BTC Sessions
SAYLOR Predicts $49 MILLION Bitcoin! ep430
Welcome to this week’s Simply Sessions, your go-to source for the latest and greatest in Bitcoin news!
In this episode, we explore the biggest developments in the Bitcoin world:
• Michael Saylor predicts a massive $49 MILLION price per Bitcoin.
• Bitcoin as a strategic reserve asset starts to take form with a new US bill.
• Democrats plan to sell Bitcoin held by the US in response to Trump. What message are they trying to send?
• In a move undermining USD hegemony, Russia legalizes Bitcoin for international trade to circumvent sanctions.
• Finally, could Tether be the CBDC the US was planning all along? We examine the evidence.
Tune in for all this and much more!
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- Duration:
- 57m
- Broadcast on:
- 01 Aug 2024
- Audio Format:
- aac
[Music] Yo what is going on everybody welcome to the show another Thursday another episode of Simply Sessions and yes I am remote right now uh bit of a road trip uh head into Vancouver uh if you're in Vancouver make sure you hit me up I'm gonna be there on the 11th and we're doing a big meetup I'll tell you guys about that later on the show but regardless we still have Nico here to give us the latest and greatest in everything Bitcoin and I'm gonna be hitting you up with the tech updates so make sure you stay tuned uh of course this is live anything can happen so I defer to my friend Bill here okay well do it live do it live I can go out right it and we'll do it live thing sucks yeah if you have not already please do like subscribe and share all those things that really do help a ton getting this content in front of more eyeballs and I am Ben with the BTC sessions this is your Simply Session [Music] Before we bring in Nico let's take a quick look at where we are in the market I am pulling up timechaincalendar.com simultaneously I'll get that uh that chat on the screen here momentarily but uh over at timechaincalendar.com let's give that a quick little refresh make sure everything's current uh but we are sitting at as soon as it loads for me uh 664,896 per coin a single US dollar will snag you 1,541 SATs in terms of fees next block 11 SATs per bite and bitcoin mined 19.73 million of them that is 93.97% of the total supply we're going to give a quick shout out to our sponsors and we'll be back in one minute. On a mission to enable independence by being one of the easiest and quickest ways to purchase bitcoin in Canada and the US the best part about it every buy goes directly into your own self custody they never hold your coins you can add a bitcoin address as part of onboarding there's a transparent 1% spread no hidden fees no withdrawal fees plus they have KYC free cells and bill payments on their website they're also a publicly traded company under the ticker BTCW on the TSXV check them out over at bitcoinwell.com check out my full tutorial on how to use them and you can check out the links in these show notes down below and sign up today mobile bitcoin application for managing and securing your funds for the long term you can set up hot wallets for day-to-day spending or create digital vaults for deep cold storage they also offer assisted multi-sig options as well as inheritance planning and on top of that keeper boasts a long list of support for bitcoin hardware longer than i've seen for any other mobile application you can check him out today by searching bitcoin keeper in your app store or heading to bitcoinkeeper.app all right and we are back in and let's get nico in the room here yo buddy how's it going yo i miss you bro i miss you dude it's been some time you were busy i i was a little busy i was a little busy but now that i see you in a bedroom with that tip touch you know i i mean what can i say i i was telling you before the show this is gonna be a different kind of show today it is totally gonna be a different type of show people think they're tuning in for bitcoin content but they're gonna be surprised yeah so you had a good time in Nashville though man you were killing it on the news desk and everything how was it oh man it was a great experience dude uh it was it was pretty like for me like what what meant a lot was like obviously shout out to the bitcoin magazine guys for allowing simply to take over the news desk but for me it was like the day that trump had his speech was the fourth anniversary of simply bitcoin um and that like you know you could read a bit of coincidence nico it'll be like okay fine it's a coincidence but still i think like that was the first time uh bitcoin really entered into kind of like the mainstream consciousness like for real you had all of legacy media there you had the daily wire there they had their own little booth and they were making content there and you can tell like like we are still so early because they don't quite understand they're starting to understand yeah but i think it's the beginning of them understanding um and that's what makes me really really optimistic so yeah i had a great time yeah yeah i i i i think uh uh it again it looked like it was well organized it looked like everything went very smooth um and i was saying that like you know last year there's a few things here and there that um you know that needed some refinement and i feel like especially like the flow of the live stream and everything just seemed to seem to go very very smoothly so you know hats off to the team that put all that together yeah absolutely i think they they did uh they did an incredible job and you know just just blessed to play a small part in it you know hell yeah hell yeah i just got to bring up this from the chat before we dive in uh but apparently uh nico's tip got taxed away yeah yeah we were supposed i would i stayed with ben for a week i don't know what happened but we we had to we have to get a reach i mean i'm gonna be in vegas with ben yeah um so at least what's not gonna be there yeah at least it's not gonna be there i know so you're gonna you're gonna have to come back to calgary you're gonna have to join uh join every i think i'm gonna go go for christmas yeah to get my tip touched yeah it'll it'll be a christmas miracle if anything could we do like a special simply session we we have to we have to make it festive i mean maybe i should do my christmas special for that week oh that could be a thing we'll see it'll be