standard.
And this raises the question of what will happen to the large amount of lost Bitcoin left in non quantum resistant addresses during the interview with Cointelegraph Adam Back went so far as to suggest that the quantum threat may reveal whether Bitcoin's pseudonymous creator is alive or not He said that quantum computing may force Satoshi Nakamoto to move their Bitcoin to avoid it being stolen by quantum computers. Still, last week, he said Bitcoin was unlikely to face a meaningful threat from quantum computing for at least two to four decades, so twenty to forty years. Experts tend to agree that a backwards compatible fix that also protects older addresses is unlikely ever to be developed for Bitcoin.
Still, the same cannot be said for other blockchains. In late July, researchers unveiled a backwards compatible quantum resistant fix that would not require signature switching. Unfortunately, the new approach would apply to SUI, Solana, NEAR, Cosmos, and other shitcoin networks, but not to shitcoin number one in Bitcoin. That algorithm or rather that implementation leveraged pecu peculiar that I can't even talk today. Peculiarities of the Edwards curve digital signature algorithm that are used by those two networks or those other networks. And this scheme derives private keys deterministically from a seed, so researchers created a zero knowledge proof system that allowed one to prove that they hold the seed. If such a proof were required, a quantum computer falsified signature would not be enough to hack an address.
Okay. So the this continual deluge of, quote, unquote, quantum threat to Bitcoin is really overblown, and it's being used as FUD, and it's never gonna stop being used as FUD. Will quantum computing ever be able to actually break ECDSA? Yeah. Probably. But the law that means that it'll also be able to break all the nuclear codes of all the nation's defense departments, every single bank account on the face of the planet, every account with AT and T, every account with whatever municipal electricity provider you're using. If you're getting provided, you know, natural gas at your house, yeah, your account will be hacked.
This is a the the issue that we keep seeing is that they keep talking about it that this is a Bitcoin only issue. It is not. It is an everything issue. If it has something to do with cryptography, especially cryptographic scheme that's been developed, well, start, like I don't know. It's like, all the stuff that that was developed, like, let's say, ten years ago. Well, let's say, five years ago, you know, and then, like, later. Yeah. All of that shit's probably gonna get broke. And that includes ECDSA and, like, whatever else. Alright? So but we already we the other thing to be said is that we do already have the schema for quantum resistant, cryptographic schema.
That's fine. We will be able to implement that too. So the real question here is what to do about the old coins, and I'm prob I'm gonna say something that is most likely gonna be controversial. Let them get hacked. Let them come back online. Let them be redistributed to the people that are alive and are actually using Bitcoin. If you're not willing to move your coins to a quantum resistant address with if and when they come online, then there's two things that are that are possible. One is you're dead, and you didn't leave your keys behind for anybody else. Like, you didn't leave an inheritance. Okay. Or you're just so apathetic that you don't think anything's gonna happen. In either case, I am unconcerned.
I'm I like, I'm sorry for your loss, but I'm I'm honestly unconcerned. Having those coins be able to come online and, again, and I I kind of tend to agree with Adam back here, twenty to forty years actually sounds more plausible. It doesn't mean that we don't need to get off the stick and figure this shit out starting now. But I don't think, you know, running around the the block with hair on fire freaking out is gonna be an an appropriate way to vent our frustrations here. Still, the Satoshi Nakamoto coins, the 1,000,000 coins that were mined by Satoshi Nakamoto that we're we're pretty sure were, in fact, mined by Satoshi Nakamoto, it would be interesting to see them come back online.
Just just see watch them get hacked, And who knows? I mean, it's like we always assume, oh, they're gonna hack the Bitcoin and they're gonna sell it on the open market immediately. I don't know. Maybe not. And, also, it may not be it may not be priority number one to hack Bitcoin with the first quantum computer that is able to break this. If I was a nation state and I had a quantum computer in my control that was able to do this, or if I was a corporation that had developed a quantum computer that was able to do this, my first thought is not really Bitcoin. My first thought is all other corporations hack them.
