biding its time Bitcoin holds above 100K as both
US debt and the Trump Musk relationship blow up Here’s what happened and where we might
be headed this week The next black swan Companies everywhere are adopting BTC Treasury
strategies and in many cases borrowing heavily to do so What could possibly go wrong spend
spend spend Trump’s big beautiful bill is in the spotlight and some people have concerns
Here’s what’s on the table and what it all means And a look at last week’s top
performers tweets of the week dates for your diary the walls of fame and shame and
much more besides This is the Coin Bureau News Live Welcome everyone It is indeed the Coin Bureau
News Live It is Monday once again but don’t let that get you down because here we are Uh myself
Guy and I am joined of course by Nick GM Guys how you doing how you doing guy yeah I’m good
I’m good It’s been a It’s been a bit of a week for crypto Yeah Yeah May week for politics though
What was going on last week wow I’ve en Yeah it’s nice I I don’t get I sometimes feel I don’t have
enough drama in my life And so to see a a literal soap opera going on um at the at the very highest
level of the richest man in the world and the most powerful man in the world going at it and all we
looking at is what our bags and what’s going on in the Yeah I’ve just been shoveling popcorn down
like there’s no tomorrow It’s been Yeah real can’t take your can’t can’t can’t avert your gaze sort
of thing Anyway it’s great to see you everyone Thank you for joining us again Uh we are going to
talk today about Bitcoin Of course we’re going to look at look back at last week’s price action
and where we think it is going this week in the context of everything that is currently going on
Uh we’re also going to be talking about tackling this question of Bitcoin treasury companies Um
this is a this is a real thing at the moment and yeah it could well be this is where the next big
crypto yeah crypto catastrophe comes from So we’re going to dig into those see what they’re all about
And we’re going to ask the question like is this something we should be worried about or is this
just you know is this a fuss over nothing and we’re going to be looking at this big beautiful
bill that has been the cause of this rift in the bromance between Musk and Trump What is it all
about what is in it and what what does it mean for our bags most importantly um now before we get
into the whole Bitcoin price action thing uh can I remind you please to like subscribe ring the
bell do all the bell as well guys go absolutely bananas on all of it I I I in intreat you Um okay
So Nick what happened in Bitcoin last week what well firstly we start off we started last week as
we usually do with Michael Sailor buying Bitcoin just before the stream This time though it was
$75 million a mere pittance What on earth what is that trifling A trifling amount Sense Sense Um
so obviously many people were wondering whether the pace of the strategy buys was of concern and
it was slowing and that’s just because Michael Sailor and strategy didn’t have enough fiat to
sink into crypto And that changed on Tuesday when strategy announced a new preferred offering
So these were the STRD or stride preferred stock offering offering 10% dividends on these preferred
stock And it did then indeed raise some of these concerns around how they could potentially pay the
buyers of the stock Yes it’s because um strategy doesn’t really earn that much revenue It just it
buys Bitcoin these days Um and there were many other companies that announced last week that they
were buying Bitcoin which we will of course get to in a bit Absolutely Wednesday we had the ADP
numbers Uh they came out and these are payroll um numbers again uh just prior to the NFP and
these were unfortunately worse than expected They came in lower the lowest in two years And this
of course caused concerns around employment again right and um then Trump also came out and he said
“Wow these numbers are really bad Too late Powell must lower the rate He is unbelievable Europe
has lowered nine times.” Is it just me Nick or does the does the spectacle of the president of
the United States invoking Europe when it comes to monetary policy shining spectacle of German
growth you know yeah that that seems a little odd to me that there’s quite a lot to unpack in that
in that tweet isn’t there i mean it’s interesting that he’s starting to undermine Powell once again
Yeah exactly I mean he did and he brought him into the White House two weeks ago and he did indeed
ask him to cut by 100 basis points last week as well Um speaking of Trump though there was there
is something he shares with Elizabeth Warren an opinion he shares with Elizabeth Warren Can you
believe that i I have he shares something with Elizabeth Warren This is the belief that they
both think that we should scrap the debt limit So basically just cart blanch go and spend deficit
spending for eternity That’s what he thinks Wow A couple of a couple of aging boomers struggling
with fiscal incontent in incontinents Just go ahead and spend Exactly Yeah Wow Well we’re going
to talk about this a little later on because uh yeah this is something that no politician
wants to address Um but yeah at the moment just keep that turn those spending taps on Indeed Um
and then on Thursday we had the another job data come out Uh this was um jobless claims They
were also worse than expected Uh so uh no the higher expected they were higher than expected
So worse than expected and it further proof of a slow in labor market And Bitcoin pumped on the
news because as we know bad news on the job front is good news because potentially it means the Fed
is likely to cut more uh and bring in some easier monetary policy Um and then it was a complete
dump when this happened Then that was when it all kicked off Yeah And this was and this was
over I think this started with the uh with the tweet with Elon Elon Elon Musk tweeting about
um the big beautiful bill It started with that and then Trump was uh asked about this in a white
house meeting with the German chancellor sitting over there and he uh Elon was responding in real
time to Trump’s claims about he got to see it and all this other kind of stuff Okay And it devolved
from there as you guys no doubt know Yeah To to to paraphrase Anchorman it escalated real quickly
It’s real quickly Got out of hand real fast Um it was truly a crazy episode all around this big
beautiful bull of course and it led to a lot of long wicked liquidations on on Thursday evening
Yes About $1 billion in liquidations Um and then on Friday well we had the NFP numbers come out
and these were actually better than expected So that was good Um and um that obviously had
impact on the market And then of course we had Trump out on the weekend and he said that he’ll be
choosing a new Fed chair So this obviously pumped the markets a little bit because they hope that
he’ll try and find someone who will be more on of a dove when it comes to monetary policy Someone
will do what he wants Exactly Just subserve the intraed Like basically that’s what it is Yeah Wow
So Jerome Powell arguably has one of the toughest jobs going at the moment Not only has he got to
manage the the Federal Reserve and you know keep inflation under control and all that and but
