What Bitcoin Tells Us About Japan: The Yen Is The World's Margin Loan

[laughter] What is going on, ladies and gentlemen?

Welcome back to another episode of the Jack Malers's Show.

Guess what my name is. If you guessed Jack, you are correct. It is Mailbag Monday, 6 PM Eastern, 5:00 PM Central,

300 PM Pacific. Oo, my voice a little bit. [clears throat and cough]

bit. [clears throat and cough] The dip brought my voice my vocal cords down with it. But it's good to see you guys. And boy, do we have an exciting

guys. And boy, do we have an exciting episode. A lot to talk about it. Before

episode. A lot to talk about it. Before

we get started, our usual kickoff. I'm

talking to you all at a Bitcoin price of $86,770.

A bit of a dip. Bitcoin's market cap sits at 1.73 trillion US.

Alltime high remains at that $126,160 that we set 56 days ago. That was a Monday. It was actually set on this

Monday. It was actually set on this show, October 6, 2025. We are 31% off that all-time high. Bitcoin block

height. What was the last Bitcoin block mined so that we can timestamp this episode in Bitcoin time? It was Bitcoin block 926,065.

Geez. Let me get a sip of water. What

the hell?

It's going to be a long show if I sound like a rat. Um, how's everybody doing? I

hope you all had a wonderful Thanksgiving. Oh, by the way, look at

Thanksgiving. Oh, by the way, look at this little um thing I have in front of my microphone. You know, I'm a man of

my microphone. You know, I'm a man of the people, they say. I didn't say that.

They said that. I read all the YouTube comments. I read all the tweets. And you

comments. I read all the tweets. And you

guys were like, "Dude, you got to get this thing that sits in front of your mic because when you start screaming at us, it hurts our ears." And this thing helps. I don't know. I'm not a

helps. I don't know. I'm not a professional podcaster, but I bought it.

I bought it on Amazon. So, we're

increasing our podcasting game. Let me

know if you guys can hear me correctly because I think I set it up right, but it wouldn't shock me if I didn't. Uh,

but without further ado, let's go. The

title of today's episode, what Bitcoin tells us about Japan.

You might have heard about Japan in the news. You've heard me talk about Japan

news. You've heard me talk about Japan before. We're going to talk a lot about

before. We're going to talk a lot about Japan today and how this Bitcoin correction because at the end of the day, you know, whether I think it's worth our time or not, you guys love when I talk about the price, okay? I

think the price is going to go up over time no matter what. Bitcoin is

competing to be money. Money wants to be one. I think that one will be Bitcoin.

one. I think that one will be Bitcoin.

The shortterm price action means little to nothing to me, but I am happy to talk about the macro environment that drives the price action. Very specifically,

this last dip. In my humble opinion, we all know exactly why Bitcoin fell sharply last night. And I'm happy to talk about that. It has a lot to do with Japan.

Okay, really quick. This is unique to this episode. Before I get started in

this episode. Before I get started in ranting and raving and screaming about Japan 21, usually I talk about my businesses

at the end of the episode, but you guys for the last six months, maybe longer, seven months maybe, have been asking me when 2121

when 21. Let me speak on it briefly in

when 21. Let me speak on it briefly in the beginning so that everyone that has an interest in it can hear it. They

don't have to wait an hour. Okay, what

is 21? 21 is a company I co-founded with Tether. Soft Bank is a minority but

Tether. Soft Bank is a minority but significant investor. They put about a

significant investor. They put about a billion dollars into the business. It is

a dispack. It means we are despacking combining with Caner Equity Partners.

Okay. And the reason I can't talk about it too much and the reason it isn't actually live yet and trading on a stock exchange under the ticker XXI which we hope to be our ticker symbol is because

this combination between Caner Equity Partners in 21 has been ongoing. It

needs approval from entities like the SEC and we are in a quiet period where during this process I can't run my mouth and tell you guys all that we're going to do and tell you what we're working on and give you insights into the business

or KPIs into the business and how much money we're making. I wasn't allowed to do any of that. Okay? Still not to be clear. However, what I can now tell you

clear. However, what I can now tell you guys is that our shareholder vote is December 3rd. So the way these dispack

December 3rd. So the way these dispack things work is the shareholders approve whether the business combination actually goes forward or not. Oops,

wrong button. So the Caner Equity Partners shareholder meeting to approve the combination with 21 with my company is December 3rd. Today's December 1st.

So it is in two days. The really

exciting thing about Caner Equity Partners and since we've launched the proposal to combine businesses is majority of the stock is held by retail

is held by you guys which I think is unbelievably cool. A lot of the times

unbelievably cool. A lot of the times when you do these type of shareholder votes to approve a DSPback it doesn't actually matter because all of the equity is concentrated in institutional

investors. Who cares for the vote?

investors. Who cares for the vote?

Because the vote is between two institutional investors that already talk to each other every day and approved it. Ours is not ours. This is

approved it. Ours is not ours. This is

an equity of the people. Well, really

what we've always wanted it to be and what I think it will become is the Bitcoin equity. We want to be, as I've

Bitcoin equity. We want to be, as I've said, the best version of Coinbase, which is a cash generating business. We

We aren't interested in shitcoins. We

aren't interested in creating a speculative mania. We're interested in

speculative mania. We're interested in Bitcoin. But we do appreciate that

Bitcoin. But we do appreciate that businesses like Coinbase have cash flow.

They have operating cash flow and Micro Strategy. Micro Strategy is one of the

Strategy. Micro Strategy is one of the largest Bitcoin holders in or it is the largest Bitcoin holder in the world.

They've done a tremendous job at being very aggressive in building a large stash of Bitcoin. We think we can combine those two. We can be an incredible Bitcoin operating company

with high growth, high margin, profit cash flow that can help then finance our ability to be one of the top, if not the top owners of Bitcoin in the world. We

want to be the Bitcoin equity. And that

means we hope, at least I hope, that Bitcoiners are our shareholders. So if

anyways, all of that to say, vote on the approval if you're interested. Now, I

have to be very clear. I can't tell you how to vote. It's not my prerogative to tell you how to vote. You make that decision on your own. But what I can do is say, "Hey, this is the last step

before 21 goes public on a stock exchange and the ticker XXI is up." And

then I exit my quiet period and we are able to then build the business in the capital market. So when you guys ask me

capital market. So when you guys ask me every episode, it's the most asked question I get. 12121

121. Well, assuming our shareholder uh vote goes well on December 3rd, then 21 will commence and going public hopefully very shortly after that. So, if you are

a shareholder and you know other shareholders, make sure they're aware of the vote and once the vote commences, which is on Wednesday, I hope to have

extremely exciting news thereafter. But

can't tell you guys how to vote. I don't

control the vote and uh I can only share that much, but I did want to make sure I get that out there. I know that this is a little unusual that I start an episode this way, but this is a very unusual

event and that I'm attempting to take my company public uh in partnership with SoftBank and co-founding it with Tether.

Uh it's one of the biggest stories to hit Wall Street this year. We're very

excited about it and I want you guys to be aware because when we check our data, you guys are our shareholders. And

again, this is a shareholder vote. This

is a stock built by Bitcoiners for Bitcoiners, by the people, for the people. So, if you guys have questions,

people. So, if you guys have questions, please ask them. I will do Q&A at the end, but I did want to make sure that people didn't have to wait an hour and a half or longer to get that information

because it is obviously important. You

guys have been waiting a very long time for this transaction to go through.

Okay, next first chapter of this episode. The Bank of Japan, the quiet

episode. The Bank of Japan, the quiet puppeteer of global risk. So, let's talk about Japan's relationship with Bitcoin.

So, this tweet from Arthur BTC dumped because the Bank of Japan put December rate hike in play. USD JPY 155 to 160 makes the Bank of Japan hawkish.

What is he talking about and what are you guys looking at? So, for those listening on the podcast waves that are not viewing the screen I'm sharing, what

we're looking at is in white BTCUSD.

So, the price of Bitcoin and you can see it stagnating sideways, a little bit of up chop, a little bit of down chop, and then it looks like it got shot and fell off a cliff. What are we looking at in

orange? Weirdly, that is the dollar yen

orange? Weirdly, that is the dollar yen currency rate. Weirdly, guys, it shows

currency rate. Weirdly, guys, it shows very similar pattern. A little chop, but mostly sideways and then it looked like

it looks like it got shot and fell off a cliff at the same exact second. What's

going on? What is this relationship?

This from zero hedge. Central banks have completely messed up market messaging.

First, the Federal Reserve's schizophrenic communications sent December rate cut odds from 80% then to 30% then 100%. And we've talked about

this on the show. December rate cuts for the Fed for the US dollar were guaranteed and then they backed off it and Bitcoin freaked out and now they're back to guaranteed. And now the Bank of

Japan just sent December rate hike odds to 80% down from 20% only 10 days ago.

So the cost of capital, the cost of money, the price of money, you know, there's really two two ways to think about liquidity globally, macroeconomics,

fiat. There is one, what is the price of

fiat. There is one, what is the price of money and two, what is the supply of said money? Now, traditionally, I'm more

said money? Now, traditionally, I'm more interested in the latter, in the supply of said money. Why am I interested in that? Well, we've seen Bitcoin go from

that? Well, we've seen Bitcoin go from 16K to 126K while rates were at 4 plus% in the United States. And that was on

the back of the fastest rate hike ever.

And I've explained on the show, the reason Bitcoin was able to rally so much is because liquidity came from the US Treasury. This idea of fiscal dominance.

Treasury. This idea of fiscal dominance.

