Bitcoin isn't acting like a risk asset anymore!

Hey everybody, good morning. Welcome back. It's the pleb underground. I'm your host, Phil,

and we are going to take a look at why Bitcoin isn't acting like a risk asset anymore. That's

right. New HopiM. Let's freaking go Bitcoin ETFs. We're going to talk about that. We're also going to

talk about how Bitcoin is doing something no other asset has done in history. That's right. You

wanted the HopiM. You got it. What else? We're going to take a look at some senators comments talking

about the Bitcoin and crypto market structure bill. We're going to take a look at some FATFA guidance.

That's right. The FATFA guidance. We know how they're friends of Bitcoin and they love Bitcoin.

I'm kidding. MasterCard, acquiring a stablecoin infrastructure company. I'm not surprised,

but we're going to take a look at that anyways. We've got some guys. We've got some solid strategic

Bitcoin reserve news. Get ready. Big updates. The CFTC just told self-custodial wallet developers

they don't need to register as brokers. Maybe the clarity is getting some clarity. Of course,

we've got some SEC comments about the federal securities laws on crypto assets. Today is a day

of the state. I guess it should be no surprise. It's Wednesday. The FOMC meeting is happening

this afternoon at 2 or 2 30 PM Eastern. Probably going to be a giant nothing burger.

Might even pull the markets down. But what the hell do I know?

Anyways, let's get into it. Guys, here we go. Club Underground is sponsored by Archimedes

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Okay, so let's do this. Bitcoin, Fiat Exchange, 71,212 new all-time high on the block height,

941,177 Sats per V-Bite. One Sats per V-Bite. Oh, say it ain't so. Total public lighting capacity

down like 200 Bitcoin overnight at 2,057. Yeah, I got a lot of channel closures last night, so

I guess some people took their liquidity and ran. Anyways, those are the numbers

brought to you by time. Change stats. All right. Let's do it here. I gotta change

change the focus on this. Give me a sec. There we go. Okay, guys, let's

freaking do it. Some hope from the Rhino app, right? I think these guys are out of Europe, maybe.

Anyways, shout out to the Rhino guys. Since the conflict with Iran broke out on February 28th,

MSCI World Index minus 4% gold minus 5% Bitcoin plus 14. Look at that, guys. And there it is.

Bitcoin isn't acting like a risk asset anymore. And the whole world is taking notice. I mean,

look, I'd be lying if I said I wasn't somewhat happy about the fact that, you know, when this

war news broke out that Bitcoin didn't just shit the bed. Yeah, you know, like that's one of those

things where, you know, apparently we had failed the COVID test back in 2020, but look at what's

happening here. Bitcoin ain't doing the same thing as it did before. Maybe this time it is different.

Anyways, the performance gap since late February is staggering as crude oil surged 40% on supply

fears. The MSCI World Index dropped 4% gold, the ultimate safe haven is actually down 5% for the

month. The analog hedge is failing the stress test. And I appreciate that wording, the analog hedge.

That's right. Because all of that stuff is analog, right? Gold. Whereas Bitcoin is digital. So

and there you go. You get a nice little snapshot of the charts. Hey, look at Bitcoin. Go do

and what it does. We appreciate it. Anyway, some solid hope. You're out of rhino.

Always got to love that. Always got to love the rhino app. Hope you. So Bitcoin reclaimed 75,000

this weekend. Now we're sitting at 71. That's okay with eight straight green daily candles. Okay,

hold on a second. Hold on. This is where we got a, give me a sec. I just want to share this

so I can move that. Oh, that windows just do.

Sorry guys, this is what happens when you do stuff or when I do stuff live. Okay, let's somehow separate

this. Yeah, okay, so there we go. Come on. Okay, so take a look, right? These are the daily candles.

And that's what we got. We got our eight straight daily and then boom, boom.

Look nice. I told you guys this yesterday, right? Like, look, you know, I get really excited.

Obviously, you know, when the price goes up, get really happy, all that good stuff, right?

Increasing your purchasing power, maybe in some cases, extending your runway, you know, whatever

it may be, but the reality is is that there is so much resistance overhead. I'm just not so quick

to cheer everything, but of course, right? You got to be happy for the good news. Why not? Why not?

