The Monetary Singularity Is Here And Everyone Is Asleep!

Where are the blockchain servers located? >> I've heard you say that you think Bitcoin's going to zero. >> Yeah. >> Okay. This is worrying. I think I have some Bitcoin. >> We need to get back to hard money. >> Printing money is just insane. It's just the the idea you just print more money. And people go, "Okay, >> a sovereign nation under wartime sanctions just chose Bitcoin is the only money it trusts to collect tolloles at the most critical shipping lane on Earth. >> $2 million in Bitcoin per ship, as Iran has publicly claimed." Michael Sailor's strategy is absorbing three times global minor supply every month. 60% of America's biggest banks are building Bitcoin products right now. The financial singularity is unfolding right out in the open and almost everyone is asleep. Today, I'm going to show you exactly why and why the people who can't see it are accidentally making the strongest case for Bitcoin I've ever heard. Welcome to Truth Block. I'm Hurley. Let's mine truth. Bitcoin has been firmly in a bare market for months now as the price crabs sideways in the most painfully boring phase. We're still down 41% since the all-time high last October. Everyone has either forgotten about Bitcoin or they've written it off long ago. And that's exactly why today matters because the most powerful adoption signals in Bitcoin's history are converging right now. And the loudest critics making headlines are accidentally proving exactly why Bitcoin exists. Let's start with something everyone can feel. Steve Keane is a serious economist. He predicted the 2008 financial crisis when the mainstream couldn't. He was recently on Diary of a CEO, an interview with over 5 million views in counting. And the conversation quickly went to the economic pain people are feeling. >> I got in an Uber yesterday and I was with a a wonderful guy who was actually, weirdly, I sat to the Uber at 2 a.m. and I looked up on the screen and he was listening to the D of CO and then he clocked he clocked me in the back of the car. We had a great chat and he was saying to me, "Listen, this isn't actually my main job. It's my third job. I do this because of the cost of living." And it really stayed with me. >> He's doing three jobs to stay alive. Yeah. >> Three jobs. And he picked me up at 2 a.m. He's got a family >> and he's working his butt off to keep the family alive. >> Yes. >> Yeah. And you know, I'm going to say something which I probably um I don't say a lot which which came to mind which is um in the position I'm in now. I think it it was a real reminder of my own personal privilege that I think is really important for someone like me that doesn't has an interview show because you've got to be like intellectually honest with yourself or just like honest with yourself generally that like as a as someone in my position who has been fortunate enough to be able to make significant money. I can understand from having that conversation how detached >> you are. >> I am >> from the world around you. >> Yes. You're you're a very unique soul because you I know I've read a bit of your history of course and you've had that terrible period where you were you know unemployed and what the hell do I do? >> Lifting food and stuff and >> you're ambitious but you okay if you don't experience poverty you don't know what it's like. >> Yeah. But even if you have >> you can forget it. >> You can forget it. >> But you haven't yet. Well, this is why it's so important for me to have those conversations because him saying, "I'm working three jobs and this is and picking me up at 2 a.m. in his Uber and him telling me he's doing that because of cost of living because he needs to pay the bills." Immediately made me think of ahead of this conversation today. Like, oh my god, if the prices go up 20% for people, >> he's out he can't work 24 hours a day. >> Can't work another he can't work more hours in the day. And it was just one of those moments where you go, "Fucking hell, Steve." Like, man, you need to stay close to >> the plight of uh of people that are >> on the bread line. Yeah. Yeah. And so many people are these days in advanced countries, not just third world countries, but certainly like in America and the UK, there are huge numbers of people who are basically living from hand to mouth at the current system. So if we have a breakdown, they can't afford it. And in that situation, you can no longer use money as your way of deciding whether you can eat food or not. >> That poor Uber driver is working three jobs so his family can survive. And he's not alone. The middle and lower class are getting destroyed right now. The wealth divide is accelerating in every direction. People who did everything right. They got a degree, they got a job, they bought the house, are watching their purchasing power disappear while the people closest to the money printer keep getting richer. Everyone feels this. Left, right, it doesn't matter. The math isn't working. And it's not just working people. Graham Stefen, a podcaster with 5 million subscribers and the face of buy and hold real estate on the internet, just announced he's selling his entire LA portfolio. After taxes, insurance, maintenance, permits, his net returns is 4 to 5%. Same as risk-free treasury. When the guy who is real estate says it doesn't make sense anymore, that's a signal. So, what's causing this? Pierre Palev, leader of the Conservative Party of Canada, was recently on the biggest podcast in the world, Joe Rogan, and he named it. This is the biggest fraud perpetrated on the workingclass people in the last hundred years. >> Printing money is just insane. It's just the the idea you just print more money. It's like and people go, "Oh, okay." >> Well, it looks it looks painless at first, but if you have an economy with 10 apples and $10, it's a buck an apple. You double the number of dollars to 20, but you still only have 10 apples. >> Well, all of a sudden it's two bucks an apple. It's not that the cost of apples has gone up. it still costs the same resources to grow the and pick the apples is that the the price has gone up because the value of the money has gone down. Right? >> So in America over the last 55 years you've doubled the number of homes in America from about 70 million to 150 million. You know how much the money supply has grown? 