Turkey On The Brink Of Currency COLLAPSE? | Bitcoin Banter

Added: 2026-06-01

[00:00:00]Another day, another currency in collapse. This time it's Turkey. The Turkish central bank is dumping US treasuries to pump up demand for its currency.

[00:00:08]>> VPNs are crucial to protecting your information. Information is power and they can and will use it against you.

[00:00:16]>> How do I know? It's because that was the biggest motivator for me to leave Lebanon in 2019 after being completely raped financially and waking up homeless overnight. Like, you'd expect some sort of like pissed-off reaction, right?

[00:00:28]Another day, another currency in collapse. This time it's Turkey. The Turkish central bank is dumping US treasuries to pump up demand for its currency. But how long can it fight the fact that all fiat money eventually goes to zero. Hey everyone, welcome to another episode of Bitcoin Banter. I have Tony and Sophie here with me. Be sure to smash that like button and stick around for the donkey of the week here at the end. Guys, let's jump in. So Turkey is liquidating nearly all of its US treasuries to defend the LRA amid the Iran war fallout. Tony, this is a story you've seen many times.

[00:01:04]So I'd love your take. And just to be clear, everyone's losing faith in the dollar. This is not that. This is them just trying to prop up their existing fiat currency. What's your take when you read these sorts of headlines?

[00:01:14]>> Yeah, these are these unexpected events that come out of nowhere catching everybody offguard. And now you know you watch them scrambling all panicked trying to hold the fort. And so this is what's happening here you know like their currencies is you know catapulting to zero and they are doing anything um that comes to mind in order to hopefully prevent that from happening. But sooner or later you know you're no matter what you do you're not going to be able to save the inevitable. you know all fiat currencies you know that worthless paper that has no value to begin with well it's going to return to its you know meant state which is zero how it happens you know every every situation has its story and I guess you know Turkey is living its own right now in the same way that we saw this in many other countries Lebanon just as recently as 2019 so this is Turkeykey's moment now let's see how it plays out man it's anybody's guess but history has always proven that these things always result the same way. They all collapse. They all go to zero. And if you don't want to be a casualty of that collapse, well, you need to be off that ecosystem. And the only product that'll give you that ticket out is Bitcoin in full self custody.

[00:02:28]>> What I always get curious about when I see these stories is how much does it extend the runway? They've sold off almost all their reserves. They're going to buy up a bunch of LRA, pump demand, and then what? Like like what what else do they begin selling? They're already selling some gold as well. It's not just US treasuries here. here in the next few years, it seems like we're just going to see another blowup. I don't know, Sophie, what's your uh thought on this?

[00:02:49]>> Well, as someone who saw the same story happen in Venezuela, this is like stage one, right? Stage one, you sell off all the assets that you can to prop up your own currency so that it doesn't go into hyperinflation and people don't starve.

[00:03:07]Step two, it goes into hyperinflation anyway because it's just not sustainable. Stage three, you default to using the next, you know, the the the I guess the the shitcoin that we are all using is the US dollar. And then step four, you get to Bitcoin, right? And people don't realize that they don't have to suffer 20 years of using the US currency and still being on the fiat carnival ride and you can just go straight to Bitcoin and self-custody.

[00:03:43]Bitcoin adoption is making it so people realize that sooner. But for now, I mean, people are going to go through the motions and see what they can do to hold on for dear life to, you know, garbage.

[00:03:58]>> The obvious solution we know is Bitcoin.

[00:04:00]For those in Turkey who don't know, I bet you they're going to increase demand for dollars. People are going to start using things like Tether because they can't get a US bank account. They know that their currency is going to hell and so they're going to look for the next best alternative that they understand.

[00:04:13]So, we'll have to see how it plays out.

[00:04:14]I'm not hopeful for what this means for the LERA here in the coming years though guys. We have the resurrection. The Bitcoin act sort of stalled in Congress and now they are introducing uh something called ARMA. It's the new strategic reserve bill and it was introduced uh this week by Senator Nick Beg. And the proposal here is that the US wants to hold 5% of the total Bitcoin supply over 5 years through budget neutral strategies like of course seizures and forfeitures. But the big story seems to be that they want to actually revalue the gold. And we've talked about this probably a little bit over the last year or so. So instead of 42 something ounces as uh it was pegged to in 1973 I think they want to reval it at today's market rate which is 4500 an ounce or or what have you which would basically be like a trillion $1.2 trillion in freshly printed money that they could then use to go buy Bitcoin.

