El Salvador's Pro-Bitcoin President Wins Re-Election | Britcoiners by CoinCorner #114

Join Molly, Zakk, Mike and Henry for industry-led opinions on important Bitcoin stories from the week. Topics this week include: FTX repayments, Nigeria further devalues Naira, Saudi Arabia joins BRICS, $1.5B worth of Bitcoin moved for a $3.21 fee, Tether posted record profit in Q4, Valkyrie becomes first ETF to diversify coin custody, Types of ETF addresses, Jerome Powell: "US is on unsustainable path", Nayib Bukele wins El Salvador election, Spanish tax reform allows exchanges to seize bitcoin on government's behalf, Grayscale outflows, MicroStrategy announces plans to be “world's first Bitcoin development company”, CoinCorner Mining Update, and Spitting Feathers beer. Britcoiners is a Bitcoin podcast by CoinCorner (https://www.coincorner.com) - a global leader in Bitcoin and Lightning services. #coincorner #britcoiners #bitcoin #bitcoinpodcast #bitcoinnews

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person who's steering the economy if you imagine he's in a car and he says we're about to go off a cliff but he's still driving towards the towards the cliff in the car he's telling you [Music] this right are we in we doing we do we're here we're back we're back we are back this week without um Dave o Dan so we' the r crew there ISC going um yeah we got Henry and Mikey sitting in today um we don't get luxury trips to Dubai no sadly not not yet not one I mean to be honest though the photos of what they're wearing is cracking me up a little bit yeah you were going in on Danny's shoes oh I'm sorry Danny if you're listen their awful I wasn't the only one that there were a few comments around actually wow people talking about them shoes I think Danny's a stylish guy and I know where my bread is bought yeah I mean better than wearing coming from someone who's described as homeless on the podcast Dave is wearing a full of shirt and trousers on beat he's not looking homeless anyway no right yeah welcome back um dream team today before we start uh we're going to try and be a bit more professional on this podcast so got to do the like And subscribe please guys if you're enjoying the show um it would really really help why would it help Molly tell the tell the viewers why it helps it helps the show grow helps the algorithm helps the algorithm helps we're notoriously terrible at feeding the algorithm this is our attempt to feed the algorithm yeah helps more eyes get more eyes on the podcast right we were just discussing before the podcast actually with Danny not here I could do the agenda however I want but I'm also aware that he's probably going to watch this podcast back so I'm going to do the agenda it's another viewers one more usual right um agenda this week uh we got sory about FTX saying they're apparently going to repay all their customers in full um Saudi Arabia off officially joins bricks uh somebody's moved a billions billion dollars worth of bitcoin for $3 transaction fee uh tether have posted record profits in court in Q4 that's one which I had struggle trouble with pronouncing before valky no Valkyrie VY Valkyrie Valkyrie Valkyrie uh they're the first spot Bitcoin F uh EFT to div to I'm FTX e um they are the first spot Bitcoin ETF to diversify their coin custody uh Jeremy Powell's made some comments about the US uh B Kelly he's won the El Salvador elections spoiler alert uh Spanish Ministry of Finance announces tax reforms r scale outflows and micro strategy announced their plans to be the world's first big agenda probably fly through some of these points well there'll be no argue in this podcast you know it's usually between Dave and Danny so could be a turbo pod uh bitcoin price where we at 44 flying at the minute God yeah CU you only printed this half an hour and it's 446 on this I should know never to read off this y slowly grinding hasn't it for the past few weeks well back up to where day it's gone back up uh yeah upet since last episode which was 42,000 so yeah rck Lyman big All Rise yep cool well it's go right first topic uh FTX says it will repay all of its customers in full but customers will receive the dollar value of funds held at the time of the FDX bankruptcy mean they will receive less than what they would have had if they held so I haven't seen any of this um so uh well is it is it funded from the gray cuz they sold their gray scale I think they're just claing back from everywhere at the minute wherever they can that they're taking back their donations and suing Genesis and there's all sort I think any income they're getting in they're probably going towards this but is interesting they' decided not to to give back the Bitcoin amount but the dollar value at the time of the I am I the only thought that was a given like they didn't have the funds so why would how could they give back the the Bitcoin value at the time now not when they f for backy well think Mountain G are given Bitcoin value back aren't they which is sort of similar are they situation I think cuz they actually held the Bitcoin didn't they yeah whereas FTX all just paper Bitcoin yeah yeah it's crazy that people are getting 