You Wont believe what JP Morgan Says WILL Drive Bitcoins NEXT MOVE! | EP 1500

Hinzugefügt: 2026-05-15

[00:00:00]JP Morgan just made an interesting announcement. Well, it's really more of kind of like a report and analysis about Bitcoin, gold, and Micro Strategy. They highlighted that MSTR or Strategy is on track to buy $30 billion of Bitcoin this year, more than they bought in each of the past two years. But what's really interesting is that they highlight that the money pouring out of the gold ETFs is the signal to explain this structural shift. This really begs the question, what is JP Morgan seeing behind closed doors? And for all of us here, how much of gold's 33, well, it's like 328, so 33 trillion market cap will flow into Bitcoin.

[00:00:48]We have been hearing for a I don't know years at this point that we will one day see the great rotation the great gold revaluation money flowing from gold into Bitcoin and we have noticed that in times of Bitcoin and gold moving that they kind of move in inverse gold will pump Bitcoin might be a little sluggish and then once gold has its blowoff top that money rotates into Bitcoin.

[00:01:18]Well, for the last couple of weeks and months, we've all been wondering, obviously, as I keep mentioning, what we saw in 2025 in regards to gold and how much capital actually flowed into gold was very interesting. In my opinion, does poke a lot of holes in the idea that, oh, Bitcoin is such a big market cap. Now, it's not going to be able to move as high and as far as we all believe. Well, it seems as if we are starting to see that investors are potentially not as interested in gold as they are in Bitcoin. And if that ramps up, what are the implications of this?

[00:01:55]Right? So, let me break down this report. So, it was recorded or rather reported by the block here. There's actually two stories from the block coming from the same analysis. But I want to start with the big story here, which is this idea of basically JP Morgan saying, and here's the headline.

[00:02:14]Bitcoin is gaining over gold as the basement trade after Iran conflict, which is what we've been telling you guys. Literally, Bitcoin has been the best performing thing in everyone's portfolio since the start of the war in February or the end of February. Now, when this initially happened, I've been mentioning this on the show of how interesting it was to me to watch Bitcoin react very positively in the face of this operation epic fury or war or mission, whatever they're calling it these days. And the fact that Bitcoin didn't crash when we started another war, a war of choice in the Middle East, I thought that was huge signal. And you guys in the chat were like making fun of me. They're like, you know, Bitcoin's acting resilient right now. It's still at 60K. You know, it can't break 70. I'm like, yeah. But the point is it didn't drop. And remember, I've said it a couple of weeks ago. I forget on what show exactly. And on a side note, dude, 1500 episodes today, our 1500 show. It's crazy to me. But anyway, anyways, I I got side I got sidetracked. Um, we brought up the idea on the show that what what if the theory or our expectation of what Bitcoin decoupling from other markets was wrong? What if we didn't fully realize what that would look like? What if what we're seeing right now is Bitcoin decoupling from other markets? While everything seems to be going down, well, at recently, the stock market's absolutely going huge.

[00:03:59]It's breaking all-time highs, basically.

[00:04:02]But Bitcoin should in theory either drop first and then recover harder and faster. Wait, pause. Um, but what if Bitcoin decoupling is the idea that Bitcoin doesn't drop as hard as everything again? Pause.

[00:04:22]Are we seeing this happen right now? Are we really seeing investors, I wouldn't say, lose faith in gold, but start to look at Bitcoin as something that they actually need to add to their portfolio.

[00:04:36]Again, I've been bringing you guys the different reports from the institutions essentially saying, look, if you just add 3% of Bitcoin into your portfolio, it's going to outperform the standard 60/40 portfolio. It's going to really the ROI of just adding a little bit of Bitcoin fundamentally shifts how your portfolio is going to act. Now, if more people start waking up to the idea that I need to add more Bitcoin versus gold, stocks, uh, treasuries, then the fundamental thesis, the fundamental calculation starts to shift in investors minds. That's what I've been telling you guys on the show. Well, it seems like JP Morgan, the analyst over at JP Morgan, are starting to say something very similar. So, let's break down this report real quick for you guys because there is some interesting stuff here. And here's the quick takeaways.

[00:05:30]Bitcoin ETFs have seen inflows for a third straight month, while gold ETFs are still struggling to recover outflows after the Iran conflict. This and other market indicators suggest investors are increasingly choosing Bitcoin over gold as a debasement trade. I repeat, it suggests that investors are increasingly choosing Bitcoin over gold in the debasement trade. We are currently every single one of us in a debasement trade.

[00:06:01]If you have capital, if you're looking at markets right now, if you're looking to preserve your wealth, then you are currently in the debasement trade. We're all watching what's going on in with fiat currencies, with the geopolitical mess in the Middle East, and everyone is looking at how do I position myself so I don't lose my wealth. It's a fundamental shift. I know a lot of us Bitcoiners have, you know, this put all our eggs in one basket view where we we're just trying to accumulate wealth. But once you get to the wealth accumulation, once you have a little nest egg, the calculations change and you're looking at this like, okay, how do I preserve my wealth? What is the fastest race in the horse? It looks like outside of just the Bitcoin space, wait, what did I say? Fastest race, fastest horse in the race. I do that constantly.

[00:06:54]Uh well, it looks like investors are starting to at the very least wake up to the Bitcoin thesis that we've been saying for a long time. So again, sorry for the rambling. Let me let me break this down a little more. So again, Bitcoin is gaining over gold as a debasement trade after the Iran conflict as Bitcoin ETFs continue to attract inflows while gold ETFs struggle to recover outflows. Bitcoin ETFs again have seen inflows for three straight months.

[00:07:25]And the JP Morgan analyst, again, for forgive me, Nicholas or Nikolaias, I can't even say his first name, uh, said in a report that gold ETFs, meanwhile, are struggling to recover the outflows they saw in March when the Iran conflict erupted. This is the key takeaway. This suggests retail in investors are choosing Bitcoin over gold as a debasement trade since the start of the conflict which quote the debasement trade rotates from gold to Bitcoin. The debasement trade refers to investors of course buying assets like gold or Bitcoin to protect against weakening fiat currencies especially during geopolitical tensions or inflation concerns.

[00:08:07]Is this not the Bitcoin thesis that we as Bitcoiners have been saying for over a decade that at a certain point the average investor is going to wake up to the fact that Bitcoin is the best hard money trade in the game and further best performing asset since its since its inception.

[00:08:27]It outsiz you know the outsiz returns of adding Bitcoin to your portfolio cannot be ignored after a certain point. Once everyone wakes up to the fact that fiat dollars are melting ice cubes in your hand, you might want to get some Bitcoin. Things will start to accelerate. Well, it looks like we are seeing the beginning of that because of gold ETF flows, they're struggling right now. Bitcoin ETF flows are going extremely hard. And that does add to the same idea that I'm pretty sure I brought it up yesterday, at least maybe in passing. Even though we've been in a quote crypto winter the last couple of months, the institutional ETF holder is not being scared away. That was one of the theories that a lot of Bitcoiners had.

[00:09:15]It's like, okay, hey, the institutions are coming. The institutions are here, but they're not going to be diamondhanded hodlers of last resort.