he’s also got to deal with the fact that the president is now actively I think looking for his
that’s the biggest challenge he’s ever had in his life Forget about the co stimulus Forget about
the hyperinflation the inflation we saw during Biden having to please Trump Yeah That is that is
that is hard work Yeah Uh the strength of course continued into the weekend and Bitcoin broke back
above 106K yesterday and then this morning uh we today we broke above 107K and we now sitting at
about 107.7K Um and just before the stream started as per usual Sailor bought yet again $110 million
worth of Bitcoin Okay So slightly slightly more than last week Exactly Slightly more Um it’s also
worth noting that this Bitcoin was bought purely with um issuance of the debt and the preferred
offerings So no no ATM stock offerings of that So he’s potentially got even more in the tank to buy
next week So we shall see uh to upsize that buy What’s coming this week guys well uh we’ve got CPI
Well today we’ve obviously started with Chinese and US trade talks again in London So that’s going
on Keep an eye on that We’ve got the CPI numbers coming out on Wednesday CPI and core CPI very
important from the perspective of where we are with the on the inflation front for the Fed PPI on
Thursday producer price inflation and then we’ve got job and the jobless numbers as well Um now in
terms of the charts quick few look at the charts uh overnight we opened up a CME gap um on Bitcoin
So that basically means that we we would we should come back and close that gap at some point Whether
it’s this week depends what happens to Bitcoin but generally you want to have unclosed CME gaps
on the downside because it means that Bitcoin may come back to close those because as we know
the Bitcoin tends to close CME gaps about 90% of the time Okay Um and uh there was also some still
some liquidity Now in terms of liquidity magnets and liquidity uh heat map we can see there’s a
lot of liquidity around the 110 to 112K level So it’s acting like a magnet The market makers are
sucking the price up there to go and liquidate those shorts and hit their stops Fantastic Like
liquidate the likes of James Win James Win Exactly Well now he’s his his orders are now the size
of $1,000 or less But yeah this is that that map is all just people hunting James Just James the
hunters out there Yeah the market makers chasing his stops Um quick look at the daily chart We’ve
broken uh above a descending trend line um over the past few days and we are heading towards
this very important level about 107 to 108k That is a previous support and also a resistance
level that we had a few weeks ago So we should solidly break above that in the next few days to
in order to continue and show that we’ve breaken through a new trend line and a new upward trend
towards potentially 110k and the all-time high But um if you guys want the daily alpha from the
trading gigab brains make your way to coin bureau trading Scan that QR code right over there Um
and also in the top right And then we’ve got Eron Dishner aka Moon and Papa and Dan the man
head of Coinb Research dishing out videos every day Yeah absolutely fantastic Um so I think all
in all it’s it’s fairly encouraging that Bitcoin has managed to hold quite strongly above that 110
100k level It seems to be bedding in there It’s the fifth week It’s the fifth weekly close above
100K So that’s pretty sweet Yeah that’s that’s that’s showing a lot of 27 days above Yeah So as I
say the more it becomes conditions in PE condition in people’s minds they know Bitcoin exists it
belongs here It belongs in the six figure mark Yeah Yeah It’s found it it’s found its natural
home Exactly Natural habitat It’s natural habitat above 100K Well that works for me That’s great
Um okay Uh let’s do a rundown of what people are saying in the comments Um someone’s commenting
about I don’t quite understand this Uh either CB has a filter running or guy put black rinse
through his hair before going live as you can’t see the gray hair he had in the video earlier on
What god Brett Thompson as well like a regular viewer Regular troll guy We always get comments
on our appearances So I know I know We’re so objectified I know We should just we should just
do these with No Yeah Just a voiceover Yeah Just just just puppets Just hand puppets Says So say
so people stop objectifying us Um Mike Riatoni Now actually this is a good question here Um can
you explain the CME gap meaning Nick yeah sure So basically guys the CME futures instruments
on Bitcoin they don’t trade 247 They only trade uh throughout the week and then they close it
closes on Friday evening uh I think like 400 pm central time and then it opens in the on Sunday
evening as well During that period obviously because it’s an asset that only trades during
weekly hours Bitcoin itself obviously trades 24/7 So Bitcoin price will move over the weekend
at the time that the CME market is closed and as a result Bitcoin will move wherever and then the
CME will have closed at a particular price point and Bitcoin has subsequently moved to that and
then on the subsequent Sunday when the CME market opens again the CME marked price will open up at
a different price Okay because Bitcoin has moved since and this creates these gaps you have And
the trading theory is that generally and it’s not just theory it’s been proven as well that a lot of
times the market will come back to either to close the gap either on the upside or the downside Okay
So most of the CME gaps have been closed and then the spot price should move that So yeah that’s
what that’s the theory behind the CME gap It’s one of the few assets that does that because it trades
247 as opposed to many other stocks and stuff that have regular market hours Okay there you are Mike
I hope that answers your question Yeah beautifully done Um and uh before we move on to the next topic
uh a guy in AI is is bullish AF I’m thinking 114K this week That would be that would be above all
time highs right Yeah Whoa I think take that Um whilst uh Cell Opera is not feeling it quite I’ve
canceled my Lambo order and got me a bike son Well it’s it’s much better exercise and you don’t look
like a dick and doesn’t appreciate as much Yeah Yeah Absolutely Absolutely Well done on seeing
the good uh econ economic side of that one Okay Uh so one of the things that has been driving BTC’s
price of late one of the reasons why BTC seems to be anchoring itself above 100K is not only Michael
Sailor and Strategy but also a lot of companies a lot of corporations imitating uh Michael Sailor
and strategy um and adopting Bitcoin treasury strategies of their own Um now on the one hand
this is this is something we could probably feel quite positive about corporate accumulation of
Bitcoin Um and obviously you know uh companies institutions they’re the ones with the money So
the in theory them buying BTC can only be a good thing Mhm However uh when you factor in that a
lot of companies including the likes of Sailor are um Sailor and Strategy are actually taking
on quite a lot of debt to do this the picture becomes a little a little murkier Yeah So uh we
thought uh for today we would discuss uh we’d go through some of these uh some of these companies
doing this Bitcoin treasury strategy thing What exactly is it how are they doing it what sort