Break all their encryption. Every bank, every corporation, every government, that would be my that would literally be my first thought. Bitcoin would be kinda like a a a number five. Right? It's not that Bitcoin's not important, but there are also other things that are secured by encryption that are very, very important, nuclear codes being one of them, all of the assets secured in the world being the other, And not all of that. You know, at this point, it's like it's like, what is it? $1,700,000,000,000 of the, what is it, 4 quadrillion dollars that that's actually out there is Bitcoin.
I'm I'm not only am I unconcerned with the rapidity or the, you know, how rapid the quantum computing comes online, I'm also kinda, like, not all that offended by the fact that that people are gonna go after Bitcoin first. I don't think I don't think the people that have the resources to develop quantum computing to get to that level are that as much interested in Bitcoin as they are all the rest of the stuff. Let's move on to Robert Kiyosaki. That's the from, Rich Dad Poor Dad, book fame. He sold $2,000,000 in Bitcoin because he's, quote, practicing what I teach, end quote, Bitcoin news.
Nima is writing this one. Robert Kiyosaki, the famous author, has sold $2,250,000 worth of his Bitcoin stash. However, he didn't sell because he stopped believing in Bitcoin. Instead, he wanted to use the profits to buy businesses that would give him a steady monthly income. Kiyosaki explained that he sold around 25 BTC for $90,000 each. He originally bought them years ago for about $6,000 per coin. This means that he made a very large profit. With the money he earned for the sale, Kiyosaki is buying two surgery centers and investing in a billboard business.
He says he expects these new investments to earn about $27,500 in tax free income every month starting next year. I have no idea how Robert Kiyosaki thinks that this is gonna be tax free. Maybe $27,500 a month after taxes, but I I doubt seriously that this is tax free. So I don't know where Nima's getting that one. Anyway, Kiyosaki said, this decision matches the financial lessons he's been teaching for decades. Ever since he was young, he learned that investing should be about creating regular income, not just holding on to assets and hoping they increase in value. He said, quote, this has been my get rich plan since I began playing monopoly with my rich dad for over sixty five years. His goal was always to use profits to buy businesses that pay him every month.
He also shared that his real estate investments already bring in a large monthly income. These new purchases will increase his total cash flow into the hundreds of thousands of dollars per month, And that is a direct quote. Even though he sold millions of Bitcoin, Kiyosaki said he still believes in the digital asset's long term value. In fact, he plans to buy more BTC in the future using the extra money that he earns from his new businesses. Quote, I remain very bullish and optimistic about Bitcoin and will begin acquiring more with my positive cash flow, he said. He has predicted that the scarce digital asset could reach a quarter of $1,000,000 by 2026 and 1,000,000 by 2030.
He also believes that Bitcoin, gold, and silver are people's money while government currency is fake money because governments can print unlimited amounts. And Kiyosaki also refuses to invest in Bitcoin ETFs. Oh, that's yeah. Okay. Good good job there, brother. Which he calls fake Bitcoin because he prefers owning assets directly rather than through banks or Wall Street. Kiyosaki's sale happened during a sharp drop in the market. At the time of the announcement, Bitcoin fell into the mid $80,000 range after dropping more than 30% from its recent high of 126,000, and many investors were panicking with the fear and greed index showing extreme fear in the market.
And then they go into he he goes into some some other market analysis stuff, which we don't need. But I'm sure that the fear, uncertainty, and doubt machine will pick up on Robert Kiyosaki, who's been a big Bitcoin advocate, and run with it and say, see, even even the biggest Bitcoin advocates are selling out of their Bitcoin. This is this is part of a cycle. We've seen it all before, and I'm not concerned about it at all. Sats4snacks.com. Go to sats,thenumberfour,snacks.com. That's sats4snacks.com. Talk to my buddy, Perma Nerd, and get your bit chunks. Freeze dried pineapple. You can get them in a five pack for 44,000 sats.
