The Liquidity Airpocket: Real Rates, Panic, and Bitcoin’s Flush

and Bitcoin specifically, you had the JP Morgan um JP Morgan CEO and chairman Jamie Diamond calling it essentially pet rock and once again calling into question its worth and its value here. I

would love to get your reaction, especially as some of the financial industry elites and and figureheads uh are continuing to cast some doubt here.

>> Yeah, thanks for having me, Brad. Um,

what do I think about Jeffrey Epstein's banker being concerned that a distributed decentralized open public money could potentially be used for bad

things sitting on a ski resort in Davos?

I don't really care. I don't know why anyone cares, right? I mean, that guy knows uh when money is used for bad things. So, I it's a weird opinion of

things. So, I it's a weird opinion of his. and my pet rock was up, as you

his. and my pet rock was up, as you said, 160% last year. Uh it performed well against uh the dollar. So, I don't know. I don't really care what that guy

know. I don't really care what that guy has to say about Bitcoin. I don't know why anybody does >> when Yo,

what is going on guys? Welcome back to another episode of the Jack Malers Show.

I am your host, Jack. believe that

you're listening to another episode of Mailbag Monday. Technically, you are

Mailbag Monday. Technically, you are listening to episode 93 titled the liquidity airpocket, real

rates, panic, and bitcoins flush.

I am with family for the holidays for Thanksgiving. So,

happy early Thanksgiving to those that celebrate. So, bear with me here. I've

celebrate. So, bear with me here. I've

got a little makeshift desk in front of me. So, let me pull up the Bitcoin price

me. So, let me pull up the Bitcoin price because, ladies and gentlemen, I'm talking to you at a price of 88,720.

That puts our market cap at 1.77 trillion. Our all-time high remains at

trillion. Our all-time high remains at 126,160.

We made that all-time high now 49 days ago on October 6, 2025.

We are less than 30% off that high now.

We are 29 a.5% off our all-time high.

Bitcoin block height. What was the last Bitcoin block mined before I hit stream? It was Bitcoin block 925,57

for those keeping time in Bitcoin block heights.

How the hell are we doing?

You guys panicked. You stressed.

Bitcoin's crashing.

AI's falling apart. The world's freaking out. Have no fear. The Jack Maler show

out. Have no fear. The Jack Maler show is here. Hey, but I'm not a rapper or a

is here. Hey, but I'm not a rapper or a podcaster. Uh, let's get into it, ladies

podcaster. Uh, let's get into it, ladies and gentlemen. Chapter one,

and gentlemen. Chapter one, understanding Bitcoin's price action.

So, Bitcoin found a low for now around $80,000. On the last show, I told you

$80,000. On the last show, I told you guys, you know, it could fall to 85. It

could fall to 80. Could fall lower. I

don't know. This is not the top. What

126 was not the top. It's not the end of the cycle. And so, we did find somewhat

the cycle. And so, we did find somewhat of a low for now around that $80,000 number. We have since bounced quite a

number. We have since bounced quite a bit. There's a lot that has happened. I

bit. There's a lot that has happened. I

want to walk you guys through the data because a lot of people seem to have found value in my liquidity vantage point. How I was viewing the cycle, how

point. How I was viewing the cycle, how far we are off from highs. I've been in Bitcoin for 13 years. I've seen 30% drops from highs and then we rally

further. My favorite memory was in 2017.

further. My favorite memory was in 2017.

And so, let's walk through it. I'm also

um give me feedback on the mic. Last

time I used my AirPods mic, it rubbed against my hoodie and you guys didn't like that. But I need both my hands to

like that. But I need both my hands to flip through my slides. So, I'm going to Should I just go shirtless? No. Kid

show. Kid show. Let's see. Can I wrap it around my face like that? Too close to my mouth. Whatever. The show goes on.

my mouth. Whatever. The show goes on.

All right.

Um, first slide. Supply distribution.

And so this from the rational root more than 5% of all Bitcoin changed hands during this draw down.

Guys, let me repeat that for you. More than 5% of the entire Bitcoin supply changed

hands.

Look at that spike between 83K and 86K.

This guys is what we want to see. This

is forced selling. This is panic selling. This is capitulation.

selling. This is capitulation.

It's very difficult for Bitcoin to continue to go lower and lower and lower and lower when you've seen this level of

capitulation and distribution. Okay?

Bitcoin is not slowly bleeding down.

It's not struggling to find momentum. I

fundamentally believe that we are the the overall market is trying to sort out what I would call liquidity dislocation

when the US government runs a $200 billion trade surplus in September which implies that we run a $2 trillion trade surplus annually. We know that's not

surplus annually. We know that's not true. We know that's gimmicky. that was

true. We know that's gimmicky. that was

very likely to try and fill the TGA, the Treasury General's account. Then for the government to shut down again, that was very helpful in drying up liquidity and

concentrating it in the Treasury General's account. And so I think that

General's account. And so I think that this is liquidity dislocation, extreme tightening in a really weird time that was fairly unexpected. This

was an unexpected event. Next, let's

let's look at Bitcoin's implied volatility. I just want to show you

volatility. I just want to show you guys. I'd given the speech at at the

guys. I'd given the speech at at the strike offices as well. Um,

you can hear my stubble on the microphone.

Okay, that should be better. Um,

the implied volatility is extremely low and this is relevant for a few reasons.

For one, this kind of solidifies this idea that Bitcoin has not reached peak price discovery all-time highs. our

volatility. If you look at our volatility, this goes all the way back to 2022. You can see in early 2022, that

to 2022. You can see in early 2022, that extreme peak implied volatility was when we were setting all-time highs. Jerome

Powell went on and hiked rates as fast as they've ever been hiked, crashed all markets, uh rendered banks insolvent. Um

FTX imploded, so on and so forth. We've

been at relatively low volatility since then. And even on this uh flush, even on

then. And even on this uh flush, even on this uh decline from all-time highs, and the the reason I I want to reference

that and bring that up is usually you see extremely high volatility on declines like when the market is puking and we didn't. And so again, this to me

looks like it was forced selling in extremely illquid markets. The market

did not expect this downturn and there were no structured bids to go catch it.

So this again just further solidifies my point that no one was actively bidding. No one

expected a meltdown and the market had just low liquidity. Next, Bitcoin

unrealized profit and loss. So what are you looking at? The black is Bitcoin's price.

red, orange, yellow, green, blue. Those

signal in color different feelings, market structures throughout price action. So, what we're looking at in

action. So, what we're looking at in green is uh belief and denial. So, effectively,

cut to the chase. Can you guys see my cursor? Do you see this massive dip in

cursor? Do you see this massive dip in sentiment right below the price?

That is extremely profound. Um, so what this is showing us is the percentage of unrealized profit verse loss across the entire Bitcoin supply and we dropped

substantially which means that a lot of unrealized profit evaporated.

So we're not in euphoria and greed.

We're not in denial. We're not in the hope and fear. This is very much par for the course for a mid cycle anxiety zone.

30 35% off the highs. Guys, this is exactly what we saw in April. Do you

guys see the break between green and yellow back here in April? That was

liberation day, liberation week. Stock

market down 20%, Bitcoin down 35% from highs, everyone screaming for a great depression. And then all of a sudden,

depression. And then all of a sudden, liquidity came back and we rallied to 126,000 in Bitcoin. and the stock market made new highs and everything was fine because they printed the money. They

printed the money. And so again, this to me is not a red capitulation. I don't

see the color orange of extreme fear.

This very simply is anxiety. This very

simply is illiquidity. Illiquidity.

Next, the IBIT ETF flows. Let's look at the outflows. So, what are you looking

the outflows. So, what are you looking at? The orange line is Bitcoin's price

at? The orange line is Bitcoin's price and the green is IBIT's flows. You can

see they've gone negative. You've

probably seen some headlines like, "Oh my goodness. Oh my goodness. I I made

my goodness. Oh my goodness. I I made record outflows. Institutions don't love

record outflows. Institutions don't love Bitcoin anymore. The outflows are on par

Bitcoin anymore. The outflows are on par with when? With Liberation Day? With

with when? With Liberation Day? With

earlier this year. Nothing to worry about. There have been structural

about. There have been structural inflows this entire time. We also talked about the carry trade. When the carry trade unwinds, you see outflows in the

ETF. If anything, all of the tourists

ETF. If anything, all of the tourists have exited the IBIT product. So, what

we'll talk about is short-term holders, speculative traders, they have been washed out and really they realize their positions as losses. But if you zoom out and you look at the IBIT product, all

you I mean it's fairly straightforward.

When there is no liquidity, Bitcoin reacts the most. When there's liquidity, Bitcoin reacts the most. We went through this very weird liquidity dislocation with a government surplus in September

and a government shutdown. The repo

markets are extremely strained, which we'll talk about in a second. Japan is

blowing up. Literally, Japan is acting like an emerging market, which we'll talk about in a second. And so, Bitcoin very simply is the liquidity smoke alarm it was designed to be. The IBIT flows

are nothing to be concerned about. We

are just going back to liberation day outflows because there is no liquidity.

It's all a good thing. Next, spent

volume in profit. Okay, what are we looking at here? Volume of Bitcoin sold at a profit segmented by how long the coins were held. So, red is extreme

short-term holders. Blue is much longer

short-term holders. Blue is much longer term holders. Okay,

term holders. Okay, why does this matter? This is this is interesting. This is an extreme spike in

interesting. This is an extreme spike in profit volume across all the cohorts.

So, you see every single cohort spike massively. If you look over here, the

massively. If you look over here, the other spikes have been when we're in extreme price discovery and making all-time high after all-time high after all-time high. So you can see this just

all-time high. So you can see this just goes back to 2019, but you can see these spikes seem to correlate with parabolic bull runs like you can see here in 2024.

You can see here in 2023 and so it is interesting that this is spiking while the price is declining not appreciating.