[00:05:11]Sophie, what do you think? Do you think this has any chance of passing to begin with? And what do you think the implications of this even being floated again are?

[00:05:18]>> I mean, it would be in everybody's best interest. It's not completely uh out outside of the scope of reality. We've been speculating it ourselves on the live show on Simply Bitcoin. And it is totally possible that the US government decides, hey, the gold that we have has not been revaluated. It's sitting at the same price that we got it a million years ago. it hasn't kept up with inflation. It's time to actually value it on what it's worth today. And as we know, gold has had a historic run this year. So, it's only in our best interest to be able to match that price to the actual value in the market. And once we do that, I mean, I don't know if we would sell some of it to buy Bitcoin.

[00:06:04]That is, you know, kind of a far reach in my opinion, but I don't see why they wouldn't revalue the gold.

[00:06:12]>> Yeah, I I agree with you on revaluing the gold. Someone's going to do that at some point cuz it's a trillion dollars that they can go spend and say, "Well, we're just acknowledging the fair market price of gold in today's dollars."

[00:06:22]That's the idea though here is is I think what what we're looking at is a proposal specifically to accumulate 5% of the Bitcoin over the next 5 years. I think it's going to run away from them unless they print a lot more than a trillion dollars. Personally, >> I think it's more likely that they'll borrow against it. You know, they'll borrow against the value of the gold because the other thing is, you know, they they'd have to compete with Michael Sailor who is trying to reach that 5% and buy all of the remaining Bitcoin that is being mined from here until 2040 or 2140, sorry. Someone would have to make the case for them to do that. I haven't seen people, you know, really making significant moves towards a strategic Bitcoin reserve. And maybe that's just me being a little bit blackpilled, but at the end of the day, like whether the government is involved in Bitcoin or not, like that's great for the price, but ultimately that makes me a little bit scared for people who, you know, don't have their Bitcoin in self-custody and who might feel like their stack or their the fact that they even have Bitcoin is docked because like you mentioned, they're trying to accumulate this Bitcoin through, you know, saying that you have it illegally or you got this through illegal means or whatever. Like, who's to say like what those illegal means are from here to 10 or 20 years.

[00:07:41]>> Well, the good thing is I hate the federal government and I don't think this bill is going to pass. So, they're not going to have any more Bitcoin that they don't steal from exchanges or something like that, which is again why you need self- custody. By the way, click the link below, schedule a call with our team. We can train you how to properly take self-custody of your Bitcoin. Tony, do you think this bill has any chance of passing? And what do you make of it? The fact that they're resurrecting this? I personally don't care what they do because it doesn't really matter when it comes to your freedom and to Bitcoin in general. Um, you can never believe what anything these guys say. You know, these they're all corrupt liars. They've always, you know, been that way. There's no no reason to expect them to change anytime soon. But, you know, Bitcoin is for everyone. People that you like and people that you don't like. And you're just going to have to accept it, right?

[00:08:25]Like freedom, neutral money. That's the condition it comes with. If they do this, the sad part is that it's going to remove, you know, whatever supply away from those who actually need it. You know, the 8.3 billion individuals who are suffering, you know, in all parts of the world financially because of the system that these same people created, right? So, what I find, you know, disturbing is how so many people sit around waiting for their approval and what they're going to say or what they're going to allow or what they're going to consider, you know, good or bad. Like, who cares, man? Like, if you understand anything about Bitcoin, you must be crystal clear in your head that these people do not matter. Whatever they say, whatever you do, if you understand Bitcoin and you are holding it in full self-custody, nothing they say or do can affect you because you are no longer living in that ecosystem. The US dollar price of Bitcoin is not, you know, the metric by which Bitcoin wins or loses. Bitcoin doesn't give a about the dollar or any other fiat currency. It's its own money. And that's what people should be focused on. It's not an investment.

[00:09:49]Whether it goes up a,000 bucks or goes down 5,000, who cares? The whole point of Bitcoin is that you can transact from point A to point B without anybody's permission, without having to follow corrupt rules, without having to fill out 700 forms to some piece of who thinks they have power over you and who thinks they own your money and and the decisions behind how you going to use it. That's what Bitcoin represents.

[00:10:17]These legislators, these regulators, they can do whatever they want. That applies to their world, to their product. You don't have to wait around for what they're going to decide on. You can walk away today and never look back.