Global sovereigns and specifically the United States is so indebted that it has to find liquidity at all costs. it can't

solely rely on the Fed anymore. You get

this idea of fiscal dominance when the US government is really driving policy for money. So to me, the quantity of

for money. So to me, the quantity of money has been more important and will continue to be more important. But the

other very important variable is the price of said money and the price of said money is set by central banks and that is known as the rate.

And so what we're seeing is all of a sudden Japan went from very likely not to hike rates to very very likely to

hike rates overnight. Now why is Japan hiking rates relevant to Bitcoin at all?

It is so funny typing out these titles like what does Bitcoin, this magic internet money that this anonymous person leaked on a mailing list, tell me about Japan, this country on the other

side of the world as I sit in Chicago.

Well, let me tell you. So, I read this tweet. This chart is single-handedly

tweet. This chart is single-handedly bringing the entire crypto market down.

Japan 10-year bond yield is now at its highest level since 2008. Bank of Japan is about to do a rate hike at the next meeting which will make things worse.

Cheap borrowing will be over and people will sell their assets to repay the debt. Crypto is the most liquid asset so

debt. Crypto is the most liquid asset so it's dumping the most. I think we can soon see the impact in other risk assets as well. So this guys I'm actually going

as well. So this guys I'm actually going to skip to this slide. This has happened before to this industry and I've referenced it and I want to spend a little bit of time talking about it.

It's called the carry trade. The idea is Japan has been the cheapest capital to borrow in the world because rates have been set

literally at zero. Sometimes they've

been negative where you get paid to borrow money. And even as they have

borrow money. And even as they have hiked rates as of recent, the rates are still unbelievably small.

Why is that relevant? Well, what the carry trade is is you source capital.

You borrow money in Japanese markets in yen and you invest that money into risk that performs and out returns the rate.

So common thing to do is to borrow yen and buy the mag 7, buy the S&P 500, buy Nvidia, buy Bitcoin.

You're taking free money. Think about

what Michael Sailor has done. What was

the innovation initially? It was he was raising money at 0%. Would you borrow a billion dollars if it cost you nothing?

Probably I would. In fact, I am. That's

a a lot of what 21 plans to do.

And so there was what's known as a carry trade.

The carry trade is very simply borrow where the capital is cheap. You know,

when the US has interest rates at four plus percent, that's not cheap. When the

yen is at interest rates of zero or negative, that's cheap.

Now, as the yen strengthens or a as the the cost of the yen, the cost to borrow strengthens and rates go up, this trade starts to unwind.

Okay. And so all of this to say, the reason why the title of this episode is what Bitcoin tells us about Japan. The

yen is the world's margin loan. The yen

has played a very critical part in global liquidity. Okay. The yen has

global liquidity. Okay. The yen has supported risk assets very very very much so where if this

trade starts to unwind because Japan has to raise rates it will be very bad for assets particularly risk assets. And so

as I always say on this show what does Bitcoin do a phenomenal job at telling us the truth.

Bitcoin's unbelievable. The best in the world at being a free market that could be honest and that can tell us the truth.

So what is Bitcoin telling us? Global

liquidity. No bueno. So I read the tweet. In July 2024, the Fed cut rates

tweet. In July 2024, the Fed cut rates while the Bank of Japan raised rates leading to the unwind of the carry trade. Bitcoin capitulated into it and

trade. Bitcoin capitulated into it and found a low one week later. Good chance

this happens again on December 10th. The

Fed cuts and the Bank of Japan rises rates, raises rates, excuse me. So maybe

Bitcoin finds a low mid December. Now,

the point of this is not to tell you guys Bitcoin's going to find a low in mid December. I've said it once, I'll

mid December. I've said it once, I'll say it again. I have no [ __ ] idea what Bitcoin is going to do in the short term. No idea. Nor do I think it's that

term. No idea. Nor do I think it's that important. If what Bitcoin's going to do

important. If what Bitcoin's going to do over the next few weeks is that important to you, you should be very careful. You should probably get a

careful. You should probably get a little bit more humble and stack a little more sats.

But what I think is interesting and what we talk about on the show a lot is understanding the world around us, understanding the indebted sovereigns, understanding how they're printing

money, where they're printing money.

Because the mainstream media is lying to us, it's really difficult to find a source of truth. And so when you see things

of truth. And so when you see things like, "Oh, Bitcoin's run." What What do What do all the traders on Twitter like to say? This is a dead cat bounce. I

to say? This is a dead cat bounce. I

don't even know what that means. This is

a dead cat.

Okay. Well, I listen. And people say, "The bull runs over. This is a dead cat.

See that cat on the ground? It's dead.

Bull runs over." Say, "Okay, well, no.

Listen. Um, if the carry trade, if Japan is going to go from 20% chance to raise rates to 80% and it's going to impact the carry trade, Bitcoin is going to

start screaming first because it is the liquidity smoke alarm. It is the only free market. It is the truth source we

free market. It is the truth source we have globally. That's what's happening.

have globally. That's what's happening.

Make no m I don't know anything. I don't

I'm allergic to cats. Literally, I am.

You learn something new about me every single week. I am physically allergic to

single week. I am physically allergic to cats. I can't be around cats. So, I know

cats. I can't be around cats. So, I know nothing about a cat, a dead cat bouncing. I know nothing about it.

bouncing. I know nothing about it.

So, the point is we're in the middle of a liquidity crunch again. That's kind of been my consistent theme is that today

QT ended. So, first of all, for all of

QT ended. So, first of all, for all of you, QT ended today. Quantitative

tightening, quantitative easing, QE is very likely to resume in the near term.

We're very likely to get rate cuts going forward. Trump now knows he said and

forward. Trump now knows he said and communicated, I know exactly who I want as my Fed chair. We have looser

regulations for the banks. They're going

to be allowed to use unlimited leverage for treasuries, create a lot of credit, create a lot of new money. We have

50-year mortgage. We have stimulus checks. We have midterms. I think that

checks. We have midterms. I think that the liquidity cycle at the central bank level is bottoming out. It's about to turn back up. We have been tightening monetary policy for years now. And

despite that, Bitcoin's been able to make new highs. And again, that's because of the level indebtedness and the fiscal dominance. When you combine the two, I stand by it. I know I take a

lot of [ __ ] for it. I continue to say I think this cycle is 250K to a million.

Sue me. And if I'm wrong, then yeah, we're looking at a dead cat that's bouncing or whatever and the cycle's over. I fundamentally disagree with

over. I fundamentally disagree with that. Why did Bitcoin go down? What's

that. Why did Bitcoin go down? What's

going on? Is a dead cat bouncing? No.

Oh, my girlfriend's turning off lights accidentally. My dead cat is not

accidentally. My dead cat is not bouncing.

The Japanese central bank is going to have to tighten rates. And this brings us all the way back to the Fed, the United States, and it helps us understand a lot of the fighting. So,

I'll read this last slide. We've gone

from guaranteed December cut a month ago to not cut last week, back to a likely cut now, all without any meaningful new economic data as the shutdown fallout

continues. The Fed's communication

continues. The Fed's communication process seriously needs to be revamped.

This is absurd. And so if you guys want to understand why Donald Trump, why Scott Bessant, why these guys have been aggressively campaigning for a lower

rate, a lower Fed rate and aggress more aggressive monetary policy is because they need a weaker dollar. They really

desperately need the dollar to weaken and for the Fed to cut while if you know Japan is going to have to hike. They

need looser monetary policy. It's really

going to take a very tightly correlated effort from the Fed and from the US Treasury to financially engineer their way out of this with the least amount of

pain. There will be pain. Undoubtedly,

pain. There will be pain. Undoubtedly,

there has to be pain. The question is how much? And the question is to who?

how much? And the question is to who?

And the question they're asking themselves is, can we get reelected despite it?

And so my expectation is well first of all we'll see how the next week plays out. Bitcoin is frontr running risk

out. Bitcoin is frontr running risk assets. If Bitcoin remains this low and

assets. If Bitcoin remains this low and liquidity is not injected and the Bank of Japan does not revert on the expected rate hike and nothing gets aggressive on

the US side. The stock market will melt down and will fall as well. All risk.

Let me check my phone actually. I assume

the stock market. Yeah. Everything got

murdered guys. Stock market down, NASDAQ down, n everything down, everything down. And again, this is not

everything down. And again, this is not voodoo magic. These are not dead cats.

voodoo magic. These are not dead cats.

This is very simply explained to global liquidity. That's what you'll get on

liquidity. That's what you'll get on this show. A guy that's allergic to

this show. A guy that's allergic to cats, but understands macroeconomics.

Says everything to do with Japan, the yen, and the global carry trade. The yen

is the world's margin 100%. And so, we will see how long this is allowed to persist for. But my message continues,

persist for. But my message continues, buy every dip. The United States cannot afford to have assets go down over a persistent time frame.

The the US stock market is a Ponzi retirement account for the United States. They need it to both store

States. They need it to both store wealth for Americans and for Americans to monetize wealth where they earn tax receipts. If the US doesn't have a stock

receipts. If the US doesn't have a stock market that's up 10 to 15% a year, it is insolvent because it cannot afford the interest payments on its debt. So all

dips should be bought. We are living through a prolonged fiscal dominant cycle. None of these dips scream

cycle. None of these dips scream Bitcoin's going to 10K. None of these dips are talking about cats. This is all to do with global liquidity. And I know

it sounds weird, but what Bitcoin is telling us right now has everything to do with Japan.

