Martin Lewis on Bitcoin | Britcoiners by CoinCorner #118

Transcript

that's crazy that is absolutely [Music] crazy welcome back why if you laugh cuz he just said go to you I thought that was pretty rude brick coiners episode 118 I just had the song you remember from the advert back in the day it was like one yeah was it one8 how it was one8 wasn't it the telephone comp start distraction that just came into my head as I said f cool um yeah welcome back house what you call it housekeeping rules like And subscribe mhm helps us helps us grow helps supports the show okay which does what why' you ask it's a pulse Bitcoin pulse Bitcoin okay bitcoin price live price it's not what I've got written down is it $67,000 $67,000 wow hit all new time highs this week didn't we was it all or did we I disagree with that but let's go through the agenda okay last last episode's price was 59,000 High since last price episode was 69,00 um we come back to that then agenda uh Bitcoin ETFs uh seen 2 billion volume for second day straight uh coin Bas is down many times uh ETF volumes shattering records Bitcoin searches on Google uh Martin Lewis on bitcoin uh Bitcoin 20K monthly candle marathon's new slipstream service breaking records uh gold ETF versus Bitcoin ETF volumes and I I don't know how to we it but a dear de section was B of was what called in our group chat question from the sun isn't it they used to have people right in and ask questions but it's always a bit risky oh this is not risk all right no no risk basically a conversation that uh about oh the last Bitcoin I thought we were going a bit blue it's definitely not keep PC okay uh okay cool uh the nine spot Bitcoin ETFs are seeing two billion volume for the second day straight Grand price go why it went through the price oh you just said it you just read it out so what would you think were we don't you people reported alltime high you're saying it wasn't alltime High yeah why are you saying it's not an alltime high because it's not an alltime high controversial well no it's not an alltime high we got to 69,3 something did be what was the pre what was the alltime high the I think the pre I thought we got to 69,4 and something um and so I add in my head 69,500 you would kind of accept anything over that as alltime eyes right and I think that's there is controversy I think some people are saying certain things um plenty of alltime highs different countries though even yeah we eclipse the GBP alltime High yeah yeah so the same previous alltime High there 68,9 where's the source of that was record on coinbase they saying but actually on other exchanges it's recorded it higher at the time I'm I'm 90% sure it was 69,4 something 100 are you there was a whole thing the 69420 yeah yeah but I don't know I think we pass the 420 but that was the whole thing we hit that but I don't know it was Elon Musk time as well and everyone was like it's to them like Tesla Bay and stuff like that and there was a hard hard old bounce off it wasn't there oh yeah lots of quite brutal dip down to 61,000 so is that just people who had sell or 69 basically to make money and get out if that was was coin base going down I think again yeah oh really do you want to come on to that then you can do the funniest comment I saw was um them going down is like a our Industries version of a stock market circuit breaker it literally is that yeah yeah price is going too high quick out guys yeah so I think they've been down twice in the last week haven't they they've been out every time the price has run I've only seen it twice so in the stock market right when they there too much volatility they literally shut access to that uh sh don't they like an RNs is releasing to help investors everyone just needs to calm down take a breath and coinbase shutting down exactly well it doesn't it doesn't have the same effect though CU people just start panicking oh yeah especially when we see Zero balances it causes like the problem is you can trade it it's so it's a usess circuit breaker it's just a worry button yeah for people I understand why people get worried because a lot of people use coinbase don't they seen zero balances when stuff gets volatile so not a great circuit breaker it wasn't even just they went down they had actual problems they were showing zero balances to customers and that's happened is that two or three times now they've done that in this last week or so um zero balances which is clearly There's an actual problem in the system there not just that's not a you're overloaded um that's there's something going wrong the overload is probably caused to not on did I see a chart someone shared the other day about the June 2 and June 1 correlation was it so the release of June 2 is just in time with the alltime high as was June June with the previous effect is there something going on there m world's greatest film series maybe not I don't know where it go from Google Images it was on Twitter it was going was it was it I thought that was funny there you go that that one that down bottom down one green green light that one there you go even the announcement they had a bump wow I mean correlation causation correlation causation for about flow just June just look at June movie announc when June 3 coming out there will be I think there will be a June 3 people