[00:10:32]And a lot of Bitcoiners have already understood this. So reading this news, as far as I'm concerned, is just entertainment. you know, all this legacy finance that's built, you know, using Bitcoin rappers. That's all it is.

[00:10:46]It's the attack on Bitcoin because they are petrified of 8.3 billion people understanding that they don't need them.

[00:10:52]That's really the fear of governments and central banks. And if you think, you know, ETFs and Bitcoin treasuries are not going to be co-opted somehow by this establishment, you're crazy. In my opinion, I am 100% convinced that the US Strategic Reserve is already here. It's just branded using somebody else's name right now.

[00:11:14]>> What name would that be, Tony?

[00:11:17]>> That is for intelligent people to figure out on their own. But it to me it is crystal clear.

[00:11:23]>> I think the US government probably has a strategy for accumulating some Bitcoin.

[00:11:28]If we could just uh say that >> it's a very very you know bold strategy, you know. Tony, I I agree with that. So, something of an aside here, but you hinted at this, Tony, and I think it's an important point that bothers me.

[00:11:42]Like, this is a head scratcher. It's like Larry Frink and Black Rockck are here. Fidelity's here, JP Morgan's even here. Uh the federal government's talking about this and there are still people who are sitting on the sidelines spending zero time studying Bitcoin and trying to figure out why why are all of these elite, you know, financial institutions talking about Bitcoin? I don't care that they're here. I found Bitcoin before they found Bitcoin or at least before they started marketing it and you know trying to make money off of it. But it's it's mind-blowing to me that like the people who do need permission from the government or from big institutions to pursue a particular financial instrument, they have that green light from all of these people and they still aren't doing anything. Like we're still at, you know, 1% one and a half% global adoption. I just don't know what it's going to take to wake people up to at least read a book. like pick up the Bitcoin standard. I don't know if you guys probably take decimation.

[00:12:37]>> I don't take Turkey.

[00:12:39]>> I don't see any other way, man. Um and the problem is um a lot of these people aren't dumb. They're just not privy to the right education and the right messaging. Like they don't hear these messages. They don't watch these videos.

[00:12:51]The hell do they know? They go ask their next door neighbor who's more clueless than they are. And like it just, you know, circulates that way. How do I know? is because that was the biggest motivator for me to leave Lebanon in 2019 when almost no one, you know, reacted the way I thought they would after being completely raped financially and waking up homeless overnight. Like you'd expect some sort of like pissed-off reaction, right? What happened? Blah blah blah. Complaining and like, you know, going about doing whatever the hell they that they that they were always doing, which is completely useless and zero value. So, do I have a lot of hope in something crazy, a wakeup call? No. Not at least not in the short term. Because if history is any indication, um that's not just not how people are wired. Like some people would rather wither away than make an effort, which is really mind-blowing. But who knows, man.

[00:13:46]Hopefully, I'm wrong. But based on my own experience, that's what I've witnessed and that's the conclusion that I come to, you know, unwillingly a lot of the times.

[00:13:57]>> I hope you're wrong, but I guess we're going to have to wait and see. Sophie, did you have another comment on that?

[00:14:01]>> Anytime the government gets involved with uh the thing that we think is going to destroy them, uh you should be weary.

[00:14:10]And so with with and and these institutions right with Black Rockck and Fidelity like when it comes to them I really do believe like in the back of my mind and this might be conspiracy that they've been sent to artificially pump the value or sorry not the value the supply of Bitcoin and I think that that's really why we haven't seen the price go up. I think that's why um people who started to be interested this cycle have become disinterested and they're buying into this ETF. But in reality, like they're just accumulating Bitcoin for themselves and they're accumulating Bitcoin for the government, which is completely antithetical to why Bitcoin exists in the first place.

[00:14:50]Bitcoin is supposed to exist for the regular person to be able to survive and to protest against the people who are devaluing your money. So, if that is what we're up against, then you need to stack harder than them and you need to take that into self-custody before they start to come for you. Because right now, they're saying, "Oh, we can play this game, too. We have enough, you know, fiat that we've printed to basically like compete against you in the game of accumulation." But what they can't do is compete against you in the game of holding your coins. They can come after you and say and steal it from you. They can allege that you've acquired this Bitcoin through illicit means, but in reality, they're not going to ever be able to do anything about it if you have it in self- custody. And that's where the games begin. That's where, you know, they start to use violence to try to coersse you to give them your keys. But it for it to come to that and and if it does come to that, when it comes to that, people are going to then open their eyes. It is unfortunately going to take some violence for people to realize that they've been scammed all along and that they should have never trusted the government to begin with.