Cool. Ask questions in the chat. I'm

going to move on to AI bubble revolution or both. I'm gonna kind of use AI to

or both. I'm gonna kind of use AI to blend in my final sort of prediction slashanalysis of what the United States

is going to do between now and midterms. But let's talk about AI briefly because so this came out again. It feels like every episode I have a new article which

looks like the same headline. This time

it's HP. HP to cut up to 10% of workforce as part of AI push. The

computer and printer maker expects the restructure restructuring to affect about 4,000 to 6,000 employees. This is

from the Wall Street Journal for those listening on the podcast airwaves. The

article opens with HP plans to cut up to 10% of its workforce as it invests further in artificial intelligence, a move its chief executive sees as

essential to maintaining its competitive edge. The computer and printer maker

edge. The computer and printer maker estimates about 4,000 to 6,000 employees will be affected by the end of the fiscal year 2028. It employed about

58,000 people as of its latest annual filing. Chief executive Enrique Laures

filing. Chief executive Enrique Laures said that the restructuring plan is part of a push to adopt AI across the company to accelerate product and software

development as well as automate customer support and some internal processes.

quote, "We really think this is a unique opportunity we cannot miss to really continue to transform the company and continue to be competitive for the next

10 to 20 years." End quote. This also

comes on the back of this New York Times hit piece seemingly on David Sachs, the AI cryptozar.

So, the title of the New York Times article, Silicon Valley's man in the White House is benefiting himself and his friends. David Saxs, the Trump

his friends. David Saxs, the Trump administration's AI and cryptozar, has helped formulate policies that aid his Silicon Valley friends and many of his

own tech investments. Okay,

let me just try and cut through the fat here for you guys because you know a lot of the value that I see in this show, a lot of the uniqueness that I think I can bring to the global conversation, surely

you guys have a bunch of podcasts in your ears throughout the week, right?

You know, it's I don't consider it cheating if you're listening to other podcasts. But what I think is different

podcasts. But what I think is different about this show is I don't have any advertisers. This doesn't finance my

advertisers. This doesn't finance my life. I'm not hosting this show with a

life. I'm not hosting this show with a bunch of other tech bros that have, you know, certain interests, vested interests that I'm not disclosing. It's

just me and you guys know my vested interests. It's Bitcoin. It's freedom.

interests. It's Bitcoin. It's freedom.

I want to live in a fair, equitable, prosperous world.

That's what I want. And I think Bitcoin is the best vehicle for us to achieve that. And that's my only prerogative.

that. And that's my only prerogative.

And so I have an ability. I make my own money. I've built my own companies. So I

money. I've built my own companies. So I

have an ability to say whatever the [ __ ] I want and tell you the truth.

Here's the truth.

The truth is the US government is going to have to bail out AI.

Now, do I think David Saxs is in the White House helping out his friends?

I think this was a hit piece.

He is though doing that.

But I think what like I think what the American people need to really understand is that AI the government can't afford to have AI fail.

As we've talked about and I'll show in a later slide, AI has been half of the US economy as of recent. If AI were to fail and collapse, we would go into one of

the greatest recessions of all time, we'd likely go into a depression.

The US government cannot afford for the stock market to go down and persist down. The US government cannot afford to

down. The US government cannot afford to have AI fail.

And the American people need to understand this because one, it implies an incredible amount of debasement to their currency, to their base money.

Secondly, it implies that a lot of these tech oligarchs are going to see an insane amount of

concentrated wealth because they're going to extract wealth out of the white collar job, out of the white collar worker. As I've said before,

worker. As I've said before, China disrupted red America. So the

non-university university educated manual labor American they the rust belt they all lost their jobs to China. The

iPhone is made in China not in America.

Now the white collar worker the university educated worker they are actively losing their jobs to AI at a rapid rate and the government is going

has to ensure that that continues. So,

let me just kind of like walk you guys through this timeline here. So, I want to play this now. Now, catch the catch the timestamps on here. This is Sam

Alman, who I'll I'll go on to explain. I

think is the new SBF.

And I can't say that lightly, so I'm going to explain it. I don't feel bad for saying that though because I believe

it. And uh but let me have a chance to

it. And uh but let me have a chance to explain myself. But let's first listen

explain myself. But let's first listen to this clip. The time stamp is very important. November 6th. So not quite a

important. November 6th. So not quite a month ago, but about a month ago from my recording of this November 6th. Okay,

let's listen. level when something gets sufficiently huge whether or not they are on paper the federal government is kind of the insurer of last resort as

we've seen in various financial crises and insurance companies screwing things up.

>> So I guess given the magnitude of what I expect AI economic impact to look like >> sort of I do think the government ends

up as like the insurer of last resort.

>> Okay. So Sam goes on to say, "The government is going to have to ensure AI and bail it out and be this infinite backs stop to what we're doing." Okay?

And then I don't know if you guys remember this, but Open AI then issued a press release effectively seeking government backing. So this was the

government backing. So this was the Bloomberg terminal. Let me zoom into

Bloomberg terminal. Let me zoom into this real quick. Open AI seeks government backing to boost AI investments. November 5th, chat GBT

investments. November 5th, chat GBT operator OpenAI, the world's largest private company, is asking the US government to provide loan guarantees for its massive infrastructure expansion

that will eventually cost it more than $1 trillion.

Speaking at a Wall Street Journal business conference, OpenAI CFO Sarah Frier explained that government backing could help attract the enormous investment needed for AI computing and infrastructure given the uncertain

lifespan of AI data centers. This is

where we're looking for an ecosystem of banks, private equity, and maybe even the government.

Okay. The tweet reads, "I smell a rat.

Why does Sam Alman and Open AI need the taxpayer to guarantee their debt if they are going to make hundreds and hundreds of billions of dollars? Has he just done a cash analysis and realize he's short

on cash flow?"

And my analogy to Sam Bankman Freed is that nothing this guy ever does makes any sense ever. Anything he says, any of

the math he's doing, it never makes any [ __ ] sense ever. Ever. [snorts] And

it was always actually I should have included this in my Hold on. I should

have included this in my presentation, but we'll just do it live.

Oh, this will be really embarrassing, too. Uh,

too. Uh, Jack Malers's

[ __ ] Um, Sam Bankman Freed. So, I did a Oh, we're live now. There we are.

Uh, no. All right. I'm gonna have to This is

no. All right. I'm gonna have to This is going to be embarrassing. I'm gonna have to show you guys my personal YouTube channel that has all of my chess videos

from when I was in college, but you guys make fun of me enough. It's

fine. Um, here's some strike videos.

These video these are all hilarious videos. These videos I used to record

videos. These videos I used to record when I'm in I was in college for like the month I was playing chess. Anyway,

cats out of the bag. This is my personal YouTube channel, but I uploaded here it is.

So, I did an interview with Business Insider, guys. This was in June of 2022. When did

guys. This was in June of 2022. When did

FTX collapse? November of 2022. So, I

did an interview with Business Insider where they asked me basically, "What do you think of Sam Bankman Freed?" Because

everything he's saying, he's saying Bitcoin sucks. The Lightning Network

Bitcoin sucks. The Lightning Network doesn't work. He's basically saying

doesn't work. He's basically saying everything you believe in like proof of work, Bitcoin, hard money, cash flow, profits, he's calling it all a scam. And

he's effectively saying you're an idiot.

And I did this interview. Let me play this to get through the ads. I did this interview with Business Insider and I basically said, you guys can watch it.

A little embarrassing. I'm wearing a beanie. I've grown up a little since.

beanie. I've grown up a little since.

But I I did the interview and I trashed him. I said, "Listen.

From what I can tell, this guy's full of [ __ ] I think he's a scammer. I think

there's something seriously wrong with what's going on in FTX." Business

Insider never aired the interview.

That's why I published it on my YouTube channel. They never aired it. I later

channel. They never aired it. I later

learned that Sam had paid off a lot of this media to not publish negative stories on him. So, I was trying to scream from the rooftops. Something is

[ __ ] wrong with this guy. Nothing

he's saying makes any sense. Okay? And I

was calling it in June. They collapsed

in November. Okay?

I I give you guys this context to say I have a very similar vibe about this Sam Alman guy. Now,

Alman guy. Now, one caveat, one disclaimer. I'm not an AI expert. I do consider myself a

AI expert. I do consider myself a Bitcoin professional, meaning I run two Bitcoin companies. I think I know enough

Bitcoin companies. I think I know enough to have a credible opinion on Bitcoin.

So, I felt very strongly about Sam Bankmanf Freed, the new Sam, Sam Alman.

I'm a Bitcoiner talking about AI. I'm

not an AI guy talking about AI. So, I'm

a I am a bleacher speculator. I'm

sitting in the crowd. I'm sitting in the stands. I'm not on the field. I'm not

stands. I'm not on the field. I'm not

playing. So, discount my opinion slightly because this is more of a macro podcast. I'm not enough of an expert to

podcast. I'm not enough of an expert to speak with as much conviction as I was, but I do want to sound the alarm a

little bit and say this guy, I think nothing he says makes any sense financially, his plans. And he then,

this was around that November 6th date, they went out and see explicit government backing. Okay. The next day

government backing. Okay. The next day when everyone was like, "Hey man, what the [ __ ] I thought your startup was so cool and you're so much smarter than

everyone and Elon is wrong about you and you're such a great guy and you're nice and he's mean. Now you need the American taxpayer to build your startup. What the

fuck?"

And he goes on to write, I would like to clarify a few things. First, the obvious one. We do not have or want government

one. We do not have or want government guarantees. First of all, [ __ ] It's

guarantees. First of all, [ __ ] It's not obvious given you explicitly asked for it twice. And he literally said it in this clip.