30 times. So you have twice the homes but 30 times the cash. So what's happened? Housing costs have gone up 15fold in 55 years and now an entire generation of kids can't afford homes. We have exactly the same problem in Canada. Uh this is the biggest wealth transfer from the working class to the the elites from the I say the have nots to the have yachts. And Washington and Wall Street love it by the way because it inflates the stock market, inflates the bureaucracy. Politicians get to spend. CEOs get their stocks uh inflated. Um, but it destroys the working people and we need to get back to to hard money. Everything should be getting cheaper. By the way, you know, it takes 80 60 to 80% less resources to grow food. We grow four times the food on the same acre, get four times as much milk from the same cow. We use 80% less water and fertilizer. So why isn't it that food is not less expensive? It's because all of those gains are being erased by monetary inflation. So, it's not that food is more costly. It's that the value, the money we use to buy it has less uh purchasing power. >> Now, he didn't say the B- word, but I most definitely will say what he can't. So, if the diagnosis is this clear, why did the solutions keep going sideways? Later in the same interview on Diary of a CEO, Bartlett asks Keen the obvious question. If the system is broken, what replaces it? And Keen's answer is one for the ages. When you're thinking about your own money as an economist, what are you doing to protect your >> I'm not doing much. I mean, I I've been I've been a a crusader for reforming economic theory for my whole life. I've sort of neglected this side of things to my detriment, I've got to say. Um, but I really am focused on what's sustainable for everybody rather than what I can make as my own cut. And I don't think we've got a sustainable economy at the moment. We have a philosophy of economics which leads to breakdowns. >> I'm asking that because I've got so many friends and listeners that ask me often like, should I be buying a house right now? Do you think I should be investing in gold? Do you think I should be saving my money? Should I be I don't know, investing in technology companies. >> Yeah. >> And I'm wondering if you had a perspective for them. >> Not on that. No. Like I' I've really left that area alone. I'm I'm actually looking at the overall system and saying, how do we make the system sustainable so that people can live within it? And what we've got is an unsustainable system. And you're asking me how do people survive within an unsustainable system? Answer is they don't. We always think we can do something at the individual level to cope with what's happening in the system around us. That only works if the system around us is stable. >> What is a better system then? >> Uh I think I think what China has done is a better in better direction. They have a they have a collective focus as well as an individual focus. >> What's that system called? >> It's called communist. >> So you think communism is better than capitalism? I think a system which reflects the need for a cohesive society as well as individual gain is needed and the system in China is closer to that than the system in America. in in China. I listen I don't know a ton about this but they have a leader who stays in power and >> that's one that's the potential weakness >> and suppresses the people's decision-m entrepreneurialism >> equally you've got a system to get into the communist party you've got to have uh you highly you've got to be educated to get in and you have to perform to some extent in the region in which you begin your role >> but you're not saying you think the west should adopt communism are you >> no I'm saying the west should adopt a system which reflect the need for a cohesive society. >> Is that socialism? >> Socialism is closer to it. I mean, I the words are all tainted. >> Keane just described a system that fuses cooperation and competition that builds for the long term that resists short-term thinking and narcissistic leaders. He described Bitcoin's design principles and then called it communism. And this prescription isn't theoretical. It's being implemented across the world right now, even in your own backyard. New York City recently got a new mayor and its tax day and there was a big announcement. >> When I ran for mayor, I said I was going to tax the rich. Well, today we're taxing the rich. I'm thrilled to announce we've secured a pet to tear tax, the first in New York's history. This is an annual fee on luxury properties worth more than $5 million whose owners do not live full-time in the city. Like for this penthouse, which hedge fund CEO Ken Griffin bought for $238 million. This peer-to-peer tax is specifically designed for the richest of the rich. Those who store their wealth in New York City real estate, but who don't actually live here. But even so, they're able to reap the huge financial rewards of owning property in, dare I say, the greatest city in the world. And most of the time, these units are sitting empty since, again, they don't actually live here. This is a fundamentally unfair system that hurts working New Yorkers. Now, it's coming to an end. This tax will raise