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Yo. Welcome back to another episode of the Jack Maller Show. I am your host, Jack, and you are listening to another edition of mailbag Monday, episode 113. A lot going on throughout the world. A lot going on. Without further ado, let's time stamp this so we can get the show started. Started. That was. That was accidental. That wasn't one of my accents. I wasn't talking like I was from Jersey. Bitcoin, a Jersey open, a straight. Because that was an accident. I didn't mean to say it like that. Okay, I'm talking to you all at a Bitcoin price of 73, 300 US cuck bucks, I mean dollars. That gives bitcoin a market cap of 1.47 trillion US. We are now 41.9% down from our all time high that we made on October 6, 2025. That's a $126,160 BTC one. We made that 189 days ago. What was the last bitcoin block mind since I hit stream. That was Bitcoin block height 944,947. Ladies and gentlemen, so much going on. The title of today's show is Bitcoin and the Bigger Shovel. Before I get into it, a few things based on your feedback, you know, this week. So I have a lot going on this week, both on and off the court. As they say. That means both with work and outside of work. So for one, I'm a little shorter on time than I usually am, so this probably won't be a two hour episode. Sometimes I can't help myself, but it really, really shouldn't be. Uh, and then the other is just politics. Okay, let me just say this. You guys get your panties in a bunch about politics. Honestly, it says a lot about the state of political warfare in America that I can't just speak my mind about politics. Mind you, I've never voted. I'm not left right up, down, blue, red, blah, blah, blah, blah. You can't put me in that box. I am an open source software engineer. I am an entrepreneur. I'm a bitcoiner. If I bleed a color, it's orange. But it's just so much negativity where you guys are tweeting at me and in the comments and the show just turns into this like negative. And I'll admit it. Hey, hand up. You want to know a real man, an honest man, a brave man, when he's wrong, he puts his hand up. Look at me. That's a good man. Right there. I didn't say it. They said it. Good man. When he's wrong, he puts his hand up and he says, yeah, okay, I was yapping about politics. Probably a little too much. So for this episode, unfortunately, I have to talk about some of this stuff. We live in a world where I say famously, no man should work for what another man can print, but we live in that world. And the men that are printing the money that a lot of you are working for, like, I have to talk about them a little bit, but for this episode, I just don't have the energy to hear all the yapping about politics. And I need to look up Trump did this or Biden. I'm, I'm. I'm at this episode now. I might have a different take next episode. That's not a promise for the foreseeable future. I'm just. I. I'm. I want to talk about Bitcoin this episode more than I want to talk about these fucking idiots in the White House. So. Oh, there I go. See, there I go. There I go. Didn't mean to do it. That slipped out. So, anyways, let's get started with all of that being said. So we are gonna have to talk about the dumb, dumber and dumbest. And again, it's all of them. I mean, Biden was literally a dead guy. And I think Trump is, like, threatening nukes to a country whose population is, like, almost 100 million people. Craziness. But anyways, chapter one is the ceasefire. And I put it in quotes. You know, we got to review over the last week what happened, why financial markets are moving the way that they're moving. At the end of the day, markets are information, prices are information, in large part, money is information. And so let's review the information. For those living under a rock, President Trump announced a successful ceasefire agreement. And I immediately, like all of these announcements were like, that doesn't sit right. That doesn't feel right. Knowing who Trump is, knowing. I mean, I admittedly don't know him well, but from what I've read, the Iranian regime, there's no way that everyone, after all of this huffing and puffing, and I'm winning this war, both sides, I'm winning the war. I'm the best. The other person is foolish, the other person is stupid. There's no way. There's just like a snap of the finger, peaceful ceasefire. And so, as things develop, it becomes clear what Iran is demanding from the United States in order to get a ceasefire. And that was, and I will read it commitment to non aggression. Continuation of Iran's control over the Strait of Hormuz. Acceptance over the uranium enrichment program, which is another way of saying Iran can continue towards developing nukes. Lifting of all primary sanctions on Iran. Lifting of all secondary sanctions on Iran. Termination of all UN Security Council resolutions. Termination of all Board of Governors resolutions. Payment of compensation to Iran. So they want payment for the damage that was done during the war. Withdrawal of US combat forces from the entire region and a concession of war on all fronts, including against Hezbollah in Lebanon. Okay. And as this came out and it was being reported by the like, who you would consider to be legitimate media sources, although those are continuously scarce, it became clear that if this was the case, the US Lost the war. And so this tweet from Geiger Capital, let's be perfectly clear, if Trump agrees to these 10 points, Iran won. They leveraged the Strait of Hermus and won. And I just want to reiterate my opinion and is again, unfortunately, in war, people die. And I'm not being like, I'm not joking. There are people that are either risking their lives or have had their lives taken due to this war. That is extremely fucked up. I believe wholeheartedly in peace for everyone. I think broken money system helps perpetuate the things like war. In order to finance these things, governments can deprive wealth and steal wealth from their citizens by simply printing money instead of having to raise the wealth from us in a way that we approve to finance this type of violence. I think fiat is violent. I just disagree fundamentally with the need to murder humans at scale. So it sucks. Now, with that being said, it doesn't really matter how many Iranian navy ships are at the bottom of the sea or how many missiles we've dropped on top of the country. What really matters is can Iran leverage the Strait of hermuz, which is 20% of the oil global supply chain and everything in the market is a derivative of energy. We've talked about this on the show. Food is a derivative of energy. Fertilizer is a derivative of energy. Obviously what you put in your car gas is a derivative of energy. Travel, the whole travel industry is a derivative of energy. Everything is a derivative of energy. So can they. Has Iran built the capable missile infrastructure and drones to give them effective control over the Strait? Can the US enforce the petrodollar system via violence, which is via the US military? Or are we moving to a Petro Juan, which is kind of like Petro Gold or Petro Bitcoin? Okay, and what I continue to reiterate is if the US Cannot reopen the straight, I consider that a loss. Now put your patriotic flag down. I'm not saying the US Is a bad country. I'm not acting anti American. We. Where am I coming from? From a state of financial markets, from a state of macroeconomics. A loss to the United States would be profound because it would mean that the petrodollar can no longer be unilaterally enforced by the US Military. Do you understand? I'm American. I love this country. News flash. I'm still here. I've had plenty of opportunities to leave. I could be living in El Salvador. I could be. I could move wherever I want to. I'm here. I'm building. My business is American. We serve Americans. We hire Americans. I'm here. My point is what the show is about. It's about macroeconomics. It's about money. It's about the future of the. It's about how can all of us save money and build a base of capital to have family, to have a home, to have experiences in a life that we deem worth living. We are living through an era where, where government and central banks deprive us of our future, of our time and our energy. How can we survive that? How can we engineer our way out of that? That's what I mean. Okay, now, Rory, you guys should all follow Rory. He's like oil analyst. I don't know. He's been one of my favorite followers on Twitter recently. He's been great and he's got. Just got really good expertise on what is going on in relation to oil, global supply chains, the straight of her moves. He's also done some podcasts recently which are good. So you can look him up on YouTube and follow him on Twitter. And this tweet I thought like reflected my exact thoughts as well. A real ceasefire that even partially reopened the Strait of Hormuz, even under suboptimal conditions and effective Iranian control would be a godsend to supply parched markets on the edge of breaking and would spare considerable economic and human misery. A fake ceasefire announcement meant to placate markets actually worsens the long term consequences of the crisis by delaying more durable adjustments to ongoing shortages. The Strait of Hermuz remains closed. You guys know how I feel. There's one metric right now that matters are ships getting through the straight or not. And that's the thing. We can just look it up. We can look it up. It's a metric that we all have access to. I don't need to read what any politician is saying, I don't need to read what some expert economist who went to Harvard and then he went from Harvard to Stanford and Stanford to. I don't give a fuck, is the Strait of Hormuz open or not? Because there's a quote I use later in this episode. This is inflation. In the things we need, you cannot print oil. This is Maslow's hierarchy of needs. At the end of the day, if the oil isn't flowing, flowing, everything is a derivative of that of fossil fuels. The story of humanity is commercializing energy. Commercializing energy from that bright orange yellow thing in the sky, the sun. That's the story of our species that's currently fossil fuels, oil, energy. If that isn't flowing, everything changes. And in the same way that you can't print an 18 year old, you can't print oil. It's just, that's just the way it is. So anyways, we fast forward. Iran rejects the proposal to open the strait for a ceasefire. They say this is fake news. Fuck you. Trump is trying to play the markets, which admittedly I, that's my read. Trump keeps saying things because again, where is Iran hitting Trump? Where it hurts Financial markets, the bond market, the stock market. The United States is entirely funded by on money being lent to it and its people being paper wealthy and realizing that wealth in U.S. assets, if that starts to unwind, then Trump has no choice but to end the war and tend to the country. Because if the stock market falls 20%, 40%, 50% and the bond market unravels, so does the entire West. And so Trump is going to keep placating towards the idea of, hey, he's going to make an announcement Friday after close, Monday before open, when the volatility starts to hike in the VIX or in the MOVE index, he's going to continue to try. Ceasefire. Ceasefire. Is it real? No, it's not real. He wants the markets to relax. He wants the markets to give him more time. That is his greatest enemy. His greatest enemy is the fact that the US is not productive. The US needs people to lend it trillions and trillions and trillions of dollars to, to continue to increase its military budget, to do things that are uneconomical. In a, in a free market, the United States should not exist because they're not profitable. You understand? So again, another Rory Tree tweet, which was great. Trump comes out and says they don't have any cards. So he says the Iranians don't have, they don't seem to realize they have no cards other than a short term extortion of the world by using international waterways. The only reason they are alive today is to negotiate. And Rory quote tweets and says they have no cards other than the short term extortion of the world by using international waterways. Those feel like pretty good cards. So again, even Trump is admitting what we've been talking about on the show. Iran's strategy is simple. Use the straight to hit the United States where it hurts. And, and not only, I keep saying economically, but it's, it's not only economically, it's real. That's where it hurts America. You guys, Americans don't produce real things. And Trump says we produce the most oil in the world. This benefits us. Now that is