Bitcoin Supercycle Still Ahead? Institutions, Banks & Governments Accumulate!

Summary

Podcast Summary: The Wolf Of All Streets

Episode: Bitcoin Supercycle Still Ahead? Institutions, Banks & Governments Accumulate!

Host: Scott Melker

Guest: Yago

Date: November 13, 2025

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Overview

In this episode, Scott Melker and guest Yago dive into recent momentum in Bitcoin and the wider crypto ecosystem. They highlight regulatory changes in the US, major global adoption news, government and institutional involvement, current cycle theories, and the evolving state of privacy coins and technology. The conversation blends optimism about increased legitimacy for crypto with critical takes on outdated regulatory approaches, and forecasts the potential for a "supercycle" scenario—where Bitcoin outgrows its historical boom-and-bust patterns.

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Key Discussion Points & Insights

1. Evolving US Crypto Regulation and SEC/CFTC Developments

• The US government reopening means crypto is again a legislative priority ([00:49]).
• Bipartisan moves are aiming to shift oversight of most tokens from the SEC to the CFTC, seen as more reasonable by the industry ([00:49] – [02:18]).
  • SEC Chair Paul Atkins has proposed a new token taxonomy with four buckets: payment tokens, utility tokens, commodities, and securities ([01:20]).
  • Most crypto assets would not be classified as securities, reducing SEC oversight.
• This taxonomy borrows from frameworks previously used in Europe and Central America ([02:18]).
  • Bitcoin would continue to be seen as a commodity, outside strict regulation.
• Regulatory stability is a major theme: potential new rules would be hard to reverse and could bring much-needed certainty to the space ([04:37]).
• Laws and regulations are still pending; current advances are mostly regulatory and not yet enshrined in law ([05:27]).

Notable Quote

"The SEC and the overall Trump administration are looking to introduce changes which would effectively be permanent or very, very hard to reverse even under a change in the regime…and what that does…is it brings stability."
— Yago, [04:37]

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2. Security Classification, The Howey Test, and Criticisms of the SEC

• The SEC’s position leverages the Howey test from the 1930s/40s, which many see as outdated ([05:27]).

  • Potential for a “safe harbor” scenario where tokens begin as securities but, as networks decentralize, lose that status ([06:28]).

• Yago remains skeptical of the SEC’s depth of understanding, citing major projects (XRP, Solana, TRON, BNB) that still require active, managerial efforts ([06:56]).

  • The term “security” is now a weaponized label in the industry ([08:47]).
  • SEC’s crypto oversight is criticized as ineffective:

  "If we can get the SEC out of this, because their involvement has been absolutely horrendous and they've protected no one from anything."
  — Yago, [07:35]

• Fraud remains a core enforcement issue, regardless of asset class ([08:14]).

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3. ETFs, Populist Narratives, and Retail Excitement

• XRP ETF launches, potentially riding the enthusiasm of the XRP “army” and Lindy effect (the idea that longevity breeds confidence and adoption) ([09:38]).
• Trump’s proposed $2,000 stimulus draws parallels with Covid-era checks that spurred retail flows into crypto ([10:58] – [12:09]).
  • Estimated 10% of previous stimulus flowed into Bitcoin.
  • Both parties talk fiscal responsibility but continue deficit spending:

  "You don't get voted in by spending less. You get voted in by spending more. It's just a question of how you're going to spend it."
  — Yago, [12:09]

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4. Governments, Institutions, and the Bitcoin Reserve Trend

• Momentum for government-held Bitcoin:
  • Taiwan lawmakers consider a Bitcoin strategic reserve ([13:01]).
  • UK’s Nigel Farage and the Reform Party propose eliminating taxes on Bitcoin and introducing a sovereign Bitcoin reserve ([14:02]).
  • Czech Republic’s law: Hold Bitcoin for more than three years, pay no capital gains tax; central bank has a $1M pilot crypto reserve ([14:38]).
• Institutional demand persists regardless of short-term price action:

  "61% of institutions plan crypto allocation boost into Q4…clear accumulation of crypto assets, clear interest still in the class…none of them…are spooked by price action."
  — Scott Melker, [15:18]

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5. Debating the Supercycle and Market Sentiment

• Anxious anticipation over whether the traditional four-year cycle is ending or has already ended ([16:23]).

