WEBVTT 00:00:00.000 --> 00:00:02.720 What's up, Bitcoin believers? This is Anna, and 00:00:02.720 --> 00:00:04.679 you're tuned in to the Bitcoin Street Journal 00:00:04.679 --> 00:00:07.599 podcast, the only crypto podcast that matters, 00:00:07.700 --> 00:00:10.500 because let's be honest, there's only one cryptocurrency 00:00:10.500 --> 00:00:13.599 that matters. And folks, today is not just any 00:00:13.599 --> 00:00:16.440 day. Today's Halloween. But more importantly, 00:00:16.660 --> 00:00:20.739 way more importantly, today marks 17 years since 00:00:20.739 --> 00:00:23.160 Satoshi Nakamoto dropped the most revolutionary 00:00:23.160 --> 00:00:26.440 nine -page document in financial history on an 00:00:26.440 --> 00:00:29.719 unsuspecting world. That's right, people. It's 00:00:29.719 --> 00:00:33.359 Bitcoin White Paper Day 2025, and I am absolutely 00:00:33.359 --> 00:00:35.880 buzzing with orange -pilled energy right now. 00:00:36.039 --> 00:00:38.359 We're going to celebrate this anniversary in 00:00:38.359 --> 00:00:41.159 style, talking institutional adoption that would 00:00:41.159 --> 00:00:45.000 make 2020 Bitcoiners cry tears of joy, regulatory 00:00:45.000 --> 00:00:47.740 victories that seemed impossible just two years 00:00:47.740 --> 00:00:50.380 ago, and of course, we'll roast some altcoins 00:00:50.380 --> 00:00:53.399 because, well, it's what we do. Coming up in 00:00:53.399 --> 00:00:56.859 today's episode, BlackRock's $100 billion Bitcoin 00:00:56.859 --> 00:01:00.210 ETF flex. Trump's strategic Bitcoin reserve. 00:01:00.369 --> 00:01:02.469 Yes, you heard that right. The U .S. government 00:01:02.469 --> 00:01:06.370 is hodling. Why October 31st is literally the 00:01:06.370 --> 00:01:09.530 perfect day for Bitcoin to be born. And why every 00:01:09.530 --> 00:01:12.650 single altcoin is still just a distraction from 00:01:12.650 --> 00:01:15.890 the hardest money humanity has ever known. But 00:01:15.890 --> 00:01:18.709 first, before we dive into this birthday celebration. 00:01:19.310 --> 00:01:22.049 Head over to the BitcoinStreetJournal .com and 00:01:22.049 --> 00:01:25.049 set up your free Nostra profile. Because if you're 00:01:25.049 --> 00:01:27.549 not on Nostra, you're still letting Jack Dorsey's 00:01:27.549 --> 00:01:30.489 former company control your speech. Get censorship 00:01:30.489 --> 00:01:33.549 resistant. Get sovereign. Get on Nostra. All 00:01:33.549 --> 00:01:36.030 right, let's get into it. Market update segment. 00:01:36.310 --> 00:01:39.209 Okay, let's talk numbers because Bitcoin doesn't 00:01:39.209 --> 00:01:41.409 care about your feelings. It just keeps producing 00:01:41.409 --> 00:01:44.390 blocks every 10 minutes like absolute clockwork. 00:01:44.670 --> 00:01:48.310 As I'm recording this on Halloween 2025. Bitcoin 00:01:48.310 --> 00:01:55.549 is trading at $107 ,529. That's $107 ,529 per 00:01:55.549 --> 00:01:58.569 Bitcoin. Now, I know what you're thinking. Anna, 00:01:58.689 --> 00:02:02.230 that's down from the $126 ,000 all -time high 00:02:02.230 --> 00:02:04.629 we saw earlier this month. And you're absolutely 00:02:04.629 --> 00:02:08.250 right. We had a spicy 13 % correction mid -October 00:02:08.250 --> 00:02:11.610 that liquidated $19 billion, billion with a B, 00:02:11.770 --> 00:02:14.830 in over -leveraged positions. But here's what 00:02:14.830 --> 00:02:18.610 matters. Bitcoin is still up 1 .14 % for October, 00:02:18.830 --> 00:02:21.830 maintaining that uptober tradition. And historically, 00:02:21.990 --> 00:02:24.969 folks, October has been green for Bitcoin 10 00:02:24.969 --> 00:02:27.550 out of the last 12 years, with average returns 00:02:27.550 --> 00:02:31.689 of 27%. October is Bitcoin's power month, and 00:02:31.689 --> 00:02:34.150 we're closing it out with a W. Current market 00:02:34.150 --> 00:02:38.370 cap? $2 .1 trillion. That's not a typo. Trillion. 00:02:38.590 --> 00:02:41.530 Bitcoin is literally worth more than most countries' 00:02:41.650 --> 00:02:45.009 GDP. Bitcoin dominance is sitting pretty at around 00:02:45.009 --> 00:02:48.469 57 .4%, which has actually come down a bit as 00:02:48.469 --> 00:02:51.189 some casino chips, I mean altcoins, have been 00:02:51.189 --> 00:02:53.409 pumping. But don't worry, we'll get to those 00:02:53.409 --> 00:02:55.849 pretenders in a minute. The 24 -hour trading 00:02:55.849 --> 00:02:58.569 volume is absolutely crushing it. And here's 00:02:58.569 --> 00:03:01.129 the thing that gets me fired up. Despite Federal 00:03:01.129 --> 00:03:03.770 Reserve Chair Jerome Powell... basically telling 00:03:03.770 --> 00:03:06.310 us that interest rate cuts are done for 2025, 00:03:06.629 --> 00:03:10.229 despite Trump threatening 100 % tariffs on China. 