You can get, like, just peachy, which is freeze dried peaches. There's freeze dried mangoes. There's freeze dried bananas. The bananas, Man, I'm bananas for the bananas. This great stuff. Go to sats4snacks.com. Use the coupon code Bitcoin and. Right? Use the code Bitcoin and. Get 2.1% off with Bitcoin and, and it also allows Perma Nerd to know that I made him a sale. Because when Perma Nerd knows that I've made him a sale here in the circle b, then he is able to judge for himself how much that sale was worth, and then he pays me and sats on the other side. That's right. This is the 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. But you will be buying it in Bitcoin because if you're not selling it in Bitcoin, you ain't in the circle p.
And somebody else who's not in the circle p is Michael Saylor. Strategy stock is bleeding, but Saylor won't back down from his Bitcoin bet. Ezra Reguera, CoinTelegraph. Bitcoin investor strategy is facing a rough stretch this year. Oh my god. It's so horrible. Prompting speculation that its high conviction Bitcoin play is coming undone. A look beyond the one year chart tells a different story. Google Finance data shows that strategy stock is down almost 60% over the last year and has declined by 40% year to date. The stock traded near $300 in October, but, oh my god, horror of horrors, it's dropped to about a $170 at the time of writing.
Some interpret this as Bitcoin model being exposed. Strategy is still sitting on double digit profits on its Bitcoin purchases, however, and its long term equity performance actually outpaces major tech stocks. We never ever ever look at the long term chart. We only ever see FUD based around last year's performance, this year's performance, but not really not really back off, you know, into the past. Right? Because according to bitcointreasuries.net, strategy acquired its Bitcoin at an average price of $74,430. With Bitcoin trading at around 86,000, strategy is still up nearly 16%, up 16% on its Bitcoin investment over a five year window?
Strategy shares are up more than 500% according to Google Finance. By comparison, Apple has recorded merely a 130% gain. Microsoft, only a 120% increase in the exact same time frame. Even on a shorter two year horizon, strategy stock is up by 226%, surpassing Apple's mere 43% and Microsoft's paltry 25% increase during that time period. The slump might have less to do with Bitcoin's fundamentals and more to do with how the biggest investors hedge their crypto exposure. In a recent CNBC interview, Bitmind chairman, Tom Lee, explained that strategy has become the easiest way to hedge Bitcoin.
Quote, someone can use MicroStrategy's options chain, which is so liquid, to hedge all of their crypto. The only convenient way to hedge someone's long is to short MicroStrategy or to buy puts, end quote. This dynamic turned strategy into an unintended pressure release valve for the crypto market absorbing hedges, shorts, and volatility, and market anxiety that may have little to do with its own underlying Bitcoin strategy and the effectiveness of its long term thesis. Kyle Rada, a senior market analyst at capital.com, said that the biggest risk is a drop in BTC prices that would force strategy to liquidate its holdings.
This could add downward pressure on both strategy stock and BTC prices. Quote, we are probably a long way off from this, but the risk makes abundantly clear that in the long run, buying MicroStrategy stock or strategy stock is potentially inferior to owning actual Bitcoin, Radha said. Pause. If you've been listening to this show or most of the other OG Bitcoin podcasts that are Bitcoin only, we've been telling you the exact same thing. There is no reason to go out and buy the Bitcoin ETFs. Even Robert Kiyosaki doesn't do that. There's no reason to go buy MicroStrategy.
Just buy the Bitcoin, Hold the Bitcoin. And then you'll say, yes. But the yield products on the other MicroStrategy or strategy stuff. Yeah? You go chase that yield. I will be perfectly happy holding Bitcoin and not having to worry about any other third party inclinations of somebody like Michael Saylor or the market itself. I don't wanna worry about it. I sleep just fine now. I'm not borrowing that freaking trouble. Just saying. It's it's it's worth it's definitely worth considering. Anyway, he added and this is Radha. He added that while MSTR stock can effectively disappear, 1 Bitcoin will always be worth 1 Bitcoin.
Despite the slowdown in stock prices, strategy chairman Michael Saylor showed his resolve on x saying, we won't back down. And there's a picture of his tweet here that says, I won't back down. And, of course, b is the the Bitcoin symbol. Whatever. On November 17, strategy announced that it had acquired more Bitcoin, and they give all the numbers, and I don't care. On November 6, crypto market maker Wintermute pointed to stable coins, exchange traded funds, and digital asset treasuries as the key source of crypto liquidity, saying that a liquidity slowdown had caused the recent market slump.
