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Episode 1181 of Bitcoin And . . . is LIVE!

Topics for today:

• US Treasury Softens Bitcoin Tax Stance
• Pantera Capital CEO Probed
• Stripe to Allow Stablecoin Creation
• JPMorgan Bends the Other Knee

Circle P:

Permanerd
Freeze Dried Fruits and Herbs
 Comfrey Salve
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Today's Articles:

https://bitcoinmagazine.com/business/us-treasury-softens-crypto-tax-rules-easing-pressure-on-bitcoin-taxes


https://decrypt.co/342553/senator-accuses-crypto-billionaire-dodging-puerto-rico-tax-evasion-investigation


https://cointelegraph.com/news/stablecoin-duopoly-ends-usdt-usdc-dominance-decline-analyst


https://atlas21.com/stripe-launches-open-issuance-for-corporate-stablecoin-issuance/


https://cointelegraph.com/news/uk-government-considers-keeping-bitcoin-returns-on-seized-fraud-proceeds


https://www.coindesk.com/markets/2025/10/02/bitcoin-could-reach-usd165k-based-on-gold-s-record-run-jpmorgan


https://decrypt.co/342657/swedish-lawmakers-propose-national-bitcoin-reserve


https://bitcoinnews.com/markets/tether-buys-bitcoin-8888-btc/


https://lightning.news/sazmining-surpasses-200k-crowdfunding-round/


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[00:00:02] David Bennett:

It is 08:52AM   Pacific Daylight Time. It's the second day of Spooktober   2020 five, and this is episode   eleven eighty one, I believe, of Bitcoin. And, yes, it is eleven eighty one of Bitcoin. And you're here because you need all the news you can use about Bitcoin and more. We   talk about Bitcoin and macro, and sometimes we do farming, and   we get into all kinds of stuff. Why? Well, because money touches   50% of everything that you see.   So,   Bitcoin is money,   So, therefore,   how does Bitcoin fit into the larger picture in the world?   That's what this show does.  

Today, we're gonna talk about the US Treasury softening its crypto tax rules.   We got a senator that's accusing a   the the word crypto is just being thrown around too much, but here we go again.   A senator is accused a crypto billionaire of tax evasion.   We'll talk   it, stablecoin   duopoly ending   dominance is coming into the picture when it comes to Tether and Circle and the old school   stablecoins.   And why why are we going to talk about that? Because dominance is dumb.   It's been dumb for Bitcoin   and it's gonna be dumb for stablecoins   as well.  

And then   we will be   welcoming our newest member to the Circle P right before we get into Stripe launches   open issuance for stablecoins.   Yeah. Stripe is looking to use stable coins. We'll we'll we'll talk about all that.   Remember what I was telling you about? The Chinese woman yesterday stole 61,000   Bitcoin,   yada yada yada and The UK confiscated it.   It's taken exactly twenty four hours for them to start going,   well, should we give it all back to the people that got defrauded?   Yeah. Yeah. You knew it was coming.   You knew it was coming.  

JP Morgan is making news today, as are Swedish lawmakers.   I   swear   that I've   talked about this before, but I've gone through like   the old shows that I have and I don't see this anywhere. So I'm going to take a chance   and talk about tether adding 8,000   Bitcoin   to its reserves.   I swear   I've done that before, guys, but I cannot find it in any of my transcripts. So   if I've done it before,   please remember,   your host, me, David Bennett, has about three brain cells left   after all his high school days and   college days. And they're rubbing together as furiously as they can, but sometimes, you know, the spark   just doesn't   happen.  

SaaS mining   is going to bring up the end of the show. They've, well, they've done a crowd funding thing and kind of impressive.   But let's get into the first one of the day. US Treasury   softens crypto tax rules,   easing pressure on Bitcoin taxes. Well, at least Bitcoin magazine and Micah Zimmerman used the word Bitcoin   at least once in the headline.   The US Treasury Department has issued   new guidance   clarifying that unrealized gains on digital asset holdings will not, I repeat, will not   be subject   to the corporate alternative   minimum tax   or CANT,   a move that spares companies like Michael Saylor's strategy from potentially   billions of dollars in phantom tax liability.  

The decision marks a pivot from the Biden era tax framework and comes   as debate picks up in congress over how to regulate   the tax digital   or rather how to regulate and tax digital assets. And even today,   there is a hearing on crypto taxation   in the senate's finance   committee, the CANT, which was enacted in 2022,   imposes a 15%   minimum tax   on corporations   earning over $1,000,000,000   in annual income based on their financial statement   income   rather than the actual   taxable   income.   Under Financial Accounting Standards Board rules,   companies must mark to market cryptocurrency   holdings on their books,   which means that they have to record paper gains and losses   as if the assets were sold   at current prices.  

The accounting treatment raised alarms. While unrealized stock gains are excluded from CAMT,   digital assets like Bitcoin were were not not explicitly exempt.   And for firms like Strategy who aim to hold $1,000,000,000,000   worth of Bitcoin,   that distinction could have translated into tens of billions of dollars in annual tax bills   on unrealized   profit.   The Treasury's latest guidance   excludes   digital assets from CAMT liability,   effectively leveling the playing field with equities and bonds.   This change comes after months of lobbying from industry heavyweights. And in May, strategy and Coinbase submitted a joint letter to the Treasury Department urging the exemption   arguing that taxing unrealized crypto gains was unfair,   unconstitutional,   and risked pushing American firms offshore.  