a thing we'll see awesome all right well i i guess we can dive into everything that's been going on there's there's never a shortage of the exciting stuff in and around bitcoin man so i mean what's what's top of mind for you what's been going on yeah so michael sailor complete continues to double down this is actually breaking news about an hour ago microstrategy announces that they have a plan to acquire a hundred and sixty nine additional bitcoin that's another big coin tonight's right that's sixty nine number yeah um obviously he couldn't have sprung for one less or one more right it had to be 169 anyways microstrategy led by michael sailor has increased its bitcoin holdings by purchasing an additional that's just a hundred and sixty nine bitcoin it's no big deal for eleven point four million dollars in july 2024 this acquisition brings microstrategies total bitcoin holdings to two hundred twenty six thousand five hundred bitcoin the company's continued investment in bitcoin has been a significant part of its financial strategy as indicated by its q2 2024 financial results the announcement has sparked positive reactions from the cryptocurrency community with many expressing support for microstrategies long-term commitment to bitcoin so absolutely massively effing historic um michael sailor just continues to do epic shit um but also kind of buried into the documents shout out to dylan leclair um here's a highlighted passage and it says we continue to closely manage our equity capital and filing a registration statement for a new two billion dollar at the market equity offering program so uh looks like they're trying to raise and more money to pay even more bitcoin and here dylan with like really kind of like hilarious announcement uh basically says quote we're going to dilute shareholders by an additional eight percent shareholders more btc per share let's go bitcoin just breaks everything you know in the traditional fiat system so yeah yeah it's wild to see again like to just see him be able to continually just play the system for the broken mess that it is and just get a leg up over and over and over again and the fact that he's done it in a way where even in the the worst of the worst of the bear market below what we thought it would go till he was still just fine i mean obviously like not excited about it being down there but like he sailed through that bear market like nothing and kept on snapping upsets so yeah a hundred percent a hundred percent um and also speaking of michael sailor uh he made quite an announcement over the weekend as well uh during his keynote he made his bull case his base kit his bear case his bull case uh his base case and his bull case for bitcoin and his bit his bear was three his base was 13 and his bull was 49 by 2045 so that's 21 years from now um that's like in an investing an investing perspective that's not too too long um and i mean that bro that that being sane right um all right uh so let's check it out it's about a one it's one one minute and 40 seconds but what's happening here's my macro bitcoin forecast it's 21 years goes out to the year 2045 what do i think will happen well i've got a bear case and a bull case but what i think will happen is that 55 percent a or r goes to 50 45 40 35 30 25 20 it's between 50 and 20 it'll gradually decelerate till it's growing about twice as fast as the s&p index and at that rate bitcoin's 13 million dollars a coin in the year 2045 13 million it could be it could be a three million bear case it could be a 49 million bull case but what is bitcoin seven percent of the world's assets then what about the rest of the assets well i actually think that ais and technology gonna revolutionize tech we had no companies worth a trillion then we had a bunch of trillion dollar companies you're gonna see more because you're gonna see companies with a hundred thousand ais and no employees and they're gonna do the work of companies they used to have a hundred thousand employees you're gonna see mega corpse develop you know shipping robots and self-driving cars and a company that gives a personal physician to a billion people without any doctors on the payroll so clearly equity is gonna grow fast gold's gonna get demonetized land obese less monetized but look here's the future in 2045 doesn't look that revolutionary it looks like today it's just any just goes on to say it's just that bitcoin is a bigger piece of the pie and he's just basically showing the graphic and like i'm gonna try to zoom in sorry guys i don't have a better picture but if you look at it from that perspective it's really not that crazy and again his prediction is that bitcoin will basically make up seven percent of the total assets in the world seven percent of that will be bitcoin bitcoin is a superior asset to real estate bitcoin is a superior asset to basically everything is it that crazy to believe that i i don't think so i don't think so at all um but still you know when someone when when the chairman of a public company is saying forty nine million dollar bitcoin you know it's still like you know it still catches you a little bit off footing you know yeah i love the whole chat right now sailors bearish that's great holy shit everybody only seven percent bear yeah it's it i mean again when he when he lays it out like that and again the trajectory of what we've seen and the amount of attention and the amount of realization we've seen globally from people whose jobs it is to preserve purchasing power and hold on to the fruits of their labor and you know they're directly incentivized to do so the types of people that are waking up to this i don't i don't see this as as too crazy also the amount of devaluation you're getting out of the dollar and the pace at which it's moving nowadays and the amount of government spending this is going to be a solid mix of yes bitcoins increase purchasing power but also the decrease purchasing power of the dollar so forty nine million dollars you know it won't be quite what it used to be but also the purchasing power of bitcoin will be quite a bit more yeah man it's going to be crazy maybe we get like a simply sessions jet that'd be dope but uh yeah i mean forty nine million dollars of bitcoin holy cow that is crazy um that is absolutely nuts and uh let's see what happens i think it's gonna be a uh a bumpy ride getting there oh yeah it's