• The possibility of entering uncharted waters for Bitcoin if prices hold steady into the new year ([16:23]):

  "If Bitcoin's price is holding up in the new year, then we are in totally new territory…no one…will be able to still argue that the four year cycle is playing out at all as expected."
  — Yago, [16:23]

• The significance of market psychology and narrative—both admit daily price obsession may be counterproductive but psychologically influential ([17:15]).

  • The four-year cycle model persists in shaping expectations ([17:33]).

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6. Privacy Coins, Narratives, and Tech

• Zcash’s surprise surge and speculation on the drivers—potentially proof-of-stake pivot, or coordinated buying and narrative building ([20:31] – [21:07]).

• Interest in privacy features grows as regimes tighten oversight.

  • New UK rules suggest a cap on stablecoins and a harsher stance than the US ([21:28]).
  • The role of privacy for both small and large transactions emphasized:

  "Anyone trying to spend small money to buy medicines or, or big money to do significant trades on an institutional level absolutely needs to have confidential transactions."
  — Yago, [21:47]

• Zcash and Monero have both advanced privacy tech but face adoption limitations ([24:19]).

  • Zero-knowledge proofs are being integrated more into Bitcoin and Ethereum ([24:53]).
  • Regulatory chill around privacy projects (Samourai, Tornado Cash) makes development more perilous ([25:05]).

• Yago’s platform, BOS, is working on confidential transactions for institutions, ultimately benefiting individuals' privacy needs ([25:21]).

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7. Real-World Adoption and Project Updates

• Czech National Bank becomes the first central bank to buy Bitcoin for a test portfolio ([26:14]).
  • Hosts humor over not remembering the Czech currency—eventually corrected to “Koruna” ([26:35]).
• BOS platform (Yago’s project) sees a strong uptick in trading volume, with hundreds of millions in recent days ([27:09]):

  "191 million in the last 24 hours. I'm looking at it right now. That's a lot."
  — Scott Melker, [27:25]

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Notable Quotes & Moments

• "Fraud is fraud. This is not meaning lax enforcement, it just means that we're defining it."
  — Scott Melker, [08:14]
• "I remember when the Republican pitch was fiscal responsibility. And they still say they're fiscally responsible while at the same time floating $2,000 stimulus checks. The smoke and mirrors of our government on both sides is just astounding to me."
  — Scott Melker, [11:53]
• "If the four-year cycle is dead…that would be remarkable because it would mean that nobody knows anything anymore."
  — Yago, [18:55]

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Key Timestamps

• [00:49] — Regulatory optimism: government reopening, crypto on legislative docket
• [02:18] — SEC’s new token taxonomy: payment, utility, commodity, security
• [04:37] — Regulatory change and industry stability
• [06:56] — Limits of the “decentralization” test and SEC’s effectiveness
• [09:38] — XRP ETF launches, retail vs. institutional demand
• [10:58] — Trump’s stimulus proposal and potential effects
• [13:01] — Global trend: governments and strategic Bitcoin reserves
• [15:18] — Institutional accumulation and indifference to price drops
• [16:23] — Supercycle “watch” and cycle theory debate
• [20:31] — Zcash privacy coin hype and speculation
• [21:28] — UK’s restrictive stablecoin policy, growing need for privacy
• [24:53] — Zero-knowledge proofs and privacy in Bitcoin/Ethereum
• [25:21] — Building confidential Bitcoin transactions for institutions
• [26:14] — Czech National bank’s crypto pilot
• [27:09] — BOS platform growth

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Conclusion

This episode captures a bullish yet critical perspective on the state of crypto in late 2025. Scott Melker and Yago frame the current moment as pivotal: regulatory clarity and global adoption are gathering speed even as cycle narratives are questioned, institutions and some governments accumulate, and privacy technology advances. The conversation reflects both skepticism toward regulatory bodies and optimism for a maturing, increasingly legitimate crypto ecosystem—potentially moving into a true “supercycle.”

Transcript

[Scott Melker]

As we endlessly debate whether the four year cycle is over, many are still looking for a bitcoin super cycle ahead, pointing at the incredible level of institutions, banks and governments that are either accumulating assets or passing favorable legislation and regulation for the industry. The United States is no exception. Obviously, with the government reopening, we have the tailwinds returning for the crypto industry. Bitcoin super cycle ahead or is the top it. Let's go.