Again, this is the type this is the type of Sam Bakeman Freed [ __ ] where you're like watching this guy do commercials with Tom Brady and get on stage with Bill Clinton and you're like, uh, okay,

let's rein it in a little bit. You

literally just to our face said you think the US government should backs stop AI and then you open with such condescending, manipulative [ __ ] Let me state the obvious. I never said

that, brother. I just played the clip.

that, brother. I just played the clip.

You just [ __ ] said that. We believe

that governments should not pick winners or losers and the taxpayers should not bail out companies that make bad business decisions or otherwise lose in the market. If one company fails, other

the market. If one company fails, other companies will do good work. what we do think might make sense if governments building and owning their own AI infrastructure. But then the upside of

infrastructure. But then the upside of that should flow to the government as well. Okay. So you want nationalized AI.

well. Okay. So you want nationalized AI.

You want utility AI where the MAG7 just becomes utility companies like JP Morgan Chase, Bank of America. All these banks have been fully nationalized.

Nonetheless, again, smells like [ __ ] Smells bad. Doesn't smell good.

Smells bad. Doesn't smell good.

David Saxs then came comes out as the crypto AI guy in the White House.

Whatever that title is. I don't totally understand it, but whatever. That's

fine. I don't understand a lot of government. He says, "There will be no

government. He says, "There will be no federal bailout for AI. The US has at least five major frontier model companies. If one fails, others will

companies. If one fails, others will take its place." Perfect. Man of the free markets, man of the people. Great.

Resolved that issue. It looked like Open AI is going to just fail because they signed up for a trillion dollars worth of payments that they can't pay. And

given they're not going to get bailed out, they're just failing.

Two weeks later, we get this article from the Wall Street Journal. How the US economy has become

Journal. How the US economy has become hooked on AI spending. Growth has been bolstered by data center investment and stock market wealth. A reversal could

raise the risk of a recession. The same

guy two weeks later says according to today's Wall Street Journal AI related investment accounts for half 50% 50 not

15 50 half of our GDP growth a reversal would risk recession and then the guy who's in the White House whose job is to oversee

and create regulation for AI says we can't afford to go backwards.

What does that sound like to you guys?

That sounds like a government backs stop right?

And so my AI point is this. Listen, the

US government can't afford for the stock market to go down. We did that last episode. This episode, was that a hit

episode. This episode, was that a hit piece on David Sachs? Yes. Is David

Sachs a greedy bad guy? No. As far as I'm concerned, he's not. I've never met him. I can't speak personally about it.

him. I can't speak personally about it.

He seems like a fine guy, 100%. And the

fact that he could make a ton of money in the private sector building businesses and investing in businesses, and he went to the public sector to try and help, that seems like a noble thing to do. And I respect that. I've told you

to do. And I respect that. I've told you guys before. I was thinking about and

guys before. I was thinking about and sometimes do think about being the mayor of Chicago, for example, making that leap into the public sector to try and enter the body of the beast and help fix

what's seemingly so [ __ ] up. So, I

respect that from him. However, however,

this is the truth. You know, the internet lives at both sides of these extremes, right? Where one side it's

extremes, right? Where one side it's like this guy's enriching his friends.

He's really secretly working for Elon Musk. He's like a big tech plant in in

Musk. He's like a big tech plant in in the White House. And the other side is everyone's out against big tech. I'm the

nicest guy on planet Earth. I would

never do anything wrong to the American taxpayer.

The truth is probably [screaming] somewhere in the middle. At least I'm calling balls and strikes on this episode. That's how I see it. I just

episode. That's how I see it. I just

walked you guys through a timeline over the last month of very explicitly asking for government bailout and this new version of SPF. We're like, "Wait a second. Nothing this guy says ever makes

second. Nothing this guy says ever makes sense. And his lies are such egregious

sense. And his lies are such egregious lies. Like, first things first, let me

lies. Like, first things first, let me start out by saying I never said that, bro. The the fact that you could tweet

bro. The the fact that you could tweet that makes you a by like default psychopath because you literally just

[ __ ] said that. You have to have some level of psychopath in your brain to think you can get away. Like who how

dumb do you think I am? That's what I literally like with Sam Bangman Freed. I

thought like how dumb do you think I am?

Now unfortunately a lot of people were really [ __ ] dumb. But the point of this show is to try and educate. This

guy thinks we're stupid and so then they come out only for like two weeks and say no, we're not backstopping anything.

Only to go full 180 to where now the US government is in a position where it has to backs stop AI. It has to backs stop the stock market. Which brings me to my

last chapter which is which way western man because listen the US government. So half of US GDP has been these AI data center buildouts.

Okay. So the economic growth that we're seeing that Trump is bragging about stock markets all-time highs. Economy's

never been better under Trump. Under

Biden it was a sleepy stock market. Now

it's a wide awake stock market. He's

bragging about a tiny little sector of the economy. He's bragging about these

the economy. He's bragging about these tech oligarch elites that are hyperconentrating wealth in all their AI [ __ ] and now they're getting a government

backs stop.

What about the average American person?

What about the everyday man? Hardship

withdrawals from 401ks are at the highest point they have ever been.

people withdrawing from their 401k because they're [ __ ] What about this? US foreclosures are up 20% from last year as Americans struggle

with mortgage payments and rising costs.

US subprime auto loan delinquencies are at their worst level in more than 30 years.

What about this one? This is from that new piece that Mike Green guy, he wrote this really interesting piece.

You guys should read it. Highly

recommend.

And he writes, "Which means if you measured income inacquy inacquy, excuse me, today, the way Orchansky measured it in 1963, the threshold for a family of

four would not be 31,000." So you get this like what's the you know what level of income for your household are you

completely screwed and what we're told over and over is $31,000. And we're like okay well like the average income isn't that low. So there's only a very small

that low. So there's only a very small fraction of the United States of the American people of the American taxpayer that is getting utterly and completely destroyed by inflation and asset

inflation and the concentrated wealth not only into the elites and the asset holders but now into the ultra elites the AI guys that are giving getting default government back stops to spend a

trillion dollars. Give me a [ __ ]

trillion dollars. Give me a [ __ ] trillion dollars. I'll buy so much

trillion dollars. I'll buy so much goddamn Bitcoin it's not even funny.

His article goes on and says it would be somewhere between $130,000 and $150,000 not $31,000.

And remember Orchansky was only trying to define too little. She was

identifying crisis, not sufficiency. If

the crisis threshold, the floor below which families cannot function, is honestly updated to current spending patterns, it lands at $140,000.

That's the crisis threshold you need to be earning in your home to not be going through the worst version of humanity.

What does that tell you about the $31,000 line we still use? It tells you we are measuring starvation. quote, "An

imbalance between rich and poor is the oldest and most fatal ailment of all republics." End quote. So, the which way

republics." End quote. So, the which way Western man is, Listen, as I've said on the show a million times, we're living in a dual economy.

Part of America has been in a deep recession for a long time, for years.

And I've made the point earlier, yes, your stock your stocks are at all-time highs, bro. But against gold, they're

highs, bro. But against gold, they're getting crushed. And when we actually

getting crushed. And when we actually had a depression, the Great Depression, the dollar was backed by gold. And so,

if by proxy, what you need to measure are your stocks in gold and not in dollars, you're living through a great depression right now because the stock market's gotten obliterated against

Bitcoin and gold.

You're living through a depression. You

just can't see it. Hardship withdrawals

out of 401k, all-time highs. No one can afford their mortgage. No one can afford their car. And everyone's realizing

their car. And everyone's realizing unless your household income is 140 grand.

You are in crisis, the crisis threshold for the American family.

So, I thought this data was interesting.

So, there first of all, I'll I'll go bottom to top here. Tariffs contributed

to spending increase. So, you guys probably saw Black Friday record levels of spending.

Not really, though. Pull on that thread.

Double click. The article reads, "The impact of tariffs can be seen in the Black Friday data. According to

Salesforce, average selling prices were up 7% year-over-year, while order volumes were down 1%. Black Friday

delivered an important signal for the US economy. On the surface, sales were

economy. On the surface, sales were strong, hitting $18 billion, a 3% jump year-over-year. But with the average

year-over-year. But with the average selling price for goods climbing 7%, US shoppers continued to feel the bite of inflation.

Let me try and rephrase this in language the world can understand.

In dollar terms, jumping 3% year-over-year is actually a decline if the things you're selling are 7% more

expensive. Three is less than seven.

expensive. Three is less than seven.

So Luke Groman writes the impact or he writes, "Shout out to all the bond holders that are holding 10-year US treasuries at 4% yields while the average selling price of the things

people actually want in their life is going up 7%."

So you guys want to know what real rates being negative means? This is it. The

[ __ ] you actually need in your life is going up 7% a year in expense.

and the 10-year US Treasury is only paying you 4%.

So the So I guess like in a weird way, thanks shout out to all the boomers who are buying bonds because they're stealing from you.

So I guess here's my point. The way

Western man going back to this got a little animated there. Here's my point.

My point is the US government has to make a choice. Midterms 2026 is coming up. Trump is going to get his Fed chair.

up. Trump is going to get his Fed chair.

Liquidity problems are arising every single week. Now, every single week,

single week. Now, every single week, these episodes are breaking down where liquidity is dysfunctioning globally.

Now, it's Japan.

The US government has to make a choice.

On one side, you continue to fight inflation. You continue to keep rates

inflation. You continue to keep rates high. You don't provide the liquidity

high. You don't provide the liquidity and the financial system as we know it begins to deteriorate and collapse. We

enter some form of austerity and we go through a global reset.

On the other side, they print the money.