not it's not gonna be like a nice smooth uphill and at a at a steady pace yeah man so anyways let's see what happens even even the bait even the bear case like i'll be honest with you like bear three million dollar bitcoin like bro that's still insane like that's still freaking crazy so yeah um obviously Michael sailor is incredibly bluish you know he doesn't only just talk the talk he walks the walk and the walking the walking is his actions backing up what he's saying so he he truly believes in this and i think we if you're a bitcoiner and you're anything like Ben and i that just 100 percent in we believe in this you know 100 percent um you know i'm sure you feel the way that Michael sailor sailor does anyways um this was interesting um i got to say i got a comment first and i'm glad that Ben brought this up uh beforehand so we had two speeches uh we had of course the bobby kennedy speech and we had the trump speech the thing is the bobby kennedy speech one up the trump speech 100 percent but it's something else that like a lot of people have to understand is that bobby kennedy or rfk is running as an independent so he is able to say things that are completely outside of the overton window he's not associated with the mainstream political party that's something to keep in more important and that's something to keep in mind something else to keep in mind is the fact that trump is associated with the mainstream political party and the fact that trump is saying that he's going to free ross protect the right to self custody protect bitcoin miners and then announce the strategic bitcoin reserve he's incredibly bullish and that's something because i saw so many people were disappointed about the speech i was initially but then after i digested a little bit i was like the way that he did this was really intelligent because as soon as his and you you you would have only have known this if you're at the conference but as soon as he was done they brought on scinthe alumnus shortly after and scinthe alumnus was basically the one that gave the details on the strategic bitcoin reserve and here's the thing if a president made that policy he would do it via executive order and when you do things via executive order they don't last after that president goes out of office so the only way for the us to have a true a truly like lasting strategic reserve in bitcoin is if it goes through the legislative process so that's something else to keep in mind but talking about the overton window shifting it definitely definitely did and here's a 15 second clip of just that but for too long our government has violated the cardinal rule that every bitcoiner knows by heart never sell your bitcoin right like at what timeline do you ever have imagined that it's funny because like you go back to when he was president and and he wasn't obviously people like they can learn and they can change their minds over time also incentives aka votes and and and fundraising but to hear what is is likely to be like there's there's a definite definite i'd say likelihood that he's going to be president again to hear that person say never sell your bitcoin is fucking crazy like imagine even a year ago being like all right yo so there's going to be a previous president likely to be president again on stage of the bitcoin conference telling people to never sell their bitcoin and how stupid the government has been for doing that previously i would have called you insane and yet here we are yet here we are right and one of the things that he said also that made me incredibly bullish and it's something that i i think gets lost on Ben and i and gets lost in a lot of big bitcoiners like but you know how grueling this has been to making content for a living and building a business in bitcoin one of the things that trump said was that this industry is still in its infancy it really is it doesn't feel like it in the thick of things but we are just getting started right um and donald trump making an appearance at the bitcoin conference and also elon was supposed to make an appearance but he rubbed last second is not a testament of bitcoin needs elon or bitcoin needs uh trump it's a testament that elon and trump need bitcoin in order to achieve what they're trying to achieve trump would have not been there if it wasn't for the fundraising from the community if it wasn't for the fact that he thought that he can get votes for this i saw someone in the comments say basically trump talked about joe and kamala for 45 minutes and then said four things about bitcoin yes the reason that he said that is because you have to understand that this is a campaign rally and he actually has a shot at winning like not trying to jab at rfk i'd love to rfk's speech way better but trump actually has a realistic chance of winning so he was campaigning he was basically telling everyone in the audience like look like and by the way i agree with him i don't know i don't agree with a lot of the rhetoric because it's very divisive but the the overall points that he was making in regards to how bad a potential biden kamala term two would be for the bitcoin industry in the united states trump was absolutely dead on they haven't walked anything back they've they've said a lot of things but they actually had none of the actions they have taken uh show me that they regret any of their things like and they regret any of their actions right um so anyways before i get to that point i do want to mention the strategic reserve and then i want to get your thoughts on this so this is what sent the alumnus was uh was uh was uh was talking about uh after trump's speech and uh again very similar wording to what sailor said in regards to you know making it equivalent in regards to states like like for example the united states they purchased louisiana uh from from france and then they purchased alaska from russia and she's basically equating it to that like buying bitcoin at these prices anyway so here is the official press release that was released yesterday and it gets into a lot of the details so uh following her announcement of a historic proposal to supercharge the us dollar and pay down the national debt by establishing a strategic bitcoin reserve today us senators sent the alumnus officially introduced the bitcoin act in the us senate quote as families across wyoming struggle to keep up with soaring