IRS officials appear to have taken those concerns seriously.   The guidance now offers regulatory clarity that could embolden   more corporations   to add Bitcoin to their balance sheets without fear of unpredictable   tax shocks.   Senator Cynthia Lummis, one of congress's   most vocal crypto advocates, welcomed the move as a victory   in common sense.   Lummis   said   during remarks at the BTC   NDC   event on Tuesday that the ruling helps American companies build Bitcoin treasuries without the risk of being punished   punished   for holding sound money.   Lummis   has been pushing for broader tax reforms around digital assets, and her latest bill proposed a de minimis exemption   excluding crypto transactions under $300   from taxation   and sought to ensure that lending digital assets is not treated as a taxable event. Pausing to say $300   is freaking nothing.  

Nothing.   Nothing.   That does nothing.   I I have bought   a world class dinner   for me and my wife   that came in over $300.   Okay? So, dude,   of course, that includes two bottles of wine, and that's automatically right there a $100, But you you get you get what I'm saying.   For strategy,   the IRS guidance is a tax win   and a massive green light to continue scaling its Bitcoin First corporate strategy.   Michael Saylor, CEO,   has framed the company's long term mission as an accumulation of $1,000,000,000,000   in Bitcoin reserves,   positioning the cryptocurrency as a superior treasury asset   compared to cash or bonds.  

Now,   had CANT   applied to digital assets,   strategy risked facing tens of billions of dollars in tax liability   every   single   year,   potentially disrupting its accumulation strategy.   With the exemption secured,   Saylor and other Bitcoin treasury pioneers can now operate with fewer regulatory headwinds. And as previously stated,   the Senate Finance Committee is holding a hearing Wednesday   titled examining the taxation of digital assets. So this story actually came out yesterday because, you know, today's Thursday.   The hearing comes against the backdrop of a looming government shutdown deadline,   but   committee officials confirmed that the crypto tax session will proceed regardless.  

Yes. Well, the yes. The   shutdown has happened,   and we're all gonna die, apparently, according to the according to the people that just love government.   There's no way that there there's no way that Americans can take their next breath or drink the next glass of water to save their lives without the government   in full operation. Right?   Right. I guess. Now I'm gonna go back up here because I I highlighted something.   I wanna read this again. The guidance now offers regulatory clarity that could embolden more corporations to add Bitcoin to their balance sheets without fear of unpredictable   tax shocks.  

It is very likely   it is very likely   that a lot of people that wanted to get it get into it   at the small scale, you know, not not a strategy scale, not a meta planet scale.   Hell, not not even a similar scientific scale. Just, you know, wanted to stack, you know, some some Bitcoin on their sheets, but   their accountants looking at them going. Look, man. Let's let's say you put 10 Bitcoin on your balance sheet. Now,   let's say that that Bitcoin,   I don't know. Does does a 10 x   Now all of a sudden it's it's worth a shit ton of money and we don't know if you're gonna have a tax liability on that or not. Now if you were making, you know, tens of millions of dollars in net revenue a year after you've paid every all your employees and all your power bills and whatever it is you do, you've gotten all your materials to do whatever widget construction you need,   you could still   literally not have enough money   to be able to pay the tax bill   because we don't the liability   here   is Bitcoin actually going to the moon. It's a real liability.  

And now that the c a m t is basically taken off the table,   we could see a wholesale change in the attitude of   way smaller companies.   Companies that you'll never hear about on the show because I guarantee you somebody buying, you know, two Bitcoin   for their little mom and pop burger stand is not gonna be in Bitcoin magazine.   So this this actually may be   bigger news than we all think,   but we've got other news   coming out of the United States Congress. At this time, it's a senator   accusing a crypto billionaire of dodging Puerto Rico tax evasion   through an investigation.  

Well, it's it's   this from decrypt and Sander Lutz, and the headline isn't all that good, but   here we go.   The top Democrat   on the senate finance committee, which we just talked about, has accused a prominent crypto investor of refusing   to cooperate with an investigation into an alleged billion dollar tax evasion scheme   running through one of the digital asset community's most popular enclaves,   Puerto Rico.   Senator Ron Wyden from Oregon first opened an investigation into the finance of Pantera Capital founder Dan Morehead.   Yes. Dan Morehead   of Pantera   Capital.  

Right now,   back in   2020,   2019,   2021,   we were hearing a lot out of Pantera Capital because they were Dan Morehead   was singing Bitcoin's praises, and we haven't heard very much about them since   until today.   Because Pantera Capital founder Dan Morehead in January   as part of a broader inquiry into how   ultra high net worth Americans have used Puerto Rican residency as a means to obtain lucrative   tax exemptions   is being investigated   by Wyden,   who   had not previously publicly announced the investigation   until now.   This week, the senator blasted Moorehead in a published letter accusing the hedge fund manager and crypto investor of refusing to cooperate with the senate's investigation into his own finances. Quote, while your attorneys initially suggested to my staff   that you were willing to cooperate with this inquiry, they have all but disappeared,   heightening my concerns that you may   have improperly   avoided over $100,000,000   in federal taxes   on capital gains   that accrued while you still lived in San Francisco,   Wyden wrote.  

The letter sent to Morehead on Tuesday said the crypto focused venture capitalist   may have received improper tax counsel,   which led him to obtain Puerto Rican residency shortly before earning hundreds of millions of dollars on the sale of a large Pantera position   and then declare that income exempt   from United States taxes,   which is odd because from what I understand Puerto Rico is   a territory The United States and is   is subject to United States income taxes.   So I   that's rather confusing   rather   confusing.   Anyway,   Wyden argued   that this was an incorrect interpretation of Puerto Rican law tax law, which he said requires new residents of the island territory to pay US taxes on such transactions   for ten years following their move.  