need to look out for that crazy that's wild watched it last night it's brilliant I'm jealous hands him as the boy okay should we just get back to bitcoin before you go Nots not go on Zimmer back to the spot ETFs uh they're seeing 2 billion in volume for the second straight day yeah I think that was followed on there's another one later on as well saying about the another ETF one that's been marked oh versus gold no no oh well you can talk about all of jumping all over the place you're throwing the agenda off just some oh ETF volume shatter records with massive 7.7 billion traded more than double the previous record yeah so if you've seen the chart at the minute um of the daily volume the ETFs it's it's weirdly it spiked at the very beginning didn't it kind of come down a little bit and then it's gone spiked back up again um but spiked back up in a significant way wow um so yeah it's uh it's not just one of them either is it they're all doing significant more volume so it's not like one of them's had a really successful advertising campaign which is what I'm looking out for but they're all I suppose all of their campaigns all add to each other um but yeah there's no outlier in this at the minute because it's that's even the other so since then the volumes have continued hav't I'm just trying to find the more recent one now but I think yesterday again was record volume yesterday as well was it over 10 billion yesterday you think it's because more like I read um some major Banks JP Morgan maybe Wells fager offering access to bitcoin ETF so there's more access points develop in the cycle of I think yeah the traditional investment vehicles as well starting to open up to like including a bit of it in their portfolios aren't they even like another Black Rock product they announced they're going to start now I think that'll impact the buying it inflow more but I think so I'll touch on inflows a but that'll impact the inflow but the actual volume which is the trade which people are doing from an Arbitrage perspective as the price is moving that's of course going to increase so because you can theoretically are between I guess an ETF and a Bitcoin exchange price and um that's what I assume I'm assuming there I don't know certain what is driving that volume um the inflow versus the actual assets under management as well it's something that's everyone's been a bit confused with and seeing that so the volume the inflow is the amount of US dollar for example coming into the ETF but the assets under management as inflow say 10 billion comes in if that doubles the Bitcoin price which it has almost done in that time period then there's now $2 billion under management so it's not $2 billion has come in it's only 10 billion coming but obviously the price has increased which has increased the assets under management so it's a bit of a um not self-fulfilling prophecy but like a weird circular um movement that people have being a bit confused at thinking you know how many assets on management is it now we at 50 billion 52 billion in all Bitcoin ETFs I think but it's not 52 billion come into flow like come in from Dollar because the price of Bitcoin is increased I think like mentioned day you just have to if you price in Bitcoin then it it's EAS in Bitcoin there must be somewhere yeah I think the charts do have the Bitcoin amounts as well the problem is they don't come in as Bitcoin they come dollar Bitcoin so it's like don't know where You' get that Source from hopefully someone's recording it and you can then you could work out easy enough couldn't yeah out the J um do you think it stops when do you think when well gold is 112 billion sorry 112 billion and we're at 52 billion already yeah two months in I know there was a big trunk that was gray scale yeah I just I can't see like there's this huge ramp up it's just it doesn't look like cooling down right now no and I I wouldn't be remiss to actually try and guess when it would cool down it's just like you know how long's a piece of string but as bitcoin price keeps going up it's going to keep going so I imagine it will flip gold at yeah you think it would it's already it flipped silver yeah yeah yeah it's like flickering between in the minute I think is it with silver it went up and then below and now it's up again so okay it's right right level with it to beat gold as well unless D if bitcoin price doubles it overtakes gold so that's why you're looking up right and then what would that mean do you think do that mean that's the the asset of choice has been is on the top pedestal it's the new I would say the new gold taking the ground yeah if it takes over there yeah or ETF AUM sorry you're waiting to bang that just see hovering with it point out quickly all right there you go um okay Bitcoin searches on Google and not even 50% of what they were in 2021 yeah this was such a lie from people you tweeted it didn't you no no I tweeted it saw other people tweeting about um this is my sweeping my daily my weekly sweep sweeping section sweeping section what were people saying they were saying that Bitcoin interest is spiking in the last seven days or something and if you do look at the last seven days on Google Trends it does Spike but that's over 7 days if you take that back to all time you can see we're not even like 50% of