[00:09:25]Well, the data is showing us something different that the investor or you know, you guys know I always I always kind of make fun of the boomers out there. Not the Bitcoin boomers, but you know, I I I do have the millennial rage against the boomers and I and I'm trying to work on that. But what we've seen from the ETF investor in Bitcoin is the shakeout here has not scared them. In fact, they have been adding to their portfolio positions.

[00:09:54]Maybe this idea is catching on. Maybe this is the beginning of it.

[00:10:00]And of course, as this compounds, as this accelerates, they're going to continue to buy. And not only continue to buy, but they're going to expand their portfolio allocations to Bitcoin. Anyways, moving further, I did mention strategy was added in here. So we go, Bitcoin buying has not been limited to retail investors through ETFs. JP Morgan's positioning proxies based on CME Bitcoin futures and offshore perpetual futures have also been making new highs, suggesting institutional investors have increased exposure as well. So it's not just me looking at the data and making this up.

[00:10:36]We have some of the best market analysts out there saying the same thing, looking at the same stuff and being like this is what it's suggesting. So, you know, maybe I maybe I may be just a YouTuber, but at least our analysis is directionally correct. And further, not even just directionally correct, it's on the mark. Anyways, the analyst also said momentum signals for Bitcoin and gold used as proxies for positioning by momentum traders such as commodity trading advisers have rebounded for Bitcoin since the start of the Iran conflict. And this is where it does get very interesting and it goes investors Bitcoin buying is also happening indirectly through Michael Sailor Strategy whose ownership is almost equally split between retail and institutional investor. Strategy remains the largest corporate holder of Bitcoin globally and has been accumulating Bitcoin at a faster pace this year.

[00:11:30]And this is where you get the news that they are projecting that sailor or strategy or the retail and institutional investors in strategy might accumulate more Bitcoin through strategy than they have in the past two years. So let me pop over to that article where they break it down. This one's titled JP Morgan says strategies Bitcoin buying could reach 30 billion this year at current price. The big caveat is obviously at current price. So here's the chart that they're showing. You can see Micro Strategies Bitcoin's per purchases each year. You can see 2024 around 22 billion again in 2025 roughly around 22 billion as well. and in the first quarter bought about what 7 billion Q2 obviously not over. They're estimating it'll get up to maybe 10 billion and then they're going to see that this huge, you know, estimate of what's going to happen towards the year end is going to blow out every year of strategies buying.

[00:12:36]It's essentially saying that strategies accumulation is going to accelerate.

[00:12:43]And have I not been saying that for a minute that look what is super interesting, what is actually a phenomenon happening right now is that one single buyer in the market is not only basically buying up all the daily mine Bitcoin for weeks in advance, but that demand is also accelerating into that product, which is fundamentally different than we've seen in the ass Sailor himself is buying well obviously it's not himself his company one entity strategy is buying more Bitcoin than everyone out there and further accelerating the amount of Bitcoin buying that he's done in the past two years and you don't think that that's going to fundamentally change what's going on when all the dynamics around Bitcoin based on the institutions and Wall Street's coming in based on the institutional investor and maybe the more savvy retail investor is starting to look at Bitcoin as the tool to mitigate the debasement trade effects.

[00:13:51]As I've been saying for a long time, all it really takes, Actually, I'm not the only one. Everyone's been saying this, all it really takes is one investor with very high conviction to fundamentally shift what the Bitcoin price is going to do, where we are going this year, next year, the next few years.

[00:14:12]And it seems like that one investor obviously has been sailor for a while now if it's accelerating even more.

[00:14:20]It could get very interesting here. I've been saying for the last couple of days, well actually maybe weeks speculating that it seems like Sailor may have single-handedly saved us from the 40k Goologs.

[00:14:33]And now even JP Morgan analysts are out there is like look uh he might not only be saving us but he's also opening up these products and broadening the market of capital that's going to flow into Bitcoin.

[00:14:47]It's very very interesting just to watch Sailor alone and and obviously in the face of this week, you know, Sailor has been getting a lot of heat because of the the kind of narrative shift from never sell your Bitcoin to, you know, buy more Bitcoin than you sell. Doesn't sound as good.

[00:15:06]But in the context of how much Bitcoin he's going to buy, you know, taking a little bit off the top really doesn't affect the bottom line here. But again, the main idea here is that Bitcoin is picking up in the debasement trade perspective conversation.

[00:15:25]If we see more capital flow out of gold, if the gold ETFs continue to struggle and that capital flows into Bitcoin, then the great revaluation, the great rotation that Bitcoiners have been talking about, obviously it doesn't happen all at once. it builds, it compounds on itself.

[00:15:46]But it seems like the Wall Street analysts are starting to catch on to this idea. They're starting to say, "Hey, look, the data is showing us people are losing faith in gold and they want an alternative and that alternative might be Bitcoin." Now, before I did the show and before I pass it over to you, Nico, I was having this thought experiment. And I was talking with Luke for a little bit and I'm like, you know, in in context of this article just to do a thought experiment.

[00:16:17]What would a world look like if Bitcoin overtook gold's market cap? 30, we'll go $30 trillion.

[00:16:26]And then gold basically revalued down towards just the utility use of gold.

[00:16:34]And I was using the market cap of of silver which is roughly again rounding up around $5 trillion.

[00:16:41]That would be maybe gold is I don't know lower end maybe 7 trillion maybe higher end 10 trillion. I don't know what the utility market cap of gold would be. But if gold lost 20 trillion because people aren't using it anymore as a monetary monetary value. I I I think >> that's a I'm just saying that's a crazy world to to imagine.

[00:17:06]>> Look, the first of all, great takes on everything. Um second of all, um look, if and when Bitcoin reaches the current market cap of gold, that'd be 1.7 million per coin. That's the base thesis of Bitcoin, right? Um I think we got disconnected for a little bit. There we go. I think we're back. That's >> Yeah. Yeah. We're having it's it's acting up on me today.

[00:17:32]>> That's the base case of Bitcoin. The base case of Bitcoin is can Bitcoin overtake the market cap of gold. But that's just the base case. That's the base case. I I I think that if Bitcoin is below that, I I wouldn't call Bitcoin I wouldn't go as far as calling Bitcoin a failure, but I think it would definitely underperform to a lot of people's expectations. Now, if Bitcoin reaches that market cap of gold, that would be $1.7 million per Bitcoin. Let me say that again. $1.7 million per coin. Now, going back to Opies, Optis points in the beginning. Yes, this cycle looks like uh I I hate to say this time is different.

[00:18:20]>> No, now we're every single time that happens, you know, bad things happen. Um but >> price just crashed.

[00:18:27]>> But what I'm going to continue to say what I've been saying um you know for the last couple weeks now really since we did this recovery from 60k to the 80k region. If we channel in these levels for the next 3 to four months the sky is the effing limit. um because that tells me that we most likely bottomed out. And again, what is the thesis here? What is the case here as to why that could be the case? Well, this cycle is different in regards to we never had a euphoric blowoff top. So, if you never had a euphoric blowoff top, does that mean you're going to have an 80% 70% correction? Those 80 to 70 80 to 70% corrections come from retail selling and retail panicking out.

[00:19:25]You never had that influx. You had that influx maybe in the treasury companies, but you really never had that influx in the uh you never had that influx in the in spot bitcoin price. So, if you never had that euphoric top, are you going to have this massacre of a Bitcoin crash?