I'm still confused because it's a territory, and I thought everybody in Puerto Rico had to pay income taxes. So I guess I'm just clearly wrong. That's okay. Confusion over, quote, these are serious allegations of potential abuse   of Puerto Rico tax incentives   to avoid the payment of US taxes that you must immediately address, Wyden wrote.   Morehead did not respond to decrypts' request for comment.   As the Trump administration has moved aggressively to create favorable conditions for crypto companies and investors,   Morehead's Pantera Capital has spun up several new ventures   to take advantage of the moment.  

The firm   has spent hundreds of millions of dollars investing in Wall Street traded digital asset treasury companies,   which have taken off in popularity this year amidst promises of lucrative,   albeit risky returns.   It recently launched a $1,250,000,000   effort to convert a publicly traded   neurotechnology   company   into a massive   Solana treasury.   One of pausing to say one of the reasons we don't give a shit about Pantera Capital anymore   is because they turned into   just straight up shit coiners.   It was sad to see because Dan Morehead seemed to have his head wrapped around Bitcoin,   but the siren song of stupidity   rang out across the bow of his ship and he ran right up into the rock. So   I I I I have   I don't care about this person anymore. Earlier this week, however, the company, Helius Medical Technologies,   which once created medical devices designed to improve the lives of people with neurological diseases,   formally changed its name to Solana company.  

My god.   Tabs on the company's website   titled our technology and our research   appear to have been deactivated   because it's a zombie company,   and the only thing they had going for was enough cash on their balance sheet to convert into of all things a shit coin.   Oh, man.   People just don't learn. They just don't learn.   Oh, well, good luck, Dan. Good luck with all that. Now on to Helen Partz writing this one for Cointelegraph.   Stablecoin   duopoly   is ending as USDT,   USDC   dominance falls to 84%.   Where have we heard this story before?   Oh,   yeah. Bitcoin dominance numbers, which are have always been dumb, and they're now   dominance   has now entered a phase of even   more dense stupidity.  

Tether's   USDT and Circle's USDC,   the two largest stablecoins by market cap,   have slowly lost market share in the past year, suggesting a major shift in the stablecoin landscape. Dude, I don't think so. Despite Tether's   and Circle's,   steadily increasing market cap,   the stablecoins   themselves have lost more than 5% of their combined market share since 10/02/2024   according to data from Defi Llama.   Nick Carter,   industry analyst and Castle Island venture partner, took to x on Wednesday to address the decline   of USDT and USDC dominance in a post titled, quote, the stablecoin duopoly   du   be careful.  

The yield bearing stablecoins   are gonna be fraught with not only fraud,   but even for those non fraudulent   guys that that release a coin.   This this yield bearing stablecoin,   dude,   watch out.   I've I've   I've I've watched this movie   before.   According to Carter,   new issuers will be able to undercut major issuers on yield bearing stablecoins while banks have the opportunity to bring on big industry industry rivals.   Well, Carter noted that USDT and USDC's dominance reached historic highs in March 2024 when the stablecoin market was worth around a 140,000,000,000.   At the time,   USDT's market cap was about $99,000,000,000   while USDC   had 29,000,000,000.  

Together, they accounted for 91.6%   of the entire stablecoin market.   Quote, the reasons   are new assertiveness   assertiveness   by intermediaries,   a race to the bottom with yield, and new regulatory   dynamics post Genius Act.   End quote. According to Defi Llama, the combined market share of USDT and USDC has fallen further   to 83.6%   at the time of writing, which represents a 5.4%   drop since October   2.   Addressing   growing stablecoin competition, Carter highlighted several significant stablecoins, including   Sky, Athena, PayPal, and World Liberties, you know, all those guys. Quote, I think it's also worth paying attention to emerging names like   Ondo's   USDY,   Paxos USDG, and Agora's   AUSD,   Carter added, predicting   that many other new stablecoins,   including bank issued ones, will be entering the industry soon.  

Carter mentioned that many of these stablecoins   are focused on providing   yields   or rather passive income   just to hold the stablecoin.   Again,   guys,   we've seen this movie before.   We've been to this play before.   This song has been playing on the radio   forever and ever and ever, and it just won't get out of the top 10.   Please stop chasing yield.   Instead,   you might look at ways to generate capital through your own means and your own imagination   because relying on yield has done nothing in the crypto industry except cause people massive amounts of freaking pain.   I'm just saying.  

Athena's   USDE,   which passes along the yield from crypto basis trades, is the biggest success story of the year, surging to $14,700,000,000   of supply.   Despite regulatory pressure on yield bearing stablecoins introduced by The US Genius Act, the trend is expected to continue rising according to Carter.   Newer   startups will be able to undercut the major issuers   on yield   and create a race to the bottom or realistically   the top,   he said, adding that Circle has been working with Coinbase to introduce yields on USDC.   Alongside yields, Carter highlighted regulatory changes enabling banks and financial institutions to issue stablecoins.  

Despite existing concerns about bank deposit runs, banks will inevitably join the industry for one reason or another, Nick Carter said. He also noted   related developments, including a stablecoin collaboration between JPMorgan   and Citigroup,   predicting that bank consortia make by far the most sense.   That is because according to Carter, quote, no bank individually   has the ability to create the necessary distribution   for a stablecoin   which would compete with Tether, end quote.   Several major European banks have recently joined the emerging trend. On September 25, Dutch lender, ING, announced a joint venture with Italy's Unicredit   and seven more banks to build a potential euro denominated   stablecoin   Built in compliance   with Europe's markets in crypto asset regulation framework, the stablecoin is expected to be issued in the 2026.  