at least $500 million directly for the city. It'll help fund things like free child care, cleaner streets, and safer neighborhoods. As mayor, I believe everyone has a role to play in contributing to our city, and some a little bit more than others. Happy Tax Day, New York. And Mammi's communist supporters would cheer this on. But remember Graham Stefen, this is exactly why he left. You stack this tax on top of insurance spikes, maintenance costs, and carrying costs that are already bleeding investors dry. And every wealthy real estate holder in New York is doing the same math Stefan already did. The answer is leave. Move your capital somewhere liquid, somewhere portable, somewhere a mayor can't get to it. One of the solutions Keen pointed to is to elect better leaders. Well, this is what better leaders do. They tax things that are already dying and call it progress. Polyv already told us why this never works. This is about internalizing scarcity. Every creature in the universe, every bird in the trees, every fish in the seas has to live with scarcity, maximizing use of scarce resources. The only creature who doesn't do that is the politician because he's always using someone else's money. Right. >> Right. It's like, oh, I'll just print it or borrow it or tax it. It's not my money. >> And so they routinely show up to their cabinet meetings and say, "Well, I've got a new idea. It's $100 million. Where are you going to get it?" I don't know. We'll print it. We'll borrow it. We'll we'll tax it. Not my money. But if you had a law saying you can't actually bring a proposal to cabinet unless you have matching savings to pay for it. Well, then you'd have these politicians walking up and down the hallways in their departments looking for waste and like rooting it out. So instead of making the single mom, the senior or the small business owner live with scarcity, I want the politicians and bureaucrats to live with scarcity. And that's what I would impose by law on my government. >> Well, it's just a rational way to deal with the problem. Like don't spend money unless you could save money. >> Exactly. >> Every creature in the universe lives with scarcity. The only creature that doesn't is the politician because it's never his money. It's a great line. This reveals the flaw in Keen's entire prescription. You cannot fix a system built on unlimited money by electing better people to manage it. The problem isn't who sits in the chair. The problem is the chair has a money printer attached to it. Bitcoin doesn't need a law to enforce scarcity. 21 million enforced by math. The scarcity rule no politician can repeal. So, you'd think Keen would at least consider the possibility. But when Bartlett asks about Bitcoin directly, his answer is blunt and embarrassing. >> I wanted to come back to something you actually said earlier. You talked about Bitcoin briefly. I've heard you say that you think Bitcoin's going to zero. >> Yeah. >> Okay. This is worrying. I think I have some Bitcoin. >> You're an economist. You're saying that Bitcoin is going to zero. Why? >> Because ultimately because of its reliance on energy. I mean I you know you Max you Max Kaiser and Stacy Herbert. Have you met them at all? No. They were sort of the original proletizers for Bitcoin and they're now living in I think El Salvador um which is adopted Bitcoin as a form of currency. When they told me about Bitcoin, I could have bought it for a pound a bitcoin which would have been I would have been a bloody would be wealthier than you if I'd done that. The reason I didn't was they explained that the way that the public ledger is kept safe is that it takes too much energy to break it. So each transaction requires 10 minutes of computer processing time globally by the looks of it to actually create an extra bitcoin and that means it's too expensive for somebody to try to break the ledger. That means it's got a huge requirement for energy use and I believe knowing what I know from climate scientists that at some point we're going to realize we're using far too much energy on the planet. We've got to cut the energy consumption. And the two easiest things to cut out to reduce energy consumption are cryptocurrencies and international travel. >> So Steve could have bought Bitcoin at one pound and he didn't. And now he's telling 5 million people it's going to zero because of energy use. Ouch. Where do I even start? The climate alarmist view of energy as inherently harmful took its final breath the moment AI arrived. Every government and every corporation on Earth just decided overnight that we need dramatically more energy, not less. The cut consumption thesis went from unlikely to absurd in about 18 months. But more fundamentally, energy use is not inherently bad. The universe is teeming with energy. The sun outputs more energy in a second than humanity has ever used in its entire existence. Energy is creation itself. You can't demonize thermodynamics and arrive at a coherent worldview. Bitcoin mining runs over 50% on renewable or stranded energy. Miners stabilize grids. They monetize flared gas. They're the buyer of last resort for energy that has no other customer. And the energy they use is the thermodynamic proof that no one cheated. That's not waste. That's the cost of running a monetary system you don't have to trust. And Keen's not the only one making ridiculous statements. This week, a clip went viral from a professor based in China, of course, with about 2 million YouTube subscribers. Professor Jiang. I'll be honest, I've never heard of this guy before, but at least two million people have. And this is what he told them. >> So the moment people people recognize that this is a CIA operation, people won't put their money into blockchain. People won't put their money into Bitcoin. They'll