inflation rates and our national debt reaches new and unprecedented heights it is time for us to take bold steps to create a brighter future for generations to come by creating a strategic bitcoin reserve bitcoin is transforming not only our country but the world and becoming the first developed nation to use bitcoin as a saving technology secures our position as a global leader in financial innovation this is our louisiana purchase moment that will help us reach the next financial frontier the bitcoin act establishes a strategic bitcoin reserve to serve as an additional store of value to bolster america's balance sheet and ensure the transparent management of bitcoin holdings of the federal government specifically the legislation would establish a decentralized network of secure bitcoin vaults operated by the united states treasury department with statutory requirements ensuring the highest level of physical and cyber security for the nation's bitcoin holdings uh implement a one million unit bitcoin purchase program over a set period of time to acquire a total stake of approximately five percent of of total bitcoin supply mirroring the size and scope of gold reserves held by the united states be paid for by diversifying existing funds within the federal reserve system and treasury department affirm self custody rights of bitcoin holders and emphasize the strategic bitcoin reserves shall not infringe upon individual financial freedoms so i think this is very very historic um and i think it's a game changer what do you think ben it's interesting the stuff in and around the federal reserve because i i you know i i always wonder like how um you know that a lot of people tend to say like well the fed is it's supposed to be its own thing separate from the government but but clearly like there's there's you know there there's very deep ties there and and i'm curious how easy this would be to implement in terms of the way it's written and and uh i i wonder how easily the fed would go along with this given that their power lies in their monopoly on controlling the money that everybody else uses and in a way if this were to happen it would be a quasi acknowledgement that that power is waning and hundred percent i i wonder if they're ready to do that i i don't think that they are and maybe their hand could be forced a little bit but that's what it would be that would that would be the signal to the world hey the shit that we print not going so well we need to hold on to something else now yeah and and i i think first of all i think you make a really good point versus like it's it's kind of like uh it's like a it's like a symbolic hat tip right um and i think you know i think like trump and there's this other senator that made some congress made some comments recently on the legacy media that was basically like acknowledging what you're saying but in the in the way that they were saying it is not so much like we're gonna get we're gonna give up on the dollar they were just seeing the writing on the wall and they're basically coming to terms with look if we don't do this here we might not like this but if we don't do this here china will overtake the united states we don't have a choice but to let this industry develop in the u.s for the u.s the benefit versus it developing in china and it potentially hurting the united states which is why she's using like the terms like the louisiana purchase and all these things and i think they're absolutely dead on when they approach it from that perspective now is it are they just letting in a trojan horse like alex cladstein wrote in wrote the article like bikwyn is a trojan horse for freedom are they letting in a trojan horse that later down the later down the the the road they'll you know they'll regret like in in al's cladsteins article he made the case that basically that like freedom go up technology and number go up technology are inextricably linked you can't disconnect the two um so you know i don't know let's see what happens i i want to just hit on something uh in the chat here so ronnie ronnie alluded to bikwyn backing fiat right like it's uh that would be the quasi play here um by having that strategic reserve that's effectively you know the end goal is protecting some of that and the interesting part about it is prior to so like go back to the gold standard um you had again the u.s dollar backed by gold at a you know a certain amount per ounce depending on the year um and and at that point most of the gold reserves those those were all in the u.s and impossible to audit clearly they broke that peg well before nixon went off the gold standard and but there was no real other way to do it like that was the agreement the gold was already there and the control was in the hands of the u.s everything changes with bikwyn so like yes i i agree like you know fiat backed by bikwyn um very easy to break that peg but the interesting part about it is number one you can audit that fairly easily right like you can see that there's on-chain sleuth that can be like here's the reserve for the u.s here's their stash El Salvador already does it publicly like here's our address audited there you go um so that's one so like debasement becomes very very clear as that happens um the other thing about it is you don't need a central bank to have a bitcoin backed uh easily spendable denomination obviously on-chain will get more expensive but you can have abstractions of bitcoin in which the reserves for that are instantly auditable not to say that there won't it's impossible to have a rug pull in a situation like that in like an e-cash type thing but those can be segregated into smaller pieces smaller communities whereby if there's a rug pull it's very concentrated into a single small group of people it's not like a nationwide the world reserve currency just rug pulled you for your convertibility to gold and so it's a very different ball game when you get into bikwyn backing anything i still obviously at at this stage of the game um you know the the ultimate amount of sovereignty is holding your own keys and your own coins um but as on-chain transactions get more and more expensive barring anything that allows partial ownership of UTXOs then we'll have to get inventive with that but we want to build systems where the verifiability and auditability of everything is super easy for everyone on the planet. 