Dominance   is not a number that has ever   done anything   for anybody,   anywhere in this industry   at any time   all the way back to its beginning   in 2008   to 02/2009.   Bitcoin paper was dropped 10/31/2008.   01/03/2009   was the first block minted.   Right?   Since that time,   people have bawled their eyes out about   dominance.   Bitcoin's dominance   specifically.   The only thing that it ever really attributed to the dominance number   was the rise of alt season or altcoin season,   ICOs,   and a whole raft of other   materials   and widgets and all kinds of shit that basically just got people into financial   trouble.  

Right? So dominance is rearing its ugly head again this time in the stable mark coin market, and it's all about yields.   So the question becomes,   will   a stablecoin come along   that offers enough yield   that doesn't   go tits up   or, you know, flames out or basically just dies   that is stable enough with enough yield to supplant   Tether as the number one stablecoin on the planet right now.   Chances are very good that answer is no.   No, it won't.   But here's the other question.   Tether's not going to just sit around and say, Yeah, we're just never going to do yield. Now, if they do do that, then they've got a very good reason to do that.   However, I suspect that Tether will release   a third stablecoin   under the under the banner of Tether   that will be a yield   generating   stablecoin.  

And this dominance number is just is is just gonna have volatility.   And the only thing dominance probably ever did for anybody is that you can probably buy futures contracts   as a derivative on the volatility of the dominance number fluctuating.   It's all bullshit. Just buy Bitcoin,   hold Bitcoin.   And you can use that Bitcoin   to buy,   well,   it's the circle p. You can buy   the pleb pack.   You can buy dried peaches. You can dry buy organic freeze dried mangoes.   Organic sweet stack medley. It's fruits   from my good friend, Perma Nerd. He is the newest entrant   into the Circle p family of vendors. Congratulations. Well, actually, not congratulations.  

I feel I feel like he is congratulating me for letting him into the circle p.   He sent me a well, he I he calls it a pleb pack,   and he sent me one.   And it's got, like, dried freeze dried bananas, freeze freeze dried peaches, freeze dried mangoes. What else is in there?   Bananas, peaches,   oh, mangoes.   And there was one other one. Oh, apples. Apples. He he,   gave me, like, a a pack of freeze dried apples, as well as a pack of freeze dried oregano.   Yeah.   The the herb.   And if I remember right, I think it's lemon balm.   And these are fat packs. They are done very, very well. They're done in that in in in the, aluminum kind of side, you know, sided things so that it doesn't get sunstruck.  

They come with a moisture, one of those little, you know, little silicone packs that we say do not eat, and it gathers moisture up. So they're professionally packed,   and you can get them at sats,   the numberfour,snacks.com.   That's sats4snacks.com.   Go over to sats4snacks.com.   Get 5% off   if you use the coupon code Bitcoin.   And that will also tell Perma Nerd   that I was able to make a sale for him,   and he can determine   whether or not he gives me any sats back for the for the sale because this is this he doesn't pay for this advertising. This is the circle p, ladies and gentlemen. I'm bringing plebs just like you to plebs   just like you   that that have goods and services for sale.  

Not everybody can afford advertising.   You know?   So the circle p is there for the plebs to be able to get the word in the street,   at least to a larger audience that than they may have.   And if I make a sale for them, then then the vendor gets to figure out what that sale was worth, and then they pay me. There's no contract.   It's a digital handshake.   This is the way   Is it the is it a great revenue model? No, it's not. But that's not really what it's for, is it?   The circle p isn't about generating revenue for the show.   The circle p is about using the audience that I have   to help the other plebs   do something they wanna do,   build something that they wanna build.  

People have helped me.   This is the only way that I can figure out, at at least in the short term, how to help the other plebs out there. So go to sats four snacks.   Sats, the number four, snacks.com.   Sats4snacks.com   for 5% off. Use the coupon code   Bitcoin, and that lets perma nerd know I made a sale for him. Maybe one of these days, he'll hook up with Stripe   because Stripe   launches open issuance for corporate stablecoin   issuance. This is out of Atlas twenty one.   On September 30,   digital payments leader Stripe announced the launch of Open Issuance,   a platform that allows any company   to create and manage its own stablecoin   using just a few lines of code. I've seen this movie before too.  

The new solution is powered by Bridge, a company Stripe acquired last year for $1,100,000,000   and according to Stripe,   businesses will be able to freely mint and burn tokens,   customize reserves to manage the balance between cash liquidity and treasury securities,   and select preferred partners.   Stripe also confirmed that all stablecoin   issued through open issuance will be fully interoperable   with one another.   The platform stands out for its professional reserve management system.   Treasury securities are managed by financial giants such as BlackRock, Fidelity Investments, and Superstate,   while cash liquidity is held at Lead Bank   to ensure operational   flexibility.  

According to   the information,   which I guess it's in italics, so I guess it's a publication,   Stripe plans to apply for a federal banking license,   a key step to comply with US stablecoin regulations.   The company also intends   to seek a trustee license from the New York State Department of Financial Services.   Yeah. You're also probably gonna need that bit license too, so just be aware.   Last May, Stripe had already launched a US Dollar Stablecoin money management feature,   allowing businesses   in a 101 countries   to hold balances in dollar backed tokens, receive funds via both crypto and fiat infrastructure,   and transfer tokens globally. In June, the company further strengthened its position by acquiring Privy,   a crypto   wallet specialist.  