[00:19:46]You know, that that's a thought that I want to plant in your guys' minds. We don't know. We're going to find out over the summer. The famous meme sell in May and then go away. We're going to find out in May, June, and July if Bitcoin is able to hold these levels. Is Bitcoin able to hold the 80 and 60K levels? If Bitcoin is able to do that, then again, I think we hit bottom. And I and if we hit bottom, where else is there to go? From the bottom to what? To going up. So that's where I'm I'm standing there. But yeah, looping all of this in OPI. I remember one of the things that Michael Sailor said in a very famous spaces that he recorded many years ago. I think this was back in 2022. He said that there was three things that needed to happen in order for Bitcoin to hit $5 million per coin. He said it was the approval of the spot Bitcoin ETF that happened in January of 2024. Second thing was the change in the Fazby accounting rules that happened as well. And the third thing that is happening this year was the ability for banks to start to custody Bitcoin. And ladies and gentlemen, that is happening as well. So this bare market which again bare markets are for building what you're seeing is the institutional adoption of Bitcoin in full force and it's extremely exciting times ahead. I can't emphasize that enough. So let's see what happens in the next three months. Let's see if the Bears are right or let's see if the Bulls are right. I got to say I'm kind of in the middle. I'm I I'm I I went from a full bear sitting full bear full bear type of scenario to now I'm feeling >> definitely a lot more bullish than I was uh oh it's over I was feeling you know a couple weeks ago a month ago when we were really in the goologs in that 60k region. So let's see if we can go up from here. Let's see what happens. Um I still think that there could be a capitulation event. It could be a bottoming out event, but let's see. The jury is out, ladies and gentlemen.

[00:22:04]>> Coil spring coiled spring event.

[00:22:05]>> The jury is out. And I I kind of want to uh Opti, if you can set this up while I keep talking. Um, let's release a poll to ask the audience what they think.

[00:22:16]>> Oh, it's over.

[00:22:17]>> Let's get let's let's get a sense of what the crowd thinks. The poll.

[00:22:21]>> Uh, do you think Bitcoin has bottomed out yet?

[00:22:24]Um, also shout out to the Rumble audience coming in strong like always.

[00:22:28]Uh, shout out to the YouTube audience of course. Shout out to the Primal audience, the Nostra audience, and of course, shout out to the X audience as well. If you guys are enjoying the show so far, make sure to smash that like button. We got a very special gu we have a very special show for you guys today.

[00:22:44]We have the one and only Frank Holmes, aka Bulldog Holmes, joining us on the show later today, uh, which is going to be fantastic. Frank Holmes is the executive chairman of Hive Digital Technologies. So really looking forward to that. And uh of course we got some updates for you guys regarding the Clarity Act. Ladies and gentlemen, the poly market odds have it at a 76% chance of passing. We played you guys videos earlier on in the week of Democratic senators saying we must support the Clarity Act. And I told you guys how important that was because the Republicans only hold 53 Senate seats.

[00:23:25]The Clarity Act needs at least 60 votes in the Senate, meaning there needs to be bipartisan support of the bill and it looks like it's making progress. It looks like this bill might get passed by Trump's deadline, which the White House set, which was July 4th. Uh which again would be very symbolic. That would be the 250th anniversary of the United States of America. This is a country that was founded on the ideas of freedom, right? So, how symbolic would that be? First pro Bitcoin president almost assassinated three times, passing the first real uh I mean, I can't just say Bitcoin uh but first real pro-bitcoin/crypto bill in the US. uh uh the legislative process. So, that is incredibly exciting. We'll stay on top of all of that, ladies and gentlemen. But anyways, guys, it's going to be a great show. We have tons to talk about today. Like I said, uh let's start the show. We're going to be right back in just a bit.

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[00:27:01]Don't write down your seedwords on paper. Can you imagine that conversation? You know, when you're 80 years old and your grandchildren are looking at you to, you know, they're expecting that Bitcoin inheritance and you're like, I lost it because I wrote down my seedwords on paper. That's bad.

[00:27:14]That's really bad. At the time of recording, Bitcoin price is $79,800.

[00:27:18]Sats per dollar 1,253. Block height 948,487.

[00:27:23]Realized monetary inflation83% market cap 1.6 trillion. Bitcoin verse gold market cap 5.32%.

[00:27:31]Percentage issued 95.36% decline from alltime high negative 36.7%.

[00:27:39]In the grand scheme of things, we are just getting the party started. If you're buying Bitcoin right now, you're getting it at a 36%. Again, 36% discount, which is a pretty big discount. Anyways, update on the Clarity Act, ladies and gentlemen. It's now at a 69% chance of passing into law in 2026. There's $636,000 worth of volume, ladies and gentlemen.

[00:28:09]$636,000.

[00:28:12]That's how much money is on the line.

[00:28:14]People are placing bets about whether this is going to get passed into law. It seems like there is real momentum.

[00:28:20]Again, you had a Democratic senator go on video and say, "Hey, listen. I like this thing." And that would be absolutely massive for the industry. So, let's see if the Clarity Act gets signed into law. It seems like the betting odds markets are, you know, it was higher than yesterday. So, things are moving along. I do have a post from the Bitcoin senator, Senator Cynthia Lumis. The American people have made it clear America should lead the way on digital assets. Let's secure our financial future for generations to come. Let's get clarity done now. And she again is showing a her uh I think this is a Harris poll. There is bipartisan support for clarity act and again support across party lines. 55% of Democrats, Democrat voters better said, support it. 58% of Republican voters support it. The rest are neutral. And uh only 12% of Democrat voters oppose it. Only 12% of Republican voters oppose it. And only 10% of independents oppose it. The only part where the independents again are are not in line with the Democrats or the GOP are only 42% of independent voters support the Clarity Act. And my commentary on this is I don't think a lot of people even know what the Clarity Act is. I don't think a lot of people know and fully appreciate what Bitcoin is uh and what Bitcoin could do for the United States economy for what Bitcoin could do for the world. Right? So again, you know, this the country was, you know, founded as a republic. So you'd have a representative that was supposed to, you know, represent your interest in DC. They're the ones that are supposed to be, you know, taking all of this into consideration. But it seems like there is momentum on the Clarity Act passing in 2026. And again, this would be extremely bullish. I think we would have a price jump just by this passing. We've gotten to the point where back in 20 2016 2017 when me and OPTI started doing this um it would like any type of news would pump the price like 50%. We've got into such a big market cap that the only way the price is going to pump is if you have substantial news. And what are the what is that type of substantial news?

[00:30:45]It would be the United States government announcing something about a strategic Bitcoin reserve. That would be A. B would be something like the Clarity Act passing because again this is going it's in the name. This would create a lot of regulatory clarity for a lot of businesses, especially big businesses in the United States regarding digital assets. it would this this is what would take it across the finish line, right?

[00:31:16]So again, uh I think this would definitely be very bullish from a price action perspective. I think the media the second this gets passed, we're going to get a price pump. So yeah, I mean I I'm I'm I'm very excited for, you know, the next 3 months. I think it's going to be really revealing. Is the four-year cycle finally over? Does news even bump up the price anymore? I remember when Michael Sailor first started announcing his smash buys. Uh, Opti and I would be able to craft entire shows off of that.

[00:31:46]The price would move just off of that.