100% and you buried the lead there Ben like you made such a great point in regards to El Salvador making the reserves public the US unless they do the same thing it's a larp it's a larp because the moment they make it public it makes it very difficult for a politician to take a little bit off the top right so can you imagine can you imagine El Salvador sets the bar here we yeah we're showing where our reserves are here's our reserves you can audit us 24/7 and then the US comes out and they're like we're not going to let you know what our addresses are and everybody's like El Salvador can do it you the United States government can't fucking do it come on guys catch up here yeah it would be a larp it would be a total larp and then all the shit talking like you are not allowed to talk about you're not allowed to talk shit about El Salvador and unless you make your country's reserve public like full stuff you know um anyways uh so moving on uh okay so there's good news and bad news regarding the last conference what is the good news the good news is this is a bitcoin election and uh this election if Trump gets elected it will be a very pro-Bitcoin regulatory environment here in the United States what is the bad news the bad news is that now like if Kamala and Biden get elected he will not be good for bitcoin in the United States as soon as this happened um as soon as Trump said uh that he was gonna make you know he was not gonna sell any bitcoin under his administration the US government split the two billion dollars worth of bitcoin they had into two addresses a lot of people were speculating that they were selling some and they were selling the sum just to spite the potential incoming Trump government here's Mike Germano president of bitcoin magazine he says well now the games begin already working on the freedom of information act requests will take months to get to the truth this is a direct reaction to the bitcoin conference and they wanted to send a message i mean it's very very clear now not all democrats feel this way about uh the Biden administration and Elizabeth Warren uh and how they look at the industry here is a letter from 27 democrats and uh let's check out they have to say i'll read the first two paragraphs we representing a range of democratic officials candidates for the house and members of congress right to urge you to take a forward-looking approach to digital assets and blockchain technology this area holds immense potential for american innovation economic growth and financial inclusion representing the emerging stance of the democratic party in the United States leaders such as senate majority leader Chuck Schumer senator uh speaker emirata Nancy Pelosi and the majority of house democratic leadership have recently supported pro-digital asset legislation however there is a public perception that the party holds a negative viewpoint on digital assets largely due to the current SEC's approach to these transformative technologies we believe this previous hostility does not reflect our party's progressive forward-looking and inclusive values a refreshed leader of the ticket represents an opportunity to change that perception um what do you want to bet that Pelosi is loading up on non-kyc sats in the background that that Pelosi stock tracker like if only we could see into that wallet right like she's just loading bitcoin and look i i think that they should rightly be paying attention here's a white house live stream uh i mean ben mean you get more bigger numbers than this bro and then here's the bitcoin magazine uh live stream 56 000 live viewers versus the 822 live viewers i mean yeah they better get on it and again this isn't like this isn't monolithic this isn't black and white uh there are democrats like for example congressman rokana uh that went out and spoke at the bitcoin conference and he said how yeah this is this isn't a left for right thing this isn't a conservative progressive thing um we should get behind this but i i think that's important like i i think it's important to keep in mind like two things first thing is like this is the first bitcoin election in the united states and number two this is not a partisan issue i think the current administration and elizabeth warren made it a partisan issue they forced it to become a partisan issue um so i think a lot is on the line in this election man i got to be honest bro like like it's not a good sign that as soon as trump says we're not going to sell any bitcoin they literally move it that monday like that's not a good sign it is so blatant like it's uh i would say i can't believe it but i can believe it the shade the shade man and another thing that i'll say is like i don't think that the current democratic party represents the will of their constituents i think that if their constituents are actually informed on the matter they wouldn't be okay with this um i so yeah it's it's it's it's a it's a bit interesting anyways in other news um talk about the game theory playing out russia legalizes bitcoin for international trade to bypass sanctions uh in a significant legislative move russian lawmakers have passed a bill permitting businesses to to use bitcoin and other cryptocurrencies and international trade according to Reuters the development is part of russia's strategy to circumvent western sanctions and pose following the invasion of ukraine the new law expected to take effect in september aims to address delays in international payments particularly with key trading partners like china india and the uae central bank governor of russia a proponent of the law announced that the first cryptocurrency transactions will occur before the years end the central bank will establish an experimental infrastructure for these payments quote the risks of secondary sanctions have grown quote they make payments for imports difficult and that concerns a wide range of goods now it's really interesting that as soon as that was made announcement el sabador kind of threw through their hat in the ring and said el sabador proposes using cryptocurrencies to settle trade with russia now what's really interesting about this is the game theory what the u.s government decided to do two things that pissed off a lot of people that were using the dollar first thing they started debasing the currency so if you're russia or if you're brazil or if you're