You know what else is called a Privy? A toilet.   I probably I probably shouldn't have said that. That was just so rude. Bad, host.   Bad. I can't believe I said shit like that. Okay. This just sounds confusing.   I don't expect this to take off. I I expect people that use Stripe.   Some people will. You know, crypto guys definitely will. But Stripe,   I don't know. The way this the way this looks, I mean, I   does Perma Nerd really need to get Stripe and issue his own   Perma token   to sell his Perma pack?   Not really. Does he really need does he need to to have the the mental overhead of   issuing and figuring out when to burn tokens?  

You know, I mean, yeah, I get it. There's, you know, there's way like, us plebs, we maybe we just don't have enough neurons to rub together to figure all this shit out. But honestly, from what I'm reading here,   this just I mean, one of these days, it could become   big. I could see that.   But right now, I I honestly think they're just entirely too early. It doesn't really matter. Let's let's go over to The UK   where they're contemplating   theft at the federal level.   UK   weighs   if China fraud scheme victims get current value   of the seized 61,000   Bitcoin,   Adrian Zmunksy from Cointelegraph.  

United Kingdom officials   are weighing whether to retain billions of dollars in gains from seized Bitcoin   tied to a massive fraud case rather than distributing the full current value to the victims according to the Financial Times. Pausing to say, yes,   you should   distribute   all 61,000   coins to the people that lost those coins because it's not the value of the coins that they lost. They lost the Bitcoin.   That's the property.   Not what the property was worth,   but I guarantee you The UK   is going to do exactly what you think The UK is going to do, and they're going to engage in theft at the national level.   And every single person that is involved with said theft should be tarred and feathered and run out on a railroad tie just like we used to do it back before we kicked King George's ass.  

Fuck these people. According to a Thursday Financial Times report,   the UK high court   may decide to reimburse   only the original value of the investments,   about $640,000,000   British pounds sterling, which is worth $862,000,000   US,   to victims of the scam.   This is despite the c 61,000   Bitcoin being worth nearly $7,240,000,000   at the time of writing, resulting in an excess amount   of $6,400,000,000   These people are evil. The Bitcoin was seized in 2018   in North London from scammers who defrauded a 128,000   investors in China. Some treasury officials have privately debated whether the windfall could help offset a budget deficit   of up to £30,000,000,000.  

Under existing rules, assets seized under the proceeds of crime act are usually paid into the home office   or the Treasury Consolidated Fund   with court ordered compensation   when required.   The Financial Times also reported   that other government officials have urged caution   since a decision may lead to a complex legal battle over the Bitcoin proceeds that could drag on for years,   the treasury has been instructed not to use the funds in any of its calculations.   The assets in question were seized from Chinese national, Zemin Qian, and her Malaysian assistant, Sen Hak Ling, and we told you all about that shit yesterday.   Alright. So you don't really need to hear it.  

What we're talking about here is whether or not   the people get the coin   or the value of the coin in some fiat bullshit   denomination   at the time of seizure.   When somebody steals my car   and the car is recovered, this is in The United States and the car is recovered.   Does does the police department   auction the car off and then give me the proceeds of the car   when they find the car? No, they don't. You know what they do? They give me the car.   It's the car I want.   I don't want the value of the car. The car does a lot more for me than the value of the car because what when I have the car, I can drive myself to the store.   I can   drive my kids to school. I can do all kinds of shit with a car that I cannot actually do with a lump sum payment of fiat currency   that represents the value of the car. No. No. No. No. No. That never happens. And   what what other things could be stolen? If I   have like, let's say I get a couple of rifles stolen out of my house   and I I go to all the pawn shops   and I say, oh, the the yep. The serial numbers match.  

These are my guns. Now the pawn shop's gonna go, well,   you're gonna have to wait until you get a till the cops come present us with a warrant for seizure of the property because we've got a whole we've got an entire   protocol that that me that we and the cops do when   it when   stolen property is discovered here at our pawnshop. And I say, you know what? You're right. So I go tell the cops. The cops go to the pawnshop.   Through whatever mechanisms that they have, they recover   the two guns,   but they don't sell them back to the pawnshop, take the money, and then give me the fiat currency.   No. I get the actual article that was stolen.  

But yet,   there seems to be no compunction whatsoever in any country in the world   to say, we're gonna give you the original property back when it comes to Bitcoin and, well, okay, I'll just say it, crypto.   Why?   Why why don't we make it mandatory that all stolen property is immediately liquidated for the fiat value and then that is what's given back to the owner of the stolen property?   This shit,   if we don't fight this shit on those grounds   and say either   everything stolen gets liquidated upon recovery   or nothing gets liquidated upon recovery,   it's black or white. There are no shades of gray here. Property is property,   not the conversion of property into something else and then return to the rightful owner. That's bullshit.  

So it's either all or none. Let's run the numbers.   Energy sector just getting kicked in the crotch this morning, yet   one more time.   It's amazing to watch this happen.   And yesterday,   I think Kramer, Jim Kramer from CNBC,   has finally given people   that have vested interest in energy production, people like me,   a way out because he has   announced that he has sold everything that is related to oil and gas.   So we're hoping   for the Kramer effect to come along. Meanwhile, Mirbon crude down almost three points to $65.12,   Brittnorsese   down two points to $64.00 8, and West Texas Intermediate   bottoming out at at $60.50   a barrel.  