[00:16:08]>> That is very well said. All righty, guys. Up next, so we talked a few weeks ago about South Africa's uh their controversial capital flow rules that they've proposed. So, they've had this comment period and they want to just keep in mind the context of the of the law would be they're going to collect everyone's information. And if you hold crypto, you have to tell them everything about it yourself, all sorts of sensitive data. During this process of comments, they doxed 300 plus email addresses. So they hit reply all, forgot to BCC everyone. So everyone's emails were made available and and obviously uh very quickly became publicly available.

[00:16:45]So the the point of this story is they want all of your data, but they can't even protect 300 email addresses as they go through the comment phase of this legislation. Tony, Mr. cyber security.

[00:16:56][laughter] I'm sure this doesn't surprise you, but uh what's your what's your thought on South Africa?

[00:17:01]>> It's laughable, man, because you know these are like some of the most incompetent people, you know, on the globe. And it's not just in South Africa in general. All these honeypotss of information that are marketed, you know, to make you feel safe and secure and all of that fun stuff. Who's protecting it?

[00:17:19]You know, you have essentially a bunch of unqualified people um behind all of this. and you think, you know, you are, you know, able to trust them that nothing goes wrong. But, you know, we're clearly seeing almost every week now that this is not the case. Whether it's an accident or not, private information really like sensitive, dangerous information is being put in the wrong hands and some people are, you know, living the consequences of that which is not good. So again, people need to be aware that you don't have to de facto do something stupid just because the government says you have to. These people don't have your best interest in mind. You have a brain, a god-given brain, and you know the idea, the reason why you have one is to use it. Um, blindly complying especially to people who don't like you is a recipe for for collapse. And so how people learn this lesson is ultimately up to them. But the more we read about these headlines, you know, I choose to remain a little bit hopeful even though, you know, experience has taught me not to be so hopeful about, you know, human IQ, but you know, let's let's stay positive here.

[00:18:38]>> Yeah. No, I completely agree. And you just have to remember the government doesn't care about you. and they sure as hell don't care when they make a mistake like this and they dox any information about anyone and it's going to happen again. The more information they collect, the more they centralize data about you, your life, your asset holdings, we're we're going to see more of this, guys. So, this is a story I did send you yesterday. We I forgot to go over this again in the uh pre-recording, but NostraVPN is now live on Umbreal. I imagine it's going to come everywhere.

[00:19:03]Obviously, we're big fans of uh Start 9.

[00:19:05]So, it turns your Umbrell into a private mesh VPN, letting you securely access your Umbrell and connect to devices from anywhere in the world. Tony, they say it's like tail scale, but you use public keys, so you don't need an email to sign up third party or centralized control servers. We have talked on the show before about how several states are trying to ban VPNs. Obviously, I don't know how you would go about doing that, but this is the sort of open-source workaround that I think is very exciting to see. Tony, as the cyber security guru here, I would love to hear your commentary.

[00:19:36]>> I've been talking about this forever, telling you guys that this is going to be the expected outcome of these attacks, we've seen it like a million times in the past, Napster, you know, and so forth. The more you try to take out something permanently, um, the more push back you're going to have. And usually the the push back is something you can't control. So when they shut down Napster, they created torance.

[00:20:01]Torrance grew into this thing that is still dominating 80 to 90% of all file sharing activity today. And then in 2009, someone created the torance of money, Bitcoin. Do you honestly think this is not going to take over the world?