00:03:10.370 --> 00:03:13.250 Despite every headline trying to spread FUD, 00:03:13.349 --> 00:03:17.030 Bitcoin is still over 100K. Do you understand 00:03:17.030 --> 00:03:19.590 what that means? The macro headwinds that would 00:03:19.590 --> 00:03:23.389 have cradled Bitcoin back in 2017 or 2020 are 00:03:23.389 --> 00:03:27.150 now just minor turbulence. Bitcoin has matured, 00:03:27.150 --> 00:03:29.770 the honey badger has evolved, and it doesn't 00:03:29.770 --> 00:03:31.930 care about your central bank policies anymore. 00:03:32.539 --> 00:03:35.439 And speaking of not caring, let me give you altcoiners 00:03:35.439 --> 00:03:38.539 the courtesy update. Ethereum is down. Solana 00:03:38.539 --> 00:03:40.919 is doing whatever Solana does. And the other 00:03:40.919 --> 00:03:43.580 20 ,000 shitcoins are still pretending they have 00:03:43.580 --> 00:03:47.180 a purpose. They don't. Moving on. Main segment 00:03:47.180 --> 00:03:50.439 one, 17 years of Bitcoin, the Halloween revolution. 00:03:50.939 --> 00:03:53.800 All right, let's get into the main event. 17 00:03:53.800 --> 00:03:58.180 years ago today, October 31st, 2008. At exactly 00:03:58.180 --> 00:04:01.439 2 .10 p .m. GMT, someone using the pseudonym 00:04:01.439 --> 00:04:05.159 Satoshi Nakamoto posted a nine -page PDF to an 00:04:05.159 --> 00:04:07.800 obscure cryptography mailing list called Metstout. 00:04:08.000 --> 00:04:11.360 The title? Bitcoin, a peer -to -peer electronic 00:04:11.360 --> 00:04:14.389 cash system. And the world has never been the 00:04:14.389 --> 00:04:16.550 same. Now, here's what blows my mind about the 00:04:16.550 --> 00:04:19.389 timing. This white paper dropped just two weeks 00:04:19.389 --> 00:04:22.209 after the U .S. government announced a $700 billion 00:04:22.209 --> 00:04:25.410 bank bailout package. The traditional financial 00:04:25.410 --> 00:04:28.250 system was literally collapsing under the weight 00:04:28.250 --> 00:04:31.290 of its own corruption and stupidity. And Satoshi 00:04:31.290 --> 00:04:34.050 was like, hey, I've got a better idea. What if 00:04:34.050 --> 00:04:36.750 we had money that nobody can print, nobody can 00:04:36.750 --> 00:04:40.670 censor, and nobody can control? Genius. Absolute 00:04:40.670 --> 00:04:43.939 genius. And can we talk about the Halloween timing 00:04:43.939 --> 00:04:46.600 for a second? Because this is either the most 00:04:46.600 --> 00:04:50.079 epic coincidence in history or Satoshi was playing 00:04:50.079 --> 00:04:54.139 4D chess with symbolism. October 31st, Halloween, 00:04:54.379 --> 00:04:58.300 has historically been a day of reformation. Martin 00:04:58.300 --> 00:05:01.279 Luther nailed his 95 theses to a church door 00:05:01.279 --> 00:05:04.720 on Halloween in 1517, sparking the Protestant 00:05:04.720 --> 00:05:07.899 Reformation that changed Europe forever. And 00:05:07.899 --> 00:05:11.220 in 2008. Satoshi Nakamoto published the Bitcoin 00:05:11.220 --> 00:05:14.180 white paper on Halloween, sparking the monetary 00:05:14.180 --> 00:05:17.680 reformation that's changing the world. Some people 00:05:17.680 --> 00:05:20.279 think Satoshi chose this date because it's right 00:05:20.279 --> 00:05:23.779 before U .S. Election Day. And guess what? Bitcoin's 00:05:23.779 --> 00:05:26.660 four -year halving cycle perfectly aligns with 00:05:26.660 --> 00:05:29.139 presidential elections. Could be intentional, 00:05:29.360 --> 00:05:32.800 could be cosmic alignment. Either way, it's absolutely 00:05:32.800 --> 00:05:36.199 perfect. And think about what Bitcoin has achieved 00:05:36.199 --> 00:05:39.819 in just 17 years. Never been hacked at the protocol 00:05:39.819 --> 00:05:45.160 level. Never. 99 .99 % uptime. It's more reliable 00:05:45.160 --> 00:05:48.060 than your bank's website. Processed hundreds 00:05:48.060 --> 00:05:51.439 of millions of transactions. Secured trillions 00:05:51.439 --> 00:05:56.259 of dollars in value. Operated 24 -7, 365, without 00:05:56.259 --> 00:05:59.139 a CEO, without a headquarters, without asking 00:05:59.139 --> 00:06:02.800 anyone for permission. Meanwhile, how many altcoins 00:06:02.800 --> 00:06:06.649 from 2008 are still around? Zero. How many from 00:06:06.649 --> 00:06:10.250 2015? Maybe three that anyone cares about. And 00:06:10.250 --> 00:06:12.829 two of those are centralized garbage. Bitcoin 00:06:12.829 --> 00:06:15.290 is the only cryptocurrency that has stood the 00:06:15.290 --> 00:06:17.829 test of time. And it's because Bitcoin is the 00:06:17.829 --> 00:06:20.470 only cryptocurrency that's actually decentralized, 00:06:21.009 --> 00:06:25.230 actually scarce, and actually secure. 