Now why would this be happening? I don't

know. You can come up with all sorts of different justifications. Are people

different justifications. Are people believing in the four-year cycle? Are

they front running? Are they trying to manifest the four-year cycle in and seeking exit liquidity? Are people

strained financially because of the tight liquidity? People are getting

tight liquidity? People are getting margin called. People are needing to

margin called. People are needing to post collateral in other parts of their life. It's interesting. But the point is

life. It's interesting. But the point is the fact that you're seeing a spike in this data while Bitcoin's going down to

me shows panic profit taking uh mechanical derisking. So again, when

mechanical derisking. So again, when markets get extremely illquid, uh people have to derisk. You have to sell what's liquid. You sell what you can, not what

liquid. You sell what you can, not what you want. Uh and capital rotation. So if

you want. Uh and capital rotation. So if

I go next, this is even more interesting to me. So

this is long-term holders spending indicator. So what are we looking at

indicator. So what are we looking at here when long-term holders? So this is 155 plus days. So, not that long-term, but nonetheless, I guess that's what we

count in this visual. The point is, uh, these little orange segments again, they correlate with either parabolic moves

traditionally, like the local highs. And

so, this one is interesting. Why are

long quote unquote long-term holders?

That's the other thing about this metric, by the way, guys, is that people say, "Ogs are dumping. OG's are

dumping." But you look into the data and it's like an OG is someone who's been holding Bitcoin for three years. It's

like that's an OG.

It's as if like the people from 2010 are selling all their Bitcoin and now you get all this FUD about quantum, all this [ __ ] and none of it's true. You look

into the data and that's not an OG. Like

I think of an OG 2015 20 like pre SegWit, pre207 bull run.

Everyone has their own definitions. All

right. But anyway, just wanted to make that point. I I digress. They're selling

that point. I I digress. They're selling

into weirdly weakness, which is a little bit interesting. Again, is it four-year

bit interesting. Again, is it four-year cycle speculation? Is liquidity so tight

cycle speculation? Is liquidity so tight that people need to rotate capital?

before, like we talked about before, is Bitcoin going through its IPO moment where these holders finally have the liquidity to exit where before selling

80,000 Bitcoin was impossible. You'd

move the market too much. And so now that you have these ETF flows, the corporate flows, the public companies buying loads and loads of Bitcoin, you have exit liquidity where you get to see

some distribution. But again, the point

some distribution. But again, the point of this visual, this is not a blowoff top. This is not the end of a cycle. All

top. This is not the end of a cycle. All

of this data points very firmly to a brief stretch of liquidity dislocation, of liquidity stress, of forced selling,

and of panic selling from shortterm holders. Because look at this. This is

holders. Because look at this. This is

short-term holder realized loss. I'm

going to say that again. This is

probably my favorite one. short-term

holder realized loss. Take a look at this, guys. Black is the Bitcoin price,

this, guys. Black is the Bitcoin price, the black line. Orange is the short-term holders realized loss. Look at that spike on the far right. It almost made

an all-time high going back to 2022.

Now, November 2022, does anyone remember what happened then?

FTX.

That's when FTX blew up.

So fast forward to today, shortterm holding, realized loss. So these are not real Bitcoiners. These are tourists,

real Bitcoiners. These are tourists, people looking for a short-term trade, people looking for momentum, people swing trading, people day trading. These

aren't the stay humble and stack saters.

These aren't the loyal Jack Maler show listeners. No, no, no. Taurus, I tell

listeners. No, no, no. Taurus, I tell you. And they capitulated. This is what

you. And they capitulated. This is what we love to see. They capitulated. They

got rid of their coins at a loss at the highest rate since the FTX implosion.

Again, guys, you love to see this because if I go all the way back to my first one, over 5% of Bitcoin changed hands during this

dip.

Unbelievable amount of distribution. And

when you go to this one and you see that near FTX levels, like we were off by a

pixel to FTX levels of realized loss from Taurus.

These are all extremely good signs.

Another one, when has the mayor multiple been this low? Okay, so all of the indicators, the fear index, RSI, mayor

multiple, it shows that Bitcoin is going to operate from an extreme level of strength. There's not that much downside

strength. There's not that much downside to be realized left. And we're sitting at 88,000.

Really, really healthy sign. And then

this screenshot from Charlie at 80,600, Bitcoin is now down 36% from its all-time high of 126,300 in early October. That's the biggest correction

October. That's the biggest correction off an all-time high since 2022. Is this

unusual volatility for Bitcoin? Not at

all. We've seen similar or bigger draw downs every year.

Every year, guys, the last time we saw something like this was this year, April 7th, Liberation Day.

Okay? We've seen 33%. And again, could it get to 94% down, which we saw in 2011? Sure. Technically, anything is

2011? Sure. Technically, anything is possible. This shows not financial

possible. This shows not financial advice, right? I'm not your dad. I'm not

advice, right? I'm not your dad. I'm not

your babysitter. I'm not your financial adviser. But to me, this is much more

adviser. But to me, this is much more structurally. Look at the area here in

structurally. Look at the area here in 2017. Okay?

2017. Okay?

Down 33%, down 39%, down 40%, down 30% from highs. By the way, guys, 2017, the

from highs. By the way, guys, 2017, the price opened January 1st. I'll never

forget it, at $1,000. And it hit $20,000 that calendar year. So, 20x. And it

experienced that parabolic move while being down 30% from highs, down 41% from highs, down 39% from highs, down 33% from highs.

To me, what are we living through now?

Look at this. Down 32% liberation day, right? Down 36%

right? Down 36% government shutdown, repo market stress, trade surplus.

Remember, government surplus, private sector deficit, government deficit, private sector surplus.

Okay. So, what's the real culprit?

What's the real issue going on in markets? It's the macro. It's the

markets? It's the macro. It's the

liquidity. What I've been hinting at this time, this show, we've got a little bit more detail. Since we last spoke, the New York Fed convened and met with

Wall Street firms over key lending facility. This is from FT, the Financial

facility. This is from FT, the Financial Times.

Oops, I clicked the wrong button.

Federal Reserve officials describes the standing repo facility as a crucial pressure relief valve to help the central bank keep short-term borrowing costs within their target range. Okay,

we go on. This is from the article. New

York Federal Reserve President John Williams convened a meeting with Wall Street dealers this week over a key short-term lending facility, underscoring officials concerns about

strains in US money markets. The hastily

arranged meeting, which has not been previously reported, took place on the sidelines of the Fed's annual Treasury market conference on Wednesday, according to three people familiar with the matter. It comes at a time when

the matter. It comes at a time when banks, investors, and officials are concerned about signs of stress in an arcane but vital corner of the US financial system. Williams solicited

financial system. Williams solicited feedback from primary dealers, mostly banks that underwrite the government's debt on the use of the Fed's standing repo facility, which central bank

officials describe as a crucial pressure relief valve to help them keep short-term borrowing costs within their target range. A representative from many

target range. A representative from many of the 25 primary dealers were in attendance. The people said they noted

attendance. The people said they noted that the attendants were broadly members of banks teams specialized in fixed income markets. A spokesperson for the

income markets. A spokesperson for the New York Fed confirmed the meeting took place. Next from Bloomberg. Bond dealers

place. Next from Bloomberg. Bond dealers

rebuff New York Fed tool as strains in repo market build. The takeaways from the article. Bond traders have pushed

the article. Bond traders have pushed back against Federal Reserve officials urging them to use the standing repo facility, the SRF, complicating the central bank's efforts to ease strains

in the market for repurchase agreements.

So here's what's going on, guys. there's

not enough liquidity in the system. And

we've talked about this, but let me recap real quick.

Well, I mean, simply put, the US government's in too much debt. That's

the real answer. But the more elaborative answer, over the last few years, the United States has issued this debt via T bills, short-term debt, okay?

Not long-term. They can't sell 10-year bonds.

No one wants to buy that dog [ __ ] Nobody wants United States counterparty risk for the next decade. Everyone's

pricing in significant amounts of debasement. Nobody wants that.

debasement. Nobody wants that.

So where can they borrow money?

Shortterm T bills. Now when they borrow so many T bills that puts an extreme amount of strain on the financial system in particular liquidity

because the TGA the Treasury General's account needs a high balance to roll those T bills over every week. The

Treasury is rolling over an estimate $550 billion of T bills a week. And so

Scott Bessant needs a higher checking account to roll those over so they don't have a failed auction.

So what we saw in September and October, whether purposeful or not, was a structural rebuild of the Treasury General's account. The balance grew from

General's account. The balance grew from hundreds of billions to a trillion dollars.

That pulls liquidity out of the financial system. The need for the US to

financial system. The need for the US to continue to roll this debt and finance more debt, especially in the short term, puts higher and higher and higher strain

on the financial system. Now, the Fed built a facility to solve this problem.

Okay, the standing repo facility is effectively like an immediate emergency money printer if you have to. So that

these markets, these overnight markets would not collapse.

These banks are saying we don't want to use that. It makes us look bad. So, I'll

use that. It makes us look bad. So, I'll

read on. Primary dealers told officials that borrowing directly from the central bank still carries a stigma and could be seen as a sign of trouble and also pointed to operational and balance sheet

constraints that made it difficult to access the facility.

So, quickly, let me take a step back.

We've been told the US isn't worried about the strain. Everything's fine.

Bitcoin's tanking because of quantum.

Bitcoin's taking because OG believers don't believe in it anymore. Wrong. No.

Incorrect. Bitcoin's collapsing. It's

going to 10K. Bare market. No. Wrong.

Incorrect.

There's no liquidity in the financial system. And Bitcoin is the only free

system. And Bitcoin is the only free market that can tell us the truth.

because all your other [ __ ] indicators, all your other legacy fi uh fiat financial system, it doesn't tell us the truth. It's centrally planned.

It's controlled is at off hours. It's

overly regulated. Isn't audited.

So what's happening? There's no

liquidity in the system. And you're

going to sit here and tell me that the Fed and the US government isn't concerned about that. Oh, but they're having sidecar meetings at the Fed Treasury Conference about what to do and

officially confirmed by the Fed. So, the

Fed le guys, the Fed went to the Financial Times and to Bloomberg and said, "Please report this."