16k Bitcoin but they paid more for it back then probably the majority of people yeah yes that's it if you had one Bitcoin on FTX when they fell out for bankruptcy you're getting $116,000 not $43,000 M it's a kicker but I don't know did you just be grateful to get something back am I trying to be too story I'm not sure there's any positive unfortunately no I mean it would suck remember cuz they were trying to relaunch as well at some point yeah they completely scra that now I did see something that like the Le the legal team that are dealing with all this are getting paid like upwards of a million pound a day MH so I don't know how they can reopen when they're hemorr and money like that that's mad that's always the way okay yeah hopefully all the you know all the customers that lost out get something back at least yeah peace of mind if nothing else um Nigeria devalues the Nar in a bid to attract foreign investors you that was me was you yeah so they've um devalued their local currency again second time in 8 months it's pretty crazy claiming to you know try and attract kind of um foreign investment increase exports that kind of thing kind of restart the economy how would that attract foreign investment if they were Dev Valu Sur that would put people off yeah because entry the everything's cheaper to buy in there essentially okay people are holding dollars now have double the amount of Nar so they can then invest within Nigeria okay so I think their foreign investments dropped drastically and same with their exports I think they export crude oil they've just fallen off the face of the earth I think but what really sucks is um obviously people living in Nigeria holding their their Savings in in naira you wake up overnight and it's half well eight months ago you wake up overnight it's half and then the other day you wake up again it's half again so really you know speaks to like bitcoiners like us or even even holding dollars over over n it's m yeah all these currencies at the they're just getting devalues such an alarm and rate yeah and even getting getting funds out of Nigeria is an issue so I think this article talks about local Airlines or even International Airlines of like threatening to strike and not not fly to Nigeria because they can't get the money out for people buying tickets and stuff wow it's a bit of a disaster really and then to top it all off there then seeking a loan from the World Bank again just to add to the usual issues yeah so are they doing that because they're seeking a loan from the World Bank which usually requires those conditions yeah probably like they may have told them to devalue exactly that's usually what happens and they're all about exports the IMF keep them under thumb yeah it's sad really not use for Nigeria you know these Harsh Times in Nigeria will hopefully make more bitcoiners out there yeah MH as you know they kind of I think people living in these countries maybe understand money better than the Western world because they have to deal with these kind of privilege when they're talk about Bitcoin it becomes more natural to to their understanding and we see good companies out there doing good work like bit knob and that kind of thing yeah I was going to say what's the Bitcoin landscape out like that out in Nigeria I'm not I think it's the biggest Africa uh yeah there's I know there's Civ kit uh which is building over there there's bit knob there's I'm not sure if it's Nigeria specific but I know that they go through Nigeria it's you can pay people uh using Bitcoin lightning uh through phones without internet yeah cool yeah yeah um yeah okay so it's nice that that that's happening at least they're aware of Bitcoin and hopefully it'll with situation as unfortunate as the situation is maybe it'll help adoption of Bitcoin in Nigeria MH okay um Saudi Arabia they've officially joined bricks although there's I think there's conflicting information because when I was having a look at this uh rooters were saying that Saudi Arabia has not joined Brooks but they've also yeah they also published an article last month saying that they had done um but yeah the information I could find that said that Saudi has yet to confirm that it wants to join bricks um there's always no sources on these random tweets where they say like breaking oh this was a Saudi official Source apparently was it probably um but what was interesting is well when I looked into this um Saudi this so This the S Saudi Arabian military has actually recently signed 11 agreements with the US for weapons MH um which is kind of the opposite direction of joining bricks yeah bricks probably wouldn't be a big fan of that yeah imagine so yeah I think we we talked about this that weapons deal um maybe a few months ago now cuz when the stuff in Israel kicked off that was threatening the the deal with Saudi weapons mhm yeah so I don't know why everyone's saying they've officially joined but I'm not entirely sure that they have conflicting reports conflicting um it seemed bricks grow though and obviously we we've talked about before them trying to launch their own kind of currency within the bricks group yeah which