They backs stop AI. They give the $2,000 stimulus checks. They deregulate the

stimulus checks. They deregulate the banks. The Fed cuts rates to as close to

banks. The Fed cuts rates to as close to zero as reasonably possible.

They give out the 50-year mortgage.

Okay. Everyone's pulling out of their 401k and the new crisis income required is 140 grand. Here, take stimulus checks.

Oh, no one can afford their mortgage anymore. We're seeing delinquencies.

anymore. We're seeing delinquencies.

Here, we'll establish a housing crisis and give you a 50-year mortgage.

which should lower your monthly payments, raises the inevitable cost to own a home. You'll probably die in debt for your home, but at least you can

afford your monthly payments now.

Oh, AI is the only real growth that we have, and we need to grow our way out of this, quote unquote. Here, government

backs stop.

Oh, we need to weaken the dollar or else we can't We can't unwind from being disrupted by China. We can't support the growth of

China. We can't support the growth of AI. We need rates go as close to zero as

AI. We need rates go as close to zero as possible. Here, let me bully the Fed

possible. Here, let me bully the Fed and, you know, work my way to get everyone fired and implant my own Fed chair.

So, there has to be a choice made. And

the thing I continue to predict and say on this show is the choice is they're going to print their way out. It's a

soft default via inflation. And you

know, I was I was at a social event this weekend and I was having a similar conversation like typically when I go out to a bar. It was uh actually I was

going to say a friend of mine, but you guys know him, Dylan. So, let me pull up the YouTube chat. D. It was Dylan's engagement party.

So Dylan recently got engaged. So

everyone should type in the chat, "Congratulations, Dylan." I was at

"Congratulations, Dylan." I was at Dylan's engagement party and you know when I go out sometimes people ask me macroeconomic questions and

I made the point they they were like, "Well, why is everyone voting for this?

Why does everyone vote for printing the money?" I said, "You don't understand.

money?" I said, "You don't understand.

If I ran for president and I said, "Here's what we're going to do. We're

going to go through the worst level of depression we've ever been through because we deserve it because we're $ 38

trillion in debt and we're like, we need a hard reset and our lives are going to suck for the next 10 years, but then we're going to be so good and we're

going to be built on proof of work and sound money and net production and we're going to re-industrialize.

The guy next to me running says, "I'm just going to print money and give you a bunch of free [ __ ] Who's gonna win the election?" So, you guys have to

election?" So, you guys have to understand, not only are politicians incentivized, but like the people are voting for this. Like, if the people

want to really go through pain and realize the losses and adopt something like Bitcoin, like they can, we can vote for these things.

So anyway, I love the congrats Dylan in the chat. I love it. Um anyway, that is

the chat. I love it. Um anyway, that is that's the W whichway western man is the American everyday American is getting

slaughtered right now. They have been in a recession for a very long time. All of

the economic growth is coming from AI.

It's coming from big tech. It's coming

from the Mag 7. Trump has a lot of money printing. If he wants to fix this

printing. If he wants to fix this problem, they have to cut rates. They

have to start QE. They have to deregulate the banks. They have to hand out stimulus checks. They have to establish a housing crisis and and create a 50-year mortgage. All of this

is not my words. These are their words.

And Bitcoin at 86,000, I'm supposed to freak out. Like, I'm sorry, I'm allergic

freak out. Like, I'm sorry, I'm allergic to cats. I don't know what a dead cat

to cats. I don't know what a dead cat bouncing even means. Not on this show.

Not on this show.

I'm just I'm bullish, guys. I really am.

Um I think they got to print a lot of money. I I I think Bitcoin is sniffing

money. I I I think Bitcoin is sniffing out the liquidity problems that exist today and they're real. Um okay, strike

stuff.

Um I had Oh, right. Uh strike stuff.

Michigan. Oops. hit my mic. Michigan,

uh, lending is now available for you.

Got our license, $10,000 minimum, up to five loans, uh, as low as 9 and a half%.

Congrats to everyone in Michigan. And as

I said, we should be getting California, Texas, um, any week now. These are all before the end of the year dates for us.

So, very exciting. On the strike side, the work on the line of credit has begun. The work on the yield on cash has

begun. The work on the yield on cash has begun. So very very exciting times for

begun. So very very exciting times for Strike. We are

Strike. We are I mean I think Strike is very quickly becoming the Bitcoiners bank. Uh the

best place for financial utility for you you and your Bitcoin activity. Get a

loan, buy Bitcoin, free uh no fee DCA, no fee direct deposit, pay your bills.

So very very very very exciting stuff.

Um I don't know. Let me know if you guys have I'm sure you have strike questions, but the big one was Michigan. And we

have I think we have like five core announcements before Christmas. So,

we're going to be announcing a few things a week. I'm almost positive. I

will go into my notes now and see what the team is saying. They listen to this and they talk like don't say that.

Um, okay. Let's see here.

Okay, let me get out of this browser.

Let's do some quick Q&A. Hey, look at me. I kept it pretty short today. I

me. I kept it pretty short today. I

tried to keep it the rant under an hour and uh I did that which is impressive for me.

Okay, let's do some Q&A, shall we?

Um question. Jack, can you explain how and why Japan started this mess long ago? Will the USA go down the same path?

ago? Will the USA go down the same path?

Um, it's very complicated. The the

biggest difference between Japan and the US is that Japan has a lot of assets.

So, they're actually very assetri.

Um, interestingly, they've kind of I mean, their I don't you know, to make a very

long answer short, their monetary policy has been very unique and very different and where they've kept rates, you know, sometimes negative and at zero for a

persistent period of time to make to stimulate, you know, economic activity.

um but they have tons of actual assets and so kind of the fear with Japan like Japan is um one of the largest holders

of US debt in the world. Um and so the fear with Japan is what happens if that carry trade unwinds and everyone has to sell those assets, right? Like what if

all of a sudden, you know, everyone's been borrowing money for free in Japan and buying stocks and Bitcoin and and treasuries and all this [ __ ] What if all that has to be sold? But remember

guys, this is kind of my point in saying that, you know, US assets are artificially strong, right? Meaning, you

know, if the if the US wasn't the world world reserve currency and capital outside foreign capital didn't get repatriated back in the United States, the stock market wouldn't be this high.

I've said last episode, if you think the stock market is priced on PE and on retained earnings and on quarterly reports, you're a [ __ ] [ __ ] The

stock market is a Ponzi savings account for the world. And so eventually these assets are going to have to correct to

their natural uh you know real utility value to the market, real price, real worth. So uh I guess the question is is

worth. So uh I guess the question is is the US going to get dragged down with it? The US has benefited tremendously

it? The US has benefited tremendously from this carry trade because the United States assets have gone bit up which is

great. Like the US has loved the fact

great. Like the US has loved the fact that basically the Bank of Japan has subsidized people borrowing money for free and punting it into Nvidia. The US

loves that. So, you know, I I guess I don't understand the question, but um all of this is going to have to unwind at some point surely. I think you're

already starting to see that like that's why gold is outperforming equities like to such a degree, right? It's like

I think capital is starting to remonetize actual money. Like stocks

aren't money. Real estate isn't money.

Gold is money. Bitcoin is money. So

you're going to continue to see remonetization of actual money and things that aren't actually money are going to get demonetized,

you know.

Okay, let's see. Next uh next question.

Do you think the USA would bail out Japan from a financial implosion? Yeah,

I think the United States is going to do everything it can to persist the empire.

That's what we've said on this show is that the US is not going to let its Ponzi collapse. It's why why America is

Ponzi collapse. It's why why America is what I've been calling it recently, right? So yeah, I think the US is going

right? So yeah, I think the US is going to do what it needs to do to stimulate the empire continuing, which you know, not to be overly harsh.

You know, I I've said this before, I think I think red America was disrupted by China. I think blue America is disrupted

China. I think blue America is disrupted by the internet. And I think there's going to be a lot of fighting and money printing and political warfare and you know all sorts of violence unfortunately

as this gets sorted out these kind of wars of infighting like middle of America's those jobs are in China blue

America the coasts like the traditional media journalists their job got disrupted by social media and influencers.

Wall Street, their kick-ass performance got disrupted by Bitcoin. Bitcoin's

totally flipping finance on its head.

The white collar worker, the accountant, the the lawyer, the nurse, the whatever university educated, they're all getting disrupted by AI. So you kind of have the

internet disrupting blue America and the coasts. You have China disrupting red

coasts. You have China disrupting red America and the nonun university educated manual labor jobs. Eventually,

when the dust settles, I think you have the internet versus China.

That's that's where I think the world's going. And so, I think it's very

going. And so, I think it's very important that we do have some version of the West, you know, democracy, freedom of speech, property rights,

okay freedom equality inclusion you know, I'm not a fan of the CCP. I do

not think China is the future of the world. I think that would be a very

world. I think that would be a very dark, gloomy world.

So anyways, to answer the question, do I think the US could bail out Japan? Yes.

I think that we'll continue to see desperate attempts to prolong the empire. But what I think is inevitable

empire. But what I think is inevitable is the way this all kind of settles is you'll have the internet, which is the new west. Bitcoin to me is the new house

new west. Bitcoin to me is the new house on the hill. You know, everyone was migrating to the United States for

opportunity, hope, inclusion, freedom of speech, property rights. People migrate

from other countries, Statue of Liberty, and come to America for that. I see

people migrating to Bitcoin now for that. They're migrating to Bitcoin for

that. They're migrating to Bitcoin for hope, for inclusion, for equality, for freedom of speech, for property rights, for transparency, for truth.

So that's what I think the future is.