Okay.

Okay.

And here's the deal. The primary dealers don't want to use the facility. They're

saying their balance sheet is too tight and too illquid and there's too much of a stigma. It would cause panic if

a stigma. It would cause panic if they're effectively saying if we use this facility to the depth in which we need to

the rest of the world will realize how [ __ ] we are. What do you want us to do?

Dealers have floated ideas to make the facility more attractive, including allowing transactions to be centrally cleared as the Fed aims to ensure the facility remains effective for rate control amid short-term borrowing market

strains.

So, the primary dealers and the banks are saying, "Help us help you. We don't

want to tap that thing because it'll show the world how bad it really is."

And our balance sheets are constrained already. And the Fed is saying please,

already. And the Fed is saying please, please, please. This is from Steven

please, please. This is from Steven Myron. This morning I spoke about

Myron. This morning I spoke about regulatory dominance of the Fed's balance sheet. For all the talk about

balance sheet. For all the talk about fiscal dominance, the truth is the Fed is forced to take actions on balance sheet due to the regulatory framework binding banks. Here we go again.

binding banks. Here we go again.

Deregulate the banks. So what we're seeing now, there is no liquidity. There

is no liquidity for a lot of reasons.

One of the reasons the government had just shut down. Liquidity will come back now that the government is reopened.

Another reason there was a weird September surplus that was probably an accounting trick but nonetheless aided to growing the TGA, growing the Treasury General's account. Again, that takes

General's account. Again, that takes liquidity out and they're doing that because of the amount of indebtedness the United States is in. So, where does the United States look to find marginal

lenders to the government, its own domestic banking system? When you

deposit money into Chase, into Bank of America, into City, that's not your money anymore. They take your deposit

money anymore. They take your deposit and they lend it to the United States.

The banks are saying, "Our balance sheets are dry. Our balance sheet has no more liquidity. We need further

more liquidity. We need further deregulation. We need to add more

deregulation. We need to add more leverage and we need stigmapositive ways for us to tap these facilities without

making it look as bad as it actually is.

Now to the even juicier part. One of the reasons liquidity has fallen off a cliff is because Japan is falling off a cliff.

Okay, what are we looking at? This is

the dollar yen in blue and the JPY 10-year in red. Spiking, guys. Spiking.

So in red, this is not good. When you

see the JP 10-year go that high and that fast, this is very bad. This is emerging market behavior. And this is the dollar

market behavior. And this is the dollar strengthening incredibly against the yen. Let me tell you guys why this is

yen. Let me tell you guys why this is very bad for liquidity and very bad for assets.

First of all, for liquidity, Japan is really like the apex predator for providing liquidity to the global financial system because of the carry

trade. The carry trade very simply put

trade. The carry trade very simply put is you can borrow money for free in Japan effectively. Like rates are zero

Japan effectively. Like rates are zero and have been well not technically anymore. I don't know what they are

anymore. I don't know what they are right now. 15 basis points, but rates

right now. 15 basis points, but rates have been zero or as close to zero as any other massive market and they've been there for years. And so it is

effectively free to borrow money in Japan and then you reinvest that money into where you can get returns. And so

the carry trade is I go to Japan, I borrow money for free and I buy Nvidia, I buy Tesla, I buy Bitcoin.

Now, when the 10-year spikes and the dollar spikes against the yen, this forces the carry trade to

unwind. We saw this happened to Bitcoin

unwind. We saw this happened to Bitcoin also a few years ago for those that have been around. And remember, when the

been around. And remember, when the dollar strengthens like this, that is not good for assets. Assets like a weaker dollar. The United States is so

weaker dollar. The United States is so indebted, they need a weaker dollar. The

only way they can default is through inflation. A slow default through

inflation. A slow default through inflation. So when Japan starts to freak

inflation. So when Japan starts to freak out and have problems, it forces the carry trade to unwind, which forces the people that borrowed these Japanese yen

to buy primarily United States assets that are producing returns. They have to sell those assets. And if I go to the next one, this is very interesting,

guys. In the blue is the 10-year, the US

guys. In the blue is the 10-year, the US 10ear. In the red is the Japanese

10ear. In the red is the Japanese 10-year. Look at how correlated they

10-year. Look at how correlated they were up until this year.

Listen. Look, I go back. The Japanese

tenure rises and spikes, then the dollar spikes. The dollar spikes. Bad for

spikes. The dollar spikes. Bad for

assets. Bad for assets. Bad for America.

If this continues to spike, investors are going to be selling treasuries.

They're going to be selling stocks.

They're going to be selling Bitcoin. And

the whole financial system is going to go kapush. Last time this ha happened,

go kapush. Last time this ha happened, what do you think they did? Printed the

money again. Bitcoin will win either way. Either the entire financial system

way. Either the entire financial system collapses, the world goes through a great depression so great that it makes the other great depression seem like

Narnia.

seem like a fairy tale.

And then on the other side of the great human reset, Bitcoin is the world reserve currency naturally because again, at the end of the day, it's just a money competition.

May the best money win or they print the money, they default silently through inflation. Every time there's a crisis,

inflation. Every time there's a crisis, they bail out. They continue to extract wealth to make whole from the people.

Either way, Bitcoin wins. So far, what they've done is print the money, default silently through inflation. And what

we're seeing in Japan is not good for the United States.

The listen, this tenure from the US will need to catch up to this Japanese tenure.

Okay? Clearly, they've made a substantial effort to protect the US tenure. Clearly, that's what this visual

tenure. Clearly, that's what this visual shows.

And the reason I pull up this next slide, do you guys remember the move index? We talked about this during

index? We talked about this during liberation week, liberation day, whatever the [ __ ] it was.

Okay, this tweet, US Treasury volatility, the move index is printing up on a monthly basis for the first time since April. What happened in April?

since April. What happened in April?

Liberation Day. However, volatility is still fairly contained as the index is still below 2022 levels when volatility faced upward pressure from the Ukraine

invasion and the start of the US rate hike in Feb/March of 2022.

So, the move index is starting to move again. You can see liberation. You see

again. You can see liberation. You see

this spike?

That was when Trump was like, "Oh, no, no, no, no, no, no. Goodbye. Revert,

revert, revert. And Bitcoin went from 30% off highs, Great Depression. Oh my

god, the world's falling apart to new all-time highs, 126,000.

The move index is starting to move again. Japan is falling apart. Okay, the

again. Japan is falling apart. Okay, the

Fed and banks are fighting about how they're going to sustain liquidity.

Okay, so what was the title of this section? Macro liquidity is the real

section? Macro liquidity is the real culprit. This is a liquidity

culprit. This is a liquidity dislocation. This is a liquidity crisis,

dislocation. This is a liquidity crisis, guys. This is not

guys. This is not four-year cycle. Give me a break. Have

four-year cycle. Give me a break. Have

me on record saying I don't believe in it for a second. So, what is next?

Here's what's next in my opinion. First

of all, AI.

This from the Wall Street Journal today.

Today, how the US economy became 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. Now, this

is from the AI and cryptozar of the US government, David Saxs. According to

today's Wall Street Journal article, AI related investment accounts for half of GDP growth, 50% of GDP growth. Remember

guys that Besson said, "Grow, grow, grow. We're going to grow our way out.

grow. We're going to grow our way out.

We're going to grow our way out because we tried Elon Musk Doge austerity.

Didn't work. We tried putting obnoxious and obscene tariffs on everyone. China

said, "Go [ __ ] yourself." Absolutely

not.

Do you want rare earths?

Stop being ridiculous.

And so then we've reverted to we got to print the money. We got to grow. Where

is growth? It's AI. So literally the spokesperson from the government comes out and says according to today's W uh Wall Street Journal AI related

investment accounts for 50% of GDP growth. A reversal would risk recession.

growth. A reversal would risk recession.

We can't afford to go backwards. Okay,

there you go. The US government is starting to softly imply a government backs stop to AI.

A lot of the Bitcoin uh dip was also surfacing fears about an AI bubble. What

if Nvidia missed earnings? Would the

world fall apart? Oracle, the credit spreads on Oracle are starting to get really concerning.

Here comes the government saying, "Wait a second. We can't afford for AI

a second. We can't afford for AI to not work for national security." But

probably more importantly for GDP growth.

Let me play this video for you guys.

>> Years. You've said AI could wipe out half of all entrylevel white collar jobs and spike unemployment to 10 to 20% in the next 1 to 5 years.

>> Yes. That is that is that is the future we could see if we don't become aware of this problem. Now

this problem. Now >> half of all entry level white color jobs. Well, if we look at entry-level

jobs. Well, if we look at entry-level consultants lawyers uh financial professionals, you know, many of kind of the white collar service industries, a

lot of what they do, you know, AI models are already quite good at and without intervention, it's hard to imagine that there won't be some significant job impact there. And my worry is that it'll

impact there. And my worry is that it'll be broad and it'll be faster than what we've seen with previous technology.

You've said, >> "Okay, you heard it first on this show. You saw

it softly reported through some mainstream media outlets. Now it's on 60 minutes.

Six. The most politicized show there is.

AI could wipe out half 50% of all entry-level white collar jobs and spike unemployment to 10 to 20% in the next 1 to five years.

Guys, so here's the deal. Here's my point.

As Luke says, if AI doesn't work, it will risk recession, blowing out fiscal deficits into insufficient foreign US Treasury demand. So if AI doesn't work,

Treasury demand. So if AI doesn't work, everything falls apart. We have to print money. If AI does work, it will

money. If AI does work, it will undermine the US fiscal position. Around

half of US federal receipts come from employment. So around half of the US

employment. So around half of the US government's tax receipts that goes towards financing interest payments on the debt. So the US has to pay money to

the debt. So the US has to pay money to borrow money. No one's lending to the

borrow money. No one's lending to the United States for free.

Would you buy a 10-year for 0%.