we've only seen high level like announcements on that not in in detail now yes there's 60 of January post saying that they haven't okay officially but this is on the 31st the um this one 31st but it's interesting to watch the kind of world power struggle of like obviously the dollar and the US are very much the dominant force in the world MH since I've been alive since we've been alive this is very much a trying to be a threat towards that yeah mhm I do wonder if it's a move of confidence or if it's actually a move of weakness all these countries are actually struggling so they're coming together to try to uh yeah have an alternative to the doll when Sur hopefully Bitcoin can be the the peace midle yeah yeah hope all that yeah um okay oh yeah know this next one just a very short talking point um but I always think it's cool when it happens so somebody moved one and a half billion is worth dollars worth of bitcoin for a $3 transaction fee so that's 35,000 Bitcoins I didn't even see that pretty impressive like I I know it's quite a common occurrence now but I actually I I took a look back at the first time anybody ever moved over a billion dollars um and that was September the N September the 13th 2019 um and at the time the the single transaction was 94,000 Bitcoin so over double of what's been moved now um and at the time it was around .5% of all Bitcoins in circulation but I just think that's amazing like the amount you can move for such a little Fe I mean you've got to every time I see these you've got you just compare it to the traditional banking system don't you of like if you tried to Mo 1.5 billion yeah well first of all even do yeah um and to get it within like you know Bitcoin if it's confirmed within a block within 10 minutes it's like yeah that is just highlights the true power of yeah I mean what I'd like to know that as a percentage fee the $321 off 1.5 billion yeah yeah no I know we it's we see it more and more now but it's still I still think it's amazing every time it happens so only going to get more crazy as well probably yeah be two billion next yeah but it also showcases these big holders whether this was a company or not is like they truly understand the worth of bitcoin and they're not even overpaying even if you're sending 1.5 billion I think in the past we've seen them they still might pay really high 3300 fee or whatever just in case but yeah to do it what was it 30 SATs a bite that's pretty low that 30.1 yeah that's cool that was cool um okay tether they posted record profit in Q4 of $2.85 billion said it was driven by te bills treasury bills that's pretty mad yeah yeah I think one over 1 billion of it was treasuries um us treasuries oh wow um I think this they they are the 16th largest holder of T bills yeah we were saying that last part I think yeah which is crazy it's actually czy it's more than most countries isn't it so they did 2.5 billion profit Q4 2023 so for the whole year they did 6.2 billion um yes so I ran some numbers it was kind of happening on Twitter as well a few people tweeting about it of like a lot of companies like to measure their kind of Revenue per employee as like a good kind of kpi so I think in the tech sector I think Apple have the highest it's like they $2.4 million per employee in Revenue wow mhm but if you look at tether that's not even right if you look at profit from tether they they only have like 50 employees so it's over a 100 million per employee yeah they might have the highest employee to revenue rate ratio of in the world of all time me and Daddy were talking about it trying to think of others and it's like maybe what did we think of maybe Minecraft when it's sold CU they have like three developers Notch will have had a good pay there but like as a ratio yeah apple are 2.4 million tether over 100 million per employee big numbers they just yeah I mean it's interesting how uh like the US Treasury will become dependent on well potentially more dependent on Tether as their main T and they're actively doing their job it's like it's really ironic I mean the IR is funny I'm I'm excited to see how much they grow from being the 16th largest I think the largest is Japan is it thing we looked at as Japan than China UK were like fifth or sixth yeah so like the top 10 are all countries not even companies so I'll be to see what the largest company owner owner is MHM cool Crazy M uh Valkyrie Valkyrie you got it uh they are the become the first spot Bitcoin ETF to diversify their coin custody you Che that what does that me yeah so this is cool because we talked about obviously talked about ETFs a lot and ETF custody a lot um obviously all the applications were mainly using coinbase custody except Fidelity who were custody in themselves and then another one who was using Gemini can't remember who so um Valkyrie have become the first one to kind of diversify them from just using one custodian so they've gone from coinbase to coinbase and bito okay so they've just split who's holding it yeah yeah so they're still retaining the coinbase one um because if you're not going to do it yourself fideli are doing the best thing cuz they're they're self