Data aggregator, Defi Llama, showed that digital asset treasury inflows began to slow in October following the liquidation of $20,000,000,000 in crypto positions. And then, of course, we all know what's happened over the last couple of weeks. So what the the the takeaway for me here is not that Saylor won't back down. I don't care. It's not that he's made double digit gains. There's two things here that that are of really of real importance. First is to combat FUD by actually taking a longer look at strategy's performance, at least their stock.
You could buy that crap at $13 a share, $10 a share right before Michael Sailor started actually buying Bitcoin, and that was five years ago. Since that time, it's been a rocket ship ride up. Am I am I being a fan of strategy? No. I'm not. I'm just this this is just the facts. He is definitely down from the all time high price of $300 per share, and that's after a a stock split. Right? So do you know, go back through and do the math of how many times he split shares and, you know, what the original share would have been worth without the splits.
You do that, but I'm just gonna continue here. He was at $300 a share. Yeah. He's down to $1.70. If you go back and you look at that chart from, like, the for especially for its entirety, you see this massive pump that he got into, like, 1999 to 2,000 because it was all part of the ..com bubble. And then following the .com bubble bursting, he crashed all the way down to, like, $9, and it just stayed there. It didn't do anything until he announced a Bitcoin strategy. And now he's at a 170. So if you draw a line, if you draw if you follow that curve of all like, you basically get this bowl shape.
But on the right hand side of the graph, that bowl shape is is matching like it it well, actually, not matching. It's blowing away a lot of this this competition. If you just don't look at the $300 price, if you cut that off, what you end up with is a fairly good looking graph. So I don't know why everybody is continuously freaking out about this except to generate FUD. That's the whole point. The other point is what, Tom Lee is saying. I'm I'm not a fan of Tom Lee because he's a shitcoiner. He buys a lot of Ethereum with his BitMine or BitImmersion or whatever his company is called, but he's got a point here.
He's got a point about strategy becoming an accidental hedge against Bitcoin and the and the broader crypto market. The question becomes, did Saylor could Saylor foresee that and say, look, the minute that we structure these, the minute that we start dropping these yield producing products and these these other debt instrumentations, it's going to cause us to actually be a pressure release valve on the crypto market. Only Saylor can answer that. I I I wish I could because I think it was it would be fascinating if he said, oh, yeah. That shit's inevitable. Just do the math. It would be really surprising to me if he said, oh, yeah. We didn't see that shit coming at all. So, well, whatever. Let's run the numbers.
CNBC Energy mostly in the green today. Murbaughn Crude is up a full point. Brent Norsey is up point nine. West Texas Intermediate is also up point nine, but still below 60 at $58.58 a barrel. Natural gas being the natural hedge is down a row of sticks. 1.11 of the downside brings it to $4.53 per thousand cubic feet. Gasoline is up only slightly to a buck 88 a gallon. Then we've got the metals. Most of them are doing very well today. Let's see. Palladium is up point no. One and a half percent. Gold is up a mere quarter of a point to 4,089. Platinum is up 1.86.
Silver is up point seven, but copper is down almost a full point. Ag is pretty fully mixed today. Biggest winner today is coffee. Over 2% to the upside, the biggest loser is wheat. Also a row of sticks. No. Actually, it just flipped. Lumber is the worst performance today in the red by 1.3%. Live cattle, that's not gonna make anybody happy. It's down three and a third. Lean hogs, however, are up by two, and feeder cattle are down three full points today. But the S and P is doing good. One and a half percent to the upside, and Nasdaq is up two and a half. The Dow is up one half of a point, and the S and P Mini is up 1.15%. Meanwhile, Bitcoin's at oh, look at that. $88,480.
We are now at a $1,770,000,000,000 market cap, and we can purchase 21.6 ounces of shiny metal rocks with our one Bitcoin, of which there are 19,952,979.29 of. Average fees per block are low, 0.02 BTC, taking in fees on a per block basis. There's about 35 blocks carrying 37,000 unconfirmed transactions waiting to clear at high priority rates of two. Satoshis per v byte, low priorities get you in at one. And mining, see what we're doing here. Oops. Still in Zeta Hash territory. We are down slightly 1.05 Zed Hash's per second is all the security on the Bitcoin network that you will ever need or want.