21 million 00:06:25.230 --> 00:06:28.310 Bitcoin. That's it. No founder can mint more. 00:06:28.430 --> 00:06:31.170 No foundation can vote to increase supply. No 00:06:31.170 --> 00:06:33.430 venture capitalists can dump on you after they 00:06:33.430 --> 00:06:37.600 unlock their tokens. 21 million. Forever. Hard 00:06:37.600 --> 00:06:41.279 money. And get this. Satoshi's original wallet, 00:06:41.399 --> 00:06:44.240 which has never been touched since 2010, contains 00:06:44.240 --> 00:06:48.360 an estimated 1 .1 million Bitcoin. At July's 00:06:48.360 --> 00:06:53.639 peak of $123 ,000 per Bitcoin, that's $135 billion. 00:06:54.540 --> 00:06:57.579 Satoshi Nakamoto is potentially one of the world's 00:06:57.579 --> 00:07:00.639 wealthiest people, and we don't even know who 00:07:00.639 --> 00:07:03.579 they are. That is the ultimate proof of work. 00:07:04.000 --> 00:07:06.699 Build the most important financial protocol in 00:07:06.699 --> 00:07:09.560 human history. Become a billionaire and walk 00:07:09.560 --> 00:07:13.100 away. No book tours, no conference speeches, 00:07:13.319 --> 00:07:17.860 no Satoshi coin, ICO. Just pure, beautiful, anonymous 00:07:17.860 --> 00:07:21.220 genius. Compare that to every single altcoin 00:07:21.220 --> 00:07:23.800 founder who won't shut up on Twitter, who does 00:07:23.800 --> 00:07:26.339 interviews every week, who needs to be the face 00:07:26.339 --> 00:07:30.040 of their blockchain. Pathetic. They're all wannabe 00:07:30.040 --> 00:07:32.899 Steve Jobs when Satoshi was more like... like 00:07:32.899 --> 00:07:35.740 the Banksy of money, anonymous, revolutionary, 00:07:35.860 --> 00:07:39.759 and impossible to stop. Main segment two, institutional 00:07:39.759 --> 00:07:44.100 invasion, the Black Rock tsunami. Okay, now let's 00:07:44.100 --> 00:07:46.879 talk about what's been happening in 2025. Because 00:07:46.879 --> 00:07:49.720 honestly, if you had told me five years ago that 00:07:49.720 --> 00:07:52.319 we'd be where we are today, I would have said 00:07:52.319 --> 00:07:55.519 you were smoking hopium. But here we are, and 00:07:55.519 --> 00:07:59.259 the institutions are here. BlackRock's iShares 00:07:59.259 --> 00:08:02.759 Bitcoin Trust, ticker IBIT, has accumulated nearly 00:08:02.759 --> 00:08:06.519 $100 billion in assets under management. Let 00:08:06.519 --> 00:08:09.540 me say that again. BlackRock, the world's largest 00:08:09.540 --> 00:08:14.879 asset manager, has $98 billion in a single Bitcoin 00:08:14.879 --> 00:08:19.120 ETF. This is the most successful ETF launch in 00:08:19.120 --> 00:08:23.199 history, and it's not even two years old. Total 00:08:23.199 --> 00:08:27.819 Bitcoin ETF inflows in 2025? $6 .96 billion. 00:08:28.600 --> 00:08:32.820 Record daily inflows hit $1 .38 billion right 00:08:32.820 --> 00:08:36.080 after Trump won the election. The suits on Wall 00:08:36.080 --> 00:08:38.820 Street are falling over themselves to get Bitcoin 00:08:38.820 --> 00:08:42.700 exposure. But wait, there's more. Exchange -traded 00:08:42.700 --> 00:08:47.299 products now hold over $175 billion in on -chain 00:08:47.299 --> 00:08:51.659 crypto holdings, up 169 % from just a year ago. 00:08:52.110 --> 00:08:54.389 And combined with digital asset treasury companies 00:08:54.389 --> 00:08:57.789 like MicroStrategy, institutions now hold approximately 00:08:57.789 --> 00:09:02.029 10 % of Bitcoin's entire supply. Let that sink 00:09:02.029 --> 00:09:05.389 in. 10 % of all Bitcoin that will ever exist 00:09:05.389 --> 00:09:08.850 is now in institutional hands. And they're not 00:09:08.850 --> 00:09:11.730 day trading it, folks. They're hodling because 00:09:11.730 --> 00:09:14.509 they finally figured out what we've been screaming 00:09:14.509 --> 00:09:17.970 from the rooftops for years. Bitcoin is the hardest 00:09:17.970 --> 00:09:21.070 money ever created. And the corporate treasuries, 00:09:21.169 --> 00:09:25.450 oh my God. The corporate treasuries, MicroStrategy, 00:09:25.669 --> 00:09:28.070 our lord and savior of corporate Bitcoin strategy, 00:09:28.409 --> 00:09:30.990 continues to stack sats like it's their job. 00:09:31.129 --> 00:09:34.350 Because it is their job. Oracle has allocated 00:09:34.350 --> 00:09:37.590 5 % of its treasury to Bitcoin. That's one of 00:09:37.590 --> 00:09:39.690 the world's largest software companies saying, 00:09:39.769 --> 00:09:42.129 yeah, we'd rather hold Bitcoin than dollars. 00:09:42.549 --> 00:09:46.059 Brutal for the dollar, amazing for Bitcoin. Ford 00:09:46.059 --> 00:09:49.259 Motor Company, Ford, became the first major automotive 00:09:49.259 --> 00:09:51.860 manufacturer to add Bitcoin to its balance sheet. 