[00:20:20]>> You nailed it. And and what I think the important thing that we see here is all of these tools like this in just Noster in in general, it's a continuation of the cipher punk movement, right? We had so much this explosion of cryptography and solutions related to privacy in the ' 80s, '90s in particular. And we're still seeing this being built out and as we see and because we've talked about Australia, the UK, all these places where you can't say what you want, you're getting your phone searched at the airport there. you have to show your age, your ID or something just to access internet uh resources. These sorts of tools are going to become the most obvious solution in the world for millions if not billions of people over the coming 5 10 years as things continue to deteriorate. Uh Sophie, what do you think about this? Well, you know, I it makes me happy that and you know, I think the theme of this uh episode right now has been literally like the government and their intrusion of your personal privacy and security and then the people who are doing something against it, right? And so it makes me really happy that there are people who are doing something against it. VPNs like are, you know, crucial to protecting your information. information is power and they can and will use it against you. It's literally like embedded in part of the state and their identity. So, whatever you can do to get around that, whatever you can do to reclaim your freedom and your privacy like is always going to be a positive thing. And, you know, I can't wait to see how this rolls out. I do think it's important to like market it in a way so that so many people use it that it's unstoppable. Like I think Bitcoin has has a long way to go with that personally. Like I I want people to use Bitcoin. I want people to be able to understand it, to want to learn about it. And I think that there is a huge obstacle that we face there as the community to get people to adopt it. And it's kind of the same thing with privacy, with VPNs. A lot of people don't understand how easy it is to just take your information online and then they get 500 spam calls throughout the day and they wonder how do people have my number and it's like you know that thing that you shopped for online and gave your phone number to like might be the reason why. So if people have these tools to protect their privacy I think um they will understand that they you know it doesn't have to be this way.

[00:22:49]they don't have to uh be harassed every day uh by the government or by people trying to sell them something.

[00:22:56]>> I think that's that's a great way of framing it. By the way, if you're still here, do me a huge favor. Smash the like button. Make sure you subscribe to the channel. We really really appreciate that. Tony, you reshared a Wallet of Satoshi tweet. So, wallet of Satoshi point of sale. Uh the point of sale app for businesses is getting an upgrade soon. any POS currently using a custodial wallet of Satoshi address will stop accepting payments and it looks like they are going self-custodial. So very exciting. You said uh when good people start building good things amplify the signal extremely bullish non-custodial greater than custodial always. What was your uh your reaction to this and what what are you seeing in the space? So I was very happy to read this because wallet of Satoshi you know when it first began it was a very custodial easy to use you know wallet and what have you but you know it didn't follow the proper Bitcoin ethos because it was custoal and it was really refreshing to see that over time the developers the you know behind this project have started you know shifting over to the right side of Bitcoin and whenever I personally see something like this for sure I'm going to amplify the signal This these are very good people who are obviously you know standing on the right side of history and are progressively um uh improving you know the the product that they uh contribute to the world with. And you know if somebody has a use case for the uh point of sale service which is a very um userfriendly uh app by the way you should definitely consider it because you know these you can tell if people have good intentions behind the project by their actions and this is just you know the perfect example of such a thing.

[00:24:32]>> Yeah. Exciting times. Uh anything you'd add to that Sophie?

[00:24:35]>> I love what they're doing here because they make it simple and easy for people to use. is just like um how Square did it but basically like a million times better because it goes straight into self-custody. So again, the companies that are building for privacy and against the government, against the people who are trying to make your life miserable and take away your freedom, I'm all for it. And I I just love that they made it simple so that anybody can use it.

[00:25:04]>> Well said. Yeah, I think these are exciting times. And speaking of adoption from a point of sale perspective, we have Ferrari now accepting Bitcoin and crypto payments in the US and Europe. So the great news is they're accepting Bitcoin. The bad thing is that they're also accepting ETH, USDC, and XRP, my favorite, uh, through Bit Pay. But there's signal here amongst the noise. They'll, I think they're on their horseshoe journey from Bitcoin back through crypto and into Bitcoin. Uh Sophie, are you are you gonna go go get your Ferrari now?

[00:25:37]>> Everybody Well, I don't think so. I'm not gonna I'm not gonna sell stats for a Ferrari. Sorry, Ferrari. Um but I think that it's really really interesting that they're dipping their toes into the Bitcoin space, even if that does include shitcoining a little bit. You know, there's so many people who started their journey that way and they learned the hard way. Maybe they're going to, you know, sell or accept a bunch of XRP from, you know, some person who wants to trade it for a Ferrari and quickly realize that the volatility just isn't worth it and they should just stick to Bitcoin. But this is how you change the culture. This is how you make it so that regular people start to want to at least learn about Bitcoin. And these these are the the culture removals. This is this is how this, you know, changes the world. So, I'm very excited to even just read the headline. Whether people do it or not is to be seen. I I don't know if people are going to sell their Bitcoin for a Ferrari, especially, you know, with the price the way that it is right now. But it's still very exciting and it means that somebody in Ferrari has looked into it enough to realize that it's important to, you know, have a little bit just in case it catches on as they say.