of companies are we seeing do it and is this all going to end in tears is this the next black
swan or is this something that is going to take us to new all-time highs and beyond Um so let’s start
off Currently um Msari points out uh I think it’s Msari Yes That 116 public corporations hold over
800,000 BTC worth in in the region of $85 billion That is a figure you imagine is climbing all the
time Exactly Yeah And I think the main thing is before we get on to the concerns I think let’s
address why they are doing this because there are a few reasons why There are some reasonable and
then some a bit less reasonable I think the first and most important obviously is that they seeking
higher returns right so obviously they’re beating trades low yields instead of holding cash or
treasuries which earn you like negligible interest rates The comp compound annual growth rate of
Bitcoin over many years has been proven to be considerably more so that you’re getting more
yield as a cash asset Yeah And then of course uh a lot of them are I mean when Michael Sailor
originally started buying BTC for strategy he pointed out that strategy at the time was sitting
on I think it was $500 million worth of cash and he became really concerned about inflation just
just eating away at it And I think the analogy he used was it was like they were sitting on a giant
ice cube that was just melting all the time So he realized that he had to you know he had to protect
against this inflation that would eventually if left unchecked just eat the whole thing away So
that and Bitcoin was the was the solution that he hit on for that So a lot of these companies
will probably be thinking along similar similar lines to that like so many regular investors do
just hedge against inflation with BCC Exactly And speaking of strategy I think that these companies
a lot of them have seen what strategy did because remember back in 2020 strategy was a virtually
nothing of a company very you know it was many had been resided to like insignificance and then
because of this uh because of strategy I mean sailor going into this corporate accumulation
strategy uh it be it’s now become the massive entity that it is right so many of these companies
are trying to follow in that success many of these companies maybe they don’t really not really doing
much maybe their normal business line is not doing very well for them maybe their stocks are their
stock is languishing and they see hey if I go and announce a bitcoin treasury strategy it’s going
to pump my price Um and it generates buzz and PR for these companies Uh and then obviously
yeah so that’s and think they’re trying to follow in in Strategy’s footsteps Yeah that’s a
really interesting point and I think we’ll we’ll come back to that in in more detail in a bit
because I think that’s really crucial to this whole thing Yeah strategy is is is a good example
Like strategy’s time it had its sort of moment in the sun a few years ago didn’t it i think at one
point you know it was doing pretty well but since then it’s just been sort of fairly you know humrum
sort of software It’s not it’s not really set the world on fire in the last few years before Sailor
obviously got orange pill um AF Um so there’s also so there’s that Um there’s also just you know
attracting attracting the interest of investors This is a very um this is a very uh big PR move
You know a lot of people will pay attention to this This is getting reported a lot I mean we’re
talking about it So you know this is a way for companies to get uh drum up some interest um in
their in their companies and in their shares in their share prices And there’s also the question
of diversification as well which again is a fairly sort of standard um standard feature
of portfolio building You know you would you want to hold various assets in your portfolio to
protect against you know any potential downside in the future So a lot of these companies perhaps
are just adding BTC to their treasuries in the same way that many regular investors would just to
have a bit of diversification in Exactly Um and uh Fidelity actually came out with a interesting
report last week um talking about the pros of these the Bitcoin corporate treasury strategy
and they had this table which explained things from the perspective of inflation risk liquidity
risk credit risk etc And it’s very interesting and we’ll link to it below if you guys want to
come back and read it later And there were as we mentioned earlier in the stream there were quite
a few companies that announced their their Bitcoin treasury strategies including and get this guy
uh a Korean K-pop company and a Spanish coffee chain Wow Talk about diversity You’ve got you’ve
got lots of different boxes ticked there Kwave me I know you’re you’re a big K-pop fan so I love
K-pop I live for K-pop Ghana Oh yeah I know you do Big time Big time I mean that’s my weekends I’ve
been K-popping all weekend you go for karaoke and stuff Yeah Yeah exactly Um and yes the Spanish
coffee chain is is interesting as well because as I understand it it’s it’s not particularly
profitable They want to raise a 1.1 billion Bitcoin treasury strategy and I don’t think they
even have a market cap of like 100 million Yeah it’s pretty crazy So yeah this is and and I think
this is a good time good moment to talk about the kind of risks and concerns around this as well um
Standard Charted uh Jeff Kendrick there has warned um that if we see a significant drop in BTC’s
price which let’s face it we have seen many times before and could well see again um then this
is obviously a potential pain point because a lot of these companies that have borrowed or you
know just just bought BTC even if they haven’t uh taken out leverage on it e even if they’ve just
bought it um they will have bought sort of fairly near the top and if we see a downturn they could
be forced to sell Exactly Yeah And they actually in their report cited an example from the 2022
collapse Uh this was Core Scientific and they were a mining company which had to sell thousands of
Bitcoin in reserve when Bitcoin dropped just 22% um below their cash cost and they had to obviously
liquidate these holdings And I I tweeted about this last week more specifically to the extent
that um obviously sailor we know that strategy and sailor is diamondhanded he’s held through
the 2022 cycle and he’s got that st that that power that he’s demonstrated Um however these
companies uh you know they it’s their first cycle they buying at prices are much higher than sailor
has bought at you know the average prices that sailor is still above 7 about 70k whereas a lot of
these companies it’s like it’s now above 90k and bitcoin is known to fall in in retracements into
bare markets 20 way more than 20% like 40 50% And would they if faced with questions around from the
creditors from their shareholders if they go into negative equity are they going to not sell their
Bitcoin are they going to hold out like Sailor did that’s a question which I don’t know you know
it’s a tough one and I think it’s I think it’s important to cite Sailor as an individual as well
because he is obviously you know he has as one of the co-founders of of strategy you know he’s a big