[Yago]

Let's do.

[Scott Melker]

Good morning Thursday, faithful and welcome to bitcoin. And of course the, with my, myself and Yago man, there's a lot more bitcoin and a lot less bullshit at the moment actually, which, which is kind of nice, but we still have some of the latter all around the world. But let's first focus on what I would say is some positive news. We obviously have the government reopening, which means that crypto is back on the docket both with the regulators and with the lawmakers. We've discussed quite a few of these things this week here already, so I just want to touch on them. But we have bipartisan legislation being floated in to largely move crypto regulation to the cftc, which is something certainly in the Gensler era that the crypto industry deeply wanted because they viewed the CFTC as a more reasonable regulator. Less staffed, I think, less aggressive. Well now actually from the other side, we have some really interesting news here. So SEC chair Paul Atkins unveils plan for token taxonomy to redefine crypto regulation. They're looking at basically putting all tokens into one of four buckets. From what I can understand, there's not that deep of reporting on this, but payment tokens, utility tokens, commodities and securities. So effectively only the latter would probably really be the purview of the sec. So even the SEC now effectively saying once we get this taxonomy, if I'm reading this right, most of this is going to fall to the cftc.

[Yago]

Yes, that's right. And look, this is not a new idea. Even back in 2017 we started to see countries that wanted to encourage the development of the crypto industry within their borders adopt a similar type of taxonomy. And basically Atkins is borrowing from their ideas. So it was a lot of European countries, some Central American countries had this taxonomy of payments, security and utility. Sometimes there was a mix between payments and utility. And then what the SEC is here introducing is a new, a new component of that, which is commodity, which is basically what bitcoin fell into across all of these different regimes and, and was non regulated.

[Scott Melker]

So.

[Yago]

This I think is very encouraging. It means that the majority of these assets, the vast majority of these assets will not be considered securities. That is going to allow a lot more free trade, a lot more borderless transactions is going to allow people who usually aren't allowed access to trade in securities because they're not, you know, so called qualified investors. They don't have enough money to, to qualify under U.S. law to be engaged. It comes with all of the disadvantages of opening access. Right. So you can have more scams and less reporting. But the industry itself, the crypto industry itself I think has matured a great deal over the last 10 years. And people are expecting more mature projects, they're expecting greater disclosures, they're expecting greater investor protections anyway. And so what we're seeing in real time is the evolution on the one handed in the crypto space of people figuring out how to use the free market now they've finally, you know, had over the last 10 years opportunity to experience it and at the same time the regulators backing down. This is another, you know, the other, I think really important thing here is.

[Scott Melker]

That.

[Yago]

This means that the, the SEC and the overall Trump administration are looking to introduce changes which would effectively be permanent or very, very hard to reverse even under a change in the regime or if Democrats sort of took power again. And, and so, and right. And what that does besides, you know, you know, a lot of people think it's favorable for the ecosystem, you know, for the industry and the actors in the industry, but it, it has a deeper meaning which is it brings stability. Right. You can start. It's the, the, the, the, the industry is not going to be lashed back and forth by, you know, completely arbitrary changes in, in, in the mood swings of politicians as much anymore.

[Scott Melker]

And the SEC is much larger staff, arguably at least currently more political. The CFTC is very much more rule based. They have a very clear mandate on the way that they regulate things. So I think that to your point, if the Democrats come back in, or not even the Democrats, even a less favorable Republican regime, who knows, right. Whoever's running it, they're putting hopefully more structure in place to make sure that changes made now are not just like executive orders that can be overturned. Right. Which, which also leads to the argument that we still need market structure because it's still just regulation and not law. Right. So we still need it to be based in law, which he says is coming. There's some really interesting quotes to hear though, because he says this will be based on the Howey test, which everybody kind of Poo poos, obviously, because it's from the 1930s or 40s. But he says, in the coming months, I anticipate that the commission will consider establishing a Toka taxonomy that's anchored in the longstanding Howie investment contract securities analysis, recognizing that there are limited principles to our laws and regulations. But then, he says, networks mature, code is shipped, control disperses, the issuer's role diminishes or disappears. At some point, purchasers are no longer relying on the issuer's essential managerial efforts, and most tokens now trade without any reasonable expectation that a particular team is still at the helm. So he totally gets it. He says we're going to say what's still a security is you say a lot of these started as securities, but evolved into something else which kind of reeks of safe harbor from Hester Purse, but it's still going to get weird.