technically true, but it's not oil in the form that we can consume it. We still import on net oil oil. It's not like we're self sufficient. So the US has just been, it's been long hyper financialization. It's been long globalization. Right. Like I've said before, everyone in the United States optimizes to live their life on the coast or being employed by the coast. And what I mean by that is either west coast, that's Silicon Valley tech or east coast, that's hyper financialization. Wall Street. The brightest minds in the United States are working on things like how to hyper arbitrage trade, Robinhood, retail flow like Pfaff. How do I make, how do I make a penny a second and lever it a billion? That's what the greatest minds are doing. They're not working on our like being self reliant on oil. They're not working on rare earth mines. They're not working on these physical things that you can't print and that we need to live. And so again I found it interesting that Trump is now admitting to what we've been talking on the show. The, the, the chessboard is very obvious. And let's see because what Trump then announced is that he closed the Strait of Hormuz. Even more so he closed something that it was already closed to open something that was previously open. But anyways, and then you've seen Trump also say things like well we, this is a very productive regime change because again I've highlighted, I said why are we in this conflict? The reason why we're in the conflict continues to change. And I'm speculating on this because I do think it's interesting, you know this Trump has tweeted things like, or what's the truth social equivalent to tweeting. He's truthed. I don't know, whatever. He's posted three things like, like the greatest reset ever and, and it's unclear to me, like if Trump is doing this to weaken the dollar eventually justify money printing. Like, I still don't understand admittedly what is going on and why things are happening. I mean, is it very simply that the US has this big ego and Venezuela was really easy and, and they thought this would be easy and it wasn't? I have no idea. You know, is it more sophisticated? Like this is an effort to be able to justify yield curve control, debase the dollar, start to introduce gold and bitcoin into global monetary flows? I have no idea. But anyways, on the topic of things like a regime change, I thought this tweet was funny. Like very productive regime change you have there. We just added a junior to the Supreme Leader's name. So again it's. You're naive to think that this was all about a regime change. All that happened is the guy's kid is now running the regime, not his dad, blew his dad up, but the kid's now running it. So justifying it as a regime change, highly dubious. Clearly Iran is still trying to justify their right to uranium production, so it'll be interesting. I'm really now curious at this point. The US is too far in walking all this back again, walking the war back and saying, fine it, let's leave. The reason that that's dangerous is because Iran is saying you can get oil. We have no problem passing certain ships through the strait, but we're not taking dollars, we're not taking the US's shitcoin. And this has really drastic implications for things like the petrodollar, the world reserve currency status. And again the one is being used because it's effectively gold backed or not actually, because they can print it obviously. But the only way to get one right now is by buying gold. No one's running a deficit with China. China is running a surplus with everybody. They're the world's factory. So they're not exporting yan on net for countries to use that one to then purchase shit from them. So the way to get one is you have in Chinese goods and services is China's saying we're willing to accept gold. The United States is biggest export over the last four months, I believe. And Luke Grumman does a good job pointing all this out. Their biggest export I believe has been non monetary gold and that has, has been exported to Switzerland. It's been refined and then shipped onwards to China. And so gold is lubricating global trade right now. And so if the US walks away from this conflict and says whatever, fuck it, never mind, we, we regret this, just open the straight back up. Not only would that be embarrassing and Trump's ego would probably be damaged, but who cares? Whatever, you know, lives should be salvage, we shouldn't be killing people and we shouldn't be threatening nuclear stuff, in my opinion at least. But it would be dangerous to the petrodollar. And the fact that Iran was able to say, we're not going to take dollars, we're going to take bitcoin, we're going to take Juan, which is effectively gold, we're not taking dollars, we're taking non sovereign monetary instruments. And the US couldn't do anything about it, they couldn't enforce it with guns and weapons and violence. That would be a really interesting takeaway. Also worth noting, as long as we're bitching about government and corruption, just the front running of trading going on. So this from Reuters Traders place $950 million bet on oil price falling hours ahead of Ceasefire. And I like this quote from Luke. When there's war, there's no free markets. Although I disagree with Luke here. You could argue that this is what free markets is. It's like I, I would urge, I actually don't mind. Well, let me, let me slow myself down here. If everyone was allowed to insider trade, inside, quote, unquote, insider trade, that wouldn't be the worst thing in the world, philosophically. What I mean by that is markets are just information. You know, what we want at the end of the day is if once someone has information, they use said information in the market. And markets are the best way at organizing information. Why? Because markets, you're forced to put up your time, your energy, your effort, your labor, your capital. It's really easy to just say things like someone could tweet something and there's no repercussions to being wrong in and spewing out misinformation or bad information. Now if you're willing to spend a billion dollars on fud, that's okay because you put up the capital for that. Now that's not a very scalable thing. If you're using a billion dollars every time you want to voice an opinion on information, you're eventually going to run out of money. Or, or you're going to realize your incentives aren't aligned. Like, I'd rather spend $1 billion on a yacht or on a sports team or on a bunch of houses, or on a bunch of food, whatever, right? And so it's interesting, this idea of like, what's a free market? And what's. What's not a free market? To me, we could talk about this in the Q and A if you guys want. But, you know, I think a perfect world in what is entirely free markets is once you have information, use it in the marketplace. And we've started to see this, interestingly in things like prediction markets. And now that we' in this conflict and this idea of when there's war, there are no free markets, I would, I would change Luke's quote to, when there's war, there are no rules. Like when it comes to life or death, there are no rules. And we've seen, you know, we've seen Congress people like Ro Khanna or however you pronounce his name, he's outperformed the s and P500 by over 100% over the last year. So clearly Washington seems to be okay with them using insider information. Now, either they need to not be allowed to do that, or all of us need to be allowed to use any information we have access to to trade and do stuff. Now I remember back in the early days when, like Coinbase was about to list Litecoin, for example. Like, this is 10 years ago. this point, Litecoin would start trading like crazy the days, the few days before, because the employees at Coinbase knew and that's just information. And then, and then people start trading off that information. They, they register that information. But all this to say these headlines. To me, we are just entering an era where how do I tie this all together? My interpretation of this is rules and trust and dignity and respect. They're going out the window. It seems very clear to me that we are entering a world where nation states no longer trust each other. They're going to use non sovereign monetary instruments for trade. They're going to settle energy and commodities at large and things like gold and Bitcoin. That the government is extorting wealth from the people not only via inflation and monetizing the debt and currency printing, but also by insider trading. It seems to me like all the rules are gone. No one's respecting anyone else, anyone's dignity, any form of law that we've been in place. And we're entering more of like a trustless, lawless society, which to me is dangerous. So anyway, I figured I'd opine on this one. I don't think that people use like the most extreme libertarian free market expression of this is like, no One should be governing how people use information. But obviously if some people can break the rules and everyone else has to follow the rules, that's fucking bullshit. Obviously. Like, you know, I talk about on the show all the time. I have access to what's called MNPI material, non public information. I'm the CEO of a public company. I have a lot of information that no one else has in regards to what 21 is going to do, what our strategy is, when we're going to announce stuff. I know all of that, but I can't act on it. I can't tell you guys because that would break a lot of existing rules. But those rules don't seem to apply to people in Washington D.C. and that's fucking ridiculous and it's bullshit. But. And when you see these polls and you see these studies from the University of Michigan of like, well, it seems there's been a serious decline in the people's trust in institutions, in governments. Like, how is this happening? Why is this happening? We are like gradually then suddenly reaching escape velocity in just, I mean, what they're doing in our face. I mean, our president launched a meme coin, launched a shitcoin. The level of, of, of just like scamming. It's crazy. So anyway, what is happening with traders front running oil and people using what they know Trump is about to tweet. And I mean, at this point, if you believe in government, if you trust these politicians, if you think our money should be governed and priced and set by a group of people like, I just don't know what to tell you anymore. And that also just gives further justification to the world that at least I'm building towards and I know a lot of you listening advocate for, which is I want to live in a world that's governed by mother nature and that's governed by the laws of the universe, the natural laws of the universe where the money has a commodity premium, it's not free to, to print. So something like proof of work or having to actually mine the gold out of the ground. Right. I think that our communications between each other should not be at the behest of Elon Musk. I think that we should build and work towards open sourcing the AI LLM models, open sourcing social media algorithms using distributed systems, using proof of work money. So anyways, we'll end that rant there. So let's check in on the straight now. We're done talking for the most part about these politicians. So Trump announced that the US Navy will begin blockading any and all ships trying to enter or leave the Strait of Hermus. He said, and I quote, any Iranian who fires at us or at peaceful vessels will be blown to hell. So anyway, I don't even know what to say to that. This is the only chart that matters. I actually uploaded a new version. I actually think visually this version is easier to conceptualize just how crazy the fall off has been. If you guys think the world in the global economy can survive this, you're nuts. So traffic of the straight of Hermuz has fallen off a cliff. So for people that say no, it's kind of still open. Again, like I don't want to argue with you guys online, I don't want to argue with you guys about politics. I'm just like, I'm a, I'm a free markets bitcoin advocate. Just looking at numbers. Look at this chart and tell me that it's still open or that Iran has had no impact on the global energy markets and aren't using this as leverage against who is an extremely indebted, high, highly levered western leader, which is the United States. Like, you cannot look me in the eye and be serious. So the ships just still aren't getting through. That's just a fact. And Trump, I mean, I don't totally understand the strategy. Trump is more. Is now like closing the strait more, which was already closed to hopefully eventually open the strait, which was before