Natural gas crawling sideways slightly in the green.   Gasoline down 2% to a buck 84 a gallon. Good luck finding it.   All your metal rocks are down except for copper, which is the only in only one in the green, one and a quarter percent to the upside. Meanwhile,   palladium is down 1.4.   Gold is down point 75%,   but still   at $3,868   an ounce. Holy shit. Platinum is down point seven, but silver has taken the biggest hit. It slammed up against $48 an ounce, and the world said, get down.   No. It is down 3%   today.   K. Ag is pretty much mixed this morning. Biggest winner is sugar, 1.36%   to the upside. Biggest loser is chocolate, 3% to the downside.  

Live cattle down point 6%. Lean hogs down a half, and feeder cattle down one and a half.   In indices or your legacy, you know, equity markets, the S and P is down point 13%.   Nasdaq is the only one in the green, up   point 15%.   Dow is down point 15%,   and the S and P Mini is down a quarter of a point. Meanwhile, we're having a little bit of a rip today. A $120,060   puts us at a 2,390,000,000,000   market cap.   We can purchase 31.1   ounces of shiny metal rocks with our one Bitcoin of which there are 19,929,132.42   of. An average fees per block are nominal today,   0.03   BTC   taken in fees on a per block basis.  

It's about 30 blocks carrying a 105,000   unconfirmed transactions waiting to clear at high priority rates of 3 Satoshis per vByte.   Low priorities get you in at one and whoop dee doody day. 1.01   zeta hashes per second   on the old mempool.space   forward slash mining site.   And do that what you will. And from   Hazard Signs,   yesterday's episode of Bitcoin and I got Yodel   with $5.13   SAT says, hi, y'all.   TKsuitcoin   with a thousand SAT says the algorithm stable was called Luna. Yes.   Luna.   God.   Good times, man. Good times. Also, the derogatory   name for core supporters   is core munists.  

You know, play on communist.   Core munists. Keep up the good work.   Thank you, sir. I appreciate that.   Let's see here.   From a gentleman named Thank You, sir, with 500 sat says, I suspect that scams like FTX, BlockFi, et al are still profitable enough to try again. Yeah. You're probably right. Possibly,   some of the profits have escaped law enforcement.   The perpetrators aren't wrecked enough. Thank you, sir. No. Thank you. Tulips with one two three four what? +1 234   says, I am happy   that the Chinese UK scam is finally resolved and I hope that The UK sells it all as soon as it as soon as it can and repay the victims.   They won't.  

Just ask   e g I p t and their museum claims. Oh, dude.   Tulips, you gotta you gotta enlighten me on e g   oh, Egypt and there oh,   the British   yes. Yes. The the the museum of Egypt. That British stole a whole bunch of Egyptian artifacts   when the pyramids were discovered in the   and the, oh god, the, Valley Of Kings. All that all that stuff, a lot of it ended up in British possession. Yeah. So now now I know what you're talking about.   Citizens   are better allocators of capital than governments,   and they deserve to have the BTC   plus cheap sats for us when they do.  

This new wave of lending platform sounds exactly like the previous cycle, and I would advise everyone who listens   to not be an early adopter when it comes to loans.   Because just like BlockFi,   might just be tulips and, of course, goes to zero.   Wartime with a 133   sat says, cheers.   J e c two k says, here's another great episode from none your business. I enjoyed it during my lunchtime walk.   Wartime with yet another 133   SAT says, October   pump it up.   Perma Nerd with two ten says,   What the hell is Sharkcoin?   Kik says,   None You Business brings the news you can use with Bitcoin and he also brought us the Circle P bringing products for plebs   paid for in Bitcoin. Check them out. Yeah. That's another thing I forgot to mention in the circle p segment of the show. If you're not selling your your goods and services in Bitcoin, you're not in the circle p.  

So everything that's in the circle p, you can buy for Bitcoin.   In fact, there's some vendors that only   take   Bitcoin. So just   yeah. There you go.   That's the weather report.   Welcome to part two of the news that you can use. And when JP Morgan   says good things about Bitcoin,   you might wanna perk up your ears.   Bitcoin could reach a 165,000   based on gold's record run   according to JPMorgan.   Wow. Will Kenny   is writing this one for CoinDesk. Banking giant, JPMorgan,   says that Bitcoin could climb to around a $165,000   on a volatility adjusted basis relative to gold,   highlighting what the bank sees as significant upside   if the so called, quote, debasement   trade   continues to gain momentum.  

The Wall Street lender's model suggests that Bitcoin would need to rise about 40% from current levels to match the scale of private gold holdings   once risk is accounted for.   The world's largest cryptocurrency was trading around a 119,000   at time of publication.   The debasement trade   involves buying assets such as gold or Bitcoin   to hedge against the devaluation of fiat currencies.   So the debasement trade is exactly what it   the definition   is the word itself, debasement trade.   Now the bank's projection comes as retail investors accelerated their embrace of the debasement trade, pouring into both Bitcoin and gold exchange traded funds over the past quarter.   Analysts led by Nicholas   there's no way I can pronounce this name, but it's Pantgertalagozo   or something noted that flows into these products   have surged since late twenty twenty four.  

The analyst framed the trade as a response to long term inflation concerns,   ballooning government deficits,   questions about Federal Reserve independence,   waning trust in fiat currencies and some emerging markets, and finally,   concerns about a broader move to diversify away from the United States dollar.   Well, cumulative   flows into spot Bitcoin and gold ETFs have risen sharply, JPMorgan said, with retail buyers driving much of the activity.   Retail   buyers   driving much of people keep asking, where's retail? Well, according to JPMorgan,   they're here because retail buyers are driving much of this activity.  