powerful figure there and I think he’s the sort you know he’s the sort of person with a kind of
power and and charisma to be able to kind of see this thing through And I’m sure there were people
at Micro Strategy you know who have questioned his you know policy of of Bitcoin accumulation
along the way but he has stuck through it The question is are there going to be these sorts of
powerful figures at all of these other companies accumulating Bitcoin who are going to be able
to weather pressure from uh fellow board members maybe uh fellow co-founders um shareholders to
you know to to say strong to stay strong in the face of you know as you say maybe as much as a
50% collapse in in Bitcoin’s price Indeed And and this is another tweet um raises another point
of by a tweet from Mike Epito from Blockworks And it’s not just the fact the price they may have
gotten was higher than strategy but also because of the terms because obviously strategy is the
name and and it’s well known within corporate circles is the the Bitcoin treasury strategy
All of these other companies probably may be getting worse terms on their debt on their equity
offering and as a result they may maybe they have to collateralize it as well So they have way
less leeway when it comes to a price collapse to not have to sell their Bitcoin So it could also
lead to potential feedback loop where if they have to start selling the narrative turns then other
companies may think actually I should be selling as well and this precipitates a price fall So that
is something that could potentially be similar to the 2022 crash if it does occur Yeah And I
can tell you this for certain that if we do get uh if we do get a big downturn in Bitcoin’s price
and even one of these companies is forced to sell their holdings then you can be absolutely certain
that that will get reported in you know crypto cryptoskeepic parts of the media as you know the
the the the beginning you know the first the first domino falling the the the bottom being pulled out
of the house of cards and that in that in itself will create more FUD around that and that
could lead to you know further because I think you know there are so many elements of
the media that will be that will be just ready and waiting to jump on that exacerbated I can
already see the Paul Krugman um columns Nasim Taleb coming out yeah Elizabeth Warren holding
the hearings you know so it’s something that’s it’s a big risk you know so hopefully Bitcoin
just keeps on going up forever inshallah in um now cold but happy I really hits it on the
nail hits the nail on the head here It is not holding BTC that’s the issue It’s leveraging it
that is the danger Remember the Great Depression Absolutely And I think this is the probably the
key point to take away from all this is that some com some of these companies accumulating BTC for
their corporate treasuries have not done it right They’ve they’ve overstretched themselves They’ve
overleveraged theirelves and it won’t take a big downturn to sink them Exactly Um and I think that
is true because as we sort of hinted at a lot of comp a lot of these companies are just doing it
because it’s it’s kind of a bit of a final roll of the dice And actually we’ve just done a video um
about Sharp Link gaming going into Ethereum I mean that we you know we did look into we looked into
Sharp Link I mean it was in trouble you know it was going nowhere And and this Ethereum treasury
strategy that it’s now pursuing is like okay well what do we do now and I think the companies that
are doing that with Bitcoin they’re the ones that are going to get screwed when the inevitable
downturn comes What the hell is Sharling doing accumulator what the hell’s wrong with them well
that Nick is a whole other can of worms that we will have to open on another stream But um yeah I
mean that’s you know it’s not just it’s not just uh Bitcoin It’s not just BTC that is being
accumulated now Um and uh do check out that sharp link uh video um because it’s well worth
a watch It was really really interesting to to research that one But yeah I think the companies
that have overstretched themselves with this are the ones that are going to topple Um but the ones
doing it sensibly I think this is you know risk management That’s all Risk management Exactly
Exactly Wall of shame and fame Let’s put it up Sorry music gets me every time that Um okay Um oh my word The hell is that who are
those two i mean I know who they are but who who are they what what
what is this oh my word I have no Oh yes Oh Get that off my screen Get
that off I can’t look at Oh my word Nick’s really let himself go Yeah man Look what you’ve done Look what you’ve
done You’ve got Nick speaking Africans He’s so taken aback All right Well I think maybe the
wall of shame should be whoever whoever created that the Coin Bureau production team Or should
I say the former Coin Bureau production team Um okay Yes Nick Hammer is definitely a top
signal It is definitely a top signal Um okay Uh who is on the wall of shame this week uh
it’s him It’s Peter Schiff And it’s not for his take on on Bitcoin That’s for sure Okay Well
okay Do you mean you mean Peter Schiff has had a worse take on something yes he has indeed Guy
let me tell you if you ever have to start out a s a a statement by stating I’m not defending
Epstein you probably don’t want to complete that statement Yes I I could not agree with you more
Nick Yeah if you Yeah Okay So yes Peter Schiff uh Oh yes So he got he got into So this is in
this is in the wake of Trump Elon blowing up and uh Yeah Trump supposedly being on the on the
Epstein list and Sam Petish have managed to make him the talk of the tant Um yeah So yeah if
you have to say a start a sentence by that or I’m not I’m not saying I’m a I’m not defending Nazis
or I’m not not a racist or whatever generally it’s not a good to finish that So it should have
remained in the draft probably Yeah I’m I I’m called to mind that that uh that meme of the
cat’s paw coming onto the stop tweeting Peter Stop tweeting brother There’s still time to delete
this Yeah please delete it Okay so Peter Schiff on the wall of shame for Yeah Not quite what you’d
expect Um interesting Okay Meanwhile over on the wall of fame Ah yes Mr Jeremy Aier Yes there he is
Jeremy Aair So this is the co-founder and current CEO I believe of Circle Um the stable coin company
the issuer of USDC which has just gone public Gone public indeed A blockbuster IPO Uh I think that
it’s the share price opened at something like $30 or something and it rallied up to 75 or
something crazy Uh so people were just falling over themselves to get exposure to this stable
coin issuer Um and it’s I think it now has like a at least on Monday had a 33% of the market cap of
Coinbase which is crazy Wow But I think it’s that is it deserves a spot on the wall of fame because
in indeed circle history is an interesting one I mean I was listening to a podcast the other
day and um during the 20 in the 2020 or the 2018 bare market or something you know they were
facing a lot of issues They had to downsize the staff They had to do a fire sale of assets sold
Polyex Polynex remember to Justin Sun they used to own Polynex and now they’ve come out they’ve
obviously faced a lot of challenges Remember they had their bank accounts at SVB Yes So they’ve