this conflict started, already open. I have no. Whatever, but I'm not going to be, to be candid, I'm not going to spend a ton of my time trying to understand what politicians are doing. I don't care as, as long as, you know, I have a decent idea that bitcoin is worth working on. That the version of the world that I'm working towards is, is positive and, and productive. That's, you know, this is more validation for me. So whatever. I, I can't explain to you guys what he, he's doing. I hope it works out in a peaceful way for all of us. But there's a game of very, very, very high stakes poker being played right now and I just hope no one, you know, starts to claim that they're holding a nuke that they're willing to play and, and, and that there's, you know, peaceful resolutions that involve bitcoin and distributed systems and open source software. We'll see. I thought this was also interesting. This snuck by. So Greer mentioned Trump's trip to China is to simply focus on keeping rare earths flowing. Again, guys, remember the US can't do much with China right now. And this is really important to keep in mind. If the US Wants to go into a large scale war that's going to last a lot of time, it ultimately needs the support of China because in order to build the military weapons that the US Needs for combat, they require the rare earths from China. And even if it's not the actual rare earths, once we have rare earths, let's say we're getting rare earths from Argentina or from Venezuela or wherever another country, we still need to refine the rare earths into a state to where in which we can use them to build military equipment. So again, let's take a step back. Why am I saying this? Is it because I'm pro ccp? No. What's the relevance? Well, how does this connect to Bitcoin? Well, this connects to Bitcoin because this has grave implications of global supply chains, of geopolitics, macroeconomics. And if the US Is in a position to enforce things like the petrodollar and to enforce. What has Trump been trying to do? He's been trying to forcefully say you guys are going to pay for our inevitable reshoring through tariffs. You guys are going to pay for our inevitable reshoring through. We're going to come in, bomb your shit, take your oil. Okay, if that isn't going to work, then who is going to pay for the inevitable reshoring for us to undo globalization? Remember that the US Administration went to Davos and said globalization's over. The idea that we're going to allow you guys to take all the blue collar jobs, produce all the real stuff and we're just going to hyper financialize, run these massive deficits and import it from you? Yeah, we're done with that. That's not going to scale. That's not going to work. Then the inevitable future that I've talked about on the show for a year now is the dollar has to get weaker. U.S. assets have to get we weaker against what? Debase against what? Neutral non sovereign assets, primarily bitcoin and gold. In my opinion. Mind you, when the US Dollar is the world reserve currency, it is artificially strong because there is base level demand for the currency. People need the currency for trade, People need the currency for debt. People need the currency for currency exchange. Like when the Nigerian naira needs to swap for Ghanaian Seti. There isn't natural Naira. SETI markets, they go naira to dollar, dollar to seti. So being the world reserve currency means there is artificial demand for your currency is stronger than it should be. Without the world reserve currency status, there wouldn't be nearly enough demand and obviously demand, supply imbalance, there's, there's a price impact there. And the same goes for U.S. assets. When you run these massive deficits. Massive deficits, $2 trillion deficit, all that capital gets recycled back into U.S. markets, primarily buying U.S. stocks, U.S. real estate. And so the stock market is also probably higher than it should be. A lot of luxury US real estate. The real estate market at large is probably higher than it should be. Now again, the question is higher than it should be against what? Well, in my opinion, it's against things like bitcoin and gold. How do you debase these things? How do you make them weaker? Well, China seems to have a very clear plan. They're going to buy gold and expect the dollar to fall sharply against gold. So far they've been right. You know, I've been buying Bitcoin for 14 years almost. And with the expectation that bitcoin, that the dollar will fall sharply against bitcoin, so far I've been right. So the fact that Trump is going to China and his main thing is just to keep the rare earths flowing. We are still, at the behest of China, we have not been able to reshore. What does this mean? The dollar is still too strong. Us at. So I'll put it to you guys another way. This headline to me reads bitcoin is still way too low. The dollar is still way too strong. We are still wholly reliant. We have not reshored. We cannot stand on our two feet. So we haven't gone through the cycle of really weakening the dollar and starting a new era. Now, whether they're going to still claim that the dollar is the world reserve currency or not, we'll see. But a new monetary era, that's the relevance there. I found this really interesting. I got this from a Bloomberg article. So the oil shock in 1973, Bloomberg noted, which I found fascinating, it took a while for the markets to actually decline and appreciate what was happening. So you can see here that you have the oil shock in 73. Then you've got an embargo, declared a ceasefire and then the embargo lifted. And in the blue is the S&P 500. And it took the S&P 500 like a full 12 months to really digest just how bad it is to have, you know, energy markets. I think oil went up 300% during the 73 shock, which is still orders of magnitude of the Oil price, what it's done so far in this shock, in the 20, 26 shock. So the end of this is like, where are we? Because I'm looking at my chart right, right now, bitcoin's back above 74,000. As I'm talking to you guys, the S&P 500 is higher now than it was before the war started. So markets are clearly excited about something or they're trying to price in something. And to me, I just don't, I, I don't know if I'm sold yet. Like, is the bull market back? Are we back? Is bitcoin going to march its way to all time highs? They're going to give some form of liquidity. The US has something on or on that I'm not aware of, that we're all not aware of. I, I don't know. Or is the market just, it just takes the market, the market's far too optimistic and it's going to take itself time to really unwind and get into a crisis scenario where they're going to have to print. So let's, let's talk more about that. Just. I should have put this slide in a different spot. I should have put this after the China one, but the CEO of Honda went to China to assess the supply supplier strength and some supply chain stuff and he came back and said we don't have a chance against what China's got going on. And again, why is this relevant? In order for the US to unwind from globalization. In order from the US to unwind from this hyper financialized society that we've built, bring blue collar jobs back, produce real things again, be self sufficient in our food supply, in our oil, in our rare earths, all of this stuff. The dollar has to go way down, way down. And a lot of US assets have to go way lower, way lower. And why is that, guys? It's because the reason the iPhone is made in China and not in Manhattan is because China has weaker currency, weaker labor markets. It's way too expensive to ask Americans to make the iPhone because the dollar is so strong, because Manhattan real estate is so strong. That's why. That's why with a weaker dollar, if we say, I've said on this podcast a million times, I could solve the US's problems in five seconds. Any of us can. You just don't be the world reserve currency. If Trump came out and said, ah, we're not the world reserve currency anymore, all of our problems would be fixed now. It would be immensely painful. That'd be A really painful, sharp way for the dollar to fall. Bitcoin would go to the moon. Gold would go to the moon. But that's the problem. The problem is really simple. We're the world reserve currency. We have to run these massive deficits. We have to rely on these bond markets and all this debt. That's the problem. It's right. It's sitting right there. And so the fact that the Honda CEO said, yeah, we don't have a chance again, what's my interpretation when I read that? Oh, okay, cool. The dollar has to go way lower. All this stuff that Trump has tried hasn't worked. Doge didn't work. Tariffs didn't work. Walking into Iran and basically stealing all their shit hasn't worked. So cool. We're over three. Three. You know, usually it's three times and you strike out and there is a clock ticking. There's a credit crisis brewing. And so anyway, the dollar just has to go lower. The dollar has to go lower and again, lower against what? In my opinion, we're talking gold, we're talking bitcoin, we're talking neutral, scarce, hard money. Okay, next section. Iran accepts Bitcoin, question mark. So for people that didn't see this, this was in the ft. I'll read the quote once the email arrives and Iran completes its assessment. Vessels are given a few seconds to pay in Bitcoin, ensuring they can't be traced or confiscated due to sanctions. I tweeted about this. I said, is Bitcoin actually competing to be the future world reserve currency? Yes. When you need money that nobody can debase, that is free to hold and receive, that is cheap to transfer, that that is censorship resistant and that even enemies can settle in. There is no second best. Okay, I just wanted to pine on this really quick now. Could it be the case that Iran is trolling Trump and America by saying, you know, because Trump supported Bitcoin and has the bitcoin reserve, that we're not going to take your shitty dollars. Give us some of those sweet, sweet sats from your bitcoin reserve, you fucking loser. It could be a giant troll. Obviously, what we all want is for a ship to pass through and tweet their bitcoin transaction on the blockchain. Like, we would all love that. Now, I have heard from sources that I consider to be immensely powerful and ones I would trust on this topic, that now they said Iran is using Bitcoin. Now, I asked, I said, what does that mean? Like, actually to transact through the straight, or does that mean they're holding it and obviously there's not a ton of movement through the straight anyways. So has bitcoin been used to get through the straight? Totally possible. That's what's being reported. Is Iran holding bitcoin? Are these countries that have sanctions threatened or enforced on them as the world becomes more bifurcated where no one trusts each other, are these other nation states, are they aware of bitcoin? Are they mining bitcoin? Are they holding bitcoin? What's been communicated to me is an affirmative like, absolutely, yes. What's also been communicated to me is they're not using stable coins. You'd have to be an idiot to use stable coins. And you guys can put two and two together. Like I co founded a business with tether, right? Like they're not using stable coins is what I'm being told. You'd have to be an idiot to use stablecoin. Stable coins are just dressing on top of the dollar. They Iran would have to be dumb to be using stable coins. I've seen that reported. I, I've been told that's not the case. Again, take it for what it's worth. I have no idea. You know, I'm not there, right? So how confidently can I speak? But what I did want to opine on is this. Bitcoin's better than gold. It's just better money than gold. That's a fact. Now does that mean that bitcoin should be worth more than gold today? Does that mean that the world should transition to a bitcoin standard before a gold standard? Now that is fairly debatable. Gold is big enough to absorb something like the sovereign debt markets, the like nation state sovereign debt markets and transition to a standard where China doesn't have to trust the US that much. Bitcoin's not big enough. Like I said, I'm looking at the market cap. I read you guys earlier. 