[00:31:49]Now, at this point, Michael Sailor buying, you know, tens of millions, hundreds of millions of dollars of Bitcoin, Billions.

[00:31:56]>> The news cycle doesn't care about that anymore. The the price doesn't even move, right? You could say the price at least doesn't go down when that happens.

[00:32:04]And even sometimes it still goes down.

[00:32:06]But I think that this type of news would be big enough where it would give confidence in the markets that Bitcoin is here to stay. This would stop a potential Operation Chokepoint 3.0 from happening in 2030, right? This this is the type of thing that would kind of stop that because again, Trump's executive orders are only so good as long as he's in office. If you want something to stick around from a regulatory perspective, it has to go through and pass the legislative process. So again, Clarity Act, ladies and gentlemen, 7 69% of it passing.

[00:32:48]Opti, I want to get your thoughts, man, because you've been feeling very bearish on the Clarity Act. I was as well because they kept delaying it, guys.

[00:32:55]They kept delaying it over and over and over and over again, but uh it seems like it's picked up some momentum again.

[00:33:02]Yeah, a lot of momentum and I have been very bearish about this actually passing because like Nico said it just constantly kept being delayed. But it does seem at least based on all the information we have now that actually yesterday they were saying we might get the markup um in today. Now it's saying maybe the earliest that the markup will come in was Monday, which was the initial kind of timeline that we covered last week. And uh I I do have to kind of make a joke though here, Nico. I I swear when the Clarity Act passes, we're all expecting it to pump. I'm not going to be surprised if we see it dump on that day. That, you know, that's just my gut feeling here. But you guys want to know something that is actually making me feel bullish about the Clarity Act. It has nothing to do with any of the timelines. This is this is more uh you know, live ship posting here. This is what does have me bullish on the Clarity Act. It is this post right here by Elizabeth Warren. Uh you guys know I'm a huge fan of Elizabeth Warren here.

[00:34:06]Well, did you guys catch what she tweeted yesterday? So, she is quote tweeting a headline from Bloomberg and it goes Trump family crypto project quietly sold as holders got stuck. We've we've all been seeing the, you know, presidential rugps here. We've been talking about it since Trump coin.

[00:34:24]This is what makes me bullish about the Clarity Act is that Elizabeth Warren is fighting it now. And you guys know she's been on hellbent on this anti- crypto march here. Here's the tweet we saw last night. She goes, "The Trump family crypto project quietly cashed in while regular investors got stuck holding the bag. Elizabeth Warren always out there for the little man. Got to love it." And then it goes, "Any crypto legislation that doesn't shut down this presidential corruption and protect investors isn't worth the paper it's written on." Man, you know, she's got away with words. And actually, shouts out to some of my friends on Twitter. They're like, you know, I miss BK OPI that was more anti-regulation. And I'm like, you're missing the joke. Like, you're you're completely missing the joke here. The fact that Elizabeth Warren is now throwing her hat in the ring against the Clarity Act getting pushed through that actually like makes me bullish about what is in there because of course you guys know or should know she's a part of the Senate Banking Committee. So, she supposedly is here to regulate the banks. And we were always wondering like, well, you had a very stark contrast from your early Occupy Wall Street days to now basically shilling for the big banks. And as we've been covering throughout the Clarity Act whole saga, the big banks have actively been fighting it. And now Elizabeth Warren is out there on Twitter basically saying like this this this act's going to be absolutely garbage because I don't know it doesn't protect the banks enough.

[00:35:59]>> It makes makes me bullish.

[00:36:00]>> One of the things that I love about Bitcoin is that it exposes incentives 100%.

[00:36:05]>> It exposes incentives, you know. So anyways, um I do want to I'll I'll just have this kind of playing in the background. this. We're not the only ones to come up with this thesis. In their Q1 2026 update, uh Brian Armstrong, they had the CEO and co-founder of Coinbase, the chief financial officer, um the president COO, the chief legal officer, they're all on the call, and this is what they said.

[00:36:31]Quote, "Hundreds of large companies will integrate. It will be the new internet."

[00:36:36]Uh, Coinbase just said Clarity is about to quote unlock a flood of institutional capital for Bitcoin and crypto. So again, this is the this is the theory.

[00:36:47]This is the thesis because again, if you're these large institutions and you're looking at it from a risk perspective and you remember what Operation Chokepoint 2.0 brought about, like I you kind of have this massive like you're like, "Listen, like I I I'm sold on the Bitcoin thing. I I I do believe it's here to stay, but from a regulatory perspective, we don't really have a lot of clarity, no pun intended, right? Um what happens if there's a change in administration? What happen if there's a change in the political headwinds? Like what are we going to do, right? Uh and this is >> legislation comes out and get >> exactly what the, you know, clarity act is all about, right? So again, you're hearing it from uh Brian Armstrong, his team at Coinbase. They're saying it simply is not saying it. Quote, "Unlock a flood of institutional capital for Bitcoin and crypto. Hundreds of large companies will integrate. It will be quote the new internet. Here we go." So again, you heard it from them, you heard it from us. That was the theory. Um, and I I I I do align >> and Coinbase has been in those rooms. So it's got a lot more weight.

[00:37:59]>> Coinbase has been moving this uh completely forward. So, uh, I completely agree with that 100%. Um, anyways guys, we do have again Frank Holmes, executive chairman of Hive Digital Technologies.

[00:38:12]He's going to be joining us in a little bit. We still have a lot to cover, but I want to continue this conversation regarding the Clarity Act OPI. Before we move on to next segment, uh, what's your take, brother?

[00:38:24]>> I just I don't think anyone even knows what's in it. So, I am a bit skeptical about what, you know, it's going to do.

[00:38:31]And then I'm also on a very just like fundamental mometic view of this is like the government usually any bill they pass usually does the opposite. So I am kind of pessimistic about it. I I feel like it's going to give us less clarity.

[00:38:48]>> I think I I I think there's there's two ways to look at it. There's you look at it and again Bitcoin has evolved guys like Bitcoin is now you know essentially in the process of being integrated into Wall Street right that traditional finance is here um and it's here to stay right uh this type of legislation is extremely bullish for them right from the retail perspective you can see the hesitation because from the retail perspective you know when we started the show for us it's very simple you buy Bitcoin coin. You earn Bitcoin. You mine Bitcoin. You put that Bitcoin into self-custody. Number go up. You denominate your net worth in Bitcoin.

[00:39:28]Life goes on.

[00:39:29]>> Do we need a law to do that?

[00:39:32]>> No. But that's why I was that's why that's why you and I argued over that.

[00:39:36]>> Does that change like the fundamental protocol of Bitcoin? No. Right. So, if you look at it from that angle, um, you know, yes, it's kind of like, okay, this doesn't matter. But if you have to look at it and opt we are maturing, we are getting bigger.

[00:39:54]>> Am I maturing?

[00:39:56]>> We do have to cover we do we do have to cover Bitcoin from you know the traditional finance perspective and from the traditional finance perspective again it is very bullish guys. We're going to be right back just after the break. We have a special guest joining us today. We have the executive chairman of Hive Digital Technologies Frank Holmes aka Bulldog Holmes. We're going to be right back in just a bit.