Half of the federal receipts come from employed people. So if AI works, it will

employed people. So if AI works, it will undermine the US fiscal problem. Blowing

out deficits into insufficient US Treasury demand. What is the common

Treasury demand. What is the common denominator here? Insufficient

denominator here? Insufficient US Treasury demand. Nobody wants dog [ __ ] treasuries from the drunk person at

the party that's $ 38 trillion in debt.

No matter what, they have to print the money and they're starting to say the quiet part out loud. Next, guys, listen.

The other thing about this, you know, cycles ending for your this, for your that let me say something.

Back when we made a top in 2022, this So, by the way, this is the Fed's balance sheet. Back when we made a top

balance sheet. Back when we made a top in 2022 in Bitcoin, the Fed's balance sheet was at about $9 trillion.

And they came out and said, "We're ending QE. We're starting QT. We're

ending QE. We're starting QT. We're

going to raise rates as fast as we can."

They raised rates faster than any cycle ever. And they went on to remove close

ever. And they went on to remove close to $3 trillion off a $9 trillion balance sheet. The Fed's balance sheet now sits

sheet. The Fed's balance sheet now sits close to 6 trillion. 33% of the Fed's balance sheet evaporated, erased.

You hear often, what if China sells its treasuries and dumps its treasuries?

What if Japan has to dump all of its treasuries? You can take Japan and China

treasuries? You can take Japan and China and combine them and they wouldn't have the impact that the Fed has had since 2022.

I give you this context to say QT, this blue line going down ends on December 1st. It ends in one week. QE resumes

1st. It ends in one week. QE resumes

shortly after that. So for people listen if if Jerome Pal was coming out and saying we're bringing the Fed's balance sheet from 6 trillion to 1 trillion and we're going to raise rates from 4% to

10%.

I will be on this show saying you got to stay humble. You got to stack sads.

stay humble. You got to stack sads.

You know bare markets are temporary.

This asset is that's not what's happening.

What's happening is the opposite.

Japan's blowing up. AI needs a government backs stop. QT is ending. QE

is starting. Rate cuts. There's three

rate cuts priced in before we get a new Fed chair. And now Bessant is out saying

Fed chair. And now Bessant is out saying Trump should be the Fed chair.

Let's move on. So on the back half of that, futures rise after Fed's Williams signals possible December rate cut. The

other thing that happened in conjunction with Bitcoin's decline is Powell came out and hinted that he wasn't going to touch rates in December. The markets did not like that. The tweet reads, "US

stock futures climbed Friday after Fed President John Williams hinted a December rate cut. S&P 500 futures rose 50 basis points and NASDAQ futures gained 40 basis points despite major

indexes heading for their worst week since March." Williams said there is

since March." Williams said there is quote room for further adjustment end quote to rates and noted easing inflation risks. Traders lifted the odds

inflation risks. Traders lifted the odds of a December rate cut over 50%, up from 37%. The Nasdaq remains under pressure

37%. The Nasdaq remains under pressure amid concerns over tech monetization and rising debt. Williams also said

rising debt. Williams also said inflation has stalled near 2.75% partly due to trade policies, but he expects it to move back toward 2% by 2027.

Thanks, bro. All right,

look at this guys. This is poly market Fed decision in December. You can see precisely when Jerome Powell said, "Fuck Trump. [ __ ] your rate cut and odds

Trump. [ __ ] your rate cut and odds tanked and markets freaked out." And then you can see the Fed now say, "Well, wait a second.

Never mind. We will cut in December."

And now the odds are back above 80%.

All right, let's hear from our boy Scotty B. I got two Scotty B videos for

Scotty B. I got two Scotty B videos for you guys today.

>> I think >> you're not taking that job, >> Brett. There there I think 340 million

>> Brett. There there I think 340 million Americans now. I think I I can safely

Americans now. I think I I can safely say that I will not be the Fed chair. I

think President Trump will make a great Fed chair. He has an open mind. He

Fed chair. He has an open mind. He

understands monetary policy better than a lot of people want to the list. You're

not taking that job, Brett. They're

there. I think

Did you guys just hear what I heard?

I think President Trump would make a great Fed chair.

Listen, do I think Trump's going to be the Fed chair? No. Do I think Besson's going to be the Fed chair? Doesn't look

like it. What are they signaling to the market? The Fed chair is effectively

market? The Fed chair is effectively Trump. The next Fed chair is going to do

Trump. The next Fed chair is going to do as told, right?

Really important signaling, guys. Again,

you think Bitcoin is going to go through a multi-year bare market where QT is ending December 1st. QE has to start.

Rate cuts, Japan blowing up, AI needs a federal backs stop or else we go into a recession. AI is going to displace 50%

recession. AI is going to displace 50% of entry-level white collar jobs. AI is

going to send unemployment to 20%.

The US government relies on employment to finance its interest payments because people that are employed spend in the economy and pay taxes.

Oh, and then Trump gets to place who he wants to be as Fed chair in May, right before midterms. Tell me again that Bitcoin is going to

go through a two to threeyear bare market.

Miss me with that [ __ ] Not on this show. Not on this show.

show. Not on this show.

Oh, did I Oh, I have one more Scotty B.

Let's listen to the Scotty B before I give you that that slide.

>> Let's get all the Scotty B in while we can.

>> Every day. And my prediction is that first quarter, second quarter, what we are going to see is we have brought the inflation down. It is curving down and

inflation down. It is curving down and real income, the other side of that equation is real income growth. And we

are going to see this from all this investment.

>> Would a $2,000 tariff dividend check going to people be inflationary? Uh well

the there are a lot of things that are going to happen next year and uh that could be one of them and again maybe we could persuade Americans to save that

because a couple one one of the things that's going to happen next year the the the Trump accounts every child who was born from January 1st for the next three

years is going to get a government account that goes into the stock market.

So every American child born for the next 3 years starting January 1st is going to have that. They can take it out when they're 18. They're going to learn the power of compounding. And the uh

there's going to be a lot of financial literacy around that. And I think the reason that we saw kind of the disastrous election in New York is young people don't feel like they have a stake in the economy. So we want to give them

a stake in the economy.

>> We know that.

Oh man, Scotty B never fails to deliver.

Would a $2,000 dividend check be inflationary? Well, not if people don't

inflationary? Well, not if people don't spend it.

Oh, by the way, everyone that's born right now, we're plowing money into the stock market for them and they're not allowed to sell it until they're 18.

guys. I mean, come on, man.

Um, wait, I want to show I misplaced this slide. Hold on.

this slide. Hold on.

I want to show this one on the back half of that because it's funny. We're going

to give people $2,000 stimulus check and no, it won't be inflationary as long as they don't spend the money.

Okay. Well, let's check in on US consumer sentiment. Is everyone happy?

consumer sentiment. Is everyone happy?

Is real wages growing? Can everyone

afford everything that they need in their life? Oops. Consumer sentiment

their life? Oops. Consumer sentiment

falls close to a record low. Views on

personal finances sink to lowest in 16 years.

Whoops.

That's not good.

So, we're going to print the $2,000 for everybody. They're going to spend it.

everybody. They're going to spend it.

You're also going to be buying the stock market for toddlers and not letting them sell until they're 18. QT's ending. QE

starting, rate cuts, Trump gets to appoint his own Fed chair. Japan is

blowing up and needs a bailout. AI is

blowing up and needs a bailout. But when

you do bail out AI and it goes on to be successful, the success is going to unemploy the entrylevel white collar jobs. It's

going to send unemployment to 20%.

That then will force the US government to print more money because they're not going to get enough tax receipts to afford the interest payments on their $ 38 trillion of debt. Did I get that

right?

And the only finite fixed supply asset in the world is going to go down.

Nope. Not on my watch. not on this show.

That's why we got our own show, [ __ ] You guys can say whatever you want on CNBC, but this is our show.

This is a show for the Bitcoiner. None

of that dumbass garbage on this show.

Another uh really interesting insight I wanted to point out is that the stable coin supply has shrked with this dip.

And when I was I I would make the case often on this show that the US government has an innate interest in Bitcoin because they have a definitive interest in stable coins and they're

correlated. The way to grow stable coins

correlated. The way to grow stable coins is to grow Bitcoin. And everyone was like, I don't understand that, Jack. I

don't get why it's good for Tether if Bitcoin goes up or it's good for the United States if Bitcoin goes up because it's good for Tether, which makes it good for the United States. I don't

understand that. Well, this is a great way to understand it because when Bitcoin goes down, the stable coin market cap has gone down, which means

there's now less demand for US bills.

So, the government wants stable coins to go up, not down. Which means the government is going to want Bitcoin to stay up, not down. This is now I'm not

saying the government's going to send Bitcoin to the moon. All I'm saying is the United States has a structural interest in Bitcoin. It does not surprise me they want to support the industry. It does not surprise me they

industry. It does not surprise me they want to end operation choke points. It

does not surprise me they want a strategic Bitcoin reserve because stable coins are like the reserve fiat with Bitcoin is the dollar. They're

propagating dollar hegeomy globally.

And so Bitcoin falls, stable coins fall, stable coins fall, demand for US debt falls, demand for US debt falls, US sovereign crisis, debt crisis.

So this makes my point that the United States, Bitcoin is like universal acid acid, guys. It somehow it seeps into the

acid, guys. It somehow it seeps into the cracks of everything it touches and it just conquers it. Somehow Bitcoin seeped

into Washington DC and it found itself where the US if the US wants to sell more of its dog [ __ ] debt.

Its best interest is to support Bitcoin.

Don't debank guys like me. Don't make

overregulatory [ __ ] that make it harder for us to build businesses. Don't

neglect Bitcoin as an asset class.

That's actually in their best interest.

Interesting. I'm just saying. Hopefully

that's clear. Um and then this point kind of rounds it out. So this tweet, it's crazy to think that money supply is expanding this aggressively even as

global central bank balance sheets have been contracting. We've seen a $10

been contracting. We've seen a $10 trillion increase in global money supply in just the past 12 months. Now imagine

what happens once central banks inevitably need to expand their balance sheets again, which in my view is only a matter of time. If this helps, mute the recent volatility noise in hard assets.