All right, let's continue on the US Bitcoin ETS recorded five consecutive days of inflows for

the first time in 2026. I mean, guys, three months, three months, pretty decent.

Maybe this news would matter more if we didn't have the Jane Street stuff that came out two weeks ago.

Maybe we'd care more because before it was like, yeah, the ETFs are buying Bitcoin, right? And I saw,

I saw one of those big engagement accounts. It's like engagement sloped the Thomas Farer account.

It's talking about how BlackRock has 741,000 plus Bitcoin. It's like pump the brakes, bro.

They have less than 10 Bitcoin. This is just Bitcoin. They're holding for the ETFs. And as we've

seen with the Jane Street shenanigans, it doesn't matter that they hold that Bitcoin. They're just playing

paper games. That's it. Hey, good morning, shift happens. Good morning. So yeah, so BlackRock,

no 741, but 741 K Bitcoin. They have like less than 10. Okay. Anyways, okay. So here's another

interesting piece of Hopian, which is just what? Draw a line in the sand, huh? So gold took 52 years to

hit a trillion market cap. In what world did gold take 52 years in the world where you decide to

draw your line in the sand at like World War II? Okay. That's where you draw the line in the sand,

right? Or you decide to pick when gold was pegged at $35 forever. Microsoft took 44 years. That's

probably a little more accurate. Apple took 42. Bitcoin took 12. Now look, if we're actually going to

compare Bitcoin to gold's adoption, okay? And I know that the gold bugs obviously, and I want to

hear this, it took like four to 6,000 years for gold to actually get to a trillion dollar market cap.

Okay. Now, of course, like I'm not saying like that's a failure of gold, but I'm just saying

that's how long it took. Okay. I know that people want to do these mental gymnastics for 52 years,

100 years. No, you're wrong. You're wrong. Okay. They were collecting gold way back in the day.

Okay. They were collecting gold in ancient Egypt. They were collecting gold in ancient Samaria.

Okay. So what is this? Like still 52 years? That's nonsense. This is total nonsense.

6,000 years. You know what? Bitcoin. That's what it's about. It's about, yeah, exactly shiny boomer

nuggets. You know what? Speaking of which, I put out this meme once upon a time, right? When like gold,

I forgot like when it crossed like the 5K or the 4K mark or whatever it was. And what I did was,

was that I took a picture of the pharaohs, right? In their tombs and right at the bottom,

the caption is the first hotlers are cheering because yeah, that's what it is. You know,

it took 5 to 6,000 years for gold to get to a trillion dollars. So yeah, Bitcoin to 12.

But, but sure, but sure, gold outperformed Bitcoin. Here. Another line in the sand.

Ah, yeah, here we go. Roark. Good morning. Been through this before. If it goes lower,

just accept the fact it went wrong. Exactly. No, I need to do mental gymnastics, my friend.

And keep these say eventually the trend will change and it'll go higher, much higher. Exactly. Exactly.

Just don't get it. It's just so funny. No, it's so funny. I like this chart. You should, you know,

if he wears it on ramp, bro, you could have made this so much more effective by putting 4 to 6,000

years instead of 52. Like, but I know you probably didn't want to seem like you were nuts, but guess what?

That's just what's real. It's not nuts. It's what's real. Anyways,

all right, Senator Kevin Kramer, urges lawmakers to advance Bitcoin and crypto market structure

legislation before Easter saying time is not our friend and it needs to get done.

You're hearing a lot of pressure on this. You're hearing that they want to, right?

Want the wheels to turn. I think the last time was like they said they wanted it by March.

There's something like that like by March 1st. So again, there's, I don't know if there's a little

bit of can kicking going on there, but it does. It does seem a little bit.

Again, it goes back to my original point of the banks are just simply setting themselves up.

They don't want all of this legislation to come through and you have all these like

shit coin companies that are ready with their rails and infrastructure ready to go, right?

The banks want to make sure you got to level the playing field. It's got to be made fair.

Fair for the banks.

Always. All right, let's talk about the fat for friend to Bitcoin, right guys? Friend to Bitcoin.

Targeted report on stable coins and unhosted wallets. There's that bullshit language again.

There it is. All right, financial action task force highlights the prohibiting or denying of licenses

to platforms that allow transfers to unhosted wallets. Very dangerous language.