1.49 trillion. Let's look up companies by market cap, companies by market cap. So bitcoin is currently smaller than Nvidia, smaller than Google, smaller than Apple, smaller than Microsoft, smaller than Amazon, smaller than tsmc, smaller than Broadcom, smaller than Saudi Arabia. Aramico. Excuse me, Smaller than Meta, Smaller. Oh, nope, there, that's where we stop. Bitcoin would be the 10th largest company by market cap. At least that is public and known. Tesla's market cap is 1.3 trillion in Bitcoin sitting at 1.49 trillion. So Bitcoin's just not big enough. Guys. Like, could the world move on to a meta platforms, Facebook standard? Of course not. That's outrageous. China's surplus is almost annually a year is almost the entire size of the bitcoin market cap. And so what you have right now, where is bitcoin in its adoption phase? You've got guys like Saylor that are buying like a billion dollars a week. Bitcoin can absorb those flows. But if bitcoin needed a trillion dollars, like China needed a trillion dollars worth of bitcoin, I mean, the price would go to $10 million overnight. And so it's just not like. I think what we will live in is this kind of like dual era where the people will be adopting bitcoin and sovereigns like China don't have a choice. They'll be adopting gold. Now, why is bitcoin better than gold? Why is there no second best? Well, I've made this point before. I wanted to take time to make it on the show. Gold, what is so Bitcoin is uniquely, uniquely, like the only asset I'm aware of that is both a monetary asset and a monetary network. It's both. What do I mean by that? Bitcoin, lowercase bitcoin, it's a physical commodity. It's a bearer instrument. The data itself acts like a physical token or coin. It is a fixed supply, bearer money, physical. Satoshi's innovation is he turned data and text into a physical commodity. Bitcoin behaves like a bearer token. Bitcoin is also capital B. Bitcoin, a network, a monetary network. The bitcoin network can each achieve transaction finality between the sender and the receiver without anyone else involved. So I'll say it again. Bitcoin is both a monetary asset and a monetary network. Now let's do gold. Gold is obviously a monetary asset. You can hold it in your hand. It's physical gold. Okay, what is the gold monetary network? The gold monetary network are us humans. And the gold monetary network is, in theory, fine. If the economy is the size of my town, like if I needed to exchange some gold coins at my grocer or my tailor or my butcher or whatever, my Uber driver, and I can hand it to them, that's fine. If I need to transact gold digitally over a communications channel like the Internet, or globally across seas or across borders. Well, the gold monetary network is deposit gold to governments, into banks, get a piece of paper that represents said gold and trust them to settle. You cannot achieve gold settlement without the help of a central party. In today's. In a global economy of 8 billion people, you can't do it. And so as I tweeted, if you need money that cannot be debased, that is free to hold and receive, by the way, gold is not free to hold and receive. How do you hold $1 billion of gold for free? You don't. You need an armed vault. I know a lot of people that hold billions of dollars of bitcoin for free. A lot. It's also free to receive. How would you receive gold at significant size for free? You can run a bitcoin node. Okay, maybe not for free for 100 bucks a month. So bitcoin, what Bitcoin innovated on top of gold is it delivered an asset and a network. Bitcoin can achieve transaction finality without any other intermediary being involved over a communication channel like the Internet. Globally, it's like teleporting value because the text, the actual data is the bear instrument itself. So bitcoin can travel as fast as as information can travel. You see. So you know, anyways, just using this as an example of is bitcoin going to be bigger than gold tomorrow or next year? Probably not. It's just there's a natural growth to going from zero to the world reserve currency. These things can't happen overnight. You know, China can't recycle their trade surplus entirely into bitcoin. It's just too small. But is bitcoin the inevitable winner because it's just like pound for pound better money? Yeah. How the fuck would Iran accept gold in this circumstance without having to trust someone else? Can't do it. Anyways, food for thought. I thought this tweet was also funny. Just a funny meme. Look, this is just, this is stay humble and stack sats. In 2010 it was 10,000 bitcoin to get two pizzas. Today it's 26 bitcoin to get a super tanker of oil through the straight of Hermuz. What a meme. This is why you stay humble and stack sats. Ladies, ladies and gentlemen, number go up as they say. Okay, now let's get into some of the like macro liquidity. This is where I think it's a little bit interesting. So the title of this chapter is there just simply isn't enough liquidity. And what's been going on despite the war to me is really interesting. Besant Powell and banks have been having meetings and talking because there is a credit problem. There just isn't enough filthy fiat to go around in the filthy financial system to survive. So from Bloomberg, this anthropic model scare Sparks Urgent. Besant Powell warning to bank CEOs. Okay, I found this interesting. To me, this headline did not pass my sniff test. I guess Anthropic has a model that can find every security vulnerability in every piece of software. I don't know. Like, yeah, I would want to meet with people about that, but I would want to meet with bank CEOs. My interpretation of this headline was Besant and Powell need to talk to CEOs of banks because the financial system is on the cusp of what could be a serious crisis. And let's not title the meeting that. Let's title it that. Anthropic's model was really powerful. I don't know, I just, like, I wouldn't want to talk to the CEO of Bank of America if Anthropic had a cool AI model. I don't know about you guys, it just wouldn't be my first call. I would want to talk to a bunch of other people and tech folks and like, I just wouldn't like. What is, what is the CEO of Citi gonna tell me? Is that just me? I don't know. I mean, like, obviously you could talk to it. Just to me, this read. As the Treasury Secretary, the chair of the Fed and the CEO of all the banks spent some time and chatted about serious shit. Now, whether they talked about Anthropic a little bit, sure, whatever. I don't know. Maybe. But did they talk about the private credit crisis that's brewing? Did they talk about the deflation that AI is bringing to the market? Did they talk about the fact that oil isn't going to come down anytime soon? Do you think that that came up? What do you guys think? Do you think that came up? I do. Right. Didn't pass my sniff test. So the Fed also. I saw this hit the Bloomberg terminal. Fed seeks Details on US Banks Exposure to Private Credit Firms. Okay, interesting. That wasn't the title of the meeting. The meeting was about AI for whatever reason. But now this is more than my expectation. The Federal Reserve is asking major US Banks for details about their exposure to private credit due to a surge in redemptions in a rise in trouble, troubled loans in the industry. Okay. The Fed's queries are intended to assess the level of stress in the private credit industry and the potential for it to spill over into the wider financial system. Oh, oh, oh. Okay. The Treasury Department is also questioning the insurance industry about exposures to private credit as part of a broader regulatory push to get a handle on the scale of the strains in the $1.8 trillion private credit industry. Oh, oh, oh, oh, oh, OH. OK. The Federal Reserve is asking major U.S. banks for details about their exposure to private credit following a surge in redemptions from the funds and a rise in troubled loans in the industry, according to people with knowledge of the matter. Okay, interesting. Mind you, the Blue Owl 22 withdrawal. Like they are seemingly. There was a new one. Carlisle. Carlisle hit the news wire. They have a 7 billion dollar credit fund and they've now received 16 withdrawal requests and they're capping it at 5%. So here's my thing, guys. Office buildings. This also snuck through the headlines because here's the thing, the Twitter algorithms are now dominated by whatever Trump's talking about. Did you guys catch this by the Wall Street Journal? A fire sale has US office buildings going for 90% off. Woof. This is deflation. So I. This quote from Arthur Hayes I thought was fucking awesome. Deflation in what you want, inflation in what you need. What is he implying here? Deflation in what you want. What do you want? You want your company to be in nice office space, you want a nice car, you want a really expensive Starbucks Frappuccino, right? This is all the shit that consumers are spending credit on. But all of these people that have credit cards and have mortgages and have auto loans, so they don't. They didn't pay in cash for their house, they didn't pay in cash for their car. They didn't pay in cash for their weeks of expenses of groceries and Uber rides and coffee at the corner store. They didn't pay in cash for that. They have a credit card, they have a mortgage, they have an auto loan. These are the people getting fired due to AI. So delinquencies in the US is continuing to rise. So this is deflation in what you want. Your office building that. The office building that's now 90% off. Why is it 90% off? One, because of remote work, and two, because AI is doing everyone's job. And guess what? AI doesn't need an office. It doesn't need a bagel bar. It doesn't need a coffee machine. It doesn't need a water cooler. It doesn't need to be on the tippy top floor for recruitment. You need $1,000 of fucking anthropic tokens a month. That's what you need. We don't need your stupid office building. Cut that shit by 90%. So you're deflation in this. AI is hitting it hard. That's painful. That's really, really painful. You're Getting a rise in delinquencies from the American consumer. At what point are people going to default on their credit card, default on their mortgage, default on their car loan? And what is that going to do to the banking system? Who is underwriting these loans? Who's not going to get paid back? Who's therefore going to be insolvent? The banks. If all of these people. If you're getting fired from your $250,000 a year job and you went from what is to be considered an elite productive person in society that can afford the best of the best, but it's all on consumer credit. You have a mortgage, you have a car loan, you have a credit card and you're now making $0. The banks are, they're fucked if that happens. If I was talking to the bank CEOs about AI now, that's what I would be talking about. And when are we going to start getting hints about this? Well, when the private credit markets start to tighten up and seize up. You see office buildings down 90%. You see credit funds halting withdrawals and redemptions. You're seeing people getting laid off left, right and center due to AI and AI models saying like it is a threat if we launch this fucking thing now. Deflation and what you want, but what about what you need? What do I mean by need? We need energy, we need oil, we need fossil fuels. Oh well that's not deflation, that's inflation. The things you need are going up in price the things you want. You're getting fired. And the genius of this quote is that what do you do if you are Scott Besant and the Fed on one side you can justify hiking rates because inflation is going to go through the roof. Guys, you need food, you need oil, you need energy. It's going like the prices of these things are going to skyrocket the longer the strait stays closed. I promise you that. We're already seeing it. I mean inflation is back. Make no mistake about it. Inflation is back, stagflation is back. The Fed could also justify cutting rates because of deflation. Hey, we need to make money, access to money easier so that companies feel better about hiring, about growth, so that there's more froth. We need people to be employed again. It's like hell if you're gonna fire them from their accounting gig because of AI, employ them to do something. You know, if you, if you make the money so cheap and there's just a flow of filthy fiat, that's when hey it fine. Everyone's raising a VC round. Everyone's got a job, everyone's stock portfolio is up. But the question is which way Western man? Are you really going to print money in the face of an oil shock? Guys, the last time that these central planners printed so much money, oil was negative. Oil was negative $40 a barrel. Do you guys remember during COVID when oil went negative, so oil was negative $40 the last time they printed a bunch of money. They're gonna print a bunch of money and oils at $100. That's fucking crazy. This is potentially like a suicide extinction level event for the filthy fiat financial system. That's crazy. You're printing money into an already inflationary period. And