argentina and you're holding if your central bank is holding a lot of dollars you're basically you're footing the bill for the reckless spending of the u.s. government that's thing number one thing number two is hey what do you know what happens when you politicize and weaponize the money people tend to seek an alternative and that's exactly happening in the case of russia they seized all these russian assets they were convincing the american public that they were doing it for regime change regime never changed regime state in place they weaponize the money and now russia's like you know what i don't want to use the dollar anymore and i think this is where the u.s government is metaphorically shooting itself in the foot because that gives the u.s. dollar a tremendous amount of power the fact that it is being used for global trade and now if you have other countries seeking an alternative because they see the dollar is weaponized that's not a good idea that's what that's what funds the lifestyle of the united states right that's a lot of people have to keep in mind the united states and argentina would be exactly the same if it wasn't for the fact that the u.s. is the global reserve currency the reason that the u.s. government is able to spend the amount of money that it spends which is trillions of dollars every single year is because they have the ability to print if they don't have the ability to print the u.s. becomes argentina yeah hundred percent i i picture the u.s. and the u.s. dollar it's it's it's a metaphor for the the tale of Icarus right they're flying too close to the sun they they get ahead of themselves to get cocky yeah we'll we'll debase like crazy we'll print as much as we want and on top of it we'll sanction anybody who does things that we don't like and and guess what happens well their wings are melting away so yeah 100 percent all right what seems like we got um we got i remember the first time i hearing that story in in uh in in high school and stuff and it always stuck with me man it always stuck with me um even though the greeks didn't know that the higher you got the colder it got yeah okay so the last story is um which was i gotta say quite unexpected i think a lot of people not to name any names we're expecting another bitcoin money a bitcoin company to go public uh but that wasn't the case uh it seems like fold was building in the back end and they're just putting their heads down and building and uh fold is set to list on NASDAQ with over a thousand bitcoin and corporate treasury this is the first bitcoin financial services bitcoin only financial services company that is set to go public so congratulations to the fold team and will reeves uh this is a huge accomplishment and i got to say a little bit of an upset and this came out of nowhere i was not expecting this whatsoever yeah that's why i mean good for them i've i've been using fold since uh you know when it was here i was using fold in Canada in 2014 and back then 2014 or 15 one of the two anyways back then you could basically you could buy gift cards with bitcoin on chain and if you didn't use the full balance of the bitcoin uh the of the gift card you could refund the remaining balance in bitcoin back to your wallet and so i used that for an entire summer driving from Calgary to New York and back hitting up Starbucks in the mornings uh and uh the story is that my my uh i was not yet married but my now wife then girlfriend um i i got some work uh some work canceled leading into the trip like all of my contracts for an entire month just got canceled and so i was basically screwed i didn't have any money for the trip but i was like listen what i can do is i have this fold thing and i do have some bitcoin so i like oh i got breakfast every single day um and then i'll you know pay back after we get back um for everything else and uh yeah Nico do you want to care to venture how much i spent on Starbucks that that fateful summer i i have a feeling it's going to be extremely painful uh in today's terms where the bitcoin is about three hundred thousand dollars i'm sorry to laugh but like oh yeah yeah it's still burns it's my my own little pizza story dude don't we all have one like i feel like you haven't paid your dues in bitcoin if you don't have equipment of of of uh so like ben it's that it seems like you're not a fan of fold that enabled this be let's burn it to the ground uh no no that's they're great though and uh i i keep on bug and will to when canada come on man get up here man oh man all right well dude happy to be back uh this was uh this was great i missed you last week and uh everyone this was your simply sessions hell yeah man i'll see you soon all right and everybody stick around because we are going to be hitting you up with the tech updates also we're going to be giving away some sats so make sure you get those lightning wallets out and ready because we got that bitcoin well uh wishing well giveaway and we're going to be giving away some sats we'll see how many it is when we get back but before we do we're got a quick shout out to sponsors of the show so we will be back in a moment coin lightning wallet built with simplicity in mind spend and receive with ease claim your own lightning address shop your favorite gift cards and even earn rewards when you spend head over to speed dot app to download the app on your mobile or desktop today and use the link down below to get five thousand sats for free and have the chance to win even more as some of the best hardware on the market today to secure your bitcoin the cold card queue is an absolute powerhouse and is my daily driver not top of this they have plenty of other goodies including the mark for the tab signer open dimes the block clock and much more if you head over their website make sure you use code BTC sessions at checkout to get a nice discount links are in the show notes down below allows you to borrow against your bitcoin in a non-custodial way collateral is held in a three of four distributed multi-sig with trusted parties it provides institutional liquidity providers loan periods of up to five years with flexible conditions and the best rates and best of all no re-hypovication of your funds if you want to check them out today head over to debified dot com or hit the link in the show notes down below all right we are back in and we're going to be giving