been through a lot of challenges and yet here they are now listing on the New York Stock Exchange
one of the biggest crypto IPOs Yeah Yeah Yeah Congratulations to to Jeremia and and Circle And
yeah cuz I remember they were going to go public in 2022 weren’t they and then uh FTX happened and
it was like h maybe we’ll just shove that for the time being But yeah um this is a company as you
say this is a company that has gone through it And I remember we did a video about circle couple
of years ago I can’t remember if it was just after FTX or maybe a little before but it was re I found
it really really interesting Right There’s there’s a lot to that company and you know I think
obviously Tether has kind of overtaken it as well it Tether has always been the sort of market
leader in that regard but I think there’s a lot of potential there for for Circle to be a huge a huge
company So well done on them on going public I’m sure there is a lot more to come Congratulations
Yeah Okay Now um we’re now going to talk about uh this thing that this this thing that came between
the bromance that destroyed the world’s greatest bromance between Elon Musk and Donald Trump Um
and as we said earlier this all started when uh Musk tweeted out that he was to put it mildly
not a fan of this big beautiful bill Um that is Trump’s kind of flagship piece of legislation Um
it is currently moving its way through Congress but I think stands a fairly good chance of being
passed in the not tooistant future That does indeed Um but there’s no getting around the fact
that it is rather controversial Very Yeah So what we thought we’d do we’re going to talk you through
some of the things that are in this bill and why they’re controversial Um and then we’re going to
look at you know at what it all means and you what the what the upshot of this could be because this
is as I say this is flagship legislation This is something Trump really wants to get through and
it is going to have profound consequences I think it’s fair to say for probably everyone on planet
Earthdeed I don’t think that’s hyperbole So let’s get into it So basically um let’s go through a
few of these things So the first thing and the most important is the uh permanent tax cuts So it
extends the 2017 tax cuts It includes eliminating federal income taxes on tips and overtime pay
uh for workers earning under $160,000 Yeah And and as you say so these are tax cuts that Trump
instituted in his first term back in 2016 They were due to expire Yeah that’s right That’s right
Um the big thing uh I think of this bill is the next one and that is increasing spending Um so
this is so this bill is allocating a further $150 billion for defense Um as you’re probably
aware the US already spends countless billions on defense as it is Um it’s about to spend start
spending even more Um also another $70 billion for border security which is obviously a big uh
a big thing especially amongst Trump’s base Um so a lot more yeah basically a lot more government
spending coming up thought that Mexico was going to pay for that wall No Mexico funnily enough I
think were a little averse to paying for the wall I I don’t think they were willing to play ball on
that one Unfortunately didn’t have the cash there Yeah Yeah Um now another part of the bill which
is obviously the one that the Democrats have taken massive issue with is the social the reduction
in social programs So they implemented stricter elig eligibility requirements for Medicaid and
the SNAP program which is obviously for food Uh and this obviously potentially affects millions
of beneficiaries Yeah So obviously yeah increased spending means you got to cut back in other
areas and these are the areas that Trump is that Trump and the Republicans are looking to cut
back in and yeah as Nick said that is not popular um with uh with the blue side of American politics
Um meanwhile and this is the thing we alluded to uh that Trump is bizarrely in uh in agreement
with Elizabeth Warren on and this is an increase to the debt ceiling Um so this is this is the
big beautiful bill is proposing to raise the debt ceiling by a further $4 trillion which will
take it uh which will take the US national debt in in due course to around $40 trillion It’s
truly mindboggling for the next 12 months until they have to vote again to raise it yet again
and again and again Um and um another part of the bill is and probably what may have set off
Elon Musk as well is the elimination of green energy incentives So roll back the tax credits
and incentives for green energy in initiatives established under the previous administration
Yeah And uh yeah obviously so um Musk would have benefited from this into you know things like
battery development um and many other things besides and as well Yeah And obviously those
incentives that Nick talked about as well And this is Trump I mean Trump is not is is is not a
believer in climate change He’s drill baby drill is one of his things isn’t it so um yeah and
again this is this is the side of the equation where they’re proposing to save money Exactly In
order to spend more on things like defense and and uh and border security Yeah So what are the
concerns surely nothing to worry about here That all sounds that all sounds amazing Beautiful
Infinite amount of money What could go wrong uh well for one obviously raising the debt ceiling
by 4 trillion I mean that’s this bill includes this massive debt ceiling hike which of course
angered many of the fiscal conservatives because um you know and they needed to raise it because
there’s a potential risk of default if delayed And then of course this raising of the debt ceiling
means that the deficit’s projected to hit 9% of GDP by 2035 Um so yeah the the trajectory on this
debt is not looking good Yeah Yeah It’s um I think you know if you like I said on NFA Live last week
if you want a case for Bitcoin this is it This is it That the the fact that the national debt is
the US national debt is climbing towards $40 trillion Um and yeah 9% of GDP And I should say
as well like other countries are badly in debted as well France is is massively in debt Britain is
in debt Japan Japan is just I mean yeah Japan won 200 and something Japan is just like oh my god
it’s like you can’t do much now Yeah Yeah And this is of course leading to higher bond yields
because people are selling US debt The auctions are not going very well for US debt The 30-year
was was above 5% more recently and obviously this means higher bond yields higher cost of
interest the interest component of the debt is already worth more more in terms of absolute
numbers than the than the cost of defense That’s insane Just servicing the existing debt is worth
more than actually the cost to defend ourselves as a nation Yeah And of course this is the this
is where it gets really sort of scary and and you you imagine this can go exponential really because
like obviously the US is proposing to borrow more but with this policy it’s becoming more expensive
to borrow Exactly So it’s it’s literally lose lose Yep And um of course uh there will come a point at
which you can’t which it can’t be reversed I mean eventually you’ll have to just monetize the debt
which we’ll get to in a bit Um and there’s also the weakness in the dollar right the dollar has