if it's like, well no, we have to combat this inflation, we have to raise rates. You're going to raise rates into the most deflationary trend that we've ever seen, at least in modern era. That's also suicide. If you're going to raise rates and make capital harder to come by and tighten the financial system even further, then guess what, every company is going to lay off everyone they can and replace it with AI because no one's going to grow. Money's going to get tighter. Like, like strike's not going to just be hiring willfully, whatever. Give a fuck if they just rate. If they raise rates from 3 and a half to 4 and a half to 5 and a half. Are you crazy? So which way are you going to raise rates into the most deflationary crisis that we've ever seen? Or? Or are you going to cut rates into the most inflationary crisis we've potentially ever seen? Tell you what, I would not want to be working on this problem. There is no good way out. The way out is by buying bitcoin. That's the way out. No matter how you slice it. They have to devalue the dollar. I'm telling you guys now, I'm consistent with this. The dollar has to go lower, they have to monetize the debt. Point blank, period. Okay, now what do I think is going on in the financial markets? Why is bitcoin going up? I don't know. I'm never going to sit here and pretend to you guys that I know the answers to everything. I'll always have opinions. You all should too highly encourage that. Have your own opinions, stand on your own 10. But I don't know the answer here, to be honest. Interestingly, Arthur Hayes posted this. Powell and Bessant provided the cancerous soft drink to go with the Trump Taco. That's a hilarious tweet but his US dollar liquidity index seems to be trending up. So they are injecting liquidity somehow some way and risk assets seem to be reacting to that. I don't know what goes into Arthur's US dollar liquidity index. It's unclear to me, but risk is performing well. It's not just bitcoin, however, global liquidity is falling. So you guys can see global liquidity generally topped out late 2025, as did Bitcoin. Bitcoin is effectively a global liquidity smoke alarm and it is not trending in the right direction. And this is Michael Howell, Howell's crypto liquidity barometer where he has this, you know, GLI versus and his point is crypto and really bitcoin. But his index includes Ethereum and Solana. Whatever. The point is pretty simple. Bitcoin acts as a liquidity smoke alarm and it should be tracked in accordance to global liquidity and credit trends. And you can see here his version of that with the S&P 500. Now interestingly, if you pull up Bitcoin versus software. So we've done this before on the show, the igf, which is the software etf, it's moving in lockstep here. Now over the last week, software has continued to puke down. So the red line software continues to puke. Bitcoin is trying to reverse. And I like this tweet from Quinn. We will soon find out if software is once again telling us something or if bitcoin and the broader market for that matter are decoupling. I believe the former. So half my timeline believes that software is continuing to lead us down. Helped flash a signal down last time and that this relative strength like bitcoin. Let's see, what's bitcoin at? Bitcoin's at 74. 5. So Bitcoin's up 100 bucks since I started the show and it's up, it's up a decent amount on the week. Is this a new trend? Are we back in a bull market? You know, Arthur seems to suggest that some liquidity is being injected into the system and Bitcoin is acting favorably to that. There are charts though that watching software bleed lower and bitcoin try and bleed higher suggest that bitcoin is just margin calling. You know, everyone was so short on it, thought it was going to zero, that shorts are getting liquidated and then bitcoin will head lower. I don't know. This is something that we will watch and I'll bring up on next show is just trying to figure out. I still wouldn't put it past bitcoin to have a giant whoosh down in some capitulation event which will allow these financial authorities and central planners to print the money. Let me remind you guys, these guys don't print money ahead of a crisis. They print money in reaction to a crisis. Why? Because that's the politically favorable way to do it. They're not, Trump's not going to print a bunch of money and say, okay, things were about to fall apart. We're about to introduce even more inflation, the dollar is going to get even weaker. He's not going to do that. He's going to wait for something to blow up and then say, here, let me help, I'm here to save the day, let me bail everyone out. It's just a more like politically palatable way to do it. So I still think that there's a decent sized chance that I'm not just talking strictly about bitcoin, that financial markets, mind you, let me go all the way back here, mind you. When I pulled up the last serious oil shock in 1973, I said it took markets here, this one. It took markets a little while to fully digest what it means for energy markets to be choked. It just took a second. Markets were far too optimistic about the outcome and it was probably the same thing back then. I mean, obviously I wasn't alive, but it was probably politicians lying, speaking out of their both sides of their mouth, bullshitting everybody, and markets ate it up. And so the question is, you know, is bitcoin gonna go break highs next week or are we due for another whoosh down because markets haven't fully appreciated what it means for 20% of the world's oil supply to just be taken offline because of this conflict. And Trump clearly isn't willing to walk away yet. I don't know. So what's my takeaway? Stay humble and stack sats. This is why. Listen, guys, I'm not an active trader. I just buy bitcoin every single day through our companies. I buy bitcoin with my paychecks. My recommendation is to continue to stay humble. Stack stats. Now is a great time to turn on your DCA. Would I be surprised if Bitcoin jumped to 100k on some resolution to the conflict or some giant money printing bazooka that him and the Fed are coming up with in conjunction with the banks? No, I wouldn't be surprised by that. Would I be surprised if bitcoin nuked lower and we touched the 50 thousands? Because there's a financial crisis that comes to see the light of day. No, I wouldn't be surprised by that. So what am I doing? I'm staying humble. I'm stacking sats. I'm staying humble, meaning I'm bringing in more money than I'm spending. So I'm being a productive person. I'm being cautious with my lifestyle. I'm being cautious with how I'm managing, like, things like credit in my life. Okay, so understand we're living through sensitive times. We're living through interesting times. We're notably living through unpredictable times. I don't know anyone that's like, oh, I know exactly what's going to happen tomorrow. No, you don't. You're a liar if you say so. So be careful. Be productive. Be a net producer and turn on your DCAs. We'll see. Okay. Grind my gears. Time. Let me get some water. All right. You know what really grinds my gears this week? Taxes. Taxes are. I mean, My internal monologue right now is how hard I should go on this topic. I mean, taxes are theft. They're theft. And here's where I'll. Where I'll go in this direction. Because you guys can, I'm sure you can put into an AI nowadays and say, have Jack Maller's ranch about taxes. And you can get that. And you're going to get, taxes are theft. And this is the government stealing from the people. You'll get that. You go, go turn on, go, go register for some AI and you can get that. Here's a more nuanced philosophical take for you. In my opinion, one of the most underrated thefts of taxes is that it, it turns the people that build societies most important infrastructure from the private sector to the public sector. What do I mean by that? Well, let's just get down to brass tacks, guys. I think that money and free markets. Money in theory, is a reflection of your contributions to society. The money that you have is in theory, a reflection to how valuable your contributions to society have been. Right? We get money in exchange for our effort, our work, our time, our energy. You get up, you don't hit snooze on your alarm. You don't go to the beach. As humans, we are able to prioritize our future, right? And we put in time, energy, effort, labor and work. In exchange for that, we get money. And this is our ability. Money is literally our ability to lower our time preference, capture our work and our value. We're creating today into a market good to bring it. Bring it with us tomorrow, in a year, in a decade, in a century. The better the money, the better society because it lowers our time preference and its ability to commoditize the value we're creating and bring it with us later and exchange it for things. So in theory, money should be a reflection of your contributions to the world. So therefore our greatest earners are our greatest producers. Are you following with me the guy that makes a billion dollars a year? That guy's really valuable to society. In theory. He must have created something and is doing something that a lot of people value. A lot. I hate to say it, that's just facts. You know, you've got people that are like rich. Fuck rich people. Well, rich people are just successful at providing value to people, providing things that people are willing to pay for. So where am I going with this? Well, who would you guys want to be building the railroads, building the airports, building the bridges? Would you rather have Elon Musk doing that or the US government? Some arm of the US government? Guys, it's not even fucking close. The US government loses $2 trillion a year. They're a fucking mess. They're liars, they're frauds, they're, they're, it's theft. They steal, they lose money, they create debt, they create war and they lie. Elon Musk is one of the greatest entrepreneurs ever. What? Let him build the bridge, let him build the airport. Why tax him? Force him to take half of the value he's creating and give it to you? Because here's the thing, people will say, oh well, without taxes, our railroads wouldn't work, our bridges wouldn't be built. Get the out of here. You think a wealthy person is going to want to live in a society with dog roads, with no bridges, with shitty airports, with airplanes that might kill them? No. Fuck no. Of course not. Nobody wants to live that way. What's. Listen, it's implying that without the government taking money out of your pocket, you'd want to live in a dog shit society that's giving way too much credit to the government. Fuck the government. People want to live in a nice society. If you did not take half the wealth of your greatest contributors to society, they would absolutely invest that money into public infrastructure. Of course. Of course they would. I'll give you guys a great example. When I was talking with the Salvador and El Salvador's government, the Salvadoran government, I made this suggestion. I said, listen, you want to have favorable regulation. People, builders, myself, Jack Dorsey, tether. We don't want crazy rules like what Happens in New York with the bit license. We don't want that. Just let us build software. And so El Salvador has one of the most laxed regulations on building with bitcoin. And the other thing I said is just take it easy on the taxes, okay? Like that would be just my suggestion. I obviously, you know, naive, makes his own decisions, obviously. But my suggestion was you're what? You what, what do you want as a country? You want the world's greatest producers, meaning the world's greatest earners, the top earners, the net productive people. The people bring in the most income, which in theory means they're providing some of the most value to the world. Like Mark Zuckerberg. You can hate him all he wants, all you want. He's a valuable contributor to society. People use his products, people pay for his shit. And I have evidence of that because his company does $100 billion of revenue. It's just a fact. I hate to break it to you, it's a fact. Fact. So what did El Salvador want? El Salvador wanted those people to come to their country. Said, how the are we going to get a Google office here? How are we going to get Tether to want to be here? And I told him very simply, don't over regulate them, don't overtax them. That's how. And what did they do? No taxes for Tether and Google or whoever's there and very like minimal regulation at nothing that is unnecessary. And what do you get? Tether's literally building the Tether tower. They're building infrastructure for the country. Guess