[Yago]

I think, you know, in a way what he's saying is favorable, but I'm not sure he gets it because how many significant projects no longer sort of rely on the managerial efforts, Right? If you, you know, if you look at the biggest coins even, right. XRP still requires managerial efforts. Solana still requires managerial efforts. TRON still requires managerial efforts. Bse, BNB still requires managerial efforts. So in reality, I think to the extent that securities laws was designed in order to, you know, mitigate the, the imbalance of information available to the people who are purchasing the securities and the people who are managing the secur, none of this addresses any of that. The SEC have completely failed at that from the beginning of crypto and one could argue since before that. But, you know, as just from a, the perspective of free markets and having a more libertarian view on what makes successful markets, if we can get the SEC out of this, because their involvement has been absolutely horrendous and they've protected no one from anything. So, yeah, I mean, he goes on.

[Scott Melker]

To say, you know, fraud is fraud. This is not meaning lax enforcement, it just means that we're defining it. And I think those are the right things to say because, you know, the fraud from a Nigerian prince emailing you is no different than fraud from crypto or fraud from a Ponzi scheme, you know, like made off. So fraud is fraud and that's the SEC's job. What I find interesting here, you kind of brought up Ethereum. I was joking. Right, as you were kind of saying that people to some degree are always going to look to the Ethereum foundation or see what they're doing or what they're building xrp, I got into, you know, the usual argument with the XRP army and I was like, what's the main pitch right now? And they would keep showing me Brad Garlinghouse literally tweeting, XRP is central to everything that we're doing. I'm not saying being a security is bad, but by this definition, like the CEO is telling you what he's going to do to make the asset appreciate into the future. I think the real question is why is being a security so bad? Or there could there just be levels of it? It's the fact is that they've weaponized the idea of being security against the industry. So now nobody wants to be a security. Yes.

[Yago]

And, and to the extent that they've done this without actually achieving benefits or protections for anyone. So fundamentally, I think the SEC have failed in regulating crypto and to the extent that we can get them out of the business of regulating crypto, it's to the benefit of everyone involved.

[Scott Melker]

Speaking of, I think XRP ETF launching today, which I think I don't know how it'll do today, I don't know what it will mean for underlying xrp. But having interacted quite frequently with the XRP army, I think this thing should do quite well. Because right now. Right. Isn't mostly crypto just trades on Lindy. You know, like we kind of just. You get the effect of the crowd and they buy and they're excited and that breeds more buying and excitement. I think this thing should do quite well. Salon has done well. The etf.

[Yago]

Yeah, I, it might do hard for me to say certainly. I think sort of the tread investor tread like the traditional investors I don't think are heavily in xrp, but retail investors who like sort of shred things that feel tread. They are the ones who are heavily in XRP and so they may very much enjoy an etf. I think some of the biggest news coming out of the US right now is Donald Trump's 2000 stimmy package. $2,000.

[Scott Melker]

Outside my house, I can hear the helicopters starting to gather out there.

[Yago]

So I don't, you know, we, we don't really have any news on this except for Trump saying that he's going to do it and, and Bess and trying to walk it back. But this is very, very big news in my view. If it, if it, if it goes through because it's a massive stimulus similar in magnitude and in order of the stimulus that was introduced under Trump for Covid. Right. Under covert. Every family was or every individual got $1,800 here, it's $2,000. It is estimated that 10% of that flowed into bitcoin and crypto. It's in fact, you know, Coinbase at the time, for example, were reporting that they suddenly saw an uptick of people Smash buying exactly $1,800 on exactly the same day that the, the checks went out.

[Scott Melker]

So it's so nuts. Like I remember, I remember when the Republican pitch was fiscal responsibility. And they still say they're fiscally responsible while at the same time floating $2,000 stimulus checks. The smoke and mirrors of our government on both sides is just astounding to me.