00:09:51.940 --> 00:09:54.519 We're talking about a company founded in 1903 00:09:54.519 --> 00:09:57.120 that helped build America's industrial might, 00:09:57.200 --> 00:10:00.200 and they're buying Bitcoin. Prudential Financial 00:10:00.200 --> 00:10:03.840 dropped $1 .2 billion into Bitcoin as a long 00:10:03.840 --> 00:10:06.419 -term reserve strategy. Insurance companies, 00:10:06.679 --> 00:10:09.320 the most conservative money managers on Earth, 00:10:09.480 --> 00:10:12.379 are buying Bitcoin. Do you understand what this 00:10:12.379 --> 00:10:15.279 means? The smartest money managers, the biggest 00:10:15.279 --> 00:10:17.940 institutions, the most risk -averse financial 00:10:17.940 --> 00:10:20.700 advisors, they're all coming to the same conclusion. 00:10:21.120 --> 00:10:23.960 Bitcoin is inevitable. And here's the kicker. 00:10:24.139 --> 00:10:26.860 Analyst estimates suggest that a modest 2 -3 00:10:26.860 --> 00:10:29.899 % crypto allocation across institutional investment 00:10:29.899 --> 00:10:33.639 pools could generate $3 -4 trillion in Bitcoin 00:10:33.639 --> 00:10:36.700 demand. Bitcoin's total market cap right now 00:10:36.700 --> 00:10:40.059 is $2 .1 trillion. So we're talking about potential 00:10:40.059 --> 00:10:43.659 demand that's twice the current market cap. Supply 00:10:43.659 --> 00:10:46.960 and demand, baby. Economics 101. And Bitcoin 00:10:46.960 --> 00:10:50.639 supply is capped at 21 million. The supply squeeze 00:10:50.639 --> 00:10:54.200 is real. It's happening and it's beautiful. Over 00:10:54.200 --> 00:10:56.700 the next six years, miners will produce about 00:10:56.700 --> 00:11:01.320 700 ,000 new Bitcoin worth maybe 77 billion dollars 00:11:01.320 --> 00:11:04.960 at current prices. Meanwhile, institutional demand 00:11:04.960 --> 00:11:07.460 could hit three trillion dollars in the same 00:11:07.460 --> 00:11:10.740 period. That's a 40 to one supply demand imbalance. 00:11:11.529 --> 00:11:15.190 Forty to one. This isn't speculation. This is 00:11:15.190 --> 00:11:18.210 math. This is the most predictable supply shock 00:11:18.210 --> 00:11:21.169 in financial history. And it's unfolding in slow 00:11:21.169 --> 00:11:24.990 motion right in front of us. But sure, go ahead 00:11:24.990 --> 00:11:27.529 and buy some centralized proof of stake coin 00:11:27.529 --> 00:11:30.570 that prints new tokens every day and hope it 00:11:30.570 --> 00:11:33.250 works out. I'll be over here with my Bitcoin, 00:11:33.529 --> 00:11:36.490 which has a supply schedule written in code that 00:11:36.490 --> 00:11:40.049 nobody can change. Main segment three, the Trump 00:11:40.049 --> 00:11:44.139 effect. Regulatory revolution. Now, I got to 00:11:44.139 --> 00:11:46.639 talk about something that nobody, and I mean 00:11:46.639 --> 00:11:50.340 nobody, predicted would happen this fast. Complete 00:11:50.340 --> 00:11:53.600 regulatory clarity in the United States. After 00:11:53.600 --> 00:11:56.799 years of Gary Gensler and the SEC playing whack 00:11:56.799 --> 00:11:59.340 -a -mole with crypto companies. After Operation 00:11:59.340 --> 00:12:03.000 Chokepoint 2 .0 trying to debank Bitcoin businesses. 00:12:03.200 --> 00:12:06.059 After watching entrepreneurs flee to Singapore 00:12:06.059 --> 00:12:09.120 and Dubai. The Trump administration came in and 00:12:09.120 --> 00:12:13.509 flipped the script. On January 23rd, 2025, President 00:12:13.509 --> 00:12:16.090 Trump signed an executive order that basically 00:12:16.090 --> 00:12:18.850 said we support the responsible growth of digital 00:12:18.850 --> 00:12:22.669 assets. Not we tolerate them. Not we'll regulate 00:12:22.669 --> 00:12:26.529 them to death. Support. He created a president's 00:12:26.529 --> 00:12:29.389 working group on digital asset markets and appointed 00:12:29.389 --> 00:12:33.289 David Sachs as the crypto and AI czar. That's 00:12:33.289 --> 00:12:36.309 an actual government position now. We have a 00:12:36.309 --> 00:12:39.139 Bitcoin czar. But here's where it gets really 00:12:39.139 --> 00:12:44.399 good. On March 6, 2025, Trump signed an executive 00:12:44.399 --> 00:12:47.419 order establishing a strategic Bitcoin reserve. 00:12:47.700 --> 00:12:50.779 The United States government has a Bitcoin reserve, 00:12:51.019 --> 00:12:54.299 not a dollar reserve backed by Bitcoin, a Bitcoin 00:12:54.299 --> 00:12:57.679 reserve. The U .S. government holds over 207 00:12:57.679 --> 00:13:01.500 ,000 Bitcoin, worth approximately $17 billion 00:13:01.500 --> 00:13:04.919 that was seized through law enforcement. And 00:13:04.919 --> 00:13:07.259 instead of selling it like they used to, They're 00:13:07.259 --> 00:13:10.159 hodling it as a strategic asset, just like gold 00:13:10.159 --> 00:13:14.120 or oil. The executive order literally says Bitcoin 00:13:14.120 --> 00:13:18.639 is the original cryptocurrency. And now we've 00:13:18.639 --> 00:13:21.639 got to talk about something very important. The 00:13:21.639 --> 00:13:24.379 