The fact that this language isn't being argued. That's a red flag. We should not be engaging

in this language. At the very least, we should be requesting that language to be changed. However,

this is the problem. If you request the language to be changed, you're shifting the overton

window. There is no winning except completely opting out and it's just it's insane.

Anyways, the report recommends that identifying verification will be required before any

unhosted wallet can transact and the issuers proactively monitor the location and use of

their stable coins in the secondary market, meaning after they leave the issuer entirely.

Just tracking you everywhere you go because you have an unhosted wallet but who or what is hosting

that unhosted wallet? Do you see what happens when really stupid people come up with terminology

and then push it into the public? It doesn't mean anything. Words don't mean anything, okay?

It's insane. Anyways, if further recommends, this kind of actually kind of reminds me of

discordianism. Discordianism is a belief, a very interesting type of belief. It's a religion

designed as a joke or a joke designed as a religion. But essentially, one of the premises is that

no words actually exist and every word has an equal weighting when it comes to meaning and severity.

So essentially, it's a giant troll on authority and it's a giant troll on authoritarian language.

It's very interesting and fun. Anyways, if further recommends,

governments require stablecoin issuers to embed blacklist, whitelist, and freeze functions

directly into their smart contracts. Can somebody say Bitcoin? Yeah, Bitcoin fixes this crap.

Unhosted wallets. These guys are crazy. Right? Right shift happens. I'm hosting my wallet just fine.

Like, what are they talking about? Look, I am holding on to this signing device right here, okay?

Am I not hosting this? Everybody who has a signing device, if you hold, if you own it, right?

You're hosting it. So what is this nonsense? All nonsense. Anyways, good morning, Phil.

Good morning. Yep, exactly. Only cucked wallets are allowed to transact that.

You look, it's for our protection, Roark, okay? It's for our protection.

The system is there to make sure nothing bad happens to us. What it's there for, okay?

You have to abide by that. Anyways, anyways, back to the walled gardens.

Here we go. MasterCard is partnering with some shit coin rail. Here we go. MasterCard to

acquire stablecoin infrastructure company, BVNK. I guess that's just bank for up to 1.8 billion dollars.

Yay. Deal adds on-chain payment rails for stablecoins, tokenized deposits, tokenized assets across

130 countries to masterCard's existing network. Not a Bitcoin thing. Not a Bitcoin thing at all.

But the reason why I'm talking about this is just because, of course, guys, as all of this

legislation, just keep in the back of your mind, right? Keep in the back of your mind.

Visa just went and did a move like this. MasterCard is doing a move like this. The banks are all

getting ready with their rails and yet somehow legislation is stalled. Again, I don't care

about the legislation. I don't care about bureaucratic red tape. I am just focusing on the story.

I'm focusing on the show that we're watching and I'm enjoying my popcorn.

Okay, Rork, if the Bitcoin network is hosting your UTXOs, that means it's hosting my UTXOs and that

means we're in trouble. Wait till you tell them stats don't exist, right? Wait till you start

telling them that only UTXOs exist, they're going to be like, what? That meme of the guy getting

angry, right? It's the smiling face with the angry guy behind it. That's what that is. All right,

let's move on, guys. Big news. So big. So big, everyone's going to freak out.

We've got an actual update on the strategic Bitcoin reserve. Are you guys ready?

That's right. The US Treasury set to buy back 15 billion today. Look at that. 15 billion dollars

of debt. Not Bitcoin. Why are they buying Bitcoin, though? They're going to have so much more

money than actually buying back that debt. I mean, look at the Bitcoin Treasury companies,

right? I mean, sailors out there issuing debt just so that he can buy more Bitcoin and yet

the US government that can just create money out of thin air,

buying back their own debt and not buying Bitcoin. Do they not see the long game or just maybe,

just maybe they haven't dragged the Kool-Aid like a lot of us, just maybe.

This is why for me, I'm more interested in the individual stacking Bitcoin. I'm more interested

in the individual being able to increase their purchasing power instead of sitting there

in fluffing government balls, hoping to God that the government pumps the bugs. They're not buying

Bitcoin, guys. The US government does not have to. They don't. Okay? Just lip service.

All it is, just lip service. Sorry. All right. So let's dive into the CFTC stuff. Oh, wait, before

the CFTC stuff, let's see. Yeah, exactly. Shift happens. This is going back to the hosted versus

unhosted wallets. The wording is just bad and prone to misinterpretations, wallet, mining,

exactly correct. That is the point. And that in my estimation is done on purpose. Okay?