what? Tether's headquartered there. And they don't want to live in a dog deadbeat country. Duh. It's crazy. To me it's the same thing where the Fed basically claims they need to lower or raise rates to get us to watch, to consume things. Guess what? I want to consume things. When no matter what the interest rate is you. I want to consume things because I'm human. And if I have the money and I've accumed the value, accumulated the value, of course I want to consume things. Of course I want a car, of course I want a house, of course I want to eat food. The up idea that you need to centrally plan my innate desire to consume, you're a piece of. It's the same thing with taxes. If you think that people, people won't build towers and bridges in railroads, in subways without getting taxed and there's their wealth stolen from them, you're a idiot. So imagine this. El Salvador's infrastructure is being built by the Googles, by the tethers, by the people that are talented at building things, at managing people, at like actually putting, putting forth budgets. So El Sal, El Salvador's airport is better than the, the one in Chicago. I swear to you guys, I'm not making this up. El Salvador's airport is better. Why? Because the actual net producers, the, the talented people that build real, that don't just use debt and steal money from people and run deficits are building it. El Salvador's airports are better. Their new town square is better. Chicago's a hole. Why? Because they tax the out of their greatest producers in society and the money is being spent by idiots. So taxes not only are just legitimate theft of your contributing time and energy to the world. And I, oh yeah, I'm just going to forcefully take that from you. By the way. It's force. Where if I don't pay taxes, someone shows up to my house with a gun in their holster. That's a policeman. They show up with an armed weapon on their hip and they say, you're coming with me to jail. And if not, I'm going to have to get my gun out and point it at your head. That is force. I hate to break it to you. So I am forced to give up my income and the value I'm producing to society with the expectation that they will fix the roads, they will build the subway. Because I'll tell you what, because what you're doing is you're sidelining producers. So people like me or anyone, they're saying I already paid my taxes, I already paid my fair share. I'm definitely not gonna go help Chicago now build railroads or, or fix the subway or fix the potholes in the street. I already, you guys already taxed me over 50%. You if you didn't, I would be more than happy to take some of my income and work with my neighbors and with my neighborhood on making it better. You are sidelining the greatest producers in society that you have in telling them sit this one out. And you are stealing the money into the most unproductive group of humans ever, which is the government. They're losing $2 trillion a year, the level of unproductive. Again, if money is an information system, it's a measurement of contributions to society. Someone that makes them on of a lot of money is theoretically really valuable. Someone that loses a ton of money every year. What does that mean about them? It's crazy. Countries like El Salvador figured this out. Hey, we're going to allow Net producers to come here to flourish with the expectation that humans don't want to live in a shithole and they're going to invest in the country and give back to the place that that's not stealing from them and is allowing them to build amazing things. And guess what? That's what's happening. Google now has a massive Google tower tether is building all sorts of shit. Their airport is nice as fuck. God fucking like it's tax season. So that's what grinds my gears. It's fucking pathetic. It's fucking pathetic. Stealing from, it's not only stealing from, but it's sidelining the most valuable contributors to society. It's saying sit this one out so the most valuable contributors don't get to participate in building the societal infrastructure. They've taken, they've, they've sidelined the private sector and the public sector is proven to be incompetent, fraudulent liars. Does anyone have any faith that the city of Chicago and the mayor and local politicians are going to fix any of this shit? That they're going to get crime out of the trains? They're going to fix the potholes in the street? Like of course not. These people are incompetent idiots. God damn. It's ridiculous. It's crazy. It like cuz cuz now you have literal political arms that are like my political policy is to just steal even more from wealthy people. And as a free market prop person, wealthy people are allowed to be wealthy. They've earned the wealth in theory by being valuable. And if you don't want, if you don't like that some guy is rich, then build a better product than him and he'll get poor because people will stop using and paying for his product. But don't steal from them and give it to people that just bleed money. Build $40 trillion of debt and use it to finance war. It's stupid. Let people, let people use the value they're creating to dictate the society they want to live in. It's crazy. The Keynesian economics. Oh my God, I'm getting myself worked up. It blows my mind. It's like when the Fed says we need to cut rates to, to get people to want to consume stuff. You. Who are you to say that I either want to eat food and want to have a nice house depending on what you set interest rates on. How egotistic, how maniacal of a manipulative liar are you? Of course I'm hungry no matter what the interest rates are. You. What a moronic stupid all right, I have a clip saved to play, you guys, so we'll end it with this. This is. Hold on. High taxes are extremely high here. God damn it. I guess it. AUTO plays this is naive Bukele talking about the US and taxes and money as a whole. Let me mute myself. You guys should listen to this. Shout out. El Salvador, man. People give El Salvador a lot of. Am I a fan of everything El Salvador has done or does? No, of course there's nuance. And if I was the president, I do some stuff differently. But on net, like, dude, naive man. Like, that's. I mean, he's doing it how I would do it in that, you know, don't. Don't abuse and steal from your net producers, from the great producers in society. Allow them to participate in shaping the world that you're collectively sharing and living in. Those are your most talented, greatest people. Tether, Google. Don't abuse them, don't steal from them, don't treat them like. Don't violate their property rights. And you're going to get a better airport, better transportation, better town hall. Duh. Ridiculous. All right, whatever. Let me mute myself. They always tell me that the problem is high taxes, but they're wrong, of course. High taxes are extremely high here in the United States. I. I give you that the real problem is not the high taxes themselves, but the fact that they are not even really funding the government. Not even those high taxes, higher than a lot of places in the world. Not even those taxes are really funding the government. So who's financing the government? Government is financed by treasury bonds. And who buys the treasury bonds? Mostly the Fed. And how does the Fed buy them? By printing money. But what backing does the Fed have for that money being printed? The treasury bonds themselves. So basically, you finance the government by printing money out of thin air. Well, so if the government can print the limited amounts of money out of thin air, why do they collect taxes? The answer is simple, but it's very shocking. The real problem is that you pay high taxes only to uphold the illusion that you are funding the government, which you are not. It's shocking, but it's true. The government is funded by money printing paper, backed with paper, a bubble that will inevitably burst. The situation is even worse than it seems, because if most Americans and the rest of the world were to become aware of this farce, confidence in your currency would be lost. The dollar will fall and the Western civilization with it. If the next President of the United States doesn't make the necessary policies and structures natural change sooner or later that bubble will burst. There's still time. You don't have to make the same mistakes we did in the 60s and the 70s. You can still jump before the water boils. Winning the election. So that video is awesome. Obviously, Naive basically says in more or less words, wait, why do you need to tax your people if you can print money? And he makes kind of a joking claim that taxes are just an illusion, that we're supporting the government, but the government's really supported by the money printer. And if the government said, ah, we don't have to tax you and we're running 2 trillion dollar deficits every year, everyone would say, wait, wait a second, well then how are we paying for all of this? And they would realize that their currency is getting slowly or rapidly, depending on the date, debased. And so it's my, my line of no man should work for what another man can print. Like, no one. No man should be taxed in what another man can print. You guys, you're going to. You're going to steal from me, and you're going to steal from me in two ways. One, by either, you know, putting a gun to my head and saying, give me 50% of your income and by printing money to finance wars. Bullshit. So that's what grinds my gears. I know it's tax season for everybody. You know, hope that resonates somewhere out there. And with that, let's get into some company updates and some Q and A. Strike. You guys know the deal. Let me pull it up. Every Monday, we tweet. We tweet. You hear that, Steffle? Sorry, didn't mean for that to be in your ear. I'm still a little sick. Here we go. We tweet a roundup of what we launched last week. So last week we turned on our bitcoin line of credit, our block product for Illinois. So for my neighbors, which is very exciting. I'm not the only guy or girl in Illinois with a bitcoin line of credit. Now, we've actually seen a ton of Illinois folks use the product monthly statements for term loans. Here. I'll just scroll down. Our term loan customers ask for better visibility into their lending activity. So we launched that for you guys. You now have monthly statements in the loan document section of the app or the dashboard. Many people don't know Strike as a dashboard. It's Dashboard Strike me. You can access it from our website so that you can use Strike on your desktops as well, or just on the web, generally speaking. But we allow for better statements with our loan product. So that was something we launched last week. We also launched renaming enclosures in the dashboard. So our dashboard has come a long way in being feature parody to our mobile apps. I know a lot of you want strike on the dashboard, so we continue to invest in that. And then we rolled out our bitcoin line of credit product in Illinois. So I love these Monday tweets from the strike team because I think we just do so much every single week. I. I think we're the highest velocity shipping bitcoin company in the world. We're constantly shipping multiple new products and features a week. So very exciting. We've got a lot of good stuff up our sleeve. The Yield on Cash product is coming along very nicely for us, so we're excited about that and a bunch of other goodies. Q2 is also a huge quarter for us in regards to Europe and the uk. We expect some good news and some new products and some new announcements there. And I am cooking up a potential massive announcement at the bitcoin conference. I'll let you guys know if it's super duper confirmed next week. But yeah, we're cooking. We're. I'm always. You guys know me. I'm always cooking shit. Hey, I'm far from perfect, but I'm always trying. No doubt about that. I am a fighter. So that's what's for strike and for 21. We're almost there now. Anything I say beyond that will be held against me and I'll get sued and potentially get all of us in worlds of trouble. But we are almost there and it's very exciting. So we'll see. Q, Q. The tweets that Jack hosts a political podcast and doesn't work on 21. Cue those up. You guys can send those now. Once you guys learn what we've been working on, I think you'll be very happy and realize that it's been a ton of work. But we'll see. Okay, Q and A. Let me blow myself up. Oh, my hair looks weird. Little comb over action. There we go. All right, let's pull up Dylan's Q A. What are we, an hour and a half? Damn. I said not a two hour show. And here we are. Me, I got way too much to do. Okay, here we go. Let's ride. Question for Jack