interest from the 2021 um ball run so it's like you're just that they're using data to clickbait effectively and for attention that's what everybody does though I know and that's frustrates me i' rather than like factual big like show the full picture not just a little segment that you're wanting to use for your agenda are you expecting to see the spike come back I mean surely over time you don't see people become familiar with bit's who's Googling Bitcoin now well historically that each cycle increase each time so but as adoption grows Sur less and less people have to Google Bitcoin and you would maybe you wouldn't there more people coming in yeah I think we're still so early that it's still more people coming in I hate do you think there's like 5 million people in the world Max that would not Google Bitcoin that are already Bitcoins and know where they go you've got the rest of the world to go so I think there's still plenty of room interest spikes I mean there's definitely an uplift you've typo Bitcoin mik think Bitcoin even that's spiking tring down for Bitcoin so you can see the spike like what they're looking at with things there but realistically when you look at that over a 5ye period of all time it's it's a drop in the ocean still okay Long Way AG go go yeah oh prompt uh Martin Lewis on bitcoin this will all feel like they're all all me topics here um it's all about you tell about it um yeah he was all honesty Fair answer from him car I completely agree I there's no bashing there's a bit of bashing from me no he's just he's a bit started with I'm not an expert and then made a comment about how liqued Bitcoin is and he was wrong yeah but cave can't just say I'm not an expert at the start and then start say things up say things up yeah but I can't right you used a lot for scams right unfortunately oh this Twitter post yeah made sense I think before he said but here's this and this and this which is all wrong yeah and he never gives investment advice so actually I think if you read the threads I think he's that's a absolutely Fair comment from Martin L about his people need to get out there they think he's talking about money as investment stuff he's not that guy he's he's the wrong guy for that completely but he's the only money guy in the UK that's on TV mainstream so people are just grabbing hold of him traving expert as in how to save a few pounds on your TV Bill to get really is where his 10% off at this place is his wheelhouse right and why was he prompted to have to comment on bitcoin what did he say was about the last podcast he well no he put tweet out saying about um former next he does a BBC podcast doesn't he so he said like before the next episode or whatever um what's everyone's it was what your your realization about money was it something along those lines so he set himself up for in all honesty but every every comment was just if you put that on Twitter yeah everyone's going to be and all the Bitcoin has retweeted it so right everyone was saying like money's not real blah blah print government prints it all that okay I think I think the frustrating thing that even if he's not an expert he doesn't he's just not open to even having the like to to expand I think it's because it's it could knowledge he is say behind the scenes in terms of having a conversation about why he should buy some Bitcoin for an investment but that's not what he does on a public stand he talks about how to save get a 10% coupon from this place and how to get a lower interest rate at this loan cred what's Main in very successful he so why would he end up commenting on any investment it's a completely different thing it's not the same realm it's the we all like we all love him because he's got a big reach for Global well UK audience certainly to you know mention Bitcoin as a yeah solid alternative to all these other savings accounts and bits and pieces but I get why he doesn't yeah no he doesn't he shouldn't do he not he's not the right guy to advise on anything to do with this he isn't at all it's just people are clutching at straws because he's the only guy on the UK Telly that talks about money so we should leave Martin Lewis alone yeah I don't think there's any point in using him because he would never be leave him alone yeah and he should stop saying incorrect things about Bitcoin she was not an expt yeah okay um Bitcoin prints a 20K monthly candle which is the biggest ever in US dollars right I don't know if I don't know it's just facts is what it is I know say price talk is very linear isn't it was a big month though big big old candle it is impressive and I think for the like stability almost of where we are at the minute um is pretty impressive for how much has grown in the last sort of two months two to 3 months I mean a 20K candle that's hug and we're not yeah and we're not really seeing much in the well retail market for us is um new signups and things like that starting to increase now star messages from family coming started to to come in um but that's like what we see at the start of a ball run and then it kind of extrapolates upwards quite a lot um over time historically we' seen anyway that same more thing I'm I too late yeah that's I'm so sick of that no we're still early definitely the beginning of the cycle I think but I've only really