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[00:43:41]>> All right everybody, a little bit of a change up. Uh we are we are waiting for the one, the only CEO of Hive Digital Technologies, president and CEO of Hive Digital Technologies, Iden Kilick. He's going to be joining us on the show momentarily. Uh but before we do that, Opti, let's continue the discussion.

[00:44:00]>> I I actually I'm I'm kind of glad we got this little uh there. There he is. Wait, hold on.

[00:44:06]>> The man, the myth.

[00:44:07]>> Yep. Legend. Okay, here we are.

[00:44:09]>> We have Iden joining us. Iden, how you doing?

[00:44:12]>> Hey guys, sorry. I'm I'm biohacking right now. I'm at a I'm at a clinic getting some IVs and uh always hustling, baby.

[00:44:21]>> I love it. I love Here's all my neur here's all my my uh my supplements, my neurotropics. I've got uh bunch of a bunch of um you know, co-enzyme Q10, zinc, phosphodile choline, uh an acetylcysteine. Anyways, >> baby, >> I love it. I love it. Iden, huge announcement coming out of Hive. I do want to talk about that today. press release got released a little bit earlier today. Hives Buzz starts building a digital superighway for Eastern Canada's first sovereign AI factory. Uh Iden, if my memory serves me correctly, I think we talked a little bit about this at the Bitcoin conference.

[00:45:09]>> Yeah. So, this is just really part of our uh growth strategy in HPC this year.

[00:45:15]So, we've really got two drivers in that HPC umbrella. So first of all broadly we've got the dual engine strategy of course can't forget Bitcoin and we'll talk a little bit about that and of course uh on our HPC AI business we've got the GPU cloud and then we're going to be bringing online tier three capacity visav through New Brunswick and that's going to be where we can uh entertain um collocation with enterprises and hyperscalers. So uh we'd love to get you out to New Brunswick one day Nico to check it out. It's a beautiful facility.

[00:45:48]70 megawatt um what I would describe as a militaryra uh Bitcoin mine. You know, when I joined Hive in 2021, it was actually uh to fly to New Brunswick uh to help Frank with diligence and uh I did on advisory mandate and I spent it was peak pandemic COVID and the site was like 10 megawws uh built out and we acquired it and completed the full 70 and and the team that had built that joined Hive and so um we've been one big happy family ever since. But uh we've got our own substations. We got our own dedicated transmission line and we bought an additional 32 acres of land recently and we announced that uh late last year. And so the next catalyst you need land power and connectivity. So the big catalyst here and the big excitement is that um you know we've been partnered with Bell Canada to advance our uh AI cloud and they also are going to uh build the fiber to the New Brunswick site. So that's really exciting and um we're just going to have a lot of cool excitement cool updates um as we advance uh construction design and development has been well underway. Uh so it's um it's going good. Uh we're we're really excited and um it's uh it's going to be I think on the east coast especially in the Maritimes the largest site I'm I'm aware of um and certainly for AI. So, um this is going to be uh like I I mean it's it's this is the largest um single site operating Bitcoin mine I think in Canada today. HUD 88 back when they had the the drum heler sites I think they shut those down. Um and so but when I'm talking about like proper data center uh in the Maritimes I think this might be the largest. So that's really exciting.

[00:47:41]>> Yeah, that's that's amazing. And uh this also this news comes uh after the news of of you guys uh being able to raise $100 million uh on a 0% convertible note uh which again we haven't released this interview but I love the interview I did with Iden at the Bitcoin conference. Uh I got to spend some time with him as well. Um and uh yeah this this is you know that breaking news and then this breaking news are are the two news connected. Is this part of the hundred million that you guys raised? I think really the the hundred million when we were raising that capital that was the catalyst to fund two very large GPU cluster deals that are each going to add upwards of 60 million ARR to our GPU cloud revenue. So we're at 35 million ARR contracted today. When we get one of these deals signed and announced, it'll bring us to 100 million ARR. And then when we get the second deal announced, it'll bring us to over 150 million ARR. And so, you know, we we signed theus and and you know, we're at the 5yard line uh to get these um formalized. And so, a big part of it, the catalyst, that capital was to have uh the financing in place to put down payments on the GPU clusters because we're working with blue chip lenders. We're finding the sweet spot.

[00:49:08]You know, they're wanting uh a bit of a down payment. So if you're going to buy a $170 million GPU cluster, you're going to want to put 2030 million bucks down cash. And so now that we have that, so if you put $20 million down on each cluster, that's 40 million bucks. And so now we have that capital at zero coupon interest with a conversion premium uh and the capped call at 125%. So, if the stock rallies, which I really think we'll have a we'll have a rerating once we hit 100 million AR um I think the stock will rerate above five bucks and I think once we exceed 150 million AR the stock is really consolidating have a very strong bit about five bucks and maybe we can do an early uh conversion on that capped call at a premium and that would actually net us proceeds of 100 million cash if we were able to negotiate an early uh convert on that capped call because the the share price would be $4.92.

[00:50:10]And so the proceeds up to that amount from the original conversion price I think was $218. Those proceeds go to us and so we're really excited about that.

[00:50:20]But we did talk about we did talk about some of the proceeds going towards um uh long lead hardware for our two sites. So there's the New Brunswick site and the site by the Toronto airport that we're going to be um building out as well. And so that'll be a beautiful edge site.

[00:50:39]It's about 7 megawatts. Um really strong demand just because of its its proximity. So um yeah, it's a Oh, nice vest.

[00:50:49]>> Yeah. So >> I love it. This apparently this is special edition. Uh apparently it's hard to get these. So I'm very proud of my of my hive vest.

[00:50:56]>> Yeah. Yeah. Of course you you should be because only the executives have those.

[00:51:00]So your extended family, Nico, >> I love it. I love it. So Iden, this is incredibly bullish. How many sites does Hive have in total?

[00:51:13]>> I mean, if we talk about Bitcoin mining sites or if we talk about more specifically, I think what you're asking is uh sites that are currently active that can be converted to tier three. So we have the Toronto airport site for seven megawatts. We have New Brunswick which 70 megawatts. That site's 10 10 times bigger. We also have both of our sites in Sweden what we call Big Bowden is 32 megawatts. Little Bowden is 7 megawatts. And we're seeing a lot of demand for those sites as well. We've actually start gone through the process of um decommissioning the Little Bowden site. a little than seven megawatts, but um we we've had a a design build firm go through all the um drawings and permitting through late last year. And so that process is underway. And so that's in in Canada, you have New Brunswick, uh which is 70 megawatts. You have little uh sorry uh the Toronto airport site which is 7 megawws. And then in Bowden and Sweden, both our sites, Big Bow and Little Bowden, 32 megawatts and 7 megawatts. And the thing is is I do want to clarify how this HPC collocation game works is you're effectively selling um you know a powered shell and you are the host and you're you're hosting not for a minor like remember hosting was very prevalent in crypto mining but you're hosting for an enterprise or a hyperscaler that wants to put stand up their compute and you're selling them rack space. So the numbers behind that it's it's dollars per kilowatt per month. So for example, and you know when you look at a cipher deal or terolf deal like all the Wall Street guys are underwriting what what is the term like is it a 15 year or 10 year and what is a dollar per kilowatt per month? And so I'll walk you through what that means. So for example, if you have a 70 megawatt site like New Brunswick, this might be helpful for your viewers to wrap their head around the economics of HBC Colo and then we could talk about the GP cloud a little bit. But I do want to spend a little bit of time at the end interview just to kind of bit Bitcoin's having a moment.