gussying their Bitcoin yeah but if you're going to rely on third party custodians you may as well diversify across several I think it's maybe anal analogous to like having large companies have multiple bank accounts everywhere where they store their money similar to that just a classic not putting all your eggs in one BK diversifying risk if coinbase you know get hacks or bitco bitco get hacked well I was thinking that the minute of like coin there's so much responsibility on coinbase's shoulders at the minute with now something bad happens to coinbase everything's going to crumble around it yeah yeah you get like bugs and bance's code and stuff like that happens with coinbase yeah very we know how of them coinbase go down as well in a good old Bull Run and I think these ETFs aren't covered by their custodians insurance I know some of them aren't I read the text yeah I saw on Twitter so if they do go it's say if coinbase lose all your ETF Bitcoin [ __ ] they have a claim yeah that's quite scary but then do the ETF themselves have some insurance don't know doubt it to all of it you it's FDIC Insurance you get like was nothing back yeah yeah yeah so that's cool to see I suppose leads on to the this one up here oh wait you going back which we said we were going to come back to oh oh I didn't even see that at the top there weing going to come back to something this week yeah made we were looking at all the all the onchain addresses for all the ETFs and kind of okay trying to get an eye on them after um we saw who was it was it it was bit wise was the one address yes I think it was bit was because we were saying how like good it was that they shared the public address but then but then they a legacy address people were over collateralizing them weren't they they were sending them extra Bitcoin yeah yeah which is hilarious yeah so most others though seem to be using what we call three addresses or BC addresses so the ones that start with three or BC say they're obviously a lot more better because three address can be a multi address Soh that's obviously the first level of security for me is have some onchain multi sick so it takes multiple parties to move Bitcoin and also the BC ones it's seget so it's you know saving on chain space that kind of thing well I assume they're all coinbase ones anyway cuz coinbase are custody in for most of them yeah I wonder if they have any say like to the coinbase explain these different types of wallets they have and they're like we can give you this one with more security if so why would they ever choose the one address over a three address yeah I'm not sure if each ETF has its own kind of deal with coinbase on the process of C I'm not too sure yeah interesting we came back to it anyway there we go living up to promises that's what we do that's cool um okay uh Jeremy Powell he has said the US is on an Jeremy oh I just realized I thought Jeremy Kyle think it's Jerome Jeremy it's a long week uh Jerome pow I didn't say Kyle I Kyle he doing Jeremy apparently called Cory Curry um the US is on an unsustainable fiscal path the debt is growing faster than the economy I mean he's not wrong no yeah I mean I just took this one cuz I thought it was quite ironic that someone's like person who's steering the economy if you imagine he's in a car and he says we're about to go off a cliff but he's still driving towards the D towards the cliff in the car he's telling you this is just like what can you do about it yeah it's an interesting place to be uh it just feels like kick the C down the road sort of thing where he'll just pass it onto someone else yeah he's aware of the issues and the long-term issues of what's going on but he he kind of selfishly will just kind of kick it down the road I don't know if he has a choice not to in some ways um but yeah it's not looking good no would not want to be in that car no it Jeremy Bitcoin is the answer to escape that car bitcoiners don't have cars bitcoin's a super car no driver um oh belly he won the El Salvador elections with 87% of the vote um which is the biggest Landslide ever in a free and contested election yeah it smashed isn't they yeah I think we knew it didn't we we I think we SP spoke about it on a pod the podcast like a couple of months back but you can't I know I know he has heers but yeah I still maintain issue with the fact that he changed the law so he could run again yeah he could have just had someone else from the party run ter and then he could have ran the one after again only consecutive terms they have an issue with but you can't you can't um say anything about support and what country yeah yeah just reducing crime increasing tourism m Bitcoin it's positive for the continuation of Bitcoin isn't it so I mean what would have happened if somebody else had come in would they they could have shut all the Bitcoin stuff down which would have been quite upsetting to yeah well in an ideal situation you have like his party is a bunch of the same minded people who's in charge yeah as long as the ideas the same yeah it's interesting I've got no absolutely no idea what these other people like what their policies were like they may all