And until we get there, you're going to see a lot and and then I think the internet will out compete China for the future. Like I think more people in

future. Like I think more people in China will want to be a part of the worldwide web than people that are free on the internet will want to be a part of the CCP. And but I think that's the

next frontier.

And until we get there, it's going to be it's going to be really nasty money printing, political violence, uh, societal violence. Um,

unfortunately, it's just, you know, when empires fall.

I understand that Bitcoin is ultra sensitive to these macro liquidity moves. It's the barometer. Yes, I love

moves. It's the barometer. Yes, I love that. Correct. But when does it start

that. Correct. But when does it start reacting in more of a safe haven way?

And why has gold behaved so differently?

Yeah, I mean when does it start h acting differently? I don't know the answer to

differently? I don't know the answer to that. If if the market were rational and

that. If if the market were rational and smart yesterday. Um but it is

smart yesterday. Um but it is interesting because the way the world seems to be pricing Bitcoin as like a hard money equity. It's kind of this and

I've said it before, Bitcoin is kind of this technology plus fiat liquidity.

That's been my equation in my brain is like Bitcoin equals technology plus fiat liquidity and the reason for that is you know there is a tech component to it

where new technology Satoshi solved a what was thought to be a impossible computer science problem and he solves it and because of that there's a lot of industries that are going to be

disrupted there's a lot of dematerialization going on there's a lot of new opportunity and new businesses that are to be created and so the market is almost taking the the fiat liquidity piece is what you're talking about. Safe

haven gold. It's the most finite scarce thing we've ever invented. Period.

Nothing's ever come close. It's the only literally limited supply money we've ever come across as a species. And so

the market is trying to figure out what combination of technology and fiat liquidity it is. If it was only fiat liquidity, it would behave a lot more like gold. If it was only technology, it

like gold. If it was only technology, it would behave a lot more like equities.

But for some reason, it's kind of priced as both. In my opinion, it's weighted

as both. In my opinion, it's weighted way too much like technology when it shouldn't be. But it clearly it is. And

shouldn't be. But it clearly it is. And

so you kind of have this like 50% hard money fiat liquidity and then 25%

technology 25% you know, retail uh speculative GME type behavior.

That's just where it is today. I don't

know when that will change. I mean,

obviously listen when we've talked in prior episodes and we've said, you know, th this has been a record level of selling and new

distribution, like over 5% of the Bitcoin supply changed hands in the month of November. That's an insane amount of distribution. And we know that the ETF flows are eating into a lot of

this. Corporations like 21 or like

this. Corporations like 21 or like strategy are eating into a lot of this.

And so a lot of the market participants that I would say have aren't very aren't very sophisticated.

They are being rotated out of the asset class. And so you know gold is a much

class. And so you know gold is a much more mature asset. Not just in how long it's been around but who's holding it, who has monetized it. You're talking

about governments, central banks, funds.

Now, what was really important about Bitcoin is it was distributed initially to the people. It's critical or else Bitcoin would have failed. If Satoshi

would have IPOed Bitcoin with Goldman Sachs when he solved the Byzantine General's problem, then Bitcoin would have never worked. Goldman Sachs would have 25% of the supply. Black Rockck

would have the other 25%. I mean, it would have never gotten distributed to you and I. And so the fact that it did is really important, but that carries along with it very unsophisticated

investor base. And so as the asset

investor base. And so as the asset matures and those holding it mature, it starts to be behave very different.

Right now it's very speculative, very risk, very like tech plus hard money, which is fine. Um, listen, at the end of the day, you know, over these, you know,

fouryear periods, four, five, 10 year, whatever you're measuring Bitcoin in, it's the dominant monster performer.

It's not the worst thing in the world, but I think that explains it. And as we get ETFs and institutions and more sophisticated investors holding it, it will start to behave much differently.

Like we saw like the level of outflows given Bitcoin's price action versus inflows, it was very impressive. Like is

barely at all. Um, it says a lot about who these ETF investors are and how they treat Bitcoin differently than than um retail.

Um, okay. Next question for Jack. I'm a

senior in a bachelor's degree in computer science. In your opinion, as

computer science. In your opinion, as the CEO of two tech companies, what is your outlook on the entry-level job market for software jobs?

Oh [ __ ] I don't know, man. I'm I'm worried about AI.

Um I'm worried about AI displacing entry level white collar jobs, software, legal. Um

legal. Um but to be honest, as I said earlier, and this is just me being honest, dude,

like Strike, I had one real job before Strike. I was a software engineer slash

Strike. I was a software engineer slash design. I don't know. I was like

design. I don't know. I was like building this product at a startup in Chicago and and so I don't I don't have that much experience. I know for us at Strike

much experience. I know for us at Strike like we hire software engineers all the time. 21 will be hiring software

time. 21 will be hiring software engineers at some point in the future.

So from my experience it's fine. Um and

uh I I shouldn't be the expert to be candid. Like I'm not I don't have 20

candid. Like I'm not I don't have 20 years of startup experience. I don't

talk to all my friends in Silicon Valley. Like I don't I don't I don't

Valley. Like I don't I don't I don't talk to those people. So, you take it for what it's worth. As an a and as a Bitcoiner talking about AI, so that's a fancy way of saying I'm not an AI

expert.

It worries me. It concerns me for sure, but I'm hiring engineers. So, I wish you the best of luck and thanks for tuning in. And at the end of the day too, you

in. And at the end of the day too, you know, finding a way to be a net producer in society, you know, I'm hardworking,

proof of work, principled, honest people will will figure that out. Meaning, how

can you find a way to produce more value than you consume from the world? How can

you provide value to those around you?

And right now, it seems like you're seeking to do that through software. And

I'm sure there's a way to do that. And

if there ends up not being a way to do that, which sounds insane and I doubt that, I'm sure there'll be a way for you to be able to achieve that is my point.

Like the AI doom and gloom is a little oversold, but I do think it's real that the government is backstopping a tiny tiny tech oligarch to basically displace

like half of the Americans working.

That's like really crazy.

Oh man, it's [ __ ] up. So I got to be honest. Um, but I wish you the best of

honest. Um, but I wish you the best of luck, dude. And you should apply to

luck, dude. And you should apply to Strike. Um, we're always hiring. Maybe

Strike. Um, we're always hiring. Maybe

uh maybe you get approved here.

Um, how is a stablecoin bitcoin/gold world better than this fiat world? Do

you think stable coins are just a bridge to a Bitcoin standard?

I can't tell if that's a trick question or not. Are you [ __ ] with me? Is this

or not. Are you [ __ ] with me? Is this

a you got punked? How is a stablecoin Bitcoin gold world better than fiat?

Pretty simple. You can't print Bitcoin.

So, listen. Stable coins.

How do I say? Here's what Tether invented.

One of Satoshi's ingenious inventions is Satoshi created a monetary network.

Let me try and convey the relevance here.

Gold is a monetary asset.

Okay.

What is gold's monetary network?

Gold's monetary network are us humans, our legs and feet. Okay. In order to move gold and achieve gold settlement, you have to walk it across town to your

butcher, to your grosser, to your tailor, you have to ship it across the ocean to the country you're trading with. You have to fly it across the

with. You have to fly it across the world to the person you're purchasing oil from.

Gold has no monetary network. Humans

were the gold and are the gold monetary network. And for that reason, gold

network. And for that reason, gold failed because in order to scale gold digitally, we had to concentrate it in central banks, in governments, and in corporations

so that we can build digital payments on top of it. And it's for that reason gold got demonetized.

Bitcoin, conversely, is different. Why?

Bitcoin is both, listen closely, a monetary asset like gold and a monetary network.

I can achieve settlement with Bitcoin without needing to trust a bank,

a government or a central bank and I don't need to walk it across the world. I don't need to ship it to India.

world. I don't need to ship it to India.

You see huge innovation, massive. So this idea that it's both a digital money and a digital network. It's a network that can

digital network. It's a network that can settle peer-to-peer with no intermediaries.

All what Tether did is they said, "Okay, everyone has access to these digital networks. Now, we're going to take the

networks. Now, we're going to take the most uh popular financial product ever, which is the US dollar, and we're going to put it on top of this new innovation

that is the network, not the asset.

Obviously, the asset is Bitcoin, but we're going to put the dollar on top of the network." And the idea in that is

the network." And the idea in that is that everyone around the world has had insane demand for the US dollar.

Everyone like the dollar trades at an insane premium in every black market across the world. In Nigeria, in uh Argentina, in Turkey, but they can't have access to it because you cannot

export the dollar over the AC network, over the Fed wire network. They don't

have access to this [ __ ] But the ingenious idea that Tether had was, wait a second, everyone now has access to a monetary network that can achieve money movement and settlement. So, we're just

going to take the most popular product in financial history and put it on this new network. And that way, everyone in

new network. And that way, everyone in the world gets access to the most popular financial product of all time.

Does that make sense? That is very different than the base monetary unit being fiat versus Bitcoin. Bitcoin you

can't make any more of it. So the world is fundamentally different because you cannot debase it. You cannot bail people out. You cannot print any more of it.

out. You cannot print any more of it.

And so I guess I don't understand the question.

But sometimes when people compare stable coins and Bitcoin, they're not onetoone.

Like they're not competitive. Tether is

a bank effectively. I listen all everything I just said, I've never run by them. Like, hey, this is how I'm

by them. Like, hey, this is how I'm going to talk about Tether. These are

all my own opinions and I don't actually know if they're a bank or not or how they're regulated. I have no idea. I

they're regulated. I have no idea. I

don't work for Tether. They're just a business partner with me in 21. I spend

a lot of time with them. I love them as friends. I'm not really familiar with

friends. I'm not really familiar with their business that much.