and Dylan. I have an elevator pitch to share with normies to help them see it's not blue versus red, but state versus individual. Like how to convince people that the government is. I think my elevator pitch personally would Be no man should work for what another man can print. I think the fix the money, fix the world. Now obviously we can go on and on and on and on and on about the size of the government and all that they impact and things like taxes. But for me it's no man should work for what another man can print. And if we can fix the money, I think we fix half of the world's biggest problems at least. And so I just fundamentally don't believe that money should be a man made, man maintained vehicle. I think it distorts the role that money should be playing for all of us. And the fact that government seemingly has a monopoly on the market good that is supposed to represent our time and our energy and our effort and our labor. Like the fact that you get up, go to work, bust your ass, right? Like you don't hit snooze, you have to commute, it's raining outside. They're asking you to do more than you thought, all of that grind. And in return for that you get money that they have a monopoly on, that they print more of, that they debase that by proxy means that they have a monopoly on you. They have a monopoly on money, they have a monopoly on you because in theory your money is a reflection of your effort and your time spent creating value for others. So to me, no man should work for what another man can print. And it starts there. And that would be my elevator pitch question for Jack. How much purchasing power do you realistically think one million dollar Bitcoin will actually have in the future? Yeah, interesting. So I, I've gone through this exercise before myself. Here's how I think about it. So the like of the value in the world, like the overall, you know, market, so to speak, call it, there's $900 trillion worth of stuff, round numbers, let's just assume that about half of the stuff, so, so by the way, stuff is currency. Sovereign bonds, real estate, precious metals, fine art, equity. Right. In companies, the stock market. So let's say there's about $900 trillion worth of stuff that us humans collectively own in the world. It's estimated and I think this estimate is reasonable. About half of that stuff has been monetized. So you're using the thing that you own for money, meaning you're not consuming it, you're, you own the portfolio of real estate. Not because you're living in it and you're sleeping in it and you're having family dinner in it, you're owning it to save money or save wealth. And and persist it into the future and later exchange it for something that you need. So that puts the market size for money at anywhere between 400 to 500 trillion dollars. And Bitcoin right now is at 1.5 trillion. Gold is at whatever, 30, 40 trillion. And so. And I think a lot of people are using the S&P 500 and equity as money. I think a lot of people are using bonds and sovereign debt as money. Right? A lot of people are using the dollar as money. And so bitcoin in theory, at $1.5 trillion, has at least a 200x in purchasing power terms left. Now, are we all going to be alive for that? I'm not sure. But, you know, sometimes I hear people say, yeah, bitcoin can go to a million, but at that point, you know, $1 is not even gonna get you, like $10 not gonna get you. I don't know. You guys get what I'm saying, right? Like you a hundred dollars for a cheeseburger, which is kind of arguably what's happening today. We're not that far. But my point is, in purchasing power terms, there's a long way to go long. Like, in other words, if you were to take all the world's real estate and divide it by 21 million, like, how much? How many SATs for the median house in America? Like, not that many. Right? So the theoretical market size for money, and if bitcoin were to live that out now, if you were to say, well, no, bitcoin's not going to capture 100 of the market opportunity for money. It's going to capture, I don't know, you tell me, 50%, 25%, 10%. It's still like multiples and multiples and multiples and multiples from here. So it's pretty simple math, not very complicated. And I think all of that is reasonable. None of that is a stretch. You know, if anyone were to try and stand on the other side of that and take the other side of that, they'd be making the claim that they don't think bitcoin is good enough money to have a realistic market share over the monetary market. But if you believe that bitcoin is going to be a competitor for the foreseeable future in the monetary market, then, yeah, I mean, bitcoin has, I mean, sky's the limit, 200x300x, you know, left in it depends on how big of the global monetary market share you think. Bitcoin can take Gold too, by the way, when people say, so what we're at what's gold's market cap right now? Gold market cap 31 trillion. 35 trillion. Okay, so gold has, you know, itself 100x left in it. Right. If you think it can take the whole market, obviously. But my, my point is like when people say $10,000 per ounce of gold, $20,000 per ounce of gold, that's not a unreasonable thing. If the US does find its way to severely devaluing the US dollar and monetizing the debt, which, which we've talked about, they have to at some point, then, yeah, bitcoin and gold are going to go way up in their rightful share to, to like this overall market of people looking to persist wealth into the future and later exchange it. It's going to go way higher. So bitcoin has a long, long, long, long way to go. A lot of upside. We're not near its potential. In fact, I'd still consider bitcoin largely a social experiment in the grand scheme of where it's going. We're still, we're still in the phase where the majority of the world considers it an experiment and the majority of us participating in it are largely trying to help engineer and drive forward an experiment of can we, can we build this new monetary system that benefits everyone, most importantly the, the people. Nice, Jack. While we're on the gold subject, what is your take on tokenized gold like Xaut to improve its utility to your point, as a monetary network? Yeah, so Xaut is a Tether product. So that was created by my buddies over at Tether and I think it's probably the best version of gold. Like, I think it's awesome that you can basically trust Tether to custody the gold and not fuck you and. Yeah, and use gold like you would Bitcoin. Theoretically. But the problem is you're trusting Tether again. Like if the US government showed up to Tether with a bunch of weapons and said, give me your gold, well then what? Like tether doesn't have like a military to defend itself. So that's the problem with gold. It doesn't have a monetary network itself. Its monetary network relies on humans, like I said. So in order to use gold like you would use Bitcoin or Venmo or Cash app, you need to deposit the gold to tether or buy the gold through Tether. Tether secures it for you and they give you a token. But that system falls apart. That's what happened last time. Guys like, how do I know gold is not destined to be the money of the world because gold already failed. Like, all the gold was deposited with governments and banks. And one day the US came out and said that your gold is our gold. See ya. Talk to you tomorrow. And there's nothing anyone can do because the only way to use gold at scale was to deposit it to a central party and trust them. And trust doesn't work forever. One of these days it falls apart and people weaponize it. So Tether, Tether's product is the best. In my opinion, it's the best version of gold. So if you're into gold and you want to use gold on the Internet, you want to put gold in your app, you want to use gold for remittance and stuff, and you have to trust someone. I think Tether's great. It's. They're not a sovereign nation. They don't have a bunch of weapons backing them. They build technology. They're very successful at it. Probably the most impressive company in the history of mankind. So I think it's the best gold product. How does it compare to bitcoin, though? It's. It's not even. It's not even comparable. Not comparable like gold? Again, gold doesn't have a monetary network. It relies on trusted human interaction. And the other funny line I always use is like, gold hasn't gotten any better since it failed us in 1971 when the US said fuck the gold standard. Like, we haven't been able to build any new features. We haven't been able to like, submit any poll requests to the gold open source repository. Right. The other thing about Bitcoin is we'll be making it better forever. Gold, it is what it is. Mother nature created gold, and it's as good as it will ever be. Now you can redress the central custodians that humans have to trust in their social contracts. Like, yeah, tether's a new thing that didn't exist in 1971, but a centralized entity. Are they any better than the US government now? Like, they're my friends. So I think they're better people. Like, I think they have a better moral compass and stuff, but they're just decentralized, right? Like it's. And, and they would agree with this is my guess. They would say, yes, we're trying to build the best gold product in the gold market, but bitcoin beats gold 100 out of 100 times. You know, it is what it is. Hey, Jack. Jeff Booth loves to preface all of his statements with, as long as bitcoin stays decentralized and secure, what grades Would you give the status of those variables for bitcoin? I think bitcoin's passing with flying colors. A sufficiently decentralized and plenty secure, you know, in my. The biggest threat to bitcoin. I agree with Jeff wholeheartedly. Another. Another friend of the show. I agree with Jeff wholeheartedly because. Because the biggest threats to bitcoin in the past have been the community being threatened to compromise on those qualities. Like people said, I need bitcoin to be faster for my business. Let's make it, ah, who really cares about how decentralized it is? Let's. Let's make block times faster or let's raise the block size. And the community has been on the right side of history, which is no. If we really want to scale to visa level throughput, we have to build in layers. We absolutely fundamentally cannot compromise on those core principles. Absolutely. Or else bitcoin's worthless. And so I think at this point it's really hard for me to believe that the community would be duped into compromising on those properties. The block size wars were one of the craziest things to be a part of in my bitcoin career. That was like one of the rare times I was like, holy shit, is this thing going to work? Because, yeah, if. If bitcoin turned into a consortium of companies like Coinbase wanted it to be, I think it wouldn't have worked and we won that civil war and I think the rest is history there. So I think bitcoin's doing great. It really is. I didn't have time today for some of the quantum stuff. I will, I will plan to talk about it next week, but I'm very confident in. In how bitcoin is progressing relative to some of the quantum papers. The TLDR is. There's been a lot of software progress in quantum, but like, relatively no hardware progress in quantum. And bitcoin's been making lots of progress in quantum. So I think bitcoin's doing great. It's not compromising on any of its core principles that Satoshi launched it with. And that's why someone like Iran is theoretically using it as a neutral sovereign Internet that could be transported over a communications channel like the Internet. So bitcoin's killing it, man. Despite. Here's the thing, I have another quote that I really like. Some people quote me, and some of them I like, some of them I don't. But this one I like, which is bitcoin can change the world because the world cannot change bitcoin. I love that quote, and one of the reasons I like the quote is because there's a really deep philosophical angle here, which is satoshi invented something that us humans cannot bend to compromise on our own flaws. Like the most impressive thing about bitcoin to me is it is succeeding despite human flaw. Like, unfortunately, humans aren't perfect and we're highly emotional and we go through this cyclical behavior where times get really, really good and that creates really, really weak versions of us. And those weak versions of us create really, really bad times. And then we kind of self correct. You see the rise and fall of empires, you see the rise and fall of trends. And you know, humans go through unfortunate struggle in order to push themselves to inevitable prosperity. And satoshi somehow created something where, you