other parties and Salvador worried about Bitcoin or do they think it's actually positive now as he as he sort of won the other parties over I don't know but also just look how cool he is I saw someone he was described as the coolest he describes himself as the that as well he describes himself as the coolest dictator ever I mean yeah the other two just can't compete no MH oh well well done to him that's good news for y interesting to see their foure Cycles their election Cycles as well he got voted in [Music] Co sound about right I wonder what the next four years holds for him salador and Bitcoin there wonder and whether he'll run again after this four years if the People Want it be Max Ka next yeah God can you imagine it's good to see a country you know kind of thriving from where it was thoughh exactly it's really turned around yeah much better than get in bed with the IMF anyway yeah right um this is a heavy one I have no opinions on this heavy one no opinions Spanish Ministry of Finance announced tax reforms that will give Financial organizations including crypto exchanges the power to seize assets to pay off tax debts on behalf of the government yeah so I take this one this I mean it's not surprising uh that the Spanish government obviously wants this Authority I think it's interesting to see it in a headline because most people aren't aware of a lot of the laws around them m uh and yeah this is basically just saying you know if you have your crypto with an exchange the government can go and take it if they want to for whatever reason they choose I mean it's massive fuel in the fire of self- custody isn't it just this is why you should self custody MH exactly yeah I thought Spain were quite Progressive in terms of Bitcoin stuff maybe not well everyone wants to be a crypto Hub so they have all the business but then they want full control over it so pay tax right yeah I mean pay your taxes but also maybe self custody yeah right uh yeah quick an easy one then um gray scales outflows This was oh this was made this so we talked last week actually about how they're slowly reducing the amount of outflows um daily for for grayscale and we predicted this week might be the flipping but not quite so I think yesterday the outflows were 81 million um I think last pod they were like 200 million a day outflows interesting yeah so maybe next week it might be they might have net influx yeah hopefully is slowing this is one we should come back to each week and then all the ETFs together had net net positive flow of 145 million yesterday I wonder if that's why the price is going up I was just to say that MH that would be interesting once all the outflows have come out grayscale as well and then we just see net positive flows every day M it's going to be fun yeah price will start reflecting it instead of just stable coining that's that's an really interesting graph actually yes this is gray scale's outflows versus everyone else's inflows is it yeah so I think grayscale at the end of all this when they do hit like positive when they hit positive inflows again they're still going to be by far the biggest holder so their tactic of like not reducing their fees and just letting the outflows happen let the volume speak for itself which kind of what we predicted might might actually come true stay tuned we'll do we'll do an update on the next podcast on that um okay last one micro strategy they've announced the plans to be the world's first Bitcoin development country company oh company yeah was the sailor on the M strategy Q4 yeah yeah so I just this is interesting cuz I think this is going to this is going to be quite similar to like whole the the whole ETF buying off C devs like I think you're going to see lots of other players trying to like especially if you got a stake in Bitcoin like micro strategy do you've got a lot of um reason to try and make Bitcoin as workable for you as possible and make it as good for your shareholders as possible so MH yeah I saw I watched a little one minute clip and it looked like he was making comparisons to ETF wasn't he and etps yeah more like as a this is the reason why you should buy M strategy shares instead of buying a spot etm exactly yeah yeah trying to P like Poise himself as the like good the good alternative evil ETF I think they're working on some something as well cuz you remember like I think it was a year ago they launched they did lightning stuff didn't they they did the lightning address stuff so like micro strategy email addresses were also lightning addresses um Michael saor had his like email inbox where he could see his tips coming in and his emails coming in so they're working on cool stuff like that I suppose in the background um but the very much this seemed like a position themselves as a better kind of investment than an ETF yeah you just buy shares in mic strategy I wonder if they're positioning themselves away from a software company and into like a Bitcoin custodian development company yeah yeah um yeah cuz what is they feel it feels like they're spending a lot of time on bitcoin stuff i' actually forgotten what they do yeah I forgot what they started