From 8,000,000,000 supercomputers, I got Saints and SATs, 200 SATs, but he's actually giving me 200 SATs just, for the the Thursday show, Bitcoin Core on the Brink. Jason High 500 says, shout out to Oshi and SoapMiner, two merchants I've bought from after hearing great reviews from Bitcoin. And I appreciate you patronizing my my my my my vendors over there on at the circle p there, Jason. Paul Cernine with five hundred says cheers. Have a great weekend and looking forward to seeing you on the other side. I I I'm here. I'm here, man. I'm here.
2,100 sats from oh, wow. Wow. From cracking up Kenya. That was, like, that was a while ago. He just says thanks. Bitcoin Sandy with 500 says love the pick for this episode, and that was from 8,000,000,000 supercomputers where I've got a picture of the brain on there. Yeah. 8,000,000,000 supercomputers walking around this planet, and the best thing that we've come up with is fucking gambling. It makes me sick. Nick underscore dose with one zero eight says, cheers. And that seems to be the weather report. Welcome to part two of the news that you can use. Let's have some fun by laughing at pump.fun.
And if you don't know what pump.fun is, you're about to find out. Most people already know, by the by the way. Anyway, Zoltan Vardai, writing this one from CoinTelegraph. Pump. Funds massive. $436,000,000 cash out turns heads as mean coin media mania fades. Yeah, this is exactly when people figure out that they're holding the wrong bag. Meme coins, shit coins, alt coins, ICOs, all through the history of Bitcoin has been the same way. You get a 35% drop and all of a sudden, that meme coin that you thought was gonna, I don't know, let you retire at 15 years old, it just doesn't seem to have as much shine on it as it did. Anyway, meme coin launchpad pump.fun has reportedly cashed out of more than $436,000,000 in stable coins since October's record crypto market crash, throttled trading activity and slashed the platform's monthly revenue.
Since October 15, the Solana based meme coin launchpad transferred $436,000,000 of USDC stablecoin to cryptocurrency exchange Kraken signaling the platform's operators were cashing out according to blockchain data. Pump.fund began transferring millions in stablecoins to the exchange a week after the record $19,000,000,000 October crypto market crash had cut speculative appetite among meme coin investors. Could you imagine telling people that you're a meme coin investor? I mean, it's kinda bad enough to say I'm a Bitcoin investor, but my god. Meme coin investor? Anyway, pump.funds. Monthly revenue fell below $40,000,000 for the first time since July, dropping to 27,300,000.0 in November, which is down over a half from September's $58,900,000 according to data from Defi Llama. Cointelegraph contacted Pump dot Fund for comment on the reason behind the selling and whether the platform plans future token liquidations.
A spokesperson for pump dot funds said that the relevant team is working on a comment and will respond when they, quote, have the time. I'm surprised they answered the phone. Pump's large scale transfers triggered criticism among amongst crypto investors who saw it as a potential precursor for more selling pressure from the platform. Meme coin trading activity has been trending down before the October market crash, which accelerated the slowdown according to Nikolai Sondergaard, research analyst at crypto intelligence firm, Nansen. Quote, retail got burned repeatedly over the past few months, so the drop off we're seeing now is a continuation of that.
This also isn't the first time we've seen reports of large sell offs from pump.fund, so it wouldn't be surprising if they continued selling from their holdings, end quote. The pump dot fund tag cryptocurrency, Walt, still holds about $855,000,000 worth of stablecoins and 211,000,000 worth of Solana tokens according to blockchain data platform, Arkham. The 436,000,000 transfer was likely a withdrawal rather than an immediate sell off according to on chain analyst, Embarcian, who wrote that the funds come from institutional private placements of the pump token in June at a price of $0.004.