they'll be like, I mean, uh, why would I do that? You have to ask yourself this question. Where are the blockchain servers located? Right? Because I imagine if you're able to control the hardware, you can also control the software. I don't care what they tell tell me about open source and all that. I want to know where the databases are, where the servers are physically. That laugh at the end says it all. This one is definitely even more embarrassing than the last one. Professor Jang, there are no servers. At least not in the way you think. My node running right behind my computer right here is one of the servers. That's the whole point. That's what makes Bitcoin different from every system that came before it. Bitcoin runs on tens of thousands of nodes distributed across every continent on Earth. There is no building to raid, no data center to shut down, no switch to flip. Asking where are the servers is like asking where the internet is located. It tells you the person hasn't spent 10 minutes studying the thing they're dismissing in front of millions of people. In his comment about not caring about open source, the code has been reviewed by tens of thousands of engineers for 17 years. If this were a CIA operation, which is the rest of his theory, the incentives for someone to defect and expose it would be worth trillions. That game theory doesn't hold for 10 minutes, let alone 17 years. Here's what both of these men are doing. They're taking the lens they already have. Keen's climate framework, Jiang's institutional skepticism, and forcing Bitcoin through it. They never look at Bitcoin on its own terms. Keen may claim to use different tools than the mainstream, but he lands in exactly the same place. More government, more planning, trust the right people. He never asks the deeper question. Should anyone have that control? That's the blind spot. And it's not unique to Keen or Jiang. It's the same blind spot shared by mainstream economists, heterodox economists, conspiracy theorists, and brand new mayors alike. Even the rebels end up in the same place. But while the critics are debating whether Bitcoin has a future, the future is already here. Here's what's happening right now. While most people are sleeping, Iran, a sovereign nation under maximum sanctions, chose Bitcoin to collect tolls at the Straight of Hormuz, the most critical shipping choke point on Earth. On Truth Social today, President Trump said Iran has quote, "no cards other than a short-term extortion of the world by using international waterways." And last night, he acknowledged reports that Iran is charging tankers to pass through $2 million in Bitcoin per ship, as Iran has publicly claimed. quote, "They better not be," the president wrote. And if they are, they better stop now. Iran, meanwhile, doubled down. >> The Straight of Hormuz will not return to the pre-war control system. All movements, traffic, comingings and goings in the Straight of Hormuz are under strict, precise, and calculated control of our armed forces. Why Bitcoin? Because stable coins can be frozen. Gold can be seized, and yuan has strings. Bitcoin cannot be frozen by any third party on Earth. This isn't ideology. It's survival logic. Game theory at the highest geopolitical stakes imaginable. And Trump said in a post, "They better stop right now." "Uh, how do you stop Bitcoin, Mr. President?" Answer: You don't. And that's the point. And then there's Michael Sailor's Strategy. In March, Strategy absorbed roughly 46,000 Bitcoin, nearly three times what every minor on Earth produced. STRC just hit $1.1 billion in a single day's volume. He built a machine that converts fixed income demand into Bitcoin accumulation and it's accelerating during a bare market. Let that sink in. And let's not forget about big banks. 60% of America's top 25 banks now offer or are building Bitcoin services. Morgan Stanley, Erade, Schwab, all entering spot trading. Bank of America authorized 15,000 advisers to recommend Bitcoin ETFs. They're not doing this because they believe in freedom. They're doing it because they can't afford to be left behind. And the setup, negative funding, 46 straight days, rising open interest, crowded shorts, 850 million in ETF inflows in 24 hours. Bitcoin's up 12% since the Iran conflict began, and it's outperformed gold during that time span. Every signal that historically precedes major moves is flashing at the same time. So, let's put this all together. Keen described the cure perfectly. Cooperation and competition, fixed rules, long-term orientation, resistance to narcissistic capture, and then he called it communism. Polyv diagnosed the disease perfectly. Money printing, inflation, the silent destruction of working people, but then he stopped short of naming Bitcoin. Jiang applied first principles reasoning and got the answer exactly backwards because he never looked at the architecture and a brand new mayor is taxing luxury real estate while the smart money is already walking out the door likely towards Bitcoin. Meanwhile, Iran is already using Bitcoin. Strategy is already hoarding it. The banks are already building on it. 60% of America's largest financial institutions have decided they cannot afford to sit this out. The financial singularity isn't on its way. It's happening right now. It's here. The only question is how long a busted worldview keeps you on the sidelines while the rest of the world figures it out without you. So, what do you think? Are we past the point where the critics matter? How long before the second sovereign nation follows Iran's lead? Drop your thoughts in the comments below. And if this opened your eyes, share it with someone who still thinks Bitcoin is going to zero. Don't forget to like the video and subscribe to Simply Bitcoin for more truth bombs.