But think of them like a bank. Okay,

Tether is a bank. They compete with JP Morgan, for example.

And Tether is better at servicing the dollar globally and better at monetizing the dollar globally than JP Morgan is.

And they're doing it predominantly because of they they were able to make use of this new monetary network technology. At the end of the day, they

technology. At the end of the day, they took the dollar product and they put it on new technology which made it cheaper, faster, and easier for people all over the world to get access to the thing that they've been in demand for. That is

like very little or nothing to do with Bitcoin. Tether just took the monetary

Bitcoin. Tether just took the monetary network part of Satoshi's invention and sold the dollar on top of it, which I don't use Tether. I'm not that

interested in stable coins, if at all.

Like, I don't really give a [ __ ] I'm American. I well I did get to bank by

American. I well I did get to bank by Chase but in theory I have easy access to dollars and stuff you know so I don't know I don't find them competitive and so then the question kind of like

materializes as what's difference between Bitcoin and fiat I mean I can't tell if you're [ __ ] with me um you can you know one is hard money the other is easy money I don't know hopefully that answer suffices you can follow up

if you if I didn't that was my interpretation of what you wanted me to say or what answer you were looking for Okay, next question. Are we in the quote

and then they fight you end quote stage or the and then they join you stage?

Probably both. I mean, it's gotten to the point where it kind of depends on who's in office.

Like with Trump, it's a and then they join you. If the Dems win again, it

join you. If the Dems win again, it wouldn't be surprised or I wouldn't be surprised if it's a and then they fight you again. Uh, who knows? Like is me

you again. Uh, who knows? Like is me getting debanked by Chase a they're back to fighting. Some people on the internet

to fighting. Some people on the internet are conspiring that I I have no idea. Um

they never told me why and I don't know.

I'll probably never know. So I think it's contextual, but the most important thing is I don't think it really matters that much. Like I've been in Bitcoin for

that much. Like I've been in Bitcoin for 13 years and they've been fighting and joining and lying and thising and thating and blah blah blah blah blah.

And all Bitcoin's done is go up as long as I remained humble and I stack sats.

So I don't know. It doesn't matter.

People on the internet got more upset that I got to bank by Chase than I did.

I just framed it here. I told you guys I'd show you the frame.

Oh crap.

It's got the address it was issued to, which thankfully isn't my address,

but I still don't want to show it.

Oh [ __ ] Okay, here it is.

Yeah. So, I don't know. You know, people can fight fight fight me all day long.

As long as you don't put a bullet in my head, whatever. Fight me, debank me.

head, whatever. Fight me, debank me.

I don't give [laughter] a [ __ ] I don't care. Um, so I would say it depends on

care. Um, so I would say it depends on who you're talking about, but um, nonetheless, it really doesn't matter.

Bitcoin's going to win. If Bitcoin is supposed to be the solution to the current debt and monetary problems, why should we expect it to go up during those crisis rather than being dragged

down by them like everything else? Um,

well, it depends your time frame.

Bitcoin is very likely to get dragged down with everything else in like a great depression crisis immediately, like in the first like everything's going to go down. But then on the other

side of it all, listen, I'm bullish Bitcoin in the sense that it's the best money we've ever seen. And so money competes.

There's inevitably one money. There's

one good in the market that humans want to collectively price and exchange and store their time and energy. That's it.

And to me, I see no evidence as to one, why Bitcoin hasn't already been winning in that competition, going from zero to $1.8 8 trillion in 16 years. It's been

kicking everything else's ass. And two,

I don't see why it won't continue to do that. That's as far as my Bitcoin thesis

that. That's as far as my Bitcoin thesis goes. And so, yeah, if there is a

goes. And so, yeah, if there is a serious depression, everything, including gold, everything is going to go down and then we're going to have to remmonetize and build society back up

again. Um or the other way which I think

again. Um or the other way which I think is going to happen and has happened and will continue to happen is they'll default via inflation and through money printing and Bitcoin will be will

continue to be monetized through that.

So either way you know it's that's the which way western man like you know there's there's two evils here. Which

way do you want to walk? Do you want to default hard or do you want to default soft? But it's a default nonetheless and

soft? But it's a default nonetheless and I think Bitcoin is going to win this competition.

Um, what do you mean by this cycle? Yeah,

that's a good question. Honestly, um, I guess I still consider us in a cycle since bottoming out around that 16k

range. I don't think a fall from what is

range. I don't think a fall from what is it 126 to 80 is a bare market and this is a new cycle. Um I think you know

Bitcoin breaking trend and falling you know 50 plus 60 70% is a new cycle. Um

but I guess that's a good question. Like

I do think these kind of fouryear cycles are over and so um as you ask that question I guess I sound kind of dumb

talking in cycles. I guess like to me I think a lot of crypto uh bitcoiners

even like you know risk investors uh speculating speculative punters. They

looked at Bitcoin going from 16k to 126k as a as a liquidity cycle. But mind you we were in the middle of QT while we did that. We only did that because of fiscal

that. We only did that because of fiscal dominance, because of the Treasury, because of everything we've talked about. And we're just now starting a new

about. And we're just now starting a new liquidity cycle where rates are coming down, QT's ending, QE starting. And so

to me, we're still in this cycle of like, you know, the end of the last cycle was when Jerome Powell said, I got to fight inflation after this COVID

mess. like inflation. We're like

mess. like inflation. We're like

rivaling inflation of in like Zimbabwe and like I gotta fight this [ __ ] and I'm raising rates as fast as I possibly can.

That was the end of the cycle. Like

assets are going to get crushed. The

dollar is going to strengthen.

Inflation's going to come down. The

Fed's going to tighten. And now we're still in this like 126k to me is like the appetizer because that was the

all-time high we made in dollar terms without monetary policy changing at all.

And we didn't even make [ __ ] You guys are going to make me make this episode long. [ __ ] it.

long. [ __ ] it.

Let me pull up a chart I want to show you.

Let's see. Trading View

BTCUSD against XUSD.

So this is Bitcoin priced in gold. Let's make this a line.

There we go. And this is month monthly.

So very long time frame. So you can see Bitcoin's been demonetizing gold ever since it was invented. And it makes these highs and then redistribution. And

again, you can't print Bitcoin out of a factory. You can't dig it out of the

factory. You can't dig it out of the ground. And so you get the new supply

ground. And so you get the new supply from the market. And so what Bitcoin does is it enters this price discovery like this. And then eventually it finds

like this. And then eventually it finds new supply from people that have it. And

they go, "Fine, [ __ ] it. I'll sell

Bitcoin for a house, for a car, to pay off debt, to buy a sports team, whatever. And you get this

whatever. And you get this redistribution where there's now the market has found supply where people are willing to sell and then it comes down and then up and then down. And then my

point is we haven't really made new highs yet. And my argument here is that

highs yet. And my argument here is that again the Fed has been in QT like the dollar has been strong. like

we only have gotten this little whatever this is here because of fiscal dominance because the Treasury has stimulated and so I think we are still like in the

process of like a massive move up and so when you look at Bitcoin and dollars it's very misleading because you're like oh we made a high of 126 and maybe there's um diminishing returns as

Bitcoin matures and four-year cycles bro but to me we're still in this cycle which is like we still like haven't really made new highs yet in gold. Like

I think we're going like way higher in gold terms and you know gold usually leads Bitcoin catches up. And so to me this is like

catches up. And so to me this is like the cycle is like we're gonna chop around and eventually like break out and

make highs. I don't know, 60 ounces, 80

make highs. I don't know, 60 ounces, 80 ounces per per Bitcoin.

So, I don't know. That's that's like quite literally what I mean, if that makes sense.

Okay. Strike questions for Jack's Q&A.

High yield savings account inside Strike sounds cool. Fiat rainy day fund, etc.,

sounds cool. Fiat rainy day fund, etc., but using the yield from other customers sounds a little too similar to what BlockFi did. What say you? Uh, I don't

BlockFi did. What say you? Uh, I don't think it's similar to what BlockFi did at all. Um, what BlockFi did is take

at all. Um, what BlockFi did is take your Bitcoin deposit and lend it out.

That is not what I will ever ever ever do. Ever do.

do. Ever do.

What we are offering customers is saying this right now, our lending business is people give us double collateral on their Bitcoin loan. So they're able to

take out half of the worth of their Bitcoin as a loan. So let's say they give me $100,000 worth of Bitcoin and I allow them to take a $50,000 loan. So it

is a overcolateralized loan. There is

little to no risk for me because I have the collateral. if they don't repay me,

the collateral. if they don't repay me, if something goes wrong, I can't lose, right, as the lender. And the way I do this is I work with large institutions

and banks to source the dollars. So, I'm

giving out hundreds of millions of dollars worth of loans, soon to be billions of dollars worth of loans, and institutions are saying, "Jack, can

we get a 5%, a 6%, a 7%, an 8% return on on the cash we give you?" Because that is giving us more risk-free returns than if we were to lend it to the Fed or to

the US government, right? If we were to buy a T bill or a 10-year bond, you can give us a better return. And I say, 'Yeah, of course.' And so then when I see everyone asking, "Hey, Jack, I want

yield on my cash, too."

I was like, "Oh, well, why don't we let our individual customers get in on the deal that all the institutions are getting in on where if you want your dollars to go into the pool that we lend

out as severely overcolateralized loans against Bitcoin, you're more than welcome to and we'll give you these really attractive rates that are far better than, you know, what Robin Hood

or Coinbase or any of these companies are giving you because they're taking your money and overnight lending it via the banking system to the US government and the US government's paying you

whatever the funds uh Fed funds rate is.