been collapsed You see the Dixie index has come down a lot since the beginning of the year And
I think that the one thing that’s a big concern here is that they try and they put everything in
and aggregated it into this one big beautiful bill as a part of the separate components and they’ve
tied this the uh debt ceiling increase into this which means there is a timing risk So now they’ve
got by July August before the US runs out of money they need to pass the debt ceiling increase and uh
this means they got to try and push this bill jam it through before then Yeah Yeah And if you got a
thousandpage bill and there’s so many provisions in there that people didn’t even have the time
to read Yeah Apparently a few politicians didn’t even read what was in the bill Wow Yeah Because I
remember I remember similar things when Biden was trying to push through the inflation reduction
act as well and all sorts of stuff was getting was getting jammed in there by you know opportun
that’s pork for you Yeah Yeah Um so given these circumstances given the fact that the US is
just proposing to to keep on spending and keep on borrowing and pay more for the privilege
of borrowing I don’t think it’s any surprise that we’ve recently seen all-time highs for for
hard assets that can’t be printed into oblivion like Bitcoin and and gold as well Exactly Yeah
because it seems like there is only one way out of this and that is to monetize the debt or you
know inflate away the debt and in that scenario obviously uh the dollar is going to completely
collapse Inflation will be you know uh uh lead to potential hyperinflation bad for US savers if you
hold in fiat bad if you’re a country that holds US uh you know US currency as your reserve asset
but good if you hold hard assets that like gold like Bitcoin you know um that have fixed supplies
and indeed this is why Bitcoin has been rallying um and um Coinbase CEO Brian Armstrong also
highlighted Bitcoin’s rise rising significance in a global back drop like this um so yeah I
think that uh it is the only solution it is the only exit valve the plan B to the dystopian
monetary system deflating dollar and crushing national debt Yeah And I think we’re going to hear
more and more of this because what he says there at the end I love Bitcoin but a strong America is
also super important for the world We need to get our finances under control And I think this is
very much Elon Musk’s point as well It’s like you you know this this isn’t sustainable long
term at some point at some point that you have to imagine that the US will default because it
just won’t be able to afford these payments or it will just inflate away its debt and um but
the problem is there is no political will to do that because the only way you can solve this is
through unpopular means and that is increasing taxes or decreasing spending Medicaid Medicare
um they won’t that the electorate does not want so try selling try selling that idea I’m going to
make you poorer and I’m going to take away more Yeah exactly So Bitcoin is the only solution
and um if you guys are thinking of picking up some Bitcoin if you don’t have it already well we
can’t think of a better place to do it than on our brand partner Binance So if you guys don’t have
an Binance account yet you can scan the QR code over there or hit that link in the description and
you’ll get an exclusive 20% trading fee discount for life as well as a $600 bonus Yes And then
when you’ve bought it you can secure it with uh our other brand partner Ledger uh on one
of their fancy new touchscreen devices the Flex or the Stacks That’s the stacks That’s the
stacks we got there Um uh yes very beautifully designed very very easy to use So there’s no
excuse for not having your own hardware wallet scan that QR code and uh pick one up and you
also get a gift card with $10 of BTC to get you started to help you fruit futurep proof yourself
against the uh against the fiat Ponzi scheme that bit that that bit better Yeah Stack those SATs in
the stacks Yeah Um now of course um also if you’re looking for the best onchain analysis around um I
will refer you to our third brand partner This is Arkham Now they’ve also got an exchange that is
now also launched in the US and uh in a number a number of US states it’s now available Uh you
can scan the QR code there and sign up and you’ll get a 50% off trading fees for the first month
But Arkham is perhaps best best known for their uh onchain analysis uh and their dashboard And
they’ve shared with us two pieces of information that they didn’t share on their Twitter last week
And one of these guy was a wallet linked to to Trump team deposited 4.17 million Trump about
$46 million into Binance OKX Coinbase and Bybit Hm Well are are you are you insinuating Nick that
the team behind the Trump memecoin are are selling no No not at all They’re just going to provide
some liquidity to the market to help new buyers who want to get get involved in the Trump movement
Ah okay They’re injecting it back into the chart Injecting it back into the charts Allah like the
Calcia Ventures you know Oh that that’s good to know That’s good to know Um but they’re not the
only people moving a bit of money around Vitalik uh has also been uh been on the move He’s sent
693 ETH and a fairly healthy chunk of USDC as well through Rail Gun Rail gun Interesting Yeah Very
project Yeah Yeah Okay All right Let’s now have a look at the top performing cryptos from last week
It was a It was a better week than the week before It’s always It’s always a bit depressing when you
have to do the top gainers and like stable coins and exchange tokens Twitter hasn’t pegged Great
Well like the biggest gainer is up sort of 3% and that’s something to be celebrated Um so yeah
there there’s some double digit gains this week Um we’re starting off with one I I’ve I’ve got
to admit I’ve never heard of this This is AB AB And yeah first time I’m hearing about it It’s
great So guy why is AB rallying tell me I’d love to know why AB is rallying Well I’m just gonna I I
don’t know Let us know in the comments if you guys are familiar with this This is one that’s passed
me by I think it used to be I think it used to have the ticker new Um but from its Twitter bio it
says AB Dow is a decentralized ecosystem driving blockchain innovation asset tokenization and
philanthropy social impact u with AB Foundation I I mean I for one I’m no further on Um the only
reason I can see it that it might have pumped is a recent listing on Binance Alpha Well I mean that’s
probably the reason the only reason right i mean unless people are very bullish on um you know
philanthropic dials these days I mean you know I mean who wouldn’t be the the philanthropic
narrative is very strong these days Exactly I mean you’ve been saying I know I know it’s time
it’s time in the sun finally Speaking of meme coins Yep SPX6900 Mr It’s it’s Mad’s world We
only just live in it Yeah he is It just won’t stop Well this this and Fartcoin it’s insane man
Just seem to have this this velocity all of their own I don’t think it’s all of its own It’s all
because of Morad I mean he’s really really really out there shilling this Um and to be honest I I
admire the fact that he’s he’s stuck in there You know it’s do what you can for your bags And it’s
