00:00David says he is still bullish on Bitcoin. So David, let me start there on the price action
00:04that we've been seeing. Crypto has had this terrible, horrible, no good, very bad 2026
00:09ever since the events of October 10th. What do you chalk up this weakness to, this volatility to?
00:16Well, I think there's a lot of structural pressure on Bitcoin that's been happening
00:22after 1010. And I think your guests on the show have spoken at length about this.
00:28And I think it's just a change of who's holding Bitcoin. And you're moving from people who had
00:36long-term belief and were holding Bitcoin directly to just access to Bitcoin being wired up to our
00:43financial system and markets in ways that didn't happen before. So the combination of what happened
00:49on 1010 plus the mixed shift change of who's holding changes the dynamic of price action.
00:57But I think, look, at the end of the day, as far as Bitcoin is concerned, this is not a
01:04short-term
01:05market play. You have to have long-term belief and vision of what it does in terms of an edge
01:13to
01:13everything else that's happening on the market. And I think that for those people who have that
01:17long-term belief, they'll be fine. Should the US government buy Bitcoin? There's been some discussion
01:22lately about back at the Reserve. The Reserve right now is just seized assets. Should the US actually
01:30spend taxpayer money to buy assets? No, I don't think it should spend taxpayer money to buy assets. I
01:36think rotating off other assets into Bitcoin in a very cautious way and slowly, I think,
01:44potentially makes sense. Meaning like gold? Like selling gold to buy Bitcoin?
01:49I mean, Bitcoin is so much better than gold. Come on. It's a no-brainer. But I do think that
01:55we need to be
01:56cautious about this because if a government actually buys into Bitcoin at a very large scale
02:01and then you have another administration that comes in and changes their minds,
02:06long-term, it could have like very negative impact on Bitcoin. So that's why I'm saying
02:11the government should potentially rotate a very, very tiny slice of its gold reserves into Bitcoin
02:18reserves, but do it very slowly and deliberately and not like rush into it, I think. You know,
02:24that would be my preference, you know, or don't do it at all. But I think, you know,
02:31being too bold here might fire back long-term.
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