Bitcoin exchange traded funds initially outpaced gold earlier in the year, particularly   after Liberation   Day, but gold ETF inflows have been catching up since August, narrowing the gap.   Institutional investors have also been participating   according to JPMorgan,   though mainly via Chicago Mercantile Exchange Bitcoin and gold futures rather than the ETFs.   The bank's proxy based on open interest shows institutions have been net buyers since 2024,   but their momentum   has recently lagged retail demand.   The steep rise in gold prices over the past month has also bolstered Bitcoin's relative appeal   as the Bitcoin to gold volatility ratio hit or has drifted   below two.  

Now, that shift   underscores the bank's view that Bitcoin remains   undervalued   relative to gold.   At least say it again,   JPMorgan   holds the view   that Bitcoin remains   undervalued   relative to gold with its current price about $50,000   below   where JPMorgan's   model suggests that it should be.   If you missed it all, JPMorgan   is saying,   dude, Bitcoin   because of gold,   which   that part,   I don't necessarily   agree with.   They're saying it's relative to gold, but there's some language in this article that suggests that, oh, Bitcoin is having its heyday   right now because gold is doing is doing well and doing it first.  

I   I I don't caught into that.   I think they're both going up   independently   of each other, but for the exact   same reason.   It's not gold igniting Bitcoin, and it's not Bitcoin igniting gold.   They've both been given full blown ignition   because everything out there   is   crumbling.   Even the Swedes are figuring it out.   Cal and Quinn from Decrypt.   Swedish lawmakers   propose a national Bitcoin reserve.   Two members of the Swedish Democrats,   the Riksdag   right leaning second largest party, have submitted a motion   urging the government to examine whether Sweden should create a national Bitcoin reserve.   The motion filed on October 1 by there's no way I could pronounce this guy's name,   Dennis d I'll try. D I   Diakurev   and David Perez, he's easy, calls for an investigation into how to build a strategic Bitcoin strategic Bitcoin reserve and which authority is appropriate to manage it. It also proposes that the government confirm it does not intend to change the definition   of legal tender nor introduce a central bank digital currency.  

The lawmakers argue that Bitcoin could serve as a complement to gold   and to foreign exchange reserves. They describe the cryptocurrency   as digital gold with the potential to diversify state holdings and provide inflation protection. Quote,   by building a strategic Bitcoin reserve, Sweden is positioning itself for a potentially disruptive   shift in the global financial infrastructure, the proposal stated.   Momentum for state level Bitcoin reserves has grown internationally,   particularly since March when United States president Donald Trump signed the executive order to start one. While countries like Bhutan and El Salvador   already held Bitcoin prior to this, the shift in US policy has prompted   a rethink   of other nations around their approach approach to cryptocurrencies.  

Several countries such as UK, China, Finland have unofficial   reserves   of confiscated digital assets seized during criminal investigations, but   politicians in countries like Poland and Latvia   have also floated the idea of establishing strategic Bitcoin reserves.   And then they talk a little bit about Texas and Kazakhstan   and something like that. But now   now we've got the Swedes. Looks like they're trying to get on board.   Will it happen?   Well, right no one knows. Right now, all it's just two guys,   you know, and they're they're they're lawmakers, but they're just they're just positing this.   Right? This is this is the earliest   place that you can be when a government is, quote, unquote, looking at a strategic Bitcoin reserve. It always has to start with a couple of lawmakers in whatever country that they're at   at at their federal level   writing a letter or, you know, writing up the body of a bill, and then they propose that. So this would have a long   way   to go. We are right at the starting line for Sweden, but   something to keep our eye on.  

Now Tether adds 8,888   BTC worth $1,000,000,000   to its reserves.   I swear I've covered this before,   but   I don't know, man.   So we're just gonna just bear with me. If you've heard it   if you've heard me do it, just again, forgive me. I've got three neurons and they're they're screaming right now trying to get everything done. Tether,   the company behind the largest stablecoin USDT, has moved 8,889   BTC worth $1,000,000,000   to its reserve wallet   at the 2025.   This latest purchase brings Tether's total Bitcoin holdings to 86,335.   At current prices, that's over $10,100,000,000   making Tether one of the largest corporate holders of Bitcoin in the world alongside companies like Strategy and Block.  

This is a regular habit.   Tether announced in May 2023 that it would allocate   15%   of its net profits into Bitcoin.   Since   then, it's been adding to its reserves at the end of every quarter.   Paolo Ardoino,   CEO of Tether, replied,   yeah,   to a social media post tracking the purchase.   As with previous times, the Bitcoin came from Bitfinex hot wallets and was moved into addresses tagged as Tethers.   Bitfinex and Tether are closely tied together.   And for Tether, these transfers   are just routine.   Tether is building a fortress   balance sheet.  

Alongside Bitcoin,   it now holds around seven tons of gold and more than a $127,000,000,000   in United States treasuries.   By anchoring its balance sheet in non sovereign assets, Tether is trying to be more than just a stablecoin issuer.   The strategy is to be as resilient against inflation as possible,   sovereign debt, and market risks as well. By keeping Bitcoin with cash and other liquid assets, Tether is essentially betting   that Bitcoin will be a stable hedge over the long term.   While Tether is buying more Bitcoin, its flagship stablecoin USDT is still the market leader.   Data shows Tether supply is now at nearly $175,000,000,000   making 59%   of the global stablecoin market.  

They're also launching a new stablecoin called USAT   to comply with United States regulations   headed by former White House adviser Beau Hines.   It will be issued under US oversight   with reserves managed by Anchorage Digital Bank and Cantor Fitzgerald. Now that I've definitely talked about   to you before.   And then I think I also talked to you about their they they raised some money, so we we won't get into that. But   that's a lot of money. What they did not mention,   the seven tons of gold,   the shit ton of Bitcoin,   the $127,000,000,000   in treasuries, that's that's not all they got.  