We're lending it to Bitcoiners who are net producers and wealthy and can afford higher rates. And so that's but what

higher rates. And so that's but what BlockFi did was take your Bitcoin deposit and lend it out and rehypothecate it. I would never ever

rehypothecate it. I would never ever ever ever do that ever. This is very different. And so the way the product is

different. And so the way the product is going to work is you have cash on strike. If you want five, six, seven

strike. If you want five, six, seven percent, whatever we end up offering, you know, we'll have to get closer to the product launch, but you want something substantially larger than what

anyone else can give you and you're getting it from an overcolateralized loan. So it's not you're not taking risk

loan. So it's not you're not taking risk on it is it is we have the collateral and we're lending against the collateral over collateralized loan. You're more

than welcome and then if you ever want to withdraw what we do is you hit the button. I take an institution's capital

button. I take an institution's capital like a bank's capital and I swap it with yours. So the customers will get pri you

yours. So the customers will get pri you guys will get priority. If you want in I take your money I put it in. I kick the bank's money out and now you guys are

earning this yield because you are helping fund the loans and then if you guys say okay rainy day fund well it

rained my daughter broke her nose I don't know whatever something happened then I put the bank's money back in and you withdraw your money that's how the product works

so it's basically you guys are part of the product that I've already been building with all these large institutions nothing not like BlockFi at all. Let me

know if that makes sense because if it doesn't, it's really important that eventually it does. Uh strike in New York updates. Um

we're almost there. Uh we've been working really diligently with New York.

Uh we've been told we're at the last last mile, last lap. We're like

literally right there. That's what um they've mentioned to us. So, we feel very close and uh we feel more confident than ever. But

than ever. But yeah, that's unfortunately all I have for you guys today.

Jack, after running a private company and strike, how does a public company differ? Oh jeez.

differ? Oh jeez.

Um it's just there's just a lot more involved outside of building the products uh and

you know building the stuff like at strike you know we are heads down I don't think there's a company in the space that has higher product velocity than strike we have a very clear vision

very clear leadership and we just keep our head down and we build and we build fast strong and it's really it's a it's a really different way of building than

building out in the open where when you're a public company your company is literally for sale like anyone in the world can buy your company and so

you know whether it's disclosures lawyers I mean even this approval process like our approval was delayed because the government shut down like

the government shutdown didn't affect strike at Who gives a [ __ ] We're going to keep building [ __ ] We're going to get you guys lending in California.

We're going to get live in New York.

We're going to give you a line of credit on your Bitcoin. We're going to give you yield on cash that the Fed could dream of. Like, we're gonna Right. And so,

of. Like, we're gonna Right. And so,

you're just very different. But

obviously, Strike doesn't have the benefit of access to cheap capital in the capital markets. So, just different trade-offs. But for that reason,

trade-offs. But for that reason, whenever people ask me, am I going to combine the businesses? The answer is no. at least not right now. It's doesn't

no. at least not right now. It's doesn't

make sense to me. Strike benefits

tremendously for being private and 21 benefits tremendously for attempting and hopefully soon being public. So, I don't know.

Um, okay. Will the new line of credit and strike have the same state minimums as the loans? Um,

we I don't want to commit to anything just yet because then I'll just be an [ __ ] if I have to revert on it. I

would say give me like a few more weeks and I will be able to be a little bit more communicative on the product and what to expect. But the goal of the product, listen, the line of credit

solves for not needing to take out a 12-month massive loan all at once. It is

for the Bitcoiner that wants to live as Bitcoin with Bitcoin as their base money. You know, you have 50, 60, 70,

money. You know, you have 50, 60, 70, 80, 90% of your net worth in Bitcoin and as a bill comes in, you just want a little bit of credit automatically created to pay off the bill. And when

your paycheck comes in, you can pay that off or handle the interest. And it's an ability to it maximizes your ability to own more Bitcoin. And that ultimately is

one of our jobs at Strike is to help you be happier, more free, wealthier, in control of your future more. And that's

the goal of the product. And so, as low as we can make the minimums, we're going to try and do that. As low as we can make the pricing, we're going to try and do that because this product specifically is, I think, our best

innovation for people to live on Bitcoin. I think it's going to change

Bitcoin. I think it's going to change the world in that respect.

Um okay.

I'm definitely not going to answer that one.

Um, any new info on the 21 launch? And then

another question is where can we vote um for the XXI uh shareholder vote? Yeah. So,

shareholder vote? Yeah. So,

I said the same thing. You know, I was talking to our lawyers this morning and I said, "Honestly, I might post a video on Twitter for a few reasons. One, I'm

not sure people know they can vote and I'm not sure people know how to vote."

Um, and two, it's actually really cool because usually in these spa things, they're like the bag holders are these institutions and they own majority of the equity or all of the equity. And so

these votes never matter. But for us it's very unique. Like people

the hell uh people have accused us of like oh some institution dumped this some institution did that. Like when you look at the outstanding shares that

exist in C it's like almost all retail.

It's like individ it's people like there is no institutional concentration of anything. So, one, I think that's really

anything. So, one, I think that's really cool. Like, we are trying to be like the

cool. Like, we are trying to be like the Bitcoin equity built by Bitcoiners and the bottoms up movement resonates with

me, with the business, and with Bitcoin.

So, one, that's cool. Two, yes, you can vote. So, our shareholder uh meeting for

vote. So, our shareholder uh meeting for the business compos combination is on Wednesday and specifically 10:00 a.m.

Wednesday. So, it's not even like end of day Wednesday. So you would need to vote

day Wednesday. So you would need to vote before then and then how you vote depends on how you purchase the stock.

So you know for example if you bought it from Robin Hood you can go vote inside of Robin Hood. Um if you bought it from a broker you can contact the broker and request to have your voting control

number to approve. But the point that everyone should know is that if you want XXI to list on a stock exchange soon, this is like the final step to doing

that. And so as a shareholder, you know,

that. And so as a shareholder, you know, you can voice your support for the the business to get approved and for us to list on an exchange and officially start

as 21. You can voice that support by

as 21. You can voice that support by voting. And so if you are a shareholder,

voting. And so if you are a shareholder, you know, I would appreciate you voting.

But I I very very um seriously cannot tell you guys how to vote. I can encourage you to vote and I

vote. I can encourage you to vote and I can let you know that if everything gets approved, we will list and Tether and I will officially be able to run this company in the public markets. Whereas

today we have not been able to do that.

We have not technically started. We've

been waiting for the transaction to close. So, does that answer your

close. So, does that answer your question? Or let's see what Dylan has to

question? Or let's see what Dylan has to say.

My lips are dry.

Um, oh, here's a funny question. Thoughts on

the Cash App move into Bitcoin features?

I don't know. It seems like every Bitcoin company's best ideas come from me. That's what I'll say.

me. That's what I'll say.

I think it's great. I mean, once upon a time, someone once said, "Same team."

And I believe that still to this day. I

mean, everything that's good for Bitcoin is good for Strike. Uh, but I don't know. A lot of these we already we have

know. A lot of these we already we have all these features already or we've launched these a while ago. So, I'm glad to see companies kind of view Bitcoin the same way we do. I think it's I and I'm not being condescending. I I

genuinely think it's a good thing. Cash

App has always been in a position to onboard a tremendous amount of Bitcoiners and uh I think it's incredible that one they already have and two they'll continue to do so. But

when people tweet at me like they Cash App waved fees on DCA, what are you going to do about that? Like well we did that a really long time ago. So yeah, I think our job at Strike is to continue

to innovate and create innovative products and you know march the industry forward in what we think is the right direction. And when we see other

direction. And when we see other companies, it's not just Cash App, a lot of companies that are now doing direct deposit and bill pay and all sorts of stuff. I think it's cool. I think it's

stuff. I think it's cool. I think it's great. And we've certainly taken uh

great. And we've certainly taken uh insights from other companies and innovated on the back of other people.

So I don't know. I I don't know what you guys want me to say to that one. I think

it's I think it's cool. I think we're still very different in who we're serving. Um but yeah, um it's good. It's

serving. Um but yeah, um it's good. It's

good for the Bitcoin ecosystem, but I don't know if you're going to give me a layup. I will say I love seeing my ideas

layup. I will say I love seeing my ideas implemented in companies um outside of my own. It's validating.

my own. It's validating.

>> Same team, you know what I mean?

Um okay cool. I think that's it. And with that,

cool. I think that's it. And with that, I am probably gonna record a video and put it on Twitter so that all of the 21

uh well technically Caner equity partner investors know that you can vote and that you know if you want 21 to get approved all you got to do is vote and

then we'll go list this we'll list the stock on an exchange and we'll get this show on the road. So, to be honest, I will probably just go get some water and put some chapstick on and go record that

video. But with that, um, this concludes

video. But with that, um, this concludes another episode. Much love to you guys

another episode. Much love to you guys as always. Um, give me feedback in the

as always. Um, give me feedback in the comments. This one was a little short.

comments. This one was a little short.

Uh, in hindsight, Q&A was maybe a little long and the rants were a little short.

So, um, I'll take that into uh, next episode, but give me feedback. Let me

know how you're feeling, what you want me to talk about. Um, the good, the bad, and the ugly. It doesn't hurt my feelings. Uh I just appreciate the fact

feelings. Uh I just appreciate the fact that we have this opportunity every week. It is uh the most interesting

week. It is uh the most interesting corner of the internet what we got going here. So I love and appreciate you guys

here. So I love and appreciate you guys and I'll see you uh next week. Okay.

Peace.