The language is vague on purpose for entrapment, right? It's about casting the net. It's just too bad.

Which is remember, the government is always looking out for our best interests, right?

The baseless public. All right. So here we go. The CFTC just sold self-custodial wallet developers.

Hey, there we go. A little bit of ray of sunshine compared to the fat far.

They don't need to register as brokers. Phantom wallet received a no action letter stating

the CFTC will not pursue enforcement against self-custodial wallet developers who connect users

to regulated trading venues as long as they don't custody user funds. First time the agency has

formally drawn a line. Pretty good. So the CFTC's position was if your wallet software connects users

properly registered futures commission merchants introducing brokers or designated contract

markets and you don't custody user funds. You are not a broker. You're a software provider.

The timing is not coincidental. A week ago CFTC chairman Mike Selig, which we reported on said at

FIA, Boca Raton conference for too long. There's been an open question as to whether software

providers trigger the CFTC's registration requirements. We intend to address that question

head on and they absolutely did yesterday, right? The SEC clarifies the application of federal

securities laws to crypto assets. So they issued an interpretation clarification. How the federal

securities law apply to certain crypto assets and transactions involving crypto assets.

So the commission's interpretation provides a coherent token taxonomy addresses how a non-security

crypto asset, which is a crypto asset that is itself not a security may become subject to and how

it may cease to be subject to an investment contract and it clarifies the application of federal

securities laws, the air drops protocol mining protocol staking and the wrapping of non-security

crypto assets. Yeah, let's listen to the SEC chairman. Here we go.

So today I'm pleased to announce that the SEC's persistent failure to provide clarity on this

question is over. As we speak, the commission is implementing a token taxonomy and investment

contract interpretation and you should find that in your inbox or if you look on the website when

you get home. Our interpretation, which is grounded in existing law and informed by extensive

public input, establishes four asset categories that are not deemed to be securities. So digital

commodities, digital collectibles, digital tools, and payment stablecoins under the Dean Genius Act.

With these categories in place, the interpretation then clarifies that only one crypto asset class

remains subject to securities laws, namely digital securities, which are traditional securities

that are tokenized. This distinction returns the SEC to its core mission and statutory authority

of protecting investors involved in securities transactions. We're not the securities and everything

commission anymore. So that's great. Okay, I mean that's good stuff in terms of them actually

providing clarity, but I think that what they just did was give the green lights to should coins,

didn't they? And that's fine. I mean, look, this is part for the course, right? This is just part

for the course. I am really not surprised by any of this. Thank God. Nox, man. Look, I was afraid.

I didn't want to bring that up. I'm glad you did, okay? I'm just glad that like the digital

girlfriend is no longer going to be a security. Yeah, exactly, right? That's a liability bill.

This is going to be hilarious. And yes, Rourke, to your point, it is total bureaucratic bullshit.

But look, you know, you need kindling to light a fire. And before you do the kindling,

right, what do you do? Right before you add the kindling, you know, you put the, you know,

you put the paper, you crunch up the paper at the bottom, you know, maybe you've got to,

maybe you got to set up some rocks around the fire, right? To make sure you keep the fire

in, right? You don't want it spreading the same difference, right? So they're just making sure,

they're just making sure that there's not, there's not going to be any, any spill over into

their sandbox, right? They, it's like the SEC wants to be clear. You guys have your own little

shit coin sandbox. You go play in that, you know, we're going to, we're going to stick to our stuff.

Anyways, I'm sure that this ends well. I'm sure.

Speaking of ending, guys, that is the end of the show. Please consider signing the petition if

you haven't yet. Even if you sign it, I'm still going to be annoying and mention it again,

because these guys are in jail for, sorry, in prison, for writing code, privacy, preserving code.

If you feel so inclined, please make a donation, Samurai wallet, re Samurai, guys,

that is going to do it for today. I hope you have a great rest of the day, and I will catch you all

tomorrow. Take it easy. Yeah, please. Thank you. Yeah, I never asked for that stuff.

Like the video, and if you find value, maybe, maybe consider subscribing.

But if you don't, that's okay too. Anyways, take it easy, guys.