BlackRock Bitcoin ETF Options Trades $1.9B on First Day | Britcoiners by CoinCorner #149

Transcript

Found something you think is useless, yet you keep writing about it. If you're still writing about it and saying it's useless, it just sounds depressing as a career path. You've got to keep writing about this, even though you hate it. Take the word "Bitcoin" out-if you're still writing about something 10 years later, it clearly tells you it's not as useless as you thought it was

That was the weakest clap we've ever had. I didn't want to move... Yeah, I was paranoid about knocking this. How can you do a weird clap? Curve it, you know what I mean? A curve-start again. Curve it, crack on. I've never been more embarrassed than right now. Right, right.

And you said you'd rather-what did you say about odd socks? I said they physically make me feel sick. If I see people wearing coaster socks, black socks-that doesn't even look like a roller coaster! How is that a roller coaster sock? It's so faded. Did well, I've had them about-roller coasters used to be a coloured sock, not a white sock bit. How long have we had them? About four years. Four years? Four-year-old sock. What a guy. Oh God, anyway.

Odd and old socks... Can you even see the roller coaster guy on there anymore? Yeah, kind of, a little bit. Pretty AP for today with an option call. Anyway, yeah. Pod-sorry, pod.

Britcoiners episode 149. God, we've never done 150 episodes. Isn't that crazy? The agenda this week is Genius Group, Ross Ulbricht, Scotty Pippen (who I didn't know who that was until Dave just had a go at me before). Maybe it's because I'm older? I think it's because you're older. Pentagon audit, Senator Lummis, RFK Jr.-oh my God, there's loads! MicroStrategy, BlackRock, Trump buying a crypto exchange, Dennis Porter, and some Dear Dave's. It's a jam-packed, beefy episode.

Bitcoin price: live price is $91.7k. High since last episode: $93.1k, so we're down a little. Last episode's price was $87.7k. Since then, I know this isn't on the agenda, but I was watching something yesterday. They were talking about when you're buying a little bit of Bitcoin-like, you know, £400 worth. Not a little bit, but you know, a chunk of Bitcoin. Then they look at the block reward timeline. If you buy £500 worth now, that's the equivalent block reward in 2060. Almost like retirement age, or beyond, for us-but most people's retirement age.

It's an interesting way of thinking about purchasing Bitcoin. I thought it was quite odd. Almost makes no sense whatsoever. I understand it, but I'm 99.9% sure it won't be that price. It won't be £500 at that point in time.

No, but you can see the block reward for different things, right? So you can see how much Bitcoin you'd get for £500 now, and how that fits in with the block reward. It gives you a timeline: "I'm buying this now, but in 20 or 40 years, when I look to retire, that's what the block reward will be. All the miners will only be getting that as a reward."

You think, "Actually, where's it going to be at this time?" It may look like a small amount now, but because of that...

A better way to word it would be: "If you bought 10 years ago and spent £500, in 10 years' time that amount would be worth X Bitcoin."

Yeah, which is exactly what I was saying, just backwards. The block reward now is... You're not letting me finish! The block reward now is what, 3.125? Thought we were at 1.25...? So it's worth hundreds of thousands of dollars right now. Wait a minute-we've got no internet. We'll come back.

Good. There we go. So, he's basically saying that the block reward equivalent now, which is a couple hundred pounds, would mean your £500 today is worth that equivalent in 20 years' time.

Yeah, but only worded in a more succinct manner. That's the point-it's just a different way of looking at it. You may not think you're buying much Bitcoin, but actually, over time it becomes significant. It's a whole block reward! The whole industry is competing for that amount. If you were getting that today, it's worth about $300,000, isn't it?

Yeah, $300,000. At $27,000 per Bitcoin...

So, what Dave is saying is: £500 today is going to be worth $300,000 in 20 years' time.

Well, I'm not exactly saying that, because historically it doesn't work like that. It's just a different way of framing the mindset. It helps affirm the long-term mindset-that's what I'm getting at, really. But I feel like that was a jumbled mess of a message.

Okay, right. You're on it today. If I hear any more jumbled messes from your mouth, I'm going to pounce!