[00:53:12]You know, we've cracked ADK. So I just, you know, I think it's good to remind people of the value of Bitcoin as world's decentralized energybacked currency. But let's get back to these economics really quick. And I hope this is helpful for the viewers. So um $150 a kilowatt a month is indicative for uh our site in Bowden, Sweden, for example.

[00:53:33]And so if you have a site that is um 30 30 megawws for example or in our case 32 megawatts you in in when you're doing tier three data centers you got to apply the pee power usage effectiveness ratio.

[00:53:48]What that means is not all the power at the site can be used for compute. In crypto mining your pee is almost one because you don't really have air conditioners or other periphery uh consumption of power. you just cram as many miners as possible. Maybe have fans or maybe it's passively cool that just uses the the fans uh of the miners themselves, but you have to account for, you know, all the chillers and and all of the um climate control in a tier three data center. So, nominally use a PU of 1.3. So, for example, you know what we can even use New Brunswick um 70 megawws divided by 1.3 is like 53 megawatt. So you could just use a round number say 50 megawws. Well 50 megawws is 50,000 kilowatts, right?

[00:54:36]It's so New Brunswick is a secondary market. So it' be $130 a kilowatt a month. So all you do is you just go, okay, well that would be 50,000 times 130, you you get 6.5 million a month times 12. Well, that'd be 78 million a year. Um, if you did more than that, because it's it's it's it's more than 50 megawatts. I think we get closer to 55.

[00:55:02]>> And then if you signed a 15-year contract, that's worth 1.1 billion, right?

[00:55:10]So, so that that's the that's that's the play. And then >> that was amazing.

[00:55:19]>> Yeah.

[00:55:20]>> Yeah. That math really quickly.

[00:55:22]>> That that was amazing on the fly. Wild biohacking.

[00:55:26]>> Wild biohacking, baby.

[00:55:27]>> Wild biohacking. I love it.

[00:55:29]>> Getting some NAD+, glutathione, phosphodile choline, and I think I had sodium fennelbutery.

[00:55:38]>> The NAD I'm familiar with, but doesn't it give you the pressure like the chest pressure a little bit?

[00:55:44]>> No, you know, shout out to Nick Hansen at Luxor actually. Um, he got me on to function health. Mhm.

[00:55:49]>> So, it's 116 biomarkers and I just got my test results back. My biological age is 31.8 years.

[00:55:57]>> Oh, wow. Okay.

[00:55:58]>> Yeah. So, >> I did I did a function health test recently. You're you're younger than me because mine came out to 32.

[00:56:05]>> Really, bro? I'm 45.

[00:56:08]>> And I'm 34.

[00:56:11]>> All right.

[00:56:12]>> All right. Now, now I have ammo to make fun of Nico.

[00:56:14]>> I gota I gotta get I gotta get out there, man. I gota I got to start listening to OPI.

[00:56:19]>> Yeah. Yeah. You're a cook now, bro.

[00:56:20]>> Yeah. That's that's why I don't drink at the conferences anymore. You always see me. I'm just like, you know, >> maybe if it was like the very last night was good in Vegas. But yeah. No, coming back on the economics of the game. Um then you look at the AI cloud and so with the GPUs and so GPUs is how many GPUs are you renting? So, for example, I'm going to give you like very nominal figures. Like say the new like Grace Blackwells that are out there, GB300's.

[00:56:48]It's more than 350, but it's like $3.50 an hour. And if you've got a cluster of like 2,000 GPUs, you're doing $7,000 an hour, but there's 24 hours in a day. So, you're doing 168 grand a day. Um, that's like 61 million a year, >> right? So, remember I said how there's large GPU cluster deals we're working on and each one can add 60 million ARR.

[00:57:16]That's it right there. I just walked you through it. You see what I'm saying? And then but but get this, that is 5 megawws. That's that's what you're getting out of five megawws, right? So, there's two different things we're contemplating. We're contemplating on one hand standing up the GPUs oursel, putting them on our cloud and and getting that very high profit density, but when you do a GPU cloud contract, you're maybe renting it for three years. So, if you did a three-year contract, that'll be worth 180 million. Or if you did or if you did um say a five-year contract, that'd be worth 300 million, you know. So that's kind of how the GPU cloud game is is evaluated.

[00:58:00]Um but for me because Hive, you know, has expertise in building and operating data centers but also orchestrating compute. And so the thing is is when you look at mining Ethereum, mining Bitcoin, um we again we're the first I think the first public crypto miner to actually do GPU cloud going back three years ago and we started putting our Nvidia A40s on the aggregators uh on the on the platforms.

[00:58:30]How do you how do you evaluate the different revenue streams? Dollar per kilowatt hour. That's the answer, right?

[00:58:37]So you know Bitcoin mining economics could be 12 cents a kilowatt hour, 8 cents a kilowatt hour depending on the efficiency of the machine. It's all physics, right? So jewel per terraash in Bitcoin mining is energy related to compute. And then dollar per kilowatt hour is dollar per unit of energy. So you you see it all ties back to energy, right? Jewel per hash, dollar per kilowatt hour. So you you can bridge it all. And so the fundamental is doing a dollar per kilowatt hour analysis. And so for example, um the HBC Colo, you know, it it depends. Like it's really easy actually. I mean, if you're if you're renting for $150 a kilowatt a month, well, guess what? There's 730 hours a month. So that's 20 cents a kilowatt hour. And you know what I'm saying? So, or or if you're if you did like I think I think Cipher did a deal at $101 a kilowatt a month was one >> Iden there's two things that are blowing my mind right now. Okay. First of all, it's the numbers which are very impressive. The second part is the fact that you're doing this on the fly off the top of your head. Uh which is really really fascinating to see.

[00:59:53]>> Yeah. I mean I'm I'm an electrical engineer. Like I I like math and I was the nurses keep coming here too like what's this guy doing?

[01:00:00]But but >> he's he's just on a show with thousands of people watching. That's all.

[01:00:04]>> Hey, what's up everybody? And so at $101 a kilowatt hour, he used to divide by 730 hours. So that'd be 13 uh cents a kilowatt hour. So you're not far off from Bitcoin mining revenues when you're doing colo when you're doing colo, you know. But here's why Wall Street loves colo because it's stable. Because now you're you're signing a contract where it's that number. It's that 14 cents a kilowatt hour for 15 years, you know, and and what's the buildout of that?

[01:00:33]Okay, it's eight 8 million a megawatt, 10 million a megawatt. Different CEOs will tell you different things. It doesn't matter. Every project's unique.

[01:00:40]Is a green field, is battlefield, uh you know, how quick are you getting to market, etc. There's going to be different factors. It's like building a skyscraper. Cost will vary. But say it's in that range 8 to 10 million a megawatt. Your ROI is going to be about 6 to 8 years.