This is the macro data point that ultimately drives the cycle. Again,

guys, so this goes back to my Fed balance sheet screenshot.

Bitcoin has gone from 16K to 126K while the Fed shrunk its balance sheet by 30% while they removed $3 trillion off their

balance sheet.

And his point is, what the hell?

Crazy to think how the money supply has grown without central banks printing money. Who's been printing the money?

money. Who's been printing the money?

Fiscal dominance. The US Treasury. It's

been the government's fiscal dominance is printing the money. Nothing stops

this train. Lyn Alden.

You see? And so the the point is we've been making new highs and Bitcoin's been running to the races while the Fed is in

QT while rates are high while AI was financing itself not from government back backing but offbalance sheet.

Facebook was pouring billions of dollars of its own cash flow and own Treasury balance sheet into funding AI. That

money's gone. They need a government backs stop because they're gonna have to borrow a ton of money and they're not sure if they can pay it back

again. And I'm supposed to be bearish.

again. And I'm supposed to be bearish.

Are you nuts? Buy every dip. By every

dip.

QT is ending. December 1st. It's in a week. Other side of Thanksgiving. The

week. Other side of Thanksgiving. The

Fed's balance sheet stops going down.

Do you understand how big of a deal that is? They have to print the money, guys.

is? They have to print the money, guys.

There's no liquidity in the financial system. The level of indebtedness is too

system. The level of indebtedness is too high. They need AI for GDP growth. I

high. They need AI for GDP growth. I

mean, I can I can make this show 10 hours for how much money they need to print. The level of money printing is

print. The level of money printing is going to exceed COVID levels. It's just

math. And so I love this tweet because yes, the money supply has expanded greatly and it has had nothing to do with central banks. It's all been fiscal

dominance. Imagine what happens when the

dominance. Imagine what happens when the central banks and QT lower rates and start QE. Imagine. Look at guys. Look at

start QE. Imagine. Look at guys. Look at

this chart. Look at what happens when the Fed enters QE and starts printing money. Look at the steepness of these

money. Look at the steepness of these lines.

That's outrageous.

And you're selling Bitcoin.

I rest my case.

I rest my case. I already know the comment section. Jack leads a cult. Jack

comment section. Jack leads a cult. Jack

never says Bitcoin's going to go down.

Like I said, if rates were gonna hike as fast as they've ever hiked and we're entering a tightening cycle,

I would have no problem warning everyone on the show like, "Hey guys, listen.

You know, be careful out there.

Overcolateralize your loans, etc., etc." But it's the opposite. All right, strike real quick. Um, this tweet got a lot of

real quick. Um, this tweet got a lot of attention. I just want to resurface kind

attention. I just want to resurface kind of what Strike is, what we're building, what we have built. Um, so this tweet, "We're building the bank for Bitcoiners.

Jack uses Strike to direct deposit his paychecks." True. I direct deposit all

paychecks." True. I direct deposit all my paychecks into Strike. It acts as my bank and I convert all those paychecks into Bitcoin. So, you can direct deposit

into Bitcoin. So, you can direct deposit your paycheck into Bitcoin. I have mine set to 100% conversion. can. So, that's

true. You can buy and sell Bitcoin on Strike, obviously. Yes, I do that. You

Strike, obviously. Yes, I do that. You

can custody your cash in Bitcoin. Yes, I

do that. You can pay your bills with either your cash or your Bitcoin on Strike. So, Strike, you have an

Strike. So, Strike, you have an accountant routing number. So, again,

you can get your direct deposit there.

You can also pay bills from there. So, I

hook up my credit card, my HOA, my electricity and comed bill. I pay all of my bills from Strike. You guys now know for a fact that I do this because me

getting debanked from Chase went super viral. So, I didn't have another

viral. So, I didn't have another financial institution outside of Strike.

And so, I've just been living on Strike.

It is my bank account. Uh, and then now you can borrow against your Bitcoin. So,

I've borrowed against my Bitcoin before.

I used to pay my bills with my Bitcoin, which forced me to sell Bitcoin every time I had to pay bills, but it's what I had to do because I didn't own any dollars. I still don't own any dollars.

dollars. I still don't own any dollars.

Now I get to borrow against my Bitcoin.

It helps me because then I don't have to sell my Bitcoin. I could borrow against it, manage my interest and manage how much I'm borrowing as my paychecks come

in. I can pay off any amount of the

in. I can pay off any amount of the borrowing I'm doing. I also can refinance the debt. So, we have a uh

combine your loans feature coming out in December. I can't wait to combine all my

December. I can't wait to combine all my loans and then refinance my loans at an $80,000 price or whatever we're going to be at. That's going to be great for me.

be at. That's going to be great for me.

And then again, what we have coming soon. So, first of all, we're bringing

soon. So, first of all, we're bringing lending everywhere in America. Uh we do believe we will be in New York hopefully before this year is over. Fingers

crossed. And we will have loans everywhere in America. So that includes Texas, California, Tennessee, New York.

We're very excited about that. After

that, we will follow up with a line of credit product, which we're very, very, very excited about. This makes it so that you don't have to take out 12 month duration loans all at once. You can have

a set amount of Bitcoin on strike, and then as you need to pay bills, as you need to make a lightning payment, as you need to do stuff, you can even buy Bitcoin with your line of credit as a payment option. So you can we will

payment option. So you can we will dynamically extend credit against the Bitcoin you have on the platform so that you're only taking out loans in real time and you can pay that down with your

direct deposit. You can pay off the

direct deposit. You can pay off the interest with your direct deposit. So it

acts more as a realtime loan against your Bitcoin for those that want to live on Bitcoin and don't want to take out massive loans that can risk liquidation on a wick down. People are saying I

don't want to take out a large 12-month loan. I'd rather take out microl loans

loan. I'd rather take out microl loans against my Bitcoin, more like a line of credit. So, we're building that yield on

credit. So, we're building that yield on cash. So, everyone said, "I do own I do

cash. So, everyone said, "I do own I do own dollars. I'm not like you. I don't

own dollars. I'm not like you. I don't

own zero dollars. I would like some yield on my cash. Can you guys give me yield?" We looked into it. In fact, we

yield?" We looked into it. In fact, we can probably give you some of the highest yield on cash in the world because we lend to Bitcoiners. We lend

to net producers.

So, you know, when I pitched this to the company internally, I said, "Listen, you know, a a company that's giving you right now 2 and a half% 3% 3 and a half%

yield on cash at, let's say, Robin Hood or Coinbase or whatever these legacy financial institutions. They are doing

financial institutions. They are doing it because they are sweeping your cash deposits and they're lending it overnight to the Fed. And so, they're effectively lending to the government, okay? And the government is paying them

okay? And the government is paying them the interest rate, whatever the interest rate is, and they probably keep a little bit to generate revenue. So, whatever,

two and a half, three, three and a half%. The government is a broke. The

half%. The government is a broke. The

government's broke. The US government can't afford it. So, rates are going to continue to come down to as close to zero as they can possibly get them. And

so, your yield on cash through other platforms is going to continue to go down to as close to zero because the government can't afford to borrow from you. Now, Bitcoiners are borrowing from

you. Now, Bitcoiners are borrowing from strike at 9, 10, 11%. Bitcoiners can

afford that. Why? Because they're net producers to society. They have excess cash flow that they invest in Bitcoin.

The Bitcoin, their savings is compounding at 50% a year on average.

That means their net worth is doubling every 18 months.

So, we are lending to the net producers of society, the savers, the new wealth class. These people can afford it. They

class. These people can afford it. They

can afford it. And so what we do to offer our lending product is we talk to institutions around the world and we say, "We have a class of Bitcoiners that want to borrow a ton of money against

their Bitcoin. If you give us your cash,

their Bitcoin. If you give us your cash, we'll give you whatever five, six, 7%, 8%, 9%. It depends on the size and

8%, 9%. It depends on the size and depends on all sorts of stuff." And so when I talked to the company internally, I said, "If people really want yield on cash, it was a weird weird feature for me because I don't have any cash." I'm

like, "Who what Bitcoiner actually wants this feature? Does anyone still own

this feature? Does anyone still own dollars?" And they're like, "Yeah, well,

dollars?" And they're like, "Yeah, well, we did customer research and you're kind of one of the only people in the world that actually owns no dollars." Said,

"Wow, okay, that's weird." But anyway, fine. If they want yield on cash, let's

fine. If they want yield on cash, let's offer this deal that we do to these massive institutions and banks. Let's

offer it to our customers. If our

customers have cash on the platform and they want yield on it, we can put their cash into the pool of capital that's lent out to Bitcoiners overcolateralized. So, it's a severely

overcolateralized. So, it's a severely overcolateralized loan. It's not like

overcolateralized loan. It's not like there's risk or rehypothecation or anything. It's like, yes, I would like

anything. It's like, yes, I would like to get five, six, 7% yield on my cash.

And then if you want to withdraw it, you hit withdraw. We take your cash out of

hit withdraw. We take your cash out of that pool. We give it back to you. We

that pool. We give it back to you. We

replace the cash that you had in there getting yield with a bank's cash and voila. And so as the interest rates come

voila. And so as the interest rates come down, our yield on cash will always be substantially higher. We'll probably go

substantially higher. We'll probably go to market at five or six or seven or 8% yield on cash while other financial institutions are giving you 3% yield on cash, 2% yield on cash. We'll be able to

more than double them. And again, it's because we're building a better bank. A

bank for Bitcoiners, a bank for the net producers of society, a bank for the new wealth class. These people are working

wealth class. These people are working hard, saving money, and those savings are appreciating. Really cool stuff. And

are appreciating. Really cool stuff. And

then we're looking into the first ever Bitcoin secured credit card. Um, so

really fun uh talking to Visa about that. And I know you guys really want

that. And I know you guys really want it. Um, you know, there's I'm still not

it. Um, you know, there's I'm still not 100% sold on it. So, keep commenting, you know, internally. We're debating

back and forth, but um, we're really looking into it. So, anyway, we really are, and all of this is coming like in the next few months. Like, we are, you know, how we how we are at strike. Ship,

ship, ship, ship. Stay humble, ship the road map, stay focused, no distractions.