recently hit back above an all-time high Um and he’s just been shilling it out there all the time
and he’s now started a Tik Tok a YouTube he’s he’s doing reply guy to everyone about SPX SPX 6900 So
he’s working for his bags and he deserves it He’s putting in the hard yards Well done Murad Okay
next up uh is Internet Computer and ICP Um now last week actually you flagged this last week in
the coins to watch Nick the World Computer Summit um that Definity the uh the company that develops
internet computer was hosting Now Dominic Williams the Definity uh head honcho he unveiled something
called Caffeine um which is a sort of self-writing app create uh app creation platform Now funnily
enough I bumped into someone from Definity here in Dubai a few weeks ago and they showed me on
their sort of um you know big foldout phone thing They showed me an early version of Cafe and it
does look pretty cool Okay that’s cool So it does seem like they’ve got this pretty cool pretty
functional working product Um so that is one to keep an eye on I think Um yeah and like obviously
ICP had that pretty disastrous token launch back in the day but there still seems to be like as as
complex as their tech is they seem to be working on some very interesting stuff there So one to
keep an eye on perhaps Yep And then the next coin is Kaya which is formerly Clayton Um oh yeah
now I mean this is the Korean this is a Korean pro crypto project right yeah And I think the pump
could be due to a launch of Lair which is their um liquid staking protocol Okay So people buying
uh people buying Kaya in order to stake it Yeah Okay that seems seems a seems a good guess Okay
And we also have Injective Injective is a for is is a favorite of yours Nick Former favorite Yes
I’ve moved on Sorry guys Sorry ninjas Um so uh I I had a I was having a look on its Twitter profile
Injective was ranked as the second largest L1 for capital inflows behind only Ethereum Wow that’s
interesting Last week Yeah And there’s also this uh um announcement that they’ve uh partnered
with uh BitGo Um there’s launching a validator I don’t know whether that’s necessarily had any
effect but yeah man Credit to the ninjas man They getting it man Crush it Stuff going on Stuff
happening in the Injective ecosystem as well So some some pretty legit projects in there
It’s good to see indeed It’s good man Long made it last Absolutely Absolutely Okay let’s
now have a look at some of the tweets of the week Okay first uph Oh there he is There he is
I knew I knew James Win would would come back at some point Um yeah So story here Uh he uh he
lost James Win lost Win win James Win lost James Win did not go anything but he wins He will now
have to change his name to James Lse Um so he was Yeah but he he um well he was saying that he got
hunted didn’t he he was saying that every time he went long uh they hunted his they they um
you know they pushed it short and vice versa I I I think this is just one massive scop I’m
sorry I don’t believe that there’s this guy out there just degeneratively gambling$1 billion
dollars for no reason but just I think that potentially was hedged and he was just trying
to get uh you know growth in terms of Twitter to basically talk about meme meme coins or he was
working with the hyperlquid chaps some sort of a marketing stunt because this generated a lot
of interest for hyperlquid yeah that is true I don’t seem to think that he would be going out
there throwing billion dollar notional trades um in the open market using very basic TA and
get you Uh obviously yes you are whether he was hunted or not People just know your liquidation
levels right so they Well I mean that’s one of that’s one of the features of hyperlquid isn’t
it you know it’s not a black box like like all these sexes are I’m going to take the other side
of that argument because I’m going to say that that that this is what it is This is problem
gambling That that is the tweet of a problem gambler It’s like I’ve se I’ve seen his type
It’s like I I’ve just lost everything I wonder could I borrow 20 i I I’ll you’ll get it back
You’ll get it back That’s another thing Exactly Nothing nothing makes it’s no better trade in the
world than giving a degenerative gambler money to go I’ll pay you back I promise I promise bro
Trust me bro I’ll pay you back Trust me bro Trust me bro I mean I don’t know I don’t know He’s
got apparently his donation wallet has like above 2 million now but some of them are [ __ ] [ __ ]
coins and stuff but um Okay Yeah it’s just crazy Well um I can something tells me this is not
the last we’ve seen of the James Win song No I think James Win James Win’s bid for sort of
main character status is is going pretty well Maybe not as he maybe not as he hoped but yeah
to all those people who donated to his uh to his um to that address well done for enabling problem
gambling Well done You you’ve done your done your bit Okay next up we have LOL I’m an MSDR bull
but he could have picked a better shape for the illustration This is true man This is true Could
have been a circle Could have been an oval Could have been a pentagon a hexagon So many shapes
out there Don’t choose a pyramid to explain your choose a triangle bro Yeah I love that I
love that Um okay Next up we have this one from Okay so Udy Wizardheim Udy Wartimer famous Bitcoin
bull Um so this was 16th of October last year So what less than a month out from the election um 20
days left until everyone forgets Poly Market ever existed Yeah And then obviously the poly market
intern has been uh he said to remind me on that checking in here and this is obviously on the news
that poly market joined with X to be their leading official prediction market uh partners So uh and
then Moonpay getting in there with a bit of the inverse bra I I love that I I love that even you
know the interns at all these all these official accounts are now getting the the crypto jargon
down I I you know Poly Market yeah yeah has been a huge success and all I’ll say I’ll say this in
Ud’s defense like I think at that time Poly market definitely had those that sort of like friend tech
vibe didn’t it was like everyone was talking about it was the thing it’s a bit like this it’s
a bit like what we’re seeing with info now it’s just like you you’re all over your timeline
and I guess we’ve all been in in this game for so long that we’re all just jaded now it’s like
it’ll never it’s flavor of the month it’ll never last But props to Poly Market They’re still
they’re still going strong So yeah next tweet Richest man in the world fighting with the most
powerful man in the world global trade war And Coinbase is going to list Fcoin That’s all that
matters man That’s all that matters Who cares what’s going on with the global trade war with
the with the Elon Musk and Trump fighting with the inflation with the geopolitics all that matters
is we now know that Fartcoin is on the road map for listing on Coinbase Look we know all is sorted
We know that hot air continues to rise The laws of physics are still in play Everything is fine
Yes everything is fine Meant to be Um great tweet there from Doge Toaster Street And we also
have this one Good grief Seeing hit So this is the news that Elizabeth Franc’s uh rest in peace uh
who was born in 1909 the oldest American Yes the oldest American has died in Houston at the ripe