Pump dot fund moving like a full time liquidation machine while everyone else out here buying dips that never stop dipping crypto investor SK wrote in an ex post. Yeah. I don't really know what he's trying to get out there, but it doesn't matter. This is exactly what you expect to see. This is the tide going out. This is watching who's swimming naked. That's what this is. The tide goes out every once in a while to the tune of about 35%. Sometimes worse, sometimes not quite so bad, but 35% is definitely a good tide going out scenario so that you can get a quick scan of who is actually wearing swimming trunks and who's going commando.
Now from Helen Parks, also from Cointelegraph, stablecoin risks seen as minimal in Europe amid low adoption and MICA. And, of course, this is according to the European Central Bank. So you can believe about anything that they say like you believe a convicted felon. And by the way, they're kinda headed up by a convicted felon. Financial stability experts at the European Central Bank said stablecoin related risks in the Euro Area are limited due to its low adoption and, of course, the preventative regulation of MICA. The ECB said on Monday and published its financial stability review pre release, devoting it to the growing market of stablecoins, which are digital assets pegged to fiat currencies.
Authored by ECB financial stability experts, Asin Aerts, Claudia Lambert, and Elsa Reinhold, the report questioned stablecoin use cases beyond crypto trading and highlighted their low financial stability risks in the Euro area. Quote, currently, financial stability risks stemming from stablecoins are limited within the Euro area, but the rapid growth justifies close monitoring while risks stemming from cross border regulatory arbitrage should be resolved. The report said, quote, at present, crypto trading constitutes by far the most important use case for stable coins, the author said, adding that other use cases such as cross border payments, quote, play only a minor role, end quote.
Citing a July study by the International Monetary Fund, the report said that a large share of stable coin flows were cross border, but noted a lack of evidence that these flows were systemically linked to remittances. The report also highlighted limited stable coin use in retail transactions, referring to Visa's estimates that only about 0.5% of stablecoin volumes were organic. Retail sized transfers, which are, you know, less than a $250. Quote, the use of stablecoins seems to be primarily driven by their role within the crypto asset ecosystem, and it remains to be seen whether stablecoins will be adopted widely across other use cases, the bank staff concluded.
Well, the stablecoin's not being widely used for transactions involving real world assets, especially within the Euro Area, the stablecoin market does not pose urgent financial stability risks for Europe, the report continued. And although US dollar peg stablecoins such as Tether and Circle's USDC dominate the market at a whopping 84%, their interconnections with Euro Area financial markets remain limited. Even if stablecoin use cases rose and even if interconnections with the Euro Area were to grow, the European Union's crypto regulatory framework, markets in crypto assets regulation, or the MICA, would mitigate potential risks.
The authors wrote, and they added, quote, to mitigate risks posed by cross border regulatory arbitrage and diminished spillover risks from inadequately regulated jurisdictions, it is vital that regulatory frameworks are further aligned at a global level. They want everybody on the same page. This is always this is globalization. It's never done anybody any good. All it does is protect the people that already have the power. That's all it does. Anyway, among specific measures to restrict stablecoin related risks, the authors mentioned Micah's prohibition of paying interest on stablecoin holdings by both stablecoin issuers and crypto asset service providers, pausing to remind you that The United States banking lobby wants the exact same thing. They do not want to allow interest paid on the holding of any kind of stablecoins.
The authors noted that the banking groups led by the Bank Policy Institute have been calling for similar plans in The US. Okay. Well, I guess I should have just read that. With federal regulators expected to issue final implementing regulations on the Stablecoin Focused Genius Act in 2026 or 2027, The latest ECB report highlights a notable shift in the EU's stablecoin agenda with executive board members such as Piero Cipollione previously warning that US stablecoins pose a threat to Europe's payment sovereignty, strengthening the case for a Euro central bank digital currency with the ECB targeting a digital digital euro pilot in 2027.
I y'all are so late to the game. It's just laughable at this point. But whatever. The digital euro pilot in 2027 and a potential first issuance in 2029, the institution is progressing while continuing to monitor and address stable coin related risks. That is not progress. That is an embarrassment. But here's the thing. The language of this report is very interesting. It's almost like they are not concerned, and I hope they stay that way. It's not because I'm a fan of Tether or Circle or Stablecoins. I just wanna see the rug ripped out from underneath these people because they're making the same mistake that they made starting fifteen years ago.