[Yago]

Well, I don't think there's any party which is in favor of spending less. You don't get voted in by spending less. You get voted in by spending more. It's just a question of how you're going to spend it. I think the great trick of the Republicans is they managed to do it while still claiming that they're the, the party of fiscal responsibility. It's a, it's, it's, it's a cool narrative. Whether or not this will happen, I don't know. But if it does happen, it's extremely big news and could kick off a wave of retail excitement on the order of Gamestop, you know, crypto and, and 2020, 2021. Boom again. So, you know, unfortunately, it's your tax dollars, your, your government in debt. But, but everyone in the world.

[Scott Melker]

I'm fiscally responsible. I have literally no idea what you're talking about. I mean, but you kind of alluded to the fact that the United States leads right in all of these things and people tend to follow. So this is not the biggest country in the world, but Taiwan lawmaker pushes government to continue consider Bitcoin strategic reserve. As I dig into this, it's probably like one random guy in one random place showing a bill and we jump all over it. But we did have Kazakhstan saying they're going to steal a billion dollars worth of crypto from their citizens to start their strategic bitcoin reserve in the spirit of the United States. But this is already gaining momentum and traction, even though the United States hasn't technically bought any bitcoin or passed a law about this. Of course, we do have an executive order and we do have the government. I won't say stealing, accumulating from criminals in other jurisdictions that have nothing to do with us a bitcoin reserve, but this is, this is happening.

[Yago]

That's right. Look, Farage in the UK introduced a bill to Parliament.

[Scott Melker]

And he's back, right? He's back.

[Yago]

He doesn't have a great deal of power in Parliament right now, but the Reform Party in the polls is the leading party and where the polls to happen today would dominate and become likely the next government. In the UK he's pushing a bill to do two things. Eliminate taxation on bitcoin and bitcoin transactions and introduce a bitcoin strategic reserve into the uk. And at the same time, another country which did something similar, the Czech Republic a year ago, introduced law which was that should you hold bitcoin, if you become a huddler and huddle your bitcoin for three years or more, you pay no capital gains taxes. In the Czech Republic, that's already established law for a year now. And their central bank recently announced that they had purchased a million dollars worth of primarily bitcoin and crypto, which was stablecoins, as part of a pilot program to learn about how they can purchase, hold and manage crypto assets. With the ultimate goal being that they could potentially then choose to add bitcoin to their reserve.

[Scott Melker]

I mean, they're not the only people that are looking at bitcoin. We got 61% of institutions plan crypto allocation boost into Q4. This is very like oddly specific timing. Like immediately it's just another report, but I think it just speaks to the same thing, is that we have this clear accumulation of crypto assets, clear interest still in the class. And I think maybe the bigger story is this blip in price action is not in any way stalling that anywhere. Governments, institutions, none of them. We don't have a single report that even like our spastic retail crypto Twitter community saying it's all over bear market, four year cycle, it's finished. You don't hear any of that from any major institution or serious player. They're all like, oh cool, prices are cheaper, let's go.

[Yago]

I think you and I, Scott, should create the super cycle. Watch. Right? So I think we spoke about this a little bit last week. My, my current sense of it is.

[Scott Melker]

That.

[Yago]

The entire bitcoin crypto world is holding its breath to find out whether or not we're still in a four year cycle. We're currently November 13th. The cycle should end within a month. You know, certainly by the end of this year. If, if bitcoin's price is holding up in the new year, then we are in totally new territory. And no one, I think will be able to still argue that the four year cycle is playing out at all as Expected. And I think at that point, all bets off and we're into pure discovery.

[Scott Melker]

Yeah, let's see. Super cycle. Watch. I love that I had the super cycle title and someone's like, super cycle. I saw it over in the comments. Price is going to go down today. My good thing the super cycle wasn't based on Thursday, November 13th price action.

[Yago]

Well, I don't know.

[Scott Melker]

It really is a window into like how on top of, and listen, part of that's our fault. Okay, I'm gonna admit it. Like, I show up every single day and we talk about what the price is doing and sometimes the title is like, Bitcoin loses 103, will it hold 102? And it's like, I'm an idiot. That's done. Makes no difference. But we got to do something.