seen this in the last two weeks I would say prior to that I was not getting anything from anyone no been slow and steady okay cool uh Mara's new SL slipstream service just broke the record for the largest ever Bitcoin block at 3,9 9.36 kiloby y so we talked about yeah we talked about 's new slipstream service last week about them getting around the policy rules and taking non-standard transactions and Mining them in a block um and then that's now led on to this which is yeah the the largest Block in terms of raw bite size um 3.9 Meg and it contained this massive ordinal um gem thing well they paid $37,000 in fees on chain and then whatever they paid on chain to Marathon as well what is that it's a gem can not tell no but what's the sign on it what's the symbol like of Rune it's a run Stone airdrop Dave yeah I feel like I feel like that means something to some people I don't know and then I think like you go in the this was immediately eclipsed by another one yeah really okay yeah there's another one which was just as big I think it's but the trans like the block itself had seven transactions in it which usually was seeing like two and a half to 3,000 transaction so what's that due to the mle is it the fees going up because people can't get in yeah is that what do no transactions in that block cuz it's all taken with that so then they have to wait for the next block so yeah increase the men pool but the other thing is like that's it's a big block it's only four Meg or it's four Meg um previously when historically one Meg was the block size limit was it so yeah that big block is that transaction there little tiny ones against a normal one times of the brick like that's crazy that makes me a bit mad but if you do things it's like if you everyone move to like um sort of back 32 addresses and so then you start to see bigger blocks capabilities as well um for the onchain scaling side and some way it's not I'm tying maybe this into scaling a little bit there but um it is interest it's interesting to see that there's been a full Med block now um but also yeah why is just ridiculous as we said last week the market will decide what's valuable there been is that valuable a lack of backlash hasn't it I've not seen much think it'll blow over just ignoring it the price is I mean someone's taking like at least a 40K gamble there on that one cuz they paid that in fees that they'll be worth more than that so when the market hopefully well not hopefully if the market eventually decides it's not worth that then these stop these kind of things will stop right well yeah cuz they paid 40K in fees onchain and then they would have had to pay Marathon something offchain additional yeah for them to do that um a marathon happy doing it I mean that's the part point of the surge yeah they want to do they think there a market for it to be able to there is yeah right now it's just one transaction a lot one there's two transactions there might more done like that's for like one transaction that nearly filled a whole block but they're doing like ones that could like a quarter of a block one and that kind of thing yeah but getting it's getting around really blew up right and you've got loads of blocks F like this no one can get onchain transactions that fees will go through the roof cuz competing for prob space right scalability and then lightning and that's people's issues with lightning saying that it'll be too expensive to noncustodial lightning and it's it's agreeable in some respects I think that's completely understandable um but longterm lightning is probably not the solution for null custodial like lowlevel um scale injury whereas Lightning's great for custodial quick instantaneous payments so B2B payments and um our customers send in to wherever they need to send um if you want to do it in a noncustodial way these sort of things are going to prevent that happening um well I say these things Bitcoin in general would naturally have it' be interesting now to see if any other mining pools kind of offer the same service after seeing Marathon do it it's going to happen free market we move on next topic um the first gold ETF took two years to hit $10 billion black rocks Bitcoin ETF did it in 7 weeks yeah wow but right when was the first gold ETF uh 70s no it wasn't that long ago 2000s was it4 was it yeah was it was only I was thinking it was like a yeah there you go a different era two years in 2004 like a pre it's not that long dinur like receive some sort of leaf about no wonder it's is it really 04 I said 20 years later okay I mean that that graph itself that's crazy that is absolutely crazy cool what were the other options for gold other than an ETF though buying gold but was that it buying gold buying Bitcoin isn't it I guess yeah I'm trying to think of why there's just such a huge disparity is is it because actually there's anyone could have bought gold if you were like so the etf's opened up a different Market hasn't it I think bitcoin's reached a wider audience than gold ever has bitcoin's more interesting than gold you think it's because it's all online everybody's online these days it's easier access the audience reached is completely different like would you if Bitcoin wasn't here would we even be anybody care about talking about gold ETFs gold corner you just wouldn't