off do do real life yeah they do like data analysis don't they been public since like the 9s yeah I think there just a Bitcoin player really isn't it I think you're investing in micro strategy M on the subject of they bought more Bitcoin yesterday oh I did see that yeah was another 850 Bitcoins for 37.2 million oh no it wasn't yesterday is in January I think um so yeah they now hold 190,000 Bitcoins which is got to try and compete with the a lot the ETFs probably 1% of the actual Supply every 's talking about they have to get to 210,000 but I think they might already considering all the ones that are missing and lost for yeah like available Supply yeah this is it now this is what you know we kind of predicted for years like we'll only have certain amount of years to front run the corporations now with etf's mic strategy that makes me nervous cuz I'm worried I don't have every Bitcoin everyone they don't have enough I think yeah I've got that fear it's scary um yeah that's the end of the agenda we actually blew through that quite quickly I've got a mining update have you I've got lovely warm here yeah I actually said it was toasty yeah I posted a picture of the miners on Twitter yesterday people were loving them yeah they have been really good so since the last episode we found one block y nice one block at Ocean so we got a share of that nice ocean hash rate fairly consistent since one one yeah so it's like 1.24 ex a hash still interestingly though there's a few drastic drops in it um and then like it kind of drops for like a day and then comes back up okay people are predicting spikes here yeah a sable coin yeah people are predicting these drops in hash rate or like a swan or some other big miners as soon as like there's a big ordinal Mint or be C20 mint and the fees are going high they move away from Ocean a different mining pool cuz obviously they get more fees then at a short time ocean are less likely to one of those blocks yeah and O should also filler It Out by default um so it's an interesting kind of hash rate play from some of these miners smart yeah like actually directing your hash rate like it's like Dave snip M really in it yeah but it doesn't big one all ocean as much as we can it's mad how much that dip though like who's that like that's a big player that that's basically the Hest one yeah yeah that's crazy that just still at the bottom then is it yeah we're the only are nicer that SM how yeah one more block how many blocks have we found in total so far uh ocean have found how many have we been of say blocks found 11,640 yeah but scroll up that's they running in 2017 yeah oh TR turn something s yeah go down go down oh no scroll up click on the the thing at the top like the banner and then scroll down pass this bit Yeah blocks found okay so since they started back up running in December how many have they found six or seven it yeah yeah since then yeah 10 or 11 10 or 11 we've been a part of we've been a part of four or five yeah nice oh good job guys got nice and warm actually really we got a few more miners to turn on as well so I'll has right you'll see a spike in that watch out one I'll let you know next week you should see it yourselves but but we'll highlight it point out just in case yeah that's really cool um I was going to mention spitting feathers they are a UK Merchant who are now live accepting Bitcoin um you can buy beer with Bitcoin the website's pretty cool um they're kind of like UK craft beer are they yeah beer is not my my area of expertise so I wouldn't drink any but the website looks cool I've seen I've seen you drink a p Li to don't lie to them love a ler on a weekend stellar and a hard Break um yeah so go go and show them support um they deliver all all across the UK um you know what scared to say this just in case what's going on but if you got this far in the episode and you're enjoying it without Danny and without Danny and Dove then comment uh best best podcast ever and I'll pick a pick a person and send a gift a gift pack too wow I know I feel I feel wow nervous saying that that might get eded might get eded out clever put it at the end there CU Danny and Dave will never hear that exactly and also if anybody has got this far then we really appreciate that support so they deserve this is where nobody leaves a comment watch till the end yeah like And subscribe like And subscribe all that jazz is there anything else that we have to now add at the end I don't think so no like And subscribe tell your friends buy some beer y with Bitcoin with Bitcoin if you like the beer let them know you like the beer yeah let them know you like Bitcoin maybe we can get a Bitcoin beer going I think they were saying on Twitter they had a few orders from from Bitcoin so probably would be open to something like that I reach out actually and see if they'd be down for a Bitcoin beer that'd be cool sponsor a Bitcoin beer yeah awesome nice cool look at that how fast was that I feel like it was like 10 minutes a half an hour how muching out podcast r r yeah so clinical with the newsers right the we they'll be back next week anyway M but nice thanks guys thanks Mikey Stay [Music] classy