They're not taking it seriously. And the longer they don't take it seriously, the chances that they ever catch up just decrease exponentially. That's what I wanna see. I like this language in this report because they seem, oh, look. It's got really low adoption in Europe. So therefore, we don't have to worry. Yes. You do. Yes. You do. And all of us needs to worry if we're holding Bitcoin, especially if we go out and do stupid shit like tell people that we have Bitcoin or wear Bitcoin swag. Why? Because a thief, posing as a delivery driver, ties up a homeowner and steals $11,000,000 in crypto. This is from Decrypt.
Vismaya v is writing this one. And she says, a man posing as a delivery driver in San Francisco robbed a homeowner of $11,000,000 in crypto Saturday morning after pulling a gun and binding the victim with duct tape. If you can't fix it, duck it. The suspect used the delivery disguise to gain access before brandishing a weapon and restraining the homeowner then forcing him to hand over his crypto wallet credentials along with a laptop and phone according to a police report seen by the San Francisco Chronicle. The attack happened at around 06:45AM at a residence near 18th And Dolores Streets in the Mission Dolores neighborhood, the report says.
The incident marks the latest in an alarming surge of, quote, wrench attacks, which are physical assaults targeting crypto holders, with security researchers warning that such crimes are reaching new levels this year. The report gave no details on injuries or arrests according to the San Francisco Chronicle. San Francisco police did not immediately respond to requests for comment from Decrypt. Cybercrime consultant David Sheyhan Baik told Decrypt that investigators will likely move on all hold on. Move on all three fronts at once. Devices, blockchain, and victim profiling rather than choosing one over the other. Quote, in the first twenty four to seventy two hours, they'll push hard on the hardware side, Beck explained, noting that authorities will probably attempt to track the stolen phone and laptop while securing remaining assets in exchanges before attackers can move them, quote, in parallel, they will also try to identify the exact wallets and addresses involved so blockchain specialists can start tracing outflows in real time.
He noted that coerced transfers let attackers move crypto within minutes, especially if routed through privacy focused services, whereas digital only thefts are more likely to be flagged and frozen by exchanges. Jamieson Lop, cofounder and chief security officer at self custody platform firm Casa, who maintains a database tracking such incidents, has documented over 60 wrench attacks just this year, roughly double the number recorded last year. Recently, Russian crypto promoter, Roman Novak, and his wife were murdered, murdered say one more time for those in the back, murdered in The United Arab Emirates after meeting with men posing as investors who demanded access to his crypto wallets.
And on Sunday, Thai police arrested a South Korean man and three Thai nationals for allegedly kidnapping and robbing a Chinese victim of over $10,000 in cash and crypto according to local media reports. Quote, the hard truth is that identifying the suspects is usually far more achievable than recovering the stolen crypto, end quote. Be careful out there, y'all. Don't let people know that you have Bitcoin. You know, people are getting really desperate anyway because the the fact that the global economy is just I mean, it's like it's like a tattered flag on a pole where you're, like, looking at the flag going, jeez.
That's that flag is so ripped up that shit's probably illegal, and the owner should take that down and replace it before getting cited. Because if you do have a flag in The United States, the American flag, and it's, like, ripped up, technically, that's illegal, and you can be fined for it. Just saying. This the the world economy looks like that. It looks so bad that the world leaders should literally be taken to jail. Of course, we've been saying that forever. Anyway, just be careful with who you even let know that you have Bitcoin, and I will see you on the other side. This has been Bitcoin, and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon.
Have a great day.
Thanksgiving week setup and light news expectations
Family ties, Operation Choke Point 2.0, and admin response questions
Implications for Strike vs. Mallers personally; possible coordination
Post-quantum paths, old coins dilemma, and timelines
Controversial take: let dormant coins be hacked and redistributed
Priority of quantum targets; broader cryptography risks
Market check: energy, metals, ag, equities, and Bitcoin metrics
Complacency critique: regulators underestimating crypto growth
Final cautions on OPSEC and sign-off