would you it's in your pensions and things like that in the background ground but nobody really cares feel like gold seems less accessible to your everyday Joe whereas Bitcoin everyone knows it's like this thing that's for the people essentially definitely um so I think it's just a mindset thing that everyone as all is is more open to bitcoin than they were gold well I guess it's ask people about buying gold would they know the first thing of where to go and what to do buying Bitcoin you go to Bitcoin exchange people do generally know that now maybe maybe okay um oh okay so do you want me to read the conversation this is about when the last Bitcoin is mined and Supply should I name names or not name names so I got this is this is a conversation we had earlier this week in the office about the supply of Bitcoin okay yeah you don't need to name names oh name names um okay so uh the conversation you just said name um okay yes so the the ETF are buying up multiples of the available new Supply although that can't last forever is it possible the Bitcoin Supply ever runs out you said I'll be 159 years old when the bit when the last Bitcoin is mine should I be worried and then he said we need this on the podcast let me read runs out I just me to read that again I can't remember what I was thinking U I didn't ask this I was answering you said put on the podcast this A funny question for you to ask me Danny um there why like this off the back of what the ETFs are buying up like 10x more than that's coming circulation I mean the demands the price will just go up and at some point people will sell because the prices that they're selling certain price the market then will ETF not just buy what's been sold yeah but they'll have to So eventually closing out the supply for but the price will have to go up for people to then sell so the price will just continue to rise it's a it's just AET Market yeah it's just an easy play you'll never run out of Bitcoin M that would be unrealistic um I saw a good tweet or it was like a poll it was like at what price are you planning on selling your Bitcoin to Black Rock cuz it's like corporations usually have longer time Horizons than individuals so it usually ends up retail people get out but corporations will hold for longer yeah that's what I've been thinking as well like will there become a point where Black Rock are approaching Wales to try and buy private like Private Sales of their Bitcoin to try and the talk there is talks about that isn't there on socials but I don't know if anyone's ever brought anything evidence well there's no point there's only now I guess the exchanges have there's so much available Bitcoin but if it gets to a point where it's that scarce will they start approaching people yeah that's gu will just drive up the price and people will let loose ear they I'm not aware of anyone being approached for like Wales being approached for that so I wouldn't have any evidence of any that happen in the background ever at the minute or ever all time that I'm aware of and they've never even the was been an exchange in this industry and been in this for so many years they've never approached us for anything like that to ask do we have customers cuz we have whales of customers like massive whales but they're not approaching us and saying anything so I think it's just all rumors yeah at what point this is a slight different conversation at what price do you think we would start to change the units Bitcoin is priced in so right now everyone looks at One bitcoin's Price worth how does the price have to go before you have to change back saying like you want s scent par yeah like gold did gold go for a change like the first gold T ETF was priced what a certain weight of gold there's a price go up that much you then have to change what what you're looking at cuz we can't be going around saying bitcoin's 1 million like dollars worth that's always interesting to me at what point does everyone agreed to change the units I think it just happens naturally time doesn't it there'll be a point where it's like right we flip be just a natural occurrence is I suppose they have had the same problem in shares you remember about 3 years ago Tesla um diluted so they could reduce one share price cuz people as a mindset want to buy one share and it was a price where most people couldn't afford to buy one share so they diluted it share beomes i00 a grid um you obviously can't ever do anything like that with Bitcoin it would be ridiculous we we went through that I don't remember the time when we went from Bitcoin and Sates to SATs I don't remember going because back in 2014 15 16 17 SATs weren't a thing it was Tosh's and then all of a sudden I think it just became a thing but they was over years used to call them satosi that's what they called no I wouldn't even prer them as satosi SATs I don't remember the first mention of SATs and it just slowly happened and all of a sudden what have been a line you're a bit you're a bits or a SATs guy SATs yeah SATs I'm not sure I assume one of the lightning implementations might have called a unit SATs and yeah it just makes sense yeah cuz I don't even know where it came from don't know where it came from but it just happened and we call it SATs now instead it's just normal now just catch others is like but