Bitcoin protocol permanently caps the total supply 00:13:24.379 --> 00:13:27.480 of Bitcoin at 21 million coins and has never 00:13:27.480 --> 00:13:30.340 been hacked. As a result of its scarcity and 00:13:30.340 --> 00:13:33.620 security. Bitcoin is often referred to as digital 00:13:33.620 --> 00:13:36.480 gold. The U .S. government is calling Bitcoin 00:13:36.480 --> 00:13:40.299 digital gold in official documents. We won. We 00:13:40.299 --> 00:13:43.700 actually won. The Bitcoin maximalists were right, 00:13:43.820 --> 00:13:46.360 and now the government is admitting it. And it 00:13:46.360 --> 00:13:49.379 keeps getting better. In July, Trump signed the 00:13:49.379 --> 00:13:52.220 Genius Act into law, creating the first federal 00:13:52.220 --> 00:13:55.179 regulatory framework for stablecoins, requiring 00:13:55.179 --> 00:13:59.320 100 % reserve backing with liquid assets. This 00:13:59.320 --> 00:14:02.440 is huge for Bitcoin because it legitimizes the 00:14:02.440 --> 00:14:05.559 entire crypto infrastructure without compromising 00:14:05.559 --> 00:14:08.639 on principles. The SEC under Trump has done a 00:14:08.639 --> 00:14:11.940 complete 180. They created a crypto task force, 00:14:12.100 --> 00:14:15.620 not an enforcement division, a task force focused 00:14:15.620 --> 00:14:18.399 on fostering innovation and protecting investors. 00:14:19.149 --> 00:14:21.710 They rescinded Staff Accounting Bulletin 121, 00:14:21.889 --> 00:14:24.649 which was basically forcing banks to treat customer 00:14:24.649 --> 00:14:27.029 Bitcoin like a liability on their balance sheets. 00:14:27.289 --> 00:14:30.090 That rule was killing institutional adoption. 00:14:30.250 --> 00:14:33.710 And it's gone. Paul Atkins, a crypto -friendly 00:14:33.710 --> 00:14:37.049 former SEC commissioner, is the new chair. The 00:14:37.049 --> 00:14:40.429 days of regulation by enforcement are over. Now, 00:14:40.450 --> 00:14:42.750 I know some hardcore Bitcoin maxis are like, 00:14:42.870 --> 00:14:45.110 Anna, why are you celebrating government involvement? 00:14:45.669 --> 00:14:48.509 Bitcoin was supposed to be separate from government. 00:14:49.019 --> 00:14:52.299 And look, I hear you. Bitcoin doesn't need government 00:14:52.299 --> 00:14:54.980 approval to work. It's been working perfectly 00:14:54.980 --> 00:14:58.899 for 17 years without asking permission. But here's 00:14:58.899 --> 00:15:02.139 the thing. Regulatory clarity removes barriers 00:15:02.139 --> 00:15:05.460 to adoption. It means your uncle can buy Bitcoin 00:15:05.460 --> 00:15:08.860 in his 401k. It means pension funds can allocate 00:15:08.860 --> 00:15:11.179 without worrying about their fiduciary duty. 00:15:11.419 --> 00:15:15.059 It means banks can custody Bitcoin without regulatory 00:15:15.059 --> 00:15:18.200 uncertainty. Bitcoin's protocol doesn't change 00:15:18.200 --> 00:15:20.879 whether governments love it or hate it. But human 00:15:20.879 --> 00:15:23.500 behavior does change when the government stops 00:15:23.500 --> 00:15:26.480 actively fighting Bitcoin. And let's be real. 00:15:26.580 --> 00:15:28.840 The fact that the U .S. government went from 00:15:28.840 --> 00:15:32.139 Bitcoin is for criminals to Bitcoin is a strategic 00:15:32.139 --> 00:15:35.620 reserve asset in less than 10 years is the most 00:15:35.620 --> 00:15:38.860 bullish validation imaginable. Satoshi built 00:15:38.860 --> 00:15:41.799 Bitcoin to be unstoppable. And it turns out when 00:15:41.799 --> 00:15:44.320 you can't stop something, the smart move is to 00:15:44.320 --> 00:15:47.029 join it. The honey badger doesn't care if you 00:15:47.029 --> 00:15:49.490 like it, but it's pretty hilarious when you finally 00:15:49.490 --> 00:15:52.370 admit defeat and start feeding it. Main segment 00:15:52.370 --> 00:15:55.509 four, mining, halvings, and hash rate dominance. 00:15:55.929 --> 00:15:58.350 All right, let's get technical for a minute, 00:15:58.409 --> 00:16:01.970 because the April 2024 Bitcoin halving is still 00:16:01.970 --> 00:16:04.830 reshaping the entire mining landscape, and it's 00:16:04.830 --> 00:16:07.750 absolutely fascinating. For those who are new 00:16:07.750 --> 00:16:11.649 to Bitcoin, welcome. You're early even at 107K. 00:16:12.190 --> 00:16:15.090 The halving is a pre -programmed event that happens 00:16:15.090 --> 00:16:19.110 every 210 ,000 blocks, roughly every four years, 00:16:19.250 --> 00:16:22.090 where the reward miners get for mining a block 00:16:22.090 --> 00:16:26.809 gets cut in half. In April 2024, the reward went 00:16:26.809 --> 00:16:31.690 from 6 .25 Bitcoin per block down to 3 .125 Bitcoin. 