know, bitcoin can change the world because the world cannot change. Bitcoin, it acts as like a bedrock that is immovable despite humans trying to change it and with it and manipulate it, it's not going to move. And so that's. It's still to this day, it hasn't compromised. It's. It's impossible to change. And I think you humans need technology that they invent despite their flaws. You know, like, we're far from perfect, but we found a way to invent something that protects us from the worst version of ourselves. Cool as Jack, quick question. In your opinion, what has been the best correlation tool in regards to bitcoin? Obviously it doesn't feel like it's M2 anymore. What do you feel is good to follow? I think the software ETF as of recent is is good to follow. Bitcoin's been trading with software, but as I mentioned earlier, software keeps going down and bitcoin's trying to go higher. Is this the time bitcoin decouples? Is this the time bitcoin starts to act more like gold? I don't know. Or is this a short squeeze on bitcoiners and sailor had a strong STRC week and then we're gonna go puke. I have no idea. That's kind of how I ended the show. I'm not really sure. So anyways, I would check IGF is the name of this software etf. I would track that and we'll see. Next week we'll update Strike question for Jack. I love the show, brother. Thanks for helping change my life. Wow, that is very sweet. I appreciate that. Much love. Thanks for the support. What's the update this week? After showing us the graphic last week regarding yield on cash. Yeah, so there's kind of two parallel Threads going on inside of Strike the company. One is a basic yield on cash product where, you know, we can give you guys yield on your cash by turning on like a money market or T bill program where, you know, the US Fed is paying 3.5% or something and we can basically give that back to you guys. Now the more interesting thing, like I mentioned, is allowing people to earn more than the Fed by participating in our lending business by saying, hey, if customers are paying us X percent for loans and we charge depending on the context, is it a line of credit, is it a million dollar loan, is it a $10 loan? And so if we allow you guys to say, hey, we'll park our cash in this like pool that are financing collateralized loans, then I think we can give you guys 5%, 6%, 7%. We haven't totally worked out the final pricing yet, but anyways, that's harder to do because it implies all sorts of banking laws and rules and all sorts of. So we're chewing through that, we're working through that. That's our North Star. We will eventually get there. It's just a matter of when, not if. But the question for us is should we turn on something that's at least giving you whatever three and a half percent, something like that for now. And so we expect, I expect to have a lot more movement on this for you guys in the near term. But it's one of the bigger focuses internally at Strike. There's a. There's a bunch of stuff we're cooking and that's one of them. So people are working on both internally and I'll have updates for you guys as the team hits certain milestones. But in the meantime, if you ever have questions or you want an update, just let me know. Okay? Dylan has this section in the Q and A called Other, which usually means it's about like life or sports. He has three of them. So pretty interesting. Let's see, quick question. What app do you use to listen to websites and reports you keep saying I use? Let's see, what's this thing called? I use Speechify so I forget what it costs. It's like I paid an annual subscription. So a lot of these AI tools I pay for a year, give myself time to see if I like it or not. But this thing sits as a browser extension and any web page I'm on, I can click play and it'll read it to me. And so like, let's say these like New York Times articles and stuff, sometimes I'll just be Playing chess and I'll click play and I'll play chess and I'll listen to the article or I'll listen to Bloomberg talk about Besant Powell meeting supposedly about Claude's new model. Bullshit. So it's called Speechify. And then I use substack. So Michael Howell, a lot of the macro analysis that I pay for, they release it on substack. Substack has its own text to speech feature which is really good. And then Luke, his report, he actually records a podcast of himself reading his own report and he releases that to the paid subscribers. So the across those three is like all of the listening I do to prepare for the show throughout the week. And I don't even think about as preparing for the show. I just am genuinely curious, try and figure out what's going on in the world to form my own opinions. And then Monday morning, whatever is top of mind for me, I just use my AI tools and I make my slides. Question for Jack. Love the show, brother. Thanks for helping change my. Oh no, that one is a repeat. Dylan. Okay, last question. Dylan, can you ask Jack where he gets his meat from? Yes. A lot of you guys wanted more on the health stuff. I just didn't have time today. But if the health stuff is interesting, I'm more than happy to talk more about it. And I saw people say like, Jack, stick to bitcoin. You're not a doctor. Let me say this. I'm also not a professional economist. I'm also not. I didn't get a degree that gives me like the right to talk about money the way I do. I'm just a dude that has opinions. And you can take those opinions for what they are. Is there one diet that will suit everybody? No. But does cancer need glucose to survive? And are you feeding your body the necessary environment to produce tumors and allow them to spread? Yes, you are. Like, cancer rates are far worse today than they were 100 years ago. Like that's just a fact. So you could take my opinions for what they are. I don't, you know, I wouldn't trust any one person on any subject unequivocally anyway. So I go back and forth between all sorts of meat providers because there's a lot that you strike and there's a lot that support bitcoiners and it's really good, high quality stuff. Let me pull up their website. This is who I use now. And I tell you guys. So just to reiterate, there are no ads on this show. I don't, I don't Accept money for this show. The show is just my charitable contribution to the Internet. Who knows if it's a net positive contribution or not. I don't know who listens to this and who gains value from it. But these guys did not pay me to talk about them. Just to be clear. Like I always find it, you know, it's like with an asterisk or take it with a grain of salt when someone's selling me a product that someone paid them to sell me. These guys didn't, didn't pay me for this. I actually don't even know if they know that I use their shit. So this is who I'm using now. Beck and Bolo, they accept bitcoin through strike, which I find really cool. But I use the monthly subscription, so I think I have the. Which one of these do I have? I have. Maybe it's the carnivore box. Although I don't remember paying $500 a month. Maybe this is inflation. But let's see what's in here. Because what I get every single month is yes, I think this is it. I get beef tallow, I get a tomahawk, I get a bunch of ground beef. I, I also get. So maybe this isn't it because I also get some wild caught salmon, but it's all grass fed, it's from their farm and it ships to me once a month and it lasts me easily the whole month. Like actually last yesterday. So I have a smoker on my, on my roof on my second floor and I smoked some lamb ribs yesterday and it was two and a half pounds of lamb ribs. So I'm still chewing through that. And so I get my meat from these guys. Now there are tons of really good bitcoin like butchers that will ship to you. But these guys are great. Here, pay with bitcoin. See. So your freezer deserves better than grocery. They've got a whole like why they do it. Zero hormones, zero exceptions. Butcher craft, really really good stuff. And they're bitcoiners. Really cool. They support me. Maybe they listen to the show. I have no idea. And yeah. Now where do I get my dairy? I get my dairy from Miller's bio farm. So let's. I won't sign in. So I get my eggs. So what people, what's really hard is people will say like at Whole Foods you'll see pasture raised, but you'll never see corn and soy free ever. So it's really hard to find coin and soy free, like really natural, like farm made eggs. And you can see, like I had three eggs for lunch with some of my lamb ribs that I smoked. And you'll see in the coloring of the eggs, like it's very easy to tell once you've had farm eggs and not farm eggs. And so you can get chicken eggs, duck eggs. They make raw ice cream, so from raw dairy. So I get my eggs from here and I get my butter from Miller's Biopharm. So I'll go to the raw cow. Dairy is where I shop now. When I want milk and cream, I will buy my raw milk and my raw cream here too. So I've historically gotten raw milk, raw cream and raw butter here. And I actually have an ice cream machine where I've made my own raw ice cream. So you do a little raw milk, some of the raw eggs, some raw cream. I buy my salt from here as well. I just don't trust like whole foods anymore. But I've found like dairy, it's just a lot. And sometimes I'm in the mood for it and I'm doing long distance running a lot and stuff. And sometimes I'm not. And I also travel a lot and the dairy gets bad. And so if I'm running around trying to close deals for strike and speak at conferences, it's hard for me to consume all this dairy. So I haven't had dairy in a few weeks outside of butter. But I get this 1 pound of salted A2, A2 raw butter and really good. Lasts me a while. Just I use the butter primarily to cook my eggs in. And yeah, that's what I do now. And this beck and bellow, like one of these, these monthly shipments, it fills my fridge like to the brim. I have two fridges. I have one on this floor and one upstairs and it fills my fridges. And then I just. Every day I grab a few things that I wanted to frost in the fridge. By the next day they're ready to cook and I either smoke them or I grill them. And that's pretty much it. Oh, maybe I have this, the variety box. This looks more. Because mine. I don't let me. Should I check for you guys real quick? Because I. Mine comes with fish too, which is. It's really good. Yeah, this is what I have, the variety box. So 300 bucks a month. 250 bucks a month. It lasts me. But granted my dip. My girlfriend and I like to go to dinner every now and then. So I'm not like eating every single meal out of my freezer, but like damn near like I'm almost. I'm really close. Yeah, this is me one. Yeah, this has got to be me for sure. So I've got some wild caught salmon, some cod. I looked up how to make cod. They've got great, really good fish. I got really interesting shit in here. Like there's jalapeno cheddar sausages, which may not be the most carnivore friendly, but they're really, really good. I cook those, scramble them with some eggs really good. So yeah, but there's a whole community of kind of like meat butcher bitcoin. I'm trying to think what's it called that I used to order from. Damn. I don't want to do them a disservice because. Because they are really good too. And I don't want to just make this a Beck and Bellow ad. Although they probably deserve it. Ah, here we go. So this guy, Texas Slim legend, local legend down there in Texas. So he created this, the Beef initiative. And I'm pretty sure, yeah, the operating system for the global beef economy. And these guys are all bitcoiners. And so there's a ton of like similar services and ranches and farms to order from. I used to order from. The name is slipping my mind. I just try and switch it up to support all these guys. And so recently I've been on. Oh look, El Salvador. Love it. Yeah. So this community is awesome. But anyways, what goes in my body comes straight from a farm and it's awesome. And yeah, my health has been great. I feel great. I get my coffee beans from El Salvador too. I can put you guys on that if you want. But anyways, that's it. Okay. Well, with that I said I wasn't gonna do two hours and I did. So I guess I'm gonna be staying up pretty late working on. But appreciate you guys as always, thank you for the support and for tuning in. Any feedback, good or bad, just leave it in the comments. I'll get to it. Want to make the show entertaining and valuable. So less politics this time. Think that was good feedback? I don't care for politics. So if you guys claim I'm doing too much politicking, then we reduce it. So let me know what you think. What would be interesting for next episode and much love. Talk to you later. Peace.