I think I will gradually over time like within accounts and stuff we start how many SATs and stuff and yeah it's just cool to think about isn't and be here for that transition of like a mindset transition essentially people stop pricing it in not what one Bitcoin is worth but what a thousand sauses wor yeah I I kind of started to do that already though M CU When you're like paying for breakfast and stuff you see how many SATs is yeah it kind of it does it's gradually coming yeah really that's pretty cool okay you can answer that didn't you well Supply well the supply thing is because of the don't touch my hammer isent is ending by 2140 is at the point I suppose yeah but yeah okay uh uh any mining updates I don't know I've not loged um I think there's definitely been one there was one block about three days ago casual background stuff now just leave it running nice and warm nice temperature it's cold outside today as well all running hunky dory mhm yeah one we're still running in here no one knows NOP we're getting close to the minimum payout oh big days y Happy Days awesome okay that's everything on the agenda then probably will tweet out some stats on that we probably Haven very good at that I'm still waiting stat so I can tweet about yeah you were getting us some remember yeah I think I got some and then was just like didn't send them me was I think I got distracted about the break even point that the price would have to be to make my which is probably not far off now it's still far off it's still far off like an S9 is still not profitable is it for the electricity cost in the aland the electricity cost in the aland probably gone up higher than faster right than Bitcoin anyway that's true if we've the saving we've done on so the Bitcoin price going up and what we're getting in there the saving we've done on electricity cost is probably quite impressive yeah if we compare it just as normal heaters it would be it would be impressive M I like to hear if more people are adopting them I don't understand why people wouldn't in the workplace like everyone that comes in here it's like that's a big man of H in this every time read about it gets a lot of interest yeah it's not easy yeah I CU part it needs to be Plug and Play for people you don't want to know I agree don't think it is that easy to s a miner no um but there are barriers there you would just want to be plug in exactly that you need give it an address somehow and Let It Go someone need looking at it well there is a couple of companies isn't that do that and just plug and play but they're not the one uh heat bit but they mine to their own dress so you don't actually get Bitcoin which is a bit odd so it's price points are there a bit inhibitive yeah oh there too expensive to buy unit as well yeah we' never buy like you would never buy too many cheap heating one half Grand is it for one of their depend on heater for that fanat for 15 cribs yeah you smell like Simon but it's true then death funny not funny is doing a different thing than trying to heat a room you could get room he like 109 that one and a half Grand would not heat that no no go nowhere near it'd Heat this room I'm going be wrong but so does the 120 quid T um did you ever look what was that you found a tiny little one for the desk oh yeah did um sorry don't bang just yet then because we've got this one was um forgot the name of the company now I sent it to you I think they launch it was Feb wasn't it was they did crowd funding thing I can't believe that would be an absal thing yeah I know for a podcast we can't remember the name of the thing she bad as or why was hashing ratio was pretty good for the power output it's one of the big miners yeah it was uh not uh maybe we could do some research we get one for next time but it seemed like a good self-heating thing for it was person that was really affordable yeah but it was weird there was there was not much on it no one was talking about it it was really I also for the for the wattage I don't believe it would put out any heat we didn't know it was fake but it was on their actual website and they are a legitimate they're big public companies it's one the public minds I think if you can make it that easy and if they've sorted out the ux in terms of set it up then that could be interesting little self heater CU you don't want to heat rooms you want to heat a person anyway it's a fair point is a fair point sorry that that was rumbly we'll dig that we'll dig that out for next week though and share that yes um a little bit frustrating I can't remember the name so are we open to questions now from anyone on YouTube we got a de de section was that the a de Dave section we need a yeah Dear Dave you don't want to do that you don't want answers from me no we're always open to questions if people have questions send them in leave a should probably ask people more so yeah please leave them on the YouTube I'm trying ask right now I mean a tweet out share it tweet us leave a YouTube comment please like the video send a carry a pigeon however you want to send send a question in if they send a carry a pigeon that would be impressive definitely answer that yeah challenge for anybody out yeah bit chimney right is that what it was no it wasn't and then 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