away some sats here so get those lightning wallets ready i am pulling up if you're unfamiliar by the way this is bitcoin well and bitcoin well they're available in Canada and the u.s awesome place to not only buy bitcoin but also be able to pay your bills and do all kinds of great stuff on there and it's an absolute asset for me living on a bitcoin standard but i digress bitcoin well they basically allow you to load up on points when you sign up when you buy and sell bitcoin when you refer your friends there and these points can be used to toss a coin in the wishing well that can win you sats and it could be anywhere from 500 sats up to a million sats and you can redeem them via ln url so we are going to go ahead we're going to throw a coin in the well right now we'll see what we get and here we go i'm going to enlarge it a little bit 2100 sats get scanning there everybody i hope whoever gets those sats enjoys them so snag them while you can and i'll give you a few more seconds here if you miss it you're going to have to scrub back through and get them if you do win the sats let me know in the chat or shoot off a tweet or a note on noster and let me know that you snagged them but congrats to whoever does but now we're going to move on and uh yeah some tech updates here so fettie fettie uh the fettie app um which uses fettiments in the background is uh they've got a countdown going for their august sixth launch mark your calendars help us spread the word and share the news with someone else you care about freedom technologies as much as you uh so i previously did a video on the fettie app but what is this launch i believe this launch is in and around the ability to easily create your own mince um and tailor them however you see fit launch your mince and share them out to the world so this app is basically like a an interface um uh for the back end which would be fettiments that can be distributed anywhere um and so that's very exciting because that gives a lot of power to individual communities to be able to create community based basically like um uh community banking um in a way that and so i should also clarify what are the benefits of using fettiment now there is a trade-off right um in in the realm of using bitcoin obviously on-chain transactions they're going to be a little bit slower they're going to be more expensive and more expensive over time uh but also very very transparent you can see everything you can track everything on chain with fettiments you you effectively can set it up in a way where it's a multi-state you've got distributed custody and guardians that are holding keys that are part of the fettiment um but then you can transact into it and out of it easily via the lightning and when you're dealing with anybody in the same mint as you instant transactions no fees and perfectly private meaning that even the key holders of the multi-state have no idea who owns what and when you go to spend out of a mint uh it's a lightning transaction and nobody can really tell who in that mint sent out of it so you get the privacy of the crowd and same thing when you're receiving a lightning transaction into the mint nobody knows who's actually receiving that on their end they just know somebody in the mint received a transaction so you get the benefits of privacy low fees um interoperability amongst your community instant transactions all of that um but again there's a trust trade-off which is why i think fettie is designed in a way where it mostly makes sense in smaller communities where you know your guardians um so anyways stoked for that and when it launches i'll start digging and start learning how to make my own uh fettiments so that everybody else can go forth and do so and i'll make a tutorial on that anyways moving on uh nerd axe version 2.1.5 new firmware available so there's a framework update or rebased with bid axe tag uh new BTC screen price uh up uh up button turns on and off the screen uh auto turn off screen uh that's an axe o s option and other fixes uh if you're curious about the nerd axe i just did a tutorial on it a couple weeks back this is home mining um and uh somebody actually was running a bid axe and they ended up uh mining solo mining a block so on a two hundred dollar piece of hardware somebody won a block and got 3.125 bitcoin plus the fees i think it ended up being 3.19 something anyways about 200 000 dollars from the 200 dollar piece of hardware so congrats to that person anyways play around with it it's a cool way to learn about mining don't plan on making money but it's it's an awesome awesome device uh little teaser here from okan getting ready to test some of that good good from start nine labs still weeks away from being ready for everyone else though but this is still fun for me uh looks like he's playing with the next release of start o s uh which is exciting because rumor has it you're going to be able to do things like clear net uh and other options for connections and uh a little bit of a cleanup on the uh the interface uh and it'll be the last big release before um the the next complete overhaul that they have coming so that's very exciting for me uh moving on i did do a tutorial earlier this week for proton wallet so uh same folks that brought you proton mail and vpn and cloud service and uh and key pass and all of that stuff um these guys have put together a bitcoin wallet now i did want to touch a little bit on proton wallet because this is a privacy focused company uh but obviously bitcoin is transparent and so you got to be aware that there's a bit of a trade-off when it comes to this stuff um especially because it's early days and they haven't added a lot of different features so it's pretty bare bones it's easy to sign up as as the main selling point um if you have a proton account you can um it's still invite only which is probably good because they're still figuring stuff out um but like basic sending and receiving is really easy you can also send via email um especially to anybody who has a proton account now the trade-offs here there are a bunch of things that are missing uh number one replaced by fee and child pays for parent and what this allows you to do is uh if you send a transaction you have two low of a fee um RBF allows you to bump the fee up or if somebody sends you a transaction and they've have a low fee you're still able to spend those funds