And so, really, really excited. I'm glad

that everyone's starting to see the vision here. You know, for the life of

vision here. You know, for the life of me, I've been trying to explain what we're doing at Strike for a while. It

feels like it's finally clicking. We're

building the global bank on top of Bitcoin, and we're able to offer higher yield on cash because of it. We're able

to offer a savings account that's appreciating 50% a year on average. It

means your network's doubling every 18 months, every year and a half. You can

direct deposit your paychecks, pay your bills, and then once you get a line of credit and you got a credit card against that, I mean, it's going to be the best financial account in the world. Already

kind of is for me. I mean, I'm living on it. It's amazing. I mean, banks banks

it. It's amazing. I mean, banks banks don't like me and built my own bank.

[ __ ] you. Although, we're not technically a bank. I have to be careful with that. So, disclaimer, I mean bank

with that. So, disclaimer, I mean bank in the metaphorical sense, like with the features we offer and stuff. We're not

licensed as a bank, to be clear. Shout

out our regulators. If you guys are tuning into the show, that's amazing.

Much love. Uh and then 21, we're uh rapidly approaching our December 3rd date, shareholder vote. So, very

exciting. And you guys know how this goes. I'm not going to risk running my

goes. I'm not going to risk running my mouth um before that date. Don't make

any sense. Okay.

What do we timewise?

It was about an hour. So, I read through all your guys' comments. You said,

"Whoever said to shorten these episodes, give them the bird. Screw them. Tell

them to take a hike. Uh, we want the long episodes." So, I will gear these

long episodes." So, I will gear these towards longer episodes. This one was not short, not long because it is Thanksgiving week. I'm visiting family.

Thanksgiving week. I'm visiting family.

Um, Dollar Bill and the Bitcoin mom are over uh with my girlfriend right now.

And so I couldn't make this one three hours. Well, I could do whatever the

hours. Well, I could do whatever the [ __ ] I want. I just didn't want to. Um,

so family, man. Family's important. Uh,

I don't live in the same state as my parents. So, I really value the time I

parents. So, I really value the time I get to spend with them. So, uh, this one was a medium length, but once, you know, once I'm back home from the holidays, we'll I'll I'll give you guys You guys

want a three-hour episode? You know, I like to talk. I'll give you a three-hour episode. Um, so that will be no problem.

episode. Um, so that will be no problem.

Okay, let me um I'm sure you guys have a million questions. Let me pull up the

million questions. Let me pull up the chat on my phone. See what you guys are saying. Longer episodes are the best. I

saying. Longer episodes are the best. I

prefer short episodes. See, man, you guys are complicated. Um,

all right. Let me pull up Dylan's uh document of your questions and we'll do some live Q&A.

I got a little bit of time.

Um okay.

Macro questions. Can we talk more about the global impact of BTC versus just the US? Why is the price just always talked

US? Why is the price just always talked about in the context of the United States? Just because the United States

States? Just because the United States is the reverse currency. I think they meant the reserve currency. Um, it's

talked about in the United States. Yes.

Because the US is the reserve currency.

And also because the US is the most indebted country, $38 trillion of debt.

It juices the most liquidity into the financial markets. I mean, the entire

financial markets. I mean, the entire global financial market revolves around the United States. You're right, though.

I mean, there's ton of tons of storylines like France is about to implode and Europe is screwed. They're

going to have to print a ton of money.

So, there's all sorts of headlines. I

think this show revolves around the United States primarily because I'm American. Um, and so I'm just talking

American. Um, and so I'm just talking about my own lived experiences and interests and also because it is the reserve currency and it is the most indebted country. We are living through

indebted country. We are living through a sovereign crisis and yeah anyway so kind of a combination of I'm American. I

can speak towards my experience and my expertise and my interests and because it is the center of the financial universe.

I don't know if that suffices um or answers your question, but there's I mean sovereign debt crisis everywhere.

China has to print a lot of money.

Japan's collapsing. Europe is probably as [ __ ] as it's been I don't know in a long time. So, not good.

long time. So, not good.

Uh okay, next question. Yo, Jack, what are your thoughts on the staggering accumulation of Bitcoin and when do you think we will reach a supply shock? if

you believe that supply shock is even possible.

I mean, you know, Bitcoin does this thing where it goes from it goes into extreme price discovery. And the very interesting thing about this is Bitcoin

is the only asset where more demand cannot find more supply. Okay, so what do I mean by that? If the world wants more gold and they're willing to send

gold to $20,000 an ounce, Elon Musk said he'll go get more gold from Mars, right?

There's more gold in the ground. A lot

of the existing gold supply has not been mined because it's uneconomical to do so. Once we get a higher price, we can

so. Once we get a higher price, we can find more supply. If everyone in the world wanted an iPhone, Apple would make 8 billion iPhones. If everyone in the world wanted a McDonald's cheeseburger,

McDonald's would make 8 billion cheeseburgers. So the point is with more

cheeseburgers. So the point is with more demand more supply except for a few things in life. One of those things is

time right with more demand I can't find more supply of my life.

You know one of the beauties of life is that I know I'm going to die. And that's

actually, you know, that level of scarcity is extremely empowering and extremely important because it's the it's it's the reason

that I get up and catch the sunrise.

It's the reason I go to the gym every day. It's the reason I'm going to plan

day. It's the reason I'm going to plan my wedding and I'm going to get married and have kids, right? Cuz think about it, guys. If I was never going to die,

it, guys. If I was never going to die, I'd get married in 10,000 years. I'd go

to the gym in a million years. I'd have

kids in 10 million years. I'd catch the sunrise in a billion years. Who cares?

How do you value today?

The promise of death is what gives our life value. Now, what's another thing

life value. Now, what's another thing where no amount of demand, no matter how bad I want it, I can't create more supply. Bitcoin.

supply. Bitcoin.

What death means to life, Bitcoin means to money. Meaning, it doesn't matter how

to money. Meaning, it doesn't matter how much demand the world has for Bitcoin.

We can't dig it out of the ground. We

can't make more in a factory. We can't

toss a bunch of Bitcoin on the grill and serve it with cheese in a bun.

So all the demand for Bitcoin, they have to find a higher price.

So what we see in price discovery for Bitcoin is every single time there is a supply shock, it sends Bitcoin

to levels in which the existing market is willing to sell.

So, you get new supply of Bitcoin, not out of the ground, not out of a factory, but from existing holders, from people like us. Like, at what price would I be

like us. Like, at what price would I be willing to go into my cold card and sell you some Bitcoin? And for me, it's like, you'd have to give me the Chicago Bulls

to get some of my cold storage, but there's a price. If you give me the Chicago Bulls and the Chicago Bears, I'll grab one of my cold cards, you

know?

And so anyways, we see supply shocks all the time. And what's really interesting

the time. And what's really interesting in Bitcoin is eventually the price gets to a point where people are willing to walk over to their cold storage and deposit onto something like Strike and

sell. And that's when you find an

sell. And that's when you find an all-time high, you know. So, we see this all the time.

you know. So, we see this all the time.

And I expect Bitcoin to go into price discovery in 2026. I mean, I just again, guys, it's a

2026. I mean, I just again, guys, it's a liquidity game. It's a liquidity game.

liquidity game. It's a liquidity game.

If they decided to print the money right now, I'd expect all-time highs in December. If it's going to be this like

December. If it's going to be this like gradual deregulation, the Fed's going to pause QT, start 2026. But, you know, I

do expect a supply shock where the market is going to seek out where is the supply within the existing holders. At

what price are these holders going to walk over to their cold card and get a house, get a car, pay off debt, put their kids through college, buy the bulls, whatever that is, right?

Okay. Next question. In your opinion, why aren't more institutions or banks or companies with large balances not adopting Bitcoin? If you're big enough,

adopting Bitcoin? If you're big enough, can't you just turn the tide to win as a first mover? Yeah. I I mean, you kind of

first mover? Yeah. I I mean, you kind of seen that a little bit. Um why are they not

um It's interesting. So, like take a big

It's interesting. So, like take a big tech like Meta for example.

They're not um Yeah, I'm reading the the live chat. Um it is funny that it's the

live chat. Um it is funny that it's the Chicago Bulls and the Bears. So, bulls,

bears, bull and bear cycles. Yeah, you

guys are saying I can't buy the bears because that would be bearish.

I had to read that out loud. That's

hilarious. Um anyway, okay. Uh why would um why doesn't Mark Zuckerberg buy a bunch of Bitcoin and be a first mover?

Well, the reason is kind of funny because his shareholders and his stock is so sensitive to the operating

business. And so if he turned it into

business. And so if he turned it into Bitcoin exposure, he would probably lose a lot of shareholders and a lot of investors. And this is

investors. And this is in part the problem with the public markets is you're so beholden to the shortterm price of the stock. Like you

know I have a you know mentor that told me once it's really difficult to build in the public markets because if they don't like your stock for one quarter let's say one quarter you're building

for low time preference. They wanted

high time preference and they start shorting the stock. The stock price goes down. All your employees are compensated

down. All your employees are compensated in the stock. They quit. They go to competitors. You have lesser talent.

competitors. You have lesser talent.

You're weak unemployment. Then you don't achieve your milestones. Then you stop velocity on the product. and then the whole company kind of cascades down into irrelevancy. And so, you know, you have

irrelevancy. And so, you know, you have to build towards what the public markets want as opposed to what you want. And

so, kind of balancing those two interests is very difficult. And so, a big tech company would have a pretty challenging time saying like, hey, we really believe in Bitcoin. Because, you

know, half the market might say, oh my gosh, that's way too risky. I just

wanted positive cash flow, high growth tech. like now I'm going to, you know,

tech. like now I'm going to, you know, take it out of my index. Now I'm going to stop recogni recommending it to my portfolio managers. Blah blah blah blah

portfolio managers. Blah blah blah blah blah and it might crash the stock, crash the stock. Now someone with low time

the stock. Now someone with low time preference would say, I don't give a [ __ ] about your opinions about my company. It's my company. I'm going to

company. It's my company. I'm going to do what I want. But then the stock crashes, then the employees all leave because their compensation is now well below market. They go to competitors.

below market. They go to competitors.