[00:26:59]>> Yeah. Skate where the puck is going.

[00:27:00]Tony, we talked about this on our live stream yesterday. And what we don't know at this point is what are if they receive a crypto payment or a Bitcoin payment, what are they doing with it? I am going to assume that they're liquidating it for dollars or euros or whatever the the local currency in which they're selling. Uh but may maybe not. I think a year from now we're going to find out, oh, you know what? We yeah, we do liquidate the ETH, the USDC, the XRP, and we're we're building our own little Bitcoin treasury now the same way Stak and Shake has in the in the US. What do you think is likely to play out?

[00:27:31]>> No, I believe they're actually converting it right away on the spot. I mean, >> yeah, actually, I I just read that as well. You're right.

[00:27:39]>> They're doing they're doing it from now.

[00:27:40]Look, Ferrari makes exceptional cars. I mean these guys are like uh kings of design and performance vehicles. They're not uh economists or financial strategists that understand money. I am almost 100% sure that this decision came from, you know, we accept cash, credit cards, you know, why not add this new crypto thing? You know, that's probably how the conversation at the dinner table went because it's just an extra way of, you know, making money for them and and the proof is that they're converting it to what they still believe is money, that worthless paper. But okay, it's fine. So now they've introduced themselves to this world. Eventually, hopefully at some point, um they'll learn a bit more about it and realize that, hold on, guys, we've we've been dumping the wrong thing here. and then they'll stop converting um uh the Bitcoin to a you know a worthless shitcoin and they'll start keeping it.

[00:28:38]Maybe they'll continue doing it with the other altcoins, but eventually at some point uh I'm pretty sure it'll it'll it'll just register and then they'll stop doing it. But every, you know, every story has its first chapter. This is Ferraris and there will be many stories like this of other companies that are, you know, dipping their toes.

[00:28:58]Whether they understand it or not, it doesn't matter. They know that it's just an extra thing that, you know, brings them money. For them, that's really the bottom line. And sooner or later, you know, the intelligent ones will will figure it out.

[00:29:12]>> My base case, though, is still in a in a year, we're going to find out that they're not swapping everything in back into fiat. They're going to begin retaining their Bitcoin because I think that's the only sensible thing. and they're going to realize honestly I think a year from now what they've the the purchasing power they've missed out on by swapping back into fiat. All righty guys, we have reached the donkey of the week. Let's watch this video this week. It is Mr. Mark Cuban.

[00:29:36]>> This might get some people upset. I think Bitcoin has lost the plot. Um and when I started buying Bitcoin and I've sold all of it, um except not all of it, most of it. Um, it was because when all the hit the fan, um, with the Iran war and, you know, Bitcoin was always the best alternative to fiat currency losing its value. And I always thought it was a better version of gold than gold. Well, gold just blew up and went, you know, to $5,000, Bitcoin dropped.

[00:30:07]And every time the dollar dropped, Bitcoin should have gone up, you know, because if it's priced in dollars, it was cheaper. So anybody from around the world could go pay in dollar and it just didn't do that.

[00:30:16]>> Not such a hedge.

[00:30:17]>> No, it's not not the hedge that I expected to be. And that was really disappointing. And so I' I'd say I'm more disappointed in Bitcoin, not as disappointed in Ethereum, um, and the rest, you know, the the token stuff, the meme coins. Garbage.

[00:30:34]>> All righty. So, he's not as disappointed in Ethereum as he is Bitcoin. Uh, Sophie, why don't you take this one first? What's your thought on our donkey of the week? So, at while hearing this video, at first I was like, you know, he's not wrong about the price of Bitcoin. Like, it really should have gone up when this whole Iran war thing.

[00:30:51]Like, I I I get it. Okay. My dad has been making the same argument. Like, thank God I don't have everything in Bitcoin because it's down 45%. It's like the boomer mentality of it's not going up and so therefore, you know, it's garbage or we've lost all faith. And it's just like the regular, you ignor me short-term thinking. They don't see the long-term vision. Okay, fine. I can accept that. But when he said, "I'm less disappointed in Ethereum." Oh god. Like that that's when you that's just when you know like these people have no idea what they're talking about and they think that we're idiots. And it's also talking from a place of extreme privilege because when you're a billionaire like Mark Cuban, you can afford to, you know, have your assets diversified and, you know, lose a little here, like get a little here and and think of like the shortterm gains because whatever, you know, you're a billionaire and so it doesn't matter.