00:16:32.049 --> 00:16:35.649 That means the daily supply of new Bitcoin dropped 00:16:35.649 --> 00:16:40.000 from about 900 Bitcoin per day to 450. You think 00:16:40.000 --> 00:16:42.740 this would crush miners, right? Cut their revenue 00:16:42.740 --> 00:16:45.620 in half? Some people predicted mining apocalypse, 00:16:46.019 --> 00:16:48.820 hash rate collapse, network security crisis. 00:16:49.100 --> 00:16:51.820 And you know what happened? The hash rate hit 00:16:51.820 --> 00:16:56.360 all -time highs. As of May 2025, Bitcoin's network 00:16:56.360 --> 00:17:01.159 hash rate reached 831 exahashes per second. That's 00:17:01.159 --> 00:17:04.900 831 quintillion hashes per second. The network 00:17:04.900 --> 00:17:07.920 has never been more secure. What happened is 00:17:07.920 --> 00:17:10.759 exactly what Satoshi designed. Inefficient miners 00:17:10.759 --> 00:17:13.480 got squeezed out and the most efficient, well 00:17:13.480 --> 00:17:15.559 -capitalized miners took their market share. 00:17:15.759 --> 00:17:18.640 It's beautiful free market economics playing 00:17:18.640 --> 00:17:21.700 out in real time. Hash price, that's the daily 00:17:21.700 --> 00:17:24.859 revenue per terahash, dropped from 12 cents in 00:17:24.859 --> 00:17:29.880 April 2024 to about 5 cents by April 2025. Network 00:17:29.880 --> 00:17:33.940 difficulty hit an all -time high of 123 terahashes. 00:17:34.539 --> 00:17:37.180 Mining Bitcoin is harder and less immediately 00:17:37.180 --> 00:17:40.759 profitable than ever. And yet, miners are upgrading 00:17:40.759 --> 00:17:43.480 their equipment, expanding into regions with 00:17:43.480 --> 00:17:46.099 cheap electricity, and investing in the future. 00:17:46.279 --> 00:17:49.480 In Oman, miners are getting electricity at 5 00:17:49.480 --> 00:17:53.369 to 7 cents per kilowatt hour. In the UAE, some 00:17:53.369 --> 00:17:55.609 semi -governmental projects are getting power 00:17:55.609 --> 00:18:00.589 at 3 .5 to 4 .5 cents. This is driving innovation 00:18:00.589 --> 00:18:04.529 in energy. Bitcoin mining is incentivizing renewable 00:18:04.529 --> 00:18:07.609 energy projects, monetizing stranded natural 00:18:07.609 --> 00:18:11.109 gas, and making previously uneconomical energy 00:18:11.109 --> 00:18:15.190 sources profitable. Bitcoin is literally helping 00:18:15.190 --> 00:18:18.250 solve energy problems while securing the most 00:18:18.250 --> 00:18:21.420 robust monetary network in human history. Try 00:18:21.420 --> 00:18:23.960 getting your proof of stake shitcoin to do that. 00:18:24.160 --> 00:18:26.920 And here's the thing about the halving. It's 00:18:26.920 --> 00:18:29.940 a forcing function for efficiency. Every four 00:18:29.940 --> 00:18:33.519 years, only the strongest miners survive. That's 00:18:33.519 --> 00:18:36.519 not a bug. That's a feature. Compare that to 00:18:36.519 --> 00:18:39.740 Ethereum, which just decided to change from proof 00:18:39.740 --> 00:18:42.720 of work to proof of stake because miners were 00:18:42.720 --> 00:18:45.640 using too much energy. They changed the rules 00:18:45.640 --> 00:18:48.920 mid -game. That's not decentralized. That's a 00:18:48.920 --> 00:18:51.390 corporate board meeting. Bitcoin's rules were 00:18:51.390 --> 00:18:55.150 set by Satoshi in 2008, and they will not change. 00:18:55.450 --> 00:18:59.210 The halving schedule is immutable. The 21 million 00:18:59.210 --> 00:19:02.910 cap is immutable. That's what makes Bitcoin hard 00:19:02.910 --> 00:19:07.329 money. The next halving is in 2028, just as institutional 00:19:07.329 --> 00:19:11.269 FOMO is reaching peak intensity. Imagine pension 00:19:11.269 --> 00:19:14.869 funds finally getting approval to allocate. Corporations 00:19:14.869 --> 00:19:17.660 rushing to beat each other to Bitcoin. retail 00:19:17.660 --> 00:19:21.079 FOMO from six -figure prices, and boom, the supply 00:19:21.079 --> 00:19:24.480 of new Bitcoin gets cut in half again. It's like 00:19:24.480 --> 00:19:27.519 watching a slow -motion supply shock. We know 00:19:27.519 --> 00:19:30.359 it's coming. We know exactly when it's coming. 00:19:30.500 --> 00:19:34.079 And it's going to be glorious. Segment five, 00:19:34.440 --> 00:19:37.700 altcoin roast, the shitcoin circus. Okay, okay, 00:19:37.759 --> 00:19:40.079 okay, it's everyone's favorite segment. Time 00:19:40.079 --> 00:19:42.690 to roast the altcoins. Because while Bitcoin 00:19:42.690 --> 00:19:45.809 is out here building a $2 trillion market cap 00:19:45.809 --> 00:19:48.990 and getting nation -state adoption, the altcoin 00:19:48.990 --> 00:19:52.210 casinos are, well, they're doing altcoin things. 