[Yago]

No, but it does. It has a real, I mean, look, no one can deny it has a huge psychological impact. And, and the markets are the aggregate of people's psychological activity and people's hopes and dreams and greed and fear. And if people fear, which they do, that the four, you know, we're at the very, very, you know, the end of the ninth inning of the four year cycle, then people don't want to come into the market right now. And the price of bitcoin having hit $126 today, being a hundred and let's call it $3, 100 and 3000, a bit of a difference is encouraging to people who believe that this is, you know, we're already past, we're already in the bear market and, and, and, and maybe the bear market looks a bit different. Maybe it's a slower deflation. Right. We usually see significant crashes in the price, but it doesn't disappear. You know, even in previous bear markets, the price doesn't immediately drop, it deflates. And so we might be deflating. We might be in a world where another four year circle cycle has come and gone and we're already past it. We're, we're into the next cycle, cycle number six. And we're at the beginning of that cycle which starts with a bear market. That's one possibility. The other possibility is that the four year cycle is dead. And that would be remarkable because it would mean that nobody knows anything anymore. We, that we don't know how to navigate this market because we've been navigating this market according to cycles for the last 12 years. So we'll see. I don't know. Nobody knows. That's why the whole world is holding its breath.

[Scott Melker]

Yeah. Because if you Believe deeply in the four year cycle and you read Reddit posts that predicted years ago that like October 6th was going to be the dead top and then you know, price hits the dead top at October 6th. Superstition is a, it's a, it's a mother.

[Yago]

Yep. Yep.

[Scott Melker]

Meanwhile in the privacy arena, I have not looked deeply into zcash, I'm going to be honest. But Rand Nooner made kind of the case for it to me and I see a ton of interest in it. Well now the Winkle virgin, that's plural for Winklevoss's backed cypherpunk targets 5% of Zcash supply with 58 million treasury seeds. So listen, we actually have had a pretty crazy stalling of digital asset treasury announcements, right? It was like five a day for six months. This is the first one I've even heard of launching in quite a while that we've bothered to report on. But focusing very heavily here on zcash. I wonder if this is about the money or is it actually a deep belief in zcash as a privacy token. And to that end then let's talk about privacy on Bitcoin.

[Yago]

Well so before we get to that, I'm very, I, I don't know what's going on with zcash. It's been on a real rip. I don't know why there doesn't seem to be a clear catalyst. The closest thing might be their decision to try and move to proof of stake. Do you have a theory on it?

[Scott Melker]

My theory is that a bunch of people got together and like what's a really dead token? We can buy a bunch of and then create a narrative and say it's being built on and privacy is important and whatever. But listen, if they're going to pump something, a privacy coin is the best thing.

[Yago]

That's true.

[Scott Melker]

I mean if they're all making a ton of money but like actually putting some sort of spotlight on privacy as an important aspect of what's happening in crypto, then I'm here for it. I missed it as a investment or trade.

[Yago]

So for that you weren't part of the right alpha group. You went on the right WhatsApp channel.

[Scott Melker]

But I mean you know, meanwhile UK floats 20,000 stablecoin limit and tougher regime than us. So like I can see why people would want privacy tokens. We had all kinds of news. The UAE with a digital Durham CBDC test. I mean you know, non private government backed type coins are coming.

[Yago]

I look I obviously I would like to see privacy built into More of crypto. I think that would be in line with the cypherpunk roots of why we've built out these tools in the first place. I think also anyone trying to spend small money to buy medicines or, or big money to do significant trades on an institutional level absolutely needs to have confidential transactions. It's obvious why governments have been pushing against it. It's less obvious to me why the, the value of privacy hasn't been more obvious to people who are in the industry up until now. As for zcash, you're right. To me, this feels like very, very much a pump and dump. Some people were able to corner enough of the liquid supply to feel like they could, you know, move the price meaningfully and then cash out. That cash out point has probably already happened about a week ago or we're currently in the process of it. And the part that I hadn't thought about, which I really liked that you said, he said, yeah, you know, this is the perfect coin to do it with. The big problem I see with zcash from a technical perspective is it doesn't really integrate very easily into anything else. And so it's not easy to, you know, if you've, there is no defi ecosystem, it doesn't integrate with Ethereum, it doesn't integrate with Bitcoin. You, it's cumbersome to move your other crypto assets into zcash and out. And it's those entry and exit points which really are defining for privacy. So I think, you know, the ZK technology that is at the basis of zcash and that zcash helped promote, incredibly important. Whether or not zcash is going to be the primary sort of asset which benefits from it, I'm skeptical. I bought Zcash and have held and used it for almost 10 years now. 2016, I think, over Monero or both. I've never been particularly fond of Monero to be honest. I think it's got a great community, but I think the tech, tech provides less, at least from a technical perspective. You get less sort of privacy assurances with Monero, but I don't, you know, I think both are very good projects, have done important things, have substantially moved the field forward. I think what we're doing now with zero knowledge proofs is bringing them into Bitcoin. We're starting to see more use of them in Ethereum as well and we're starting to see privacy being developed. And at the same time, what's happened with Samurai Wallet, what's happened with the Tornado Wallet? Dev has, I think made it has had a very, very clear chilling effect. And so, you know, we're going to need to hope to see or become sort of the kind of cypherpunks who can introduce technologies into this space without doxing ourselves. If we're going to want to see more privacy technology, you just have to.