You can't build and ship products. Your

growth stalls. And so it's this kind of weird chicken and egg where it's well once Bitcoin gets reasonably accepted by the market, you'll probably start to see

these larger players adopt it slowly but surely. But once Bitcoin's reasonably

surely. But once Bitcoin's reasonably accepted by the market, it surely won't be as asymmetric of an opportunity. And

so that's where folks like us listening to this show and 21 come in is that we're willing, the way I view 21 is we're willing to be the company that says, "Listen, the world we're in today

is [ __ ] up. The world we're going is prosperous. It's amazing. There's

prosperous. It's amazing. There's

sunlight, green grass, family, population growth, housing, wealth.

That's the Bitcoin world. Fix the money, fix the world. And we're going to build a bridge between the world today and the world where we're going. and we're gonna stand in the middle of that bridge and

show you guys it's not gonna break and that Bitcoin works and that you too can walk this bridge. But then by the time everyone starts to walk the bridge and it becomes norm to walk the bridge and

the bridge is safe, then yes, Facebook will feel comfortable adding it, but then Bitcoin will be a million dollars a coin, right? Does that make sense? So there's

right? Does that make sense? So there's

probably there's all sorts of reasons.

I'll stop my answer there, but uh there's a lot of reasons and uh that though is probably the most interesting because just the way the public markets work.

Uh how about credit card without partnering with legacy payment rails like Visa? Why do you need Visa? Um I

like Visa? Why do you need Visa? Um I

mean not to sound like a dick, but you can't launch a card without a card network, bro. Like what do you mean?

network, bro. Like what do you mean?

Like what are we talking about?

Not trying to sound like an [ __ ] but you know, a card has to be launched on a card network. I mean, the the the real

card network. I mean, the the the real answer is these card networks have built the infrastructure to allow you to swipe your card. So, I

mean, we could launch lightning payments, which we did, though. We

already did that.

So, oh [ __ ] I forgot to blow up my face.

The editor is going to be pissed at me.

Um, we already did lightning payments and now Square's rolling them out, so that's good. But

that's good. But anyway, you need Visa or Mastercard to have a card program. There's no such thing as having one without them. I

don't even know how that's not that's not physically possible.

Um so it's it's like, yo, why don't you just be alive without water? It's like, well,

I mean, I could try, but I would just die, you know? I need I need water. So,

anyway, kind of makes me sound like an [ __ ] but that's just the truth. Uh

um, how do you pay bills with only Bitcoin?

Strike has this feature where you can pay bills. So again, Strike has an

pay bills. So again, Strike has an account and routing number. So I hook my Strike account up like it is a bank account to my credit card. I pay my HOA.

Uh what else do I pay? My electricity

bill. Um

that's pretty much it. I'm trying to think. Um whatever though your if you

think. Um whatever though your if you had a car, whatever. You pay anything with it. And there's a setting inside

with it. And there's a setting inside Strike where Strike will pay your bills with either your Bitcoin or your fiat.

And you get to choose which one. And the

best is going to be the line of credit when I say I want to pay all my bills by Strike extending a realtime credit line against my Bitcoin. So I don't have to

sell my Bitcoin, but I don't have to hold fiat. It just creates a mini loan

hold fiat. It just creates a mini loan in real time to cover my mortgage or cover my car loan or cover the dinner I'm ordering. Now, that is going to be

I'm ordering. Now, that is going to be incredibly cool. But if you wanted to

incredibly cool. But if you wanted to use Bitcoin, you would just set the setting to pay all my bills with Bitcoin and hook up your Strike account to the places you need to pay bills. Boom.

Capiche. Done. Easy.

Um, are there Strike features that allow you to auto add collateral, combine refinance multiple loans into a single loan? So, we are launching the ability

loan? So, we are launching the ability to combine multiple loans into a single loan. I believe that feature comes out

loan. I believe that feature comes out in December and it's already November 24th. So it comes out in it's we're

24th. So it comes out in it's we're weeks away. You can refinance loans

weeks away. You can refinance loans today. You have to refinance them

today. You have to refinance them independently. So what I talked about

independently. So what I talked about earlier I'm very excited about. I'm

going to comb I have three active loans right now. I can't wait to combine them

right now. I can't wait to combine them all and then refinance them at this price. Um it's going to be awesome. So

price. Um it's going to be awesome. So

that's good. Uh that'll be weeks away.

And then auto add collateral. I don't

know what you mean by that. Um, you

know obviously we can't like autopull from your cold storage. That would not be good. And

storage. That would not be good. And

that's also physically impossible. So,

no, but I'm not totally sure what you mean by that. But if there are future requests, as you guys know, just leave them in the comments. We uh we're always listening. Oh, yeah. You guys like how I

listening. Oh, yeah. You guys like how I got my headphones set up? It's a tough gig. I'm trying to make it so that you

gig. I'm trying to make it so that you guys can hear me without it rubbing on my face or my hoodie.

Um, whatever. Not a professional podcast here.

Um, loan consolidation will be available before Oh, whoops. That was from my colleague. That was what I was supposed

colleague. That was what I was supposed to say. I thought that was a question

to say. I thought that was a question here. We don't have Okay, got it. Um, so

here. We don't have Okay, got it. Um, so

for California loans, end of the month or like beginning of the month and idea on what minimums would be. Our goal for California loans is before the end of the year.

I think t I know my colleague is going to be pissed if I say this. I think the goal is December 9th,

but I don't know these dates move, but I would say second third week of December for California for every for

for every um everywhere in the US. And the minimum for California will be $10,000.

Yeah, fair. Um, okay. I wanted to ask about Strike's Bitcoin lending service, but I wanted some information first. I

thought I would try to get a hold of customer service before I sent Strike over 10 Bitcoin. Yeah. I mean, for those that don't know, let me uh let me pull

it up. Actually, my face can go back to

it up. Actually, my face can go back to small. Oh [ __ ]

small. Oh [ __ ] There we go. Um, for those that don't know, we have a service called Strike Private.

Strike.me. Let's go to our website.

Uh private.

So, we have this service. It's a white glove concierge service. um it's

specifically for high value or high net worth but generally speaking you feel free to reach out and we're happy to

walk you through the product. So we also uh in the US we have on call support um so you can call us we will pick up the phone reach out to our support staff our

support staff is 247 we have support staff in every time zone around the world so you guys just reach out to us if you're like oh my gosh I don't understand how this works or I want

questions or you know what's funny I've actually sat on calls with customers while they open the loan like sometimes people just want to be on a on on a Zoom

call or on the phone with me to open up alone because it just makes them feel better. And that's fine. Our job is to

better. And that's fine. Our job is to make you guys wealthier with Bitcoin.

Make your lives better because of Bitcoin. Like we're here to service you.

Bitcoin. Like we're here to service you.

We are that financial institution. So

anyways, yeah, just reach out. All good.

Um, okay.

Next question.

Uh, after listening to you for so long, I'm curious why were you banking with Chase when you have no fiat? Yeah, good

question. Um, my situation with Chase, my dad has been a private client with Chase for since before I was born. Um,

and I got grandfathered into the private client service at Chase because I was like a sub account to his. So, I've been a private client at Chase since I was

like 15 or whenever I got my first bank account as a kid. So, I did have no fiat with Chase. But the interesting thing

with Chase. But the interesting thing about debanking me is it's not like they So, you know, people have said, "Well, it's because you weren't an active

profitable customer for them," which would be very different than claiming that I had suspicious activity on my account. But, nonetheless, let's move on

account. But, nonetheless, let's move on from that.

uh they like I am I am a sub account on under my father and again I haven't really used the account especially since I don't own fiat anymore but that's why

I had the account so it was just really weird like my dad actually got that letter that said like dear Jack get off of our bank basically and he sent me a

picture and he was like what the [ __ ] did you do like am I going to get debanked do. And I was like, I didn't do

debanked do. And I was like, I didn't do anything. Like honestly, I thought about

anything. Like honestly, I thought about it earlier today. Should I just post all my bank statements on the internet so people can see like I did nothing and

there's no like suspicious activity. The

only activity I've ever done is money would go between Strike and Chase like before we had all these features and stuff. So, that's how that's the story

stuff. So, that's how that's the story of my account and how I got it and all this stuff. It's not like I opened a

this stuff. It's not like I opened a Chase account this year because I secretly have a million US dollars that I wasn't telling you guys about. I was

like grandfathered into the private client service because my dad and they threw me out of the bank for I don't know why. I mean, it seems pretty

know why. I mean, it seems pretty obvious and I mean, I told this story to you guys a few episodes ago and it happened. I mean, my dad got the letter

happened. I mean, my dad got the letter in September. Then I walked into the

in September. Then I walked into the private client team in Chicago and I was like, "Hey, was this a mistake?" And

they're like, "Mr. Malers, we can't have anything to do with you. We're not

allowed to tell you why." It was weird.

It was super weird. Um,

now though, with all the stuff coming out about Chase, it seems like it's potentially related to Bitcoin. But

anyway, that's what happened. Um, you

guys know how I feel about it. I didn't

I wasn't sad. I framed it. Um it's

actually I'm such an idiot. It's over.

It's in a different part of the house. I

should just go grab it, but it would take me literally five minutes to run and grab it and get it back. Um

damn.

I'll show it to you guys next episode.

Um, okay. Question for Jack. How has the carnivore diet changed or improved your health? What have you noticed, positive

health? What have you noticed, positive or negative? Oh, good question.

or negative? Oh, good question.

Um, so I'll tell you guys um my So some of you guys I will say this. I almost

don't want to talk about my dietary choices because the story I told you guys of how I was carrying two pounds of McDonald's patties through the caner conference. You guys were all in the com

conference. You guys were all in the com comments like that's not high quality beef.