00:19:52.369 --> 00:19:55.630 Let's start with Ethereum. Ah, yes, the world 00:19:55.630 --> 00:19:58.569 computer that costs $50 to send a transaction 00:19:58.569 --> 00:20:02.730 when there's any actual usage. ETH is down again 00:20:02.730 --> 00:20:06.589 while Bitcoin is holding strong. Shocking. And 00:20:06.589 --> 00:20:09.390 don't even get me started on their roadmap. Every 00:20:09.390 --> 00:20:13.339 year, its next year will scale. Meanwhile, Bitcoin's 00:20:13.339 --> 00:20:16.319 Lightning Network is processing millions of transactions 00:20:16.319 --> 00:20:20.460 for fractions of a penny. But sure, keep waiting 00:20:20.460 --> 00:20:22.779 for sharding or whatever buzzword they're using 00:20:22.779 --> 00:20:25.839 this quarter. Oh, and remember when Ethereum 00:20:25.839 --> 00:20:29.240 was proof of work and people mined it with GPUs? 00:20:29.339 --> 00:20:32.339 Yeah, they just changed that. They went to proof 00:20:32.339 --> 00:20:35.140 of stake, which is basically whoever holds the 00:20:35.140 --> 00:20:38.640 most coins controls the network. That's not decentralization. 00:20:38.759 --> 00:20:42.509 That's plutocracy with extra steps. Vitalik and 00:20:42.509 --> 00:20:45.650 his buddies can literally decide to change Ethereum's 00:20:45.650 --> 00:20:48.710 monetary policy whenever they want. They've already 00:20:48.710 --> 00:20:51.789 done it multiple times. Ultrasound money, they 00:20:51.789 --> 00:20:54.309 call it. You know what I call it? Centralized 00:20:54.309 --> 00:20:57.670 garbage. Bitcoin's monetary policy has been the 00:20:57.670 --> 00:21:02.130 same since 2008. 21 million. No founders, no 00:21:02.130 --> 00:21:05.309 foundation, no changing the rules. That's hard 00:21:05.309 --> 00:21:09.160 money. Solana. Oh, Solana, the blockchain that 00:21:09.160 --> 00:21:11.259 shuts down more often than a government office 00:21:11.259 --> 00:21:14.339 during a snowstorm. Fast and cheap transactions, 00:21:14.640 --> 00:21:17.779 they said. Yeah, until the network crashes again 00:21:17.779 --> 00:21:21.180 and you can't trade anything. But hey, at least 00:21:21.180 --> 00:21:23.259 the venture capitalists who got in at a penny 00:21:23.259 --> 00:21:26.039 per token made their money before dumping on 00:21:26.039 --> 00:21:28.779 retail. That's the real innovation in Solana. 00:21:29.119 --> 00:21:31.359 Innovative ways to separate fools from their 00:21:31.359 --> 00:21:35.180 money. XRP, still fighting the SEC. Oh wait, 00:21:35.319 --> 00:21:38.089 now they're not. But they were, but maybe they 00:21:38.089 --> 00:21:41.049 weren't. Nobody knows. It's centralized banker 00:21:41.049 --> 00:21:43.170 point trying to cosplay as a cryptocurrency. 00:21:43.630 --> 00:21:46.890 Ripple Labs holds billions of XRP that they can 00:21:46.890 --> 00:21:48.970 dump on the market whenever they want. Their 00:21:48.970 --> 00:21:52.269 entire value proposition is banks might use this. 00:21:52.450 --> 00:21:55.210 You know what banks are actually using? Bitcoin. 00:21:55.470 --> 00:21:58.190 The U .S. government has a strategic Bitcoin 00:21:58.190 --> 00:22:02.369 reserve, not a strategic XRP reserve. Cardano, 00:22:02.509 --> 00:22:14.769 still coming soon after how many years? And don't 00:22:14.769 --> 00:22:16.670 even get me started on the thousands of other 00:22:16.670 --> 00:22:19.349 tokens. Every week there's a new Ethereum killer. 00:22:20.150 --> 00:22:22.890 Newsflash. Ethereum doesn't need a killer. It's 00:22:22.890 --> 00:22:25.460 committing suicide by complexity. Meme coins, 00:22:25.680 --> 00:22:28.579 dog coins, cat coins, food coins, scam coins, 00:22:28.779 --> 00:22:31.740 they're all the same. Temporary casinos that 00:22:31.740 --> 00:22:34.339 make founders rich and leave retail holding bags. 00:22:34.720 --> 00:22:37.099 Here's the thing altcoiners don't understand. 00:22:37.500 --> 00:22:41.140 Bitcoin already solved the problem. We have decentralized 00:22:41.140 --> 00:22:44.940 censorship resistant. Provably scarce money. 00:22:45.079 --> 00:22:47.839 That was the hard part. That's what Satoshi spent 00:22:47.839 --> 00:22:51.190 years developing. Everything else, smart contracts, 00:22:51.470 --> 00:22:54.890 DeFi, Web3, those are all solutions looking for 00:22:54.890 --> 00:22:57.630 problems. And even when they do solve a real 00:22:57.630 --> 00:23:00.430 problem, they do it on centralized networks that 00:23:00.430 --> 00:23:03.309 can be shut down, censored, or changed by founders. 