[01:00:57]But that's okay because Wall Street's okay with that. They like that you got long-term stable revenues. Here's the thing. Crypto mining, you know, we always underwrite um one-year ROI, one to one and a half year ROI after a 5-cent opex. Um and and you know we we've realized that you know we've we've hit one and a half year ROIs um even one-year ROIs on some of the batches of AS6 that we hit but Bitcoin mining topline is volatile and so Wall Street doesn't really on a comparative basis don't get me wrong in a bull market they love it like everyone just forgets everything and they're like yeah to the moon but when Bitcoin pulls back and people are like oh why don't we just you know invest in these businesses that can stack up these long-term stable cash flows for 10, 15 years doing this colo business. And that's why you're seeing some of our peers really double down.

[01:01:49]Wolf, Cipher, Hut just really double down on the colo. Um and and I think the idea Morgan Stanley put out this report last September um where they were like, hey, you know, the Bitcoin miners, they should just do a bunch of HBC colo and then when you sign all because convert all your data centers, each data center is a contract. So, if you've got you signed a billion dollar contract there and over 15 years and a $5 billion contract there, what you end up doing, what's your annual uh net operating income? You can add that up across all your different sites. Now, it looks like a REIT, a real estate investment trust, and those get crazy multiples like Digital Realy. So, that's that thesis, but then the other thesis is what we are doing as well, right? We got 5,500 GPUs on our cloud now, doubling to 11,000 GPUs at the end of this year, which by the way will take us to 200 million ARR.

[01:02:42]We we are the largest in Canada right now, and I think we'll continue to grow along that line. We also see iron, they they've really uh doubled down on the GPU cloud as well, and people are like, "Yeah, but you're getting better revenues or getting better multiples doing the colo." But then you can really zoom out and say, well, like, okay, but then what about coreweave and nbius and lambda? like you know if you kind of get venerated and you're at that scale as a GPU cloud neo a GPU neocloud then I think the multiples are also super attractive. So I think it's just being whatever you do, you got to be like really good at it, right? Like you you can chase whatever um emerging sector is there and chase this idea of trying to get good multiples, but for us it's about execution. It's demonstrating value to shareholders. Always ROIC, always ROIC.

[01:03:33]That's why we're always hustling. That's why we're always, you know, no days off, right? But um I um >> no days off literally while you're biohacking you're on the show doing math.

[01:03:44]>> And so I actually brought my mom out here. That's the real reason I'm out here. I got her out here for three weeks. Um and so the little Mother's Day gift and uh and I I'm spending a week out here. Um, but you know, I think I so so that's that's on that front, but I I think it it'd be kind of good to take a moment just to like reflect on, you know, Bitcoin is it's it's f it's finding its way. you know 10 10 really took the wind out a lot of people's sales but you know Bitcoin's starting to rally again and I think I was talking with Frank earlier Frank Holmes of course co-founder executive chairman of Hive who I think uh you know you you had just done a uh a great interview with him in Vegas there are so many countries that have um debanked uh people or frozen currency you know like there was um like in 2013 like and and Frank comes up with all this amazing research um like CI Cyprus in 2013 um you know there was there was a bunch of um deposits uh that were um confiscated um Zimbabwe uh you know screwed screwed the country through hyperinflation obviously we all know about like Argentina, Venezuela I'm half Turkish but even even Turkey you know um has had massive of uh inflation. And so I think really like and look even Trump um you know prior to him becoming president in in the the prior administration he was effectively debang too. So I think that's what made him uh pro crypto.

[01:05:22]Yeah.

[01:05:23]>> So, I I just think it's good to remind people how and look, even in Canada when we had uh when it was COVID and there was the freedom rally, >> um whichever side of that debate you're on, um all you could do is you could look back at the fact pattern and the Canadian government did try to go freeze bank accounts of people that were supporting that movement. And what happened to freedom of speech then? So you you can't go protest unless it's, you know, like a bunch of lefty nonsense. I'm, you know, I'm more conservative, so whatever. But yeah, like I think that it really just shows how um even a country like Canada um you know, can can freeze bank accounts. So I do I just really think that um ultimately as as the world's decentralized energy back currency, um Bitcoin will continue to stand the test of time. I mean 10 10 was was you know brutal and I I think but that's not Bitcoin's fault. That's Binance and that's hedge funds and and and you know people manipulating actually they were manipulating a stable coin. They were manipulating BSE and that caused all that.

[01:06:30]>> Can we could we do a deep dive into that uh Iden because it seems like you have more information like what and and Frank actually came on the show and he talked about it as well. What happened on October 10th to to see this this epic meltdown? like what information do you have for the audience?

[01:06:48]>> So, um on Binance, what happened was there's a stable coin called BE and and it was only traded on Binance and so what this hedge fund did was they like very quietly accumulated a bunch of it.

[01:07:01]It was a stable coin and you know people like leverage bets on crypto are huge.

[01:07:07]You can you can trade futures on Binance. you do 3:1 leverage, 5 to1 leverage. And when Binance was available in Canada, um just, you know, war story, I I I would um this was quite a few years ago. I think it was like four years ago, maybe five. Um I was just like, "Oh, this you're basically just playing the volatility, right?" And and so you set up these short-term trades over a few hours or days, and if and you know, if it hits if it hits the line, you win. But if it drops below your margin call number, then you know you get wiped out. And so what happened was um you have all these people playing these lever bets on Binance and um what's the collateral? Well, you got to have collateral on Binance. And so if you're using a coin like Bitcoin um and that's, you know, say Bitcoin drops, that's one thing. But if you're using another token, a stable coin as collateral, well, um, what happens if the value of that stable coin drops? And so this BSC dropped to like 65 cents from a dollar because this hedge fund dumped it. So if everyone's collateral fell suddenly to 65% of its face of value, that's going to um screw up everybody's uh open positions.

[01:08:31]>> And so that's what caused all this auto deleveraging. And then to you know add fuel to the fire. Uh there was a u like the the uh the APIs were going down. So the market makers and and and Binance like it was you know there was there was that issue too really exacerbated things. And so the punch line is $19 billion of value got wiped out.

[01:08:53]>> That's crazy. That's >> the worst worst ever. Like there's been there's been a few crashes, >> you know. There was a flash crash um in the one like when I had a Binance account way back when and I I lost like 15 grand going out to dinner. I was just like I set a trade up and Bitcoin was at 60,000 and it flashed at 49,800.

[01:09:14]It's like a needle. Like you had to like zoom in to see that on the chart and like it wasn't just me. Like I think $2 billion got wiped out that day.

[01:09:22]>> Wow.

[01:09:23]>> So like for people but it doesn't it kind of makes the headlines but it's kind of like you know I feel like those are like boring headlines that people scroll past unless you're like a trader.

[01:09:32]Um and so you know there look up Bitcoin flash crashes.

[01:09:36]>> There was a there Iden there was one I saw Kishi. Could you pull it up a >> There was one last night on on Revolute.

[01:09:43]It it literally flat. What was >> it? Glitched. It glitched.

[01:09:45]>> It glitched to 0.02 cents per Bitcoin.

[01:09:51]>> Not kidding. Yes. Not kidding. I saw the headline. It's going going to your attitude. I'm I'm pulling it up.

[01:09:57]>> Is holding it up right now. So yeah, those flash class those flat those flash crashes are brutal. But like Iden, they're they're manufactured, right?

[01:10:06]Like they they do this on purpose.

[01:10:09]>> Yeah. Yeah. Of course. Like I think you've got you got uh whales and and uh you know hedge funds out there that you know are looking at um like I'm not a hedge fund guy. I'm not I'm not a trader and so I can't really speak to that. Um but uh basically >> look at that.