[Scott Melker]

Dox yourself when you go in and out of it. Yeah. Once you're in there. I was kidding.

[Yago]

Yeah, so that's one possibility. The other thing is we're in the process at boss, we're in the process of building out the tools for confidential transactions with BTC natively on Bitcoin and across multiple different chains. But the way we're doing it is we're focused on building it in a way that will be useful to institutions because first of all, there's a huge need there. And second of all, if you can build it in a way that is useful into institutions, then it's very, very clear why that needs to exist. You're less likely to be hounded by the, you know, Feds for doing that. And that technology can also then be useful to individuals who, who need to, you know, maintain their financial and economic privacy just as much as any institution.

[Scott Melker]

Yeah, listen, this was actually just announced today. I don't know if it's A Czech National bank becomes first central bank to buy Bitcoin with 1 million test portfolio made up of crypto stablecoins and tokenized deposits. So there you go, they're not even stealing it. They actually took 1 million hard earned check dollars. What's the check currency? Euro. They're euro, I assume.

[Yago]

No, I think it's the zloty. No, no, it's a lot. East Poland, Czech.

[Scott Melker]

I've been there too. I can't remember what it used to be, but I thought they were on the Corona.

[Yago]

Corona. Yeah. TZK Crown.

[Scott Melker]

Wow. See, I thought that we were educated people, but this is happening. But listen, I know we got to go in a couple min. I've seen that there's been a pretty big uptick in like volume around bos. Obviously guys are starting to gain some traction. So I mean, maybe just talk about you quickly, you know, what's, what's coming next. What would be.

[Yago]

Well, we've seen significant trade volumes over the last couple of days in the hundreds of millions. Growing activity across all metrics work.

[Scott Melker]

191 million in the last 24 hours. I'm looking at it right now. That's a lot.

[Yago]

Yeah, it's, it's good days. Here at boss, we've been. We've been seeing, you know, a lot of interest, strong development, very, very early days, but. But very, very exciting.

[Scott Melker]

Awesome. All right, well, that's what we got. I gotta run and go get on Sirius. Thank you, Yago. As always, the pleasure. People were asking if you were wearing a hex hat or a Pulse chain.

[Yago]

This is boss.

[Scott Melker]

It's a pos.

[Yago]

This is the buff logo.

[Scott Melker]

Imagine if you showed up in a hex hat though. That would be awesome. If I.

[Yago]

If someone sends me one, I'll wear it.

[Scott Melker]

Just for fun. Why not? Huge supporter. Anyways, we gotta go before we go.

[Podcast Host / Advertiser]

Down that rabbit hole.

[Scott Melker]

Yago. Thank you very much everybody. Obviously, give him a follow on X and check out Boss Bitcoin os. That's all we got. Have a good one, man. Have a good one, everybody.

[Yago]

Thanks, Scott. Have a good one. Cheers.

[Podcast Host / Advertiser]

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[Scott Melker]

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[Scott Melker]

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[Scott Melker]

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[Podcast Host / Advertiser]

Bitcoin is live right now on iOS and Android. Hit pause, click the link below, download the app and start stacking sats the smart way. Your capital is at risk. Crypto markets are highly volatile. This content is informational and not financial advice.