00:23:03.710 --> 00:23:07.430 Bitcoin is the only cryptocurrency that's actually 00:23:07.430 --> 00:23:10.569 cryptocurrency. Everything else is just a company 00:23:10.569 --> 00:23:13.069 with a token trying to avoid securities laws. 00:23:13.630 --> 00:23:16.529 You want programmable money? Build on Bitcoin, 00:23:16.789 --> 00:23:20.450 Lightning Network, RGB, Taproot, all the functionality, 00:23:20.769 --> 00:23:23.670 none of the centralization. There's Bitcoin and 00:23:23.670 --> 00:23:25.670 then there's everything else. And everything 00:23:25.670 --> 00:23:28.670 else is just noise designed to distract you from 00:23:28.670 --> 00:23:31.670 accumulating the hardest, soundest, most decentralized 00:23:31.670 --> 00:23:34.970 money in human history. But hey, if you want 00:23:34.970 --> 00:23:37.170 to gamble on which centralized database coin 00:23:37.170 --> 00:23:40.250 is going to pump next, be my guest. I'll be over 00:23:40.250 --> 00:23:43.819 here with my Bitcoin. Watching the price go up 00:23:43.819 --> 00:23:46.380 while the protocol keeps producing blocks every 00:23:46.380 --> 00:23:50.039 10 minutes like it has for 17 years. Closing 00:23:50.039 --> 00:23:52.819 segment, the road ahead. All right, Bitcoiners, 00:23:52.880 --> 00:23:55.299 we've covered a lot in this White Paper Day special. 00:23:55.480 --> 00:23:59.299 Let's bring it home. 17 years ago, Satoshi Nakamoto 00:23:59.299 --> 00:24:01.839 gave the world a gift on Halloween, the gift 00:24:01.839 --> 00:24:04.900 of freedom. The freedom to transact without permission, 00:24:05.099 --> 00:24:08.220 to save without inflation, to build wealth without 00:24:08.220 --> 00:24:11.440 trusting corrupt institutions. And what has Bitcoin 00:24:11.440 --> 00:24:14.599 done with those 17 years? It's become inevitable. 00:24:15.319 --> 00:24:19.000 BlackRock is hodling $100 billion. The U .S. 00:24:19.000 --> 00:24:22.779 government is hodling 207 ,000 Bitcoin. Oracle, 00:24:22.980 --> 00:24:26.019 Ford, Prudential, they're all hodling. Pension 00:24:26.019 --> 00:24:29.240 funds are preparing to allocate. 401ks are adding 00:24:29.240 --> 00:24:31.960 Bitcoin options. The supply squeeze is real. 00:24:32.119 --> 00:24:35.279 Demand is exponential. Supply is algorithmically 00:24:35.279 --> 00:24:37.819 constrained. We're watching the most predictable 00:24:37.819 --> 00:24:41.930 supply shock in financial history. Quick price 00:24:41.930 --> 00:24:46.549 check before we go. Bitcoin is at $107 ,529 as 00:24:46.549 --> 00:24:48.990 I'm recording this. October closed green like 00:24:48.990 --> 00:24:52.849 it almost always does. Q4 is historically Bitcoin's 00:24:52.849 --> 00:24:57.009 best quarter. We hit $126 ,000 earlier this month, 00:24:57.089 --> 00:25:01.029 and analysts are projecting $130 ,000 to $135 00:25:01.029 --> 00:25:03.769 ,000 by end of year. But here's what I want you 00:25:03.769 --> 00:25:06.390 to remember. The price doesn't matter if you 00:25:06.390 --> 00:25:09.099 don't control your keys. Say it with me. Not 00:25:09.099 --> 00:25:12.420 your keys. Not your Bitcoin. Get your Bitcoin 00:25:12.420 --> 00:25:15.599 off exchanges. Get a hardware wallet. Learn to 00:25:15.599 --> 00:25:17.680 self -custody. Because at the end of the day, 00:25:17.779 --> 00:25:20.440 Bitcoin is about sovereignty. It's about being 00:25:20.440 --> 00:25:23.160 your own bank. Satoshi didn't build this so you 00:25:23.160 --> 00:25:25.440 could trust Coinbase or Binance with your wealth. 00:25:25.799 --> 00:25:28.220 Satoshi built this so you could be sovereign. 00:25:28.440 --> 00:25:32.140 So here's your homework. One, go to thebitcoinstreetjournal 00:25:32.140 --> 00:25:34.940 .com and set up your Nostra profile, censorship 00:25:34.940 --> 00:25:37.400 -resistant social media. If you learned something 00:25:37.400 --> 00:25:40.339 today, Zap me some sats on lightning. Support 00:25:40.339 --> 00:25:43.059 creators who are orange pilling the world. Three, 00:25:43.200 --> 00:25:46.019 subscribe to this podcast wherever you're listening. 00:25:46.180 --> 00:25:49.220 Four, share this episode with someone who needs 00:25:49.220 --> 00:25:52.200 to understand why Bitcoin is inevitable. And 00:25:52.200 --> 00:25:55.380 most importantly, keep stacking sats. Dollar 00:25:55.380 --> 00:25:58.200 cost average, hodl. And remember, there will 00:25:58.200 --> 00:26:01.740 only ever be 21 million Bitcoin the earlier you 00:26:01.740 --> 00:26:04.039 start accumulating. The better your position 00:26:04.039 --> 00:26:06.819 in the hardest money ever created. It's been 00:26:06.819 --> 00:26:09.960 17 years of Bitcoin and we're just getting started. 00:26:10.180 --> 00:26:13.579 The next halving is in 2028. The next bull run 00:26:13.579 --> 00:26:16.680 is being built right now. The institutional adoption 00:26:16.680 --> 00:26:20.119 wave hasn't even peaked yet. Bitcoin is inevitable. 00:26:20.319 --> 00:26:22.960 The revolution that started on Halloween 2008 00:26:22.960 --> 00:26:26.569 is unstoppable. This is Anna signing off from 00:26:26.569 --> 00:26:29.650 the Bitcoin Street Journal podcast. Stay sovereign, 00:26:29.869 --> 00:26:33.230 stay humble, and stack sats. See you on the next 00:26:33.230 --> 00:26:33.470 block.