and subsidize their fee with a higher one that you pay for your transaction that's child pays for parent neither of those are present in this yet so if you get a transaction or you send a transaction that's very low fee you got to find another way to bump it luckily mempool.space does have a service to do that but it's expensive it's like 50 bucks so not ideal not ideal if you don't have those and you get caught in a fee spike okay the other thing it's a privacy wallet there is not yet any UTXO control you can label transactions but that doesn't do you any good for privacy if when you go to spend it just pulls from wherever and intermingles different funds so that's something that really needs to be in there um another thing that i i think would be great to offer as an option soon is the ability to connect to a node of your choice or your own node now these guys obviously everything's running through the proton whatever they have set up for nodes um and they say that they're not taking logs and i imagine that they wouldn't be given that they're a privacy focus company and they don't want to screw their reputation however for very privacy focused individuals that is something that they're going to want to have the ability to connect to their own node now the other major privacy no-no and i this is just definitely a bug rather than um you know like just how the wallet works but when you go to import an old wallet into proton with a seed phrase uh it does not for me at least it didn't properly scan all of the addresses to see if they had been used before so basically showed no wallet history no no balance there wasn't a balance but there was a wallet history when i imported it and because it didn't properly scan it pulled up on address right out the gate that i had already used and was basically starting from the top of the list so all of those addresses would have been reused uh more than once so that is not great for privacy either so um anyways i'm hopeful that given their privacy focus company and this is just like first out the gate it's not even open to the general public yet that the all these things will be addressed and i am happy to see like an easily accessible um bitcoin wallet come out for people that are already using a widely used service uh but for a privacy focused company they're going to want to add all these things for individuals so those are my thoughts there let's move on a little bit uh as i said uh i am going to be in van coover and uh if i can pull it up here van coover van coover biccon i should have been more prepared here but i am going to be in van coover uh very quickly and maybe i'll just uh it should be here on my feed we'll do a quick little scroll through come on van coover anyways i'm going to be in van coover uh the the fine folks fussler over at uh btz van city has put together a meetup and uh i'm going to be there on august 11th uh and it's going to be an absolute blast i can't wait to be there you can find it on meetup.com and uh and uh we've got a good group of people coming out i think i'm going to do a little um fireside chat some stuff like that and uh yeah it's going to be a great time so make sure and maybe we all need to see van city there we go yeah so i'm going to be out there uh very soon here and uh they changed the start time to 3 p.m so it's an afternoon session uh so yeah come down uh we are at jeez where is it at it's at a i believe a coffee shop here it is uh da da da da da da da i'll pull it up here funk coffee bar uh in van coover uh so yeah make sure you come down sunday august 11th 3 p.m to 7 p.m we may have been go uh go out for a little drink afterwards so uh come on down chat it up and uh it should be a good time so thanks fussler for putting this together and everybody involved um and then of course after i get back from this road trip i am heading to rega and i'm so excited i haven't been there since 2019 and i'm going to be hitting up a baltic honey badger the most og bitcoin conference out there it's been around for ages and it's an absolute blast super focused high signal i love it i can't wait to get back uh but yeah that's going to be august 24th and 25th in rega latvia uh really really cool um how would i say it's it's it's very all of the architecture is like old castles and like we we had a dinner like down underneath and in almost like a hidden cave like uh restaurant it was it was amazing so anyways highly recommend if you're in europe or if you're gonna be in europe and you want to come check it out please do i'll be there if you do still need tickets make sure you use code btc sessions and you'll get i think 10 off your tickets it's going to be an absolute blast and uh with that i'll round out um i will of course say don't forget like sub share all those things really do help you can hit up the previously mentioned sponsors in the show notes down below and of course if you're perusing the tutorials on the channel and you need some additional help you can hit up my team over at bitcoin mentor.io where they will do one-on-one uh video tutorials with you one-on-one as in they're on with you walking you through anything you need to do wallets hardware multi-sig layer two home mining running a node you name it they can help you through it uh and of course they're all hand selected and trained by myself so again bitcoin mentor.io by the way if you do have family or friends that are learning and you want to recommend them but you also want to earn some sats on the side we have an affiliate program as well you can go to bitcoin mentor.io/affiliate-registration you can sign up there and uh and then you can earn i believe it's i believe it's 21 dollars per session that somebody books through your link uh which can be meaningful because a lot of people they don't just come for one session they come for many because they want to cover a whole bunch of different topics so get yourself over there get yourself an affiliate link and uh and you'll be sitting pretty uh but with that i'm going to round out thank you guys so much for being here uh this is a blast great to see Nico again and even though we're on the road we're keeping these shows going and uh with that i'm out have yourselves a wonderful day or evening wherever you may be see guys next time for your daily session huddle get bitcoin! 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