[01:10:27]>> Look at that.

[01:10:30]>> I uh that yeah they're they're engineered and so basically um the uh sorry I'm just Sorry, just a little bit of an interruption.

[01:10:43]>> What was the What was the look at that ID? I have it pulled up on screen on Revolt. The price of Bitcoin has dropped to two cents.

[01:10:56]Speaking of flash crashes, >> crazy.

[01:10:59]>> Of course, it was a it was a glitch, but I'm assuming anyone that had any type of trades, you know, OP, they they got crushed.

[01:11:06]>> Yeah. So, um, basically, uh, uh, $19 billion dollars of value was wiped out. And then Richard Tang was on stage in Hong Kong, uh, at coin, uh, at Consensus, and he was like, oh, you know, we paid back $300 million to the people that mattered and like, okay, what is that? Like, okay, cool. So, um, you you're you're taking account. What that tells me is they're taking accountability.

[01:11:34]Um because obviously if if they truly felt like um they weren't accountable then I don't think they would have paid the 300 million and I guess it's admirable they paid the 300 million but it doesn't change the fact that 19 billion of value was wiped and so the let's zoom out for a second. The point is is that we've navigated that and that was when Bitcoin was like 126,000 and then it toppled to like 100,000 and then I think there was just this hangover um because it was something more that like the market makers and exchanges were aware of than the average Joe obviously like Bitcoiners and people that really in the industry but I don't think retail really understood the the impact and effect because it's it was kind of like a structural flaw system. Again, Bitcoin itself is secure. Like, by the way, I just did this. I didn't wear this shirt because I was doing this interview.

[01:12:25]Like, I'm in this clinic biohacking. I just wear this shirt because it's Hive and it's Bitcoin and I just rep it daily. You know what? Like, Frank called me. He was like, "Aden, do you want to do the Simply Bitcoin interview?" I said, "I'd absolutely love to." And so, I just, this is just how I pulled up, man. I didn't put this shirt on like uh for the interview. So, Bitcoin is is very resilient. It's energybacked. deep truly you know it's it's it's I I mean look I took a lot of physics and math courses that's why I love Bitcoin because you can understand it at such a deep level and you've got broadly 30 gawatts of power globally securing this decentralized network of compute that's worth you know almost a couple trillion dollars and so I I think that there will always it always seems to be the exchanges and you know it it just always seems to be the exchanges that are the Achilles heel of the crypto industry.

[01:13:19]All the mount going back to Mount Gaus, all the exploits are on the exchanges.

[01:13:24]It's the on-ramp, off-ramp. It's kind of like, you know, like how often um Oh, shoot guys. I got another meeting. Um that >> All good. All good. Iden, the one, the only, the legendary coming in while biohacking doing math on the fly. Iden Kick, ladies and gentlemen, CEO of Hive Digital Technologies. Go check them out.

[01:13:44]They're traded on the NASDAQ and the Canadian exchange as well. the TSX exchange. I believe that's how you say it. Uh so go check out the Hive ticker.

[01:13:53]Iden, thank you so much for joining us, man. Really appreciate it.

[01:13:56]>> Thank you. We'll biohack next time together, Nico.

[01:13:58]>> Absolutely.

[01:13:59]>> All right, take it easy, Iden. Thank you.

[01:14:02]>> All right, everybody. Well, Opti, it was a great week, man. That was an epic, legendary interview uh of Iden Kilick from CEO of Hive Digital Technologies calling in uh from the clinic. That was awesome. I can't wait to drop.

[01:14:16]>> Well, the chat was super hyped on the biohacking that we were wait the conversation was going. We were we were talking about supplements and stuff in the chat.

[01:14:23]>> That was that was absolutely epic. Um so anyways guys, before we close out the show, um maybe we should give away some Bitcoin and then I do while I pull that up, Opti, could you pull up the Mining Disrupt website?

[01:14:40]Um so yeah, it's Friday. Let's give away some Bitcoin. uh friends over at Bitcoin. Well, uh definitely don't want to miss it, ladies and gentlemen.

[01:14:54]Uh here we go. Waiting for the email.

[01:14:57]Here it is.

[01:15:02]Oh, we got to put some soundboards or something while I'm doing this. Here we go.

[01:15:09]>> Dude, you're just boomer over here, bro.

[01:15:11]>> This guy can't internet.

[01:15:12]>> Okay, bro. Okay. All right. So, uh I do want to give a shout out to, of course, our lead sponsor, Bitcoin Well, the best place to build your automatic self-custody Bitcoin stack. Uh guys, every time you buy Bitcoin on Bitcoin Well, you earn something called Bitcoin Well points, and you could redeem those points in many different ways. You can get a a Well stamp seed. You can get a Bitcoin nutrition hoodie, a Bitax solo minor, a Leather Mint wallet, an orange Cyber Truck. That's right. Adam O'Brien will personally deliver it to your house.

[01:15:49]Or you could toss a coin into the Bitcoin Wishing Well, and every single time you toss a coin into the Wishing Well, you earn or you have the opportunity to win some SATS. So, get your Lightning wallets ready uh to scan it on screen. I'm going to just leave it up for just a little bit. And here we go. Tossing a coin into the wishing well. Get your lighting wallets ready, ladies and gentlemen. And scan the QR code. First person to scan this QR code has won 210 sats. That is today's prize.

[01:16:20]>> Do another one. Do another one.

[01:16:22]>> So, >> we haven't done them in a while. We haven't done them in a while.

[01:16:24]>> We're doing it twice.

[01:16:26]>> Yeah, why not?

[01:16:26]>> Okay. Okay. Okay. Okay. Okay. Okay.

[01:16:28]Okay. All right. Let's do that. Let's do that. Here we go. Here we go.

[01:16:32]>> Maybe we'll get the million set today and I'll steal it.

[01:16:35]>> All right. Get your lightning wallets ready, ladies and gentlemen. We're tossing a coin into the wishing well.

[01:16:42]>> And uh Oh, >> there you go.

[01:16:44]>> 500. There you go.

[01:16:46]>> So guys, scan this QR code if you're watching it at home. First person to scan it is the one who's going to get the stats. Also, I do want to Opti has it pulled up. I do want to give a very special shout out uh to our sponsor, Mining Disrupt. Guys, this is going to be the largest Bitcoin conference of the year. You're definitely don't you definitely don't want to miss it. It's July 21st through the 23rd in Miami, Florida. Again, Mining Disrupt July 21st through the 23rd, 2026, Miami, Florida.

[01:17:25]You definitely don't want to miss it.

[01:17:27]Get your tickets now. You could l use the link in the videoodcast description to get I think it's 20% off your tickets to the largest Bitcoin conference of the year, Mining Disrupt 2026, July 21st through the 23rd in Miami, Florida. We hope to see you guys there. Anyways, that was the week. Another week, another week under the belt for Simply Bitcoin Live. If you guys like the show, smash the like button, consider subscribing, and we'll see you on the next episode.

[01:18:01]Take care of everybody. Have an amazing weekend, and we'll see you on Monday.

[01:18:05]Today's episode was brought to you by bitcoinwell.com, a Bitcoinonly platform on a mission to enable financial independence.