old age of 115 And as Lil Moon Lambo cannot help but point out seeing uh the Hog and Pumpf fun
in the same lifetime is crazy Yeah I mean poor Elizabeth She probably saw that Pump Fund was
launching a token and it’s like I give it the world to live Now now I really have seen it all
I’ve seen it all I mean that’s just it I I knew Pump Fund was degenerate but now they’re launching
a token as well and an ICO Guys I’m not meant for my my faith I I’m done I’m done The world is the
world is going downhill seriously quickly Yeah Well what a what a life What a what an arc to
see both of those things in the same lifetime It is crazy Do you think she traded on a pump i’m
sure she Yeah I’m sure a few meme coins right yeah I think Absolutely Absolutely She time on her
hands Definitely definitely doing that Okay Uh right Next uh we are going to have a look at some
coins to watch Coins to watch First one today we watch Immutable X Um Immutable that’s IMX They’ve
got their Tokyo Beast launch So this is a critical moment for the industry A real chance for web 3
to enter the 27.4 billion Japanese gaming market Okay Yeah Okay Well as an IMX holder I should say
a long-suffering IMX Yeah What you’re a community member You’ve progressed from being a holder
to a community member You know that mean you know Oh yes Yes you get in because you want to
double triple your bags and then you just become a community member Um do we know uh because the I
remember IMX took a big old dip when the SEC went in the dying days of the Gendler reign It did
get dropped I think they dropped them I think so Okay I must I must check on that That’s um
Okay Uh anything else we should be watching next darknet on the 15th of June they’ve got a
127 million Stark token unlock which is about 3.7% of the circulating supply Quite large unlock
there Okay Okay All right Uh let’s have a look at some dates for the diary as well So Nick you
you tweeted about this earlier at the this is today right yeah today they’ve got um China is
uh yeah US China trade talks are going on Uh and um yeah so that’s obviously important that’s
happening in London Uh so we’ll see what comes from there whether they’ll get an agreement on
the rare earths whether that there will be any delays in the tariffs And then on the 11th of on
Wednesday as mentioned we’ve got the CPI coming out The expected is 2.5% versus a previous of
2.3% And then core is expected 2.9% versus a previous of 2.8 Okay And then on Thursday we’ve
got another job data point jobs data point And this is the initial jobless claims with 242K being
the expected and 247K with the previous number Okay Okay That’s it all All right Uh let’s have a
look through some of the comments are quite busy today actually So uh let’s have a look through
and see what people are saying Um had a nice dump just when after the stream started Guys what
are you doing 107.2 Come on Oh no I thought we were going to get to 100 To be fair that the the
the markets did open in the US Ah yeah So it’s Americans letting the side down Is it Water Boy
QC says “Bonjour Nick and Guy from Quebec Lovely to hear from you.” Um Dabanak Oh yeah Have you
you didn’t live in Quebec so did I didn’t live in Quebec No But yeah they’ve got their own unique
uh sayings and stuff you know Okay Yeah Okay Not not not an area I’m all that familiar with Nick’s
hammer you know Nick you know Nick is has made it now that he has his own Stan account The whole
Lambo thing is hilarious I made loads of dollars Let’s buy an expensive car that costs a fortune
to run and ensure is super impractical and rapidly loses value Yeah Yeah That is that is just that is
just it isn’t it that is indeed it Yeah That’s and the depreciation is very high especially you take
it off of the lot and everything So it’s fun in the moment but just rent it then you know do what
most other lops lobs on on Twitter on on the lobs on Instagram and do Just rent a Lambo say it’s
yours and then you don’t have to worry about the insurance the depreciation all that kind of stuff
Exactly Exactly Look no one said these crypto bros were smart Yeah I don’t know I don’t know where
you got that impression from Starchild Uni says “Guy loves BTS.” Is that the K-pop band that’s
a Yes Yes Of course it’s the K-pop band I love them very dearly Yeah Um now Hyper forever Why
would I because there is talk about Tether IPOing obviously Circle going public Why would Tether
need to IPO it’s basically swimming in a pool of money Why would you yeah exactly I think Paulo
Arduino was was speculating on this recently and and I think he I think he speculated that they go
public at something like 500 he said that even 514 billion isn’t uh isn’t val it’s not valuable
enough So I think he was replying to a tweet or something but they are yeah they absolutely so
many money to put it to put it into context Yeah Circle raised a billion dollars during their IPO
Okay Tether made that in operating profit in Q1 only Tether is a monster isn’t it i mean yeah I
guess if you were Tether like why would you why would you go through all the all the hassle s1’s
all the registrations go and open up all the books to the whole world when you literally just print
in Yeah Uh remember when Germany sold its Bitcoin reserves at 50K per BTC pepperage Farm Remember
yeah man Yes it I I I’m glad that I I think every stream we should we should just take a moment to
laugh at Germany Yeah Yeah Yeah Um Galatasarikas asks a good question When will Coin Bureau start
their own BTC treasuring strategy i mean yeah Well we’re more likely to do that than we are to
launch a token which I saw someone asking about Um Mr uh Mr SMN why guy always the female character
yes good question Why is Guy always the female character in these awful in these awful mock-ups
i’m the hairiest man on earth Like you know look Nick’s got the long hair Why am I the female that
That’s a good point That’s a good point Um space says $1 trillion on the military America is the
problem I mean that is a that is a lot of money to spend on the military The military-industrial
complex Beware the military-industrial complex Yeah Uh meanwhile drones MBF is looking forward
to a frankly terrifying future with a Neurolink hardware wallet implanted in my brain Yeah
that’s gonna go down I’m all for cold storage But yeah don’t go to Paris with that because
people might try and extract that some very the most gruesome way you know Absolutely Absolutely
And we will close with this one from Cristiano I’m from Brazil This channel is the best Bombia
Bomb Greetings are flex in that language myself Uh Cristiano I agree with you on both points
You’re almost you almost certainly are from Brazil and yes you’re right This channel is
the best Thank you for that comment Thank you everyone for watching Thank you for for joining
us again this week We will of course be back at the same time in the same place next week So we
will see you then See you there guys Cheers Ciao Five likes for Brazilian wax guy Where’s
my invitation for your summer party where’s everyone tuning in from hello from Russia
Hi from South Africa Hi from Australia Hi from North Yorkshire Hello from Russia Hi from
South Africa Hi from Australia Hi from Northia Oh I knew this was a bad idea
I knew this was a bad idea