You're and like carnivore is really bad for you. You should be vegan. So, you

for you. You should be vegan. So, you

know, I'm going to regret talking about my dietary choices. Um, but I do think it's I think most of the Bitcoiners will find this interesting. So, the thing that really sold me on carnivore is I

was talking to um who is now like my carnivore coach because I I really was interested in the science and I really wanted to get it right and and give it a try because here's the here's the deal,

guys. You could try anything for a

guys. You could try anything for a month, okay? give me a [ __ ] break

month, okay? give me a [ __ ] break that I would try vegan for a month, carnivore for a month, anything for a month. Experiment for yourself, have

month. Experiment for yourself, have your own opinions, be curious. Like,

that's very much what I stand for. And

so, I really was interested in carnivore. And so, I was talking to this

carnivore. And so, I was talking to this guy who's now my coach, and he made this point to me where he said, you know, the human energy source is calories, right?

Your calorie intake is how you source energy for your body. And he made the point that said, you know, what's really backwards is humans today, in order to

look good and think that they're in optimal health, they restrict their calories. So they calorie count and

calories. So they calorie count and they're like, I'm going to eat 1,800 calories. I'm going to run long miles,

calories. I'm going to run long miles, and I'm going to drink a bunch of caffeine, which is going to suppress my appetite. So, appetite suppressants and

appetite. So, appetite suppressants and fake energy stimulants like coffee, and I'm gonna suppress my actual natural

energy source, which is calories. And he

said, you know, as a Bitcoiner, can you imagine if Bitcoin was like, "No, no, we don't want a certain amount of energy on the network." Or, can you imagine if the

the network." Or, can you imagine if the United States said, "No, no, no. That's

too much energy. People are flying too many planes. They're washing too many

many planes. They're washing too many clothes. They're watching too much TV.

clothes. They're watching too much TV.

They're taking too many Ubers. We need

people to be kayaking to Europe. We need

people to be handwashing their clothes.

He's like, "Of course not. Energy is

the, you know, it's the resource that correlates to prosperous life, prosperous society, prosperous species."

And so he says, "The interesting thing is if you put your body in ketosis where it's running on fat as opposed to carbs or sugar. So, it's processing fat

as energy. And you train your metabolism

as energy. And you train your metabolism in your body to be able to take on tons of calories. Like, what if you could eat

of calories. Like, what if you could eat 4,000 calories of ribeye in one sitting and your body was able to actually make use of that energy? You'd be able to

quit caffeine. You'd be able to work on

quit caffeine. You'd be able to work on four hours of sleep. You'd be able to travel better. You'd be a better CEO.

travel better. You'd be a better CEO.

And I was like, "Huh, that makes a lot of sense to me. Why do people limit calories and drink a bunch of coffee?

They chug black coffee to skip breakfast. That's weird." And so I gave

breakfast. That's weird." And so I gave it a try and I quit coffee. I quit. Like

all I did was eat meat and eggs. And I

can put down two to four pounds of steak in one sitting. I eat once a day.

And I'm full of energy. I travel I travel more days out of the year than I'm at home. I run two massive companies. I do it with no caffeine. I

companies. I do it with no caffeine. I

do it with one meal a day. And it's

because my body is is optimized to take in more energy.

And there's all sorts of really interesting science like what it does to my brain, what it does to muscle development. So, I I love running, but

development. So, I I love running, but I've paired it back a lot and I do more weightlifting, weight training now. So,

there's a lot of interesting correlations between muscle growth and longevity.

But anyways, and I started wearing an Aura ring and my heart rate and my cardiovascular health was greatly improving and the quality of my sleep

without me running and stuff. Like my

heart my resting heart rate is like in the low 50s, which is crazy. My HRV is extremely high. My sleep is incredible.

extremely high. My sleep is incredible.

And I could run around the world, run multiple companies without coffee, without much sleep sometimes. Like

sometimes I'll get on this show and everyone's like, "This guy must have chugged 10 espressos. He's ranting and running around." I don't I'm not taking

running around." I don't I'm not taking anything before anything I do. It's all

natural. I don't know. Food for thought.

It's interesting. Now, do I think everyone should do it? No. You should do whatever you want. You know, some people would rather have pizza than get into the, you know, metabolic science of

things. I'm curious. Um, I like being

things. I'm curious. Um, I like being the best version of myself and it's worth giving it a try. Maybe next year I realize it's not for me, but I don't

know. I tried it. It It's incredible. I

know. I tried it. It It's incredible. I

feel great. And um, it makes sense. It

reminds me of early Bitcoin where it's like, wait a second. Was everything I was told about health and science a lie?

Huh? I should just try it for myself. I

should just buy some Bitcoin, make a transaction, buy a hardware wallet, figure it out, track the price a little bit. Same thing. It's just like, okay. I

bit. Same thing. It's just like, okay. I

asked this guy, I don't have the time to be like all carnivore researching and stuff. I'm busy. Do you mind being my

stuff. I'm busy. Do you mind being my coach? And he was like, yeah, dude.

coach? And he was like, yeah, dude.

Let's do it. Let's give it a try.

So anyway, for all the folks interested and for all the people in my comments, they're going to kick and scream and moan and cry like a little [ __ ]

female dog uh about my diet choices. Um

I don't give a [ __ ] [ __ ] you. Uh hey

Jack, how are you attacking the Thanksgiving meal this year on carnivore? Well, the first ever quasi

carnivore? Well, the first ever quasi carnivore was my dad. I basically lived off my dad's grill growing up. He just

made So my dad, we're not a we're not a turkey household or whatever people eat on like nobody wants a weak ass dry ass

bird for holiday. Come on. We're

supposed to celebrate. We're supposed to be enjoying ourselves. I'm going to eat a weak ass fat ass dry ass bird. No. So,

we've got short rib, ribe eyes, roast.

We're eating meat in the Mallers's household, in the dollar bill household.

So, that's that's our Maybe I'll I'll uh I'll take a picture. I'll put it on Twitter.

Um, cool. Well, anyway, also I'm getting a I I get my blood work done a lot, too.

Obviously, I'm just interested I'm super interested in uh Oh, [ __ ] I didn't blow up my face. I'm

super interested in like truth in real in science. Like, I posted a video today. Let me actually

video today. Let me actually let me show you guys what I posted today and then I'll and then I'll end the stream. But hold on real quick

stream. But hold on real quick uh this video. Let me play it for you guys

this video. Let me play it for you guys real quick.

We don't, as society, we've drifted so far away from what's real.

We don't use real money anymore. We use

printed pieces of paper. In America, we don't eat real food anymore. You look on the back of your groceries, there's 77 ingredients. Metabolic disease is

ingredients. Metabolic disease is through the roof. Cancer rates have never been higher. And half the country is fat.

Part of what I want to represent is being real. I think humans are a natural

being real. I think humans are a natural byproduct of mother nature. The human

story is really like commercializing energy from the sun, being connected to nature, eating real foods, operating around a moral ground of truth, not lying to yourself, not

lying to those around you. And so the difference between someone who's, you know, life savings is evaporating um to a point that's making them depressed, suicidal, living a life that they don't

enjoy versus savings that are appreciating that's empowering them to have more family, enjoy more housing, invest more in the future that they want to see. The difference between the two

to see. The difference between the two is education. Everyone has access to

is education. Everyone has access to Bitcoin. There's no privileged group

Bitcoin. There's no privileged group that gets access to what we all understand versus other. It's just can you go out and educate it? And I try and do it in a way that's authentic. You

know, that's part of the brand with Strike. What we're bringing to Wall

Strike. What we're bringing to Wall Street with 21 is uh authentic truth Bitcoin real. I think we've we've been

Bitcoin real. I think we've we've been starved of real.

So anyway, somehow through this like um exploration for real, for truth, for being trying to represent my generation

uh in a hopeful way, like we can find our way out of this. Um I think diet I found my way in like the diet rabbit

hole or like the health rabbit hole. So

when I feel ready, I'll tell you guys more about carnivore and stuff, but I'm still trying. I'm I'm like it's like me

still trying. I'm I'm like it's like me and Bitcoin in 2013.

But uh it's unbelievable. I mean so far unreal. No caffeine. Sleep incredible.

unreal. No caffeine. Sleep incredible.

Vital's incredible.

I mean everything amazing. Um so and I love steak. Okay. Was there another

love steak. Okay. Was there another question, Dylan? I forget. Let me see.

question, Dylan? I forget. Let me see.

I feel like there was. But this is getting really long. Oh, no, there's not. All right. Um, go to a

not. All right. Um, go to a chiropractor.

I'm good. Um, all right. I will talk to you guys uh next week. So, between now and then, uh, there's Thanksgiving.

Happy Thanksgiving. Unbelievable.

Unbelievably thankful for you guys.

We're over 40,000 subscribers on YouTube. We had 40,000 views on YouTube

YouTube. We had 40,000 views on YouTube alone last week. These are weekly live streams. Um, I mean, me posting that I got debanked by Chase, by Epstein's

banker, and you guys rally to have my back. You I mean, this is just the

back. You I mean, this is just the coolest. This is the coolest revolution

coolest. This is the coolest revolution on the internet. We're like pushing truth principles morals ethics hard

money, proper living, net producing.

We're just memeing it with live streams, with software, with free speech on the internet. It's crazy. So, um I don't

internet. It's crazy. So, um I don't know. Now's now is the year where you

know. Now's now is the year where you get all sentimental and you look back and appreciate what you're thankful for.

So, you guys mean a lot to me even though you make fun of me every week in the comments. Um I love it and I

the comments. Um I love it and I appreciate it and uh I feel very lucky to have kind of tripped into whatever we got going on this show. It's fun. So, I

love you guys. Enjoy your Thanksgiving.

I hope you're able to close the charts and spend some time. Hopefully, this

episode gave you the confidence that the world's not falling apart. We're going

to be fine. And uh I will talk to you next week. Blessings. Take care.

next week. Blessings. Take care.