[00:31:54]You're not thinking about whether you can buy a house. You're not thinking about how the global elites are destroying your currency. you're not thinking about how they're blowing up kids halfway across the world. So, you know, I it's a very it's it's just, you know, it's sad to see, but it is the way that they think they're going to always count their pennies um on the short term and they're not going to understand the long-term implications of it because they don't care because they only think about their own gains and they're not thinking about how this affects the rest of us. But, you know, they'll learn and when Bitcoin goes up, he will have pie on his face.

[00:32:33]So, you know, and speaking of his face, he needs a facelift. This guy looks like a literal like hound dog. One of those like bloodshot dogs that like have the hanging face off of their skull. That's literally what he look like. Mark, talk to your talk to your wife's plastic surgeon, please. Like, do something do something for yourself. D don't go on TV, please. And start speaking nonsense like this.

[00:32:56]So I I think the trap that people have fallen into is gold is is a good short-term hedge against inflation because it is what everyone in the entire financial world at least and most of the world understands preserves value. So when you experience periods of high inflation, people run to gold because it is what they know. When you're a 1.2 1.5 trillion asset on this ocean of global assets, it's not going to be able to be that short-term store of value. When we talk about Bitcoin as a store of value, we mean over a long time horizon. It will retain its value through the years, not for this one-year period where inflation's running rampant because everyone's rushing into Bitcoin.

[00:33:36]Most of the world doesn't even know that that's an option. They don't get it. So, people, you need to step back and quit looking at the short-term price movement based on macro trends because we we are getting there. To your point, it's it's just low time preference behavior that most people have not adopted. Tony, what do you think about Mark? Man, you lost me on that facelift, Sophie. You know, [laughter] you my train of thought just went out the window. But, uh, man, this guy is representative representative of, you know, the folks that are still, you know, will believe in candle light horses and fax machines, you know, like when when people like this talk, that's all I hear. You know, in this world, we have two types of people. We have the visionaries and you know the first movers and you've got everybody else that eventually maybe clicks and follows along right with every big innovation the majority ignore it. They criticize it because you know it's it's just they don't get it. So they try to put it down so that they don't look stupid. But the technology in and of itself doesn't go away because a bunch of people said it was dumb. the technology, if it's actually good, proves that they were dumb and then they eat their words later on. These people made it in the fiat world. That's all they understand. And of course, you know, being privileged, you can afford to make comments like this. You lose 10 million, 20 million, like who cares, man. It's like 10, 20 bucks for the average person when you're a billionaire. So, is he is he going to regret it at one point? Maybe. And if he does, can he still save himself? Of course. Right. Unless things really go bad really really fast. So, people like this, they might make sense to folks that understand even less than he does.

[00:35:25]But for anyone that has a clue, I mean, this is just, you know, entertainment at its best. It's a comedy show because you ignore folks like this 100%. Bitcoin is not going to go anywhere. The mere fact that governments and countries and you know all the wrong people are so heavily focused and invested in it um is is proof that it's here to stay. They just don't want you to figure that out as well.

[00:35:51]>> You got it, man. And that's a great place to wrap up for the day. Mark Cuban, congrats on being our donkey of the week. For everyone who tuned in, we appreciate you being here. Make sure you click the link below. You schedule a time with our team. We can help you walk you through proper self-custody. It is white glove one-on-one training. You will never regret. You will sleep in in peace with peace of mind every night knowing that you alone secure your keys.

[00:36:13]Also, click the link below to subscribe to our newsletter. It's fantastic. Comes out every Sunday. It's highly educational, but we've got a ton of funny memes mixed in there that you will absolutely enjoy. And uh Sophie, as always, thanks for coming on. Why don't you tell people where they can find your channel as well?

[00:36:27]>> Absolutely. Thank you guys for having me. You can find me on Twitter, internet sophie, or you can watch my show on Simply Bitcoin's YouTube channel, Satoshi. It's out once or twice a week.

[00:36:39]We're also on Rumble.

[00:36:41]>> Fantastic. And by the way, before you leave, everyone, smash the like button.

[00:36:44]Make sure you subscribe to the channel.

[00:36:45]Turn hit the bell for notifications so you don't miss an episode. Guys, great chatting with you. We will catch up again next week.

[00:36:52]>> Thanks, guys. It was great. See you.

[00:36:54]Cheers.