They also own a lot of farmland.   And   either they own it through   an agricultural   company that they bought   or they hold that   as well as   a whole shitload   of a well, an agricultural company in,   was it, El Salvador   or somewhere around there, somewhere in Central America.   They're moving into food,   treasuries,   gold, Bitcoin. This   this look to me, this looks like a new commodities market that's developing.   And Tether may actually end up being   a new commodities exchange. You never know. I mean, it's it's far out there right now, but gold,   Bitcoin,   US treasuries,   farmland,   which is, you know, you could just consider as I don't wanna say real estate, but raw land   and   an ag company.  

And and they're not gonna stop.   This it   I know that I   talk about Tether   way often than I should,   but these are people to watch.   Right? Because if they screw up,   I get hosed on my Bitcoin.   Right? So I've gotta watch them.   If you're interested in Bitcoin, then my suggestion is that you watch them too. We don't have to cheerlead for Tether.   You know, if they do something stupid, I guarantee you, you will hear about it here first.   I I I will not be holding back,   but I can't say that I don't like the way that they're doing their shit.   They buy Bitcoin and a lot of it. They buy gold and a lot of it. They buy raw land and a lot of it. They buy agriculture.  

And they also are going the one thing that is even remote well, that becomes negative about tether   is that they're gonna have   no compunction whatsoever   spreading   the debt printed by the United States Treasury in the form of Treasury bonds and bills   to every third world country in the world, making those countries even poorer than they are.   That that is a huge drawback   to Tether.   I I don't I don't like it. It now it hasn't happened yet. No. Not really.   This is a theory of mine. I think it's going to happen. In fact, I I know it's going to happen. I'm betting on it happening. It's going to just be freaking awful,   but   I can't blame them for buying a bunch of Bitcoin, a bunch of land, a bunch of gold,   and   now they're they're knee deep in general agriculture,   whether it's the agricultural   land or just the agricultural company that they own shares in.  

I'm looking at   I'm looking at a raft of kinda like commodities, a kind of a new   a new raft of commodities   for lack of a better term. So,   you know, ignore tether at your own risk   because they're gonna be like they're gonna end up being kind of a canary in a coal mine about a great many things.   And if you're not looking at what they're doing,   I honestly believe that you're missing out on the whole story. Now, last one up for today, SAS Mining surpasses $200,000   in crowdfunding   round.   Interesting.   KierBuy   for lightning news.   Let's see here.  

Where does it start? There it is. SAS Mining,   The innovative Bitcoin mining as a service or Bmass   platform recently announced significant momentum in its ongoing fundraising efforts.   The company has successfully secured over $218,000   from early supporters and is rapidly advancing towards its goal of $618,000   The strong interest   underscores the market's confidence in SaaS Mining's mission to make sustainable and profitable Bitcoin mining accessible   to a broader audience.   The funds are pivotal for executing   the company's ambitious roadmap which focuses on expanding its footprint of eco friendly   mining operations.  

Their set goal is building the infrastructure and a future where everyone   can participate in securing the Bitcoin network   and earning Bitcoin in a responsible way.   The capital raise will be strategically deployed to achieve three critical objectives directly enhancing value for the network and its   participants.   One,   strategic infrastructure   expansion.   A significant portion of the funds will be used to acquire and deploy the next generation of high efficiency ASIC miners.   This will increase the company's serviced hash rate, strengthening the Bitcoin network and boosting potential Bitcoin rewards for all participants.   Two,   securing low cost sustainable energy partnerships.  

SAS Mining is committed to a green future for Bitcoin. The capital will enable the company to secure new partnerships with energy providers offering stranded and renewable power,   significantly reducing operational cost and   minimizing the environmental footprint.   This creates a durable competitive advantage. And number three,   platform development and user experience enhancement.   Investments will be made into the proprietary size SaaS mining platform,   making it even more intuitive   and feature rich for users to monitor their mining activities, manage their assets,   and stack SaaS effortlessly.  

This fundraising around allows to invest in a vertically integrated Bitcoin mining company built for long term resilience and growth   with a clear path to profitability through its low cost energy strategy and a $30,000,000   valuation cap.   SaaS mining offers an entry point for investors   seeking exposure to the foundational layers of the digital asset ecosystem.   The fundraiser will remain open until the maximum goal of $618,000   is reached.   Accredited investors are encouraged to review the offering details   and consider participating   before the round closes.  

And if you want more information, Yuko, you can go to invest.timestampfinancial.com/offering/sasmining   and look at it there. And if you can't remember that, and I I don't expect you to,   all of these   articles that I read to you today,   all the URLs   are in the show notes. So you can just go go scroll to the bottom of the show notes. This story right here is the last one in the list.   That's it for the show. I hope I brought you some value. If   you got value out of the show,   consider   throwing me some satoshis either on nostr,   you give me a big old fat boostogram   because this this show right now just it and for seven years coming up on eight years   has existed entirely   on your donations.  

Right? And when you donate,   you're also kind of helping other plebs because the plebs that are in the circle p, that   your goodwill   helps them get the word out about their products too. This is all about plebs helping plebs.   So you can help me and at the same time,   help some other guys.   Get fat boostograms,   streaming me sass with podcasting two point o. If you have a legacy podcasting app and you're not using something like fountain.fm   or fountain app, then you're really behind the times. Get on to podcasting two point o. It makes it easy for you to support this show, 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.