Bitcoin Holders Have NEVER Been This Convicted

**Scott Melker** (0:00)
Well, good morning, everyone, for those who care, since crypto markets don't seem to be very interesting to people during the middle of the summer. But whatever, we're here, so we may as well talk about it.
We're seeing a very interesting dichotomy going on, and as the market kind of trades in these incredibly narrow ranges. And, you know, from my perspective, I've been saying the same thing. So I don't really have a whole lot to add, other than the fact that it feels like we bottomed, it feels like there's this notion of smart money buying when others are selling and not really much happening. All I'll say is it's now three weeks since Strategy has bought a Bitcoin, actually they've sold during that three weeks, and they're raising cash, and feels like a pretty good contrary indicator to me in terms of what's actually happening. So, you know, curious, you know, what people are thinking, but I will say that some of the most thoughtful bears, when I say bears, that's really not a right appellation. Some of the most thoughtful traders who sold the top and were bearish and calling for significantly lower are changing their tune, and they're changing it for basically the reason that if everybody expects Bitcoin to bottom in September, October, it will certainly do so beforehand if in fact it's not dead. And so that's sort of where we're at. And I don't really have a whole lot to say on the state of the market other than to say that pretty much every other trend, every other macro thing is positive. So it's really a question of what's going on. And I don't want to call on people, but whether it's we talked about last week, the BIP 110 debate, which I think most investors don't really care, to be honest. I think that a lot of people are very passionate on the topic, but I don't think people terribly care. So, you know, I guess we, I guess we, we, we look to see it. I mean, I don't want to bring up the topic that has me the most annoyed from this morning yet, but you know, I'll keep that one in my back pocket. Anybody care?
You know, you know, Adam, you know, I know you laugh at, at people's apathy of what's going on, you know, bro, everybody's on vacation.

**Adam** (2:20)
And I mean, this is what it is. You know, oh, I don't know. I think, you know, there's kind of the more interesting conversations. I don't know if you saw pop on your timeline today was more about potentially banning open source. I don't know if that it could be just rumors, but I don't know. This is the kind of open source AI getting banned or some sort of restriction on, you know, the top level open source AIs. I don't know. For me, this is the most interesting conversation happening right now.

**Scott Melker** (2:51)
I think you're right. And I think, by the way, to call that asinine, I don't think, I think that's unfair because it's so much worse than that. Yeah.

**Adam** (3:04)
I mean, it's the ultimate protectionism, but protectionism in such a bad way for your own companies and people, right?

**Scott Melker** (3:13)
I made the point this morning on Macro Monday with Scott, that people don't understand that, yes, I mean, certainly open source AI is not good for open AI and anthropic. That's absolutely certain, but it's unbelievably good for the rest of the economy.

**Adam** (3:30)
Of course, dude. Yeah.

**Scott Melker** (3:31)
And I use an example because I know it's true. I've seen it, right? You know, coin routes. You know, Ian built a using an open source AI. He built a customer support bot that's multilingual, that has trained on that. We obviously trained it ourselves. The agency trained it themselves using that open source AI and their own information, and the labor savings that it can edit offers, and the level of productivity that it offers compared to typical support tools is massive. You can extend that throughout every single service and knowledge business. Of course. And will you say of course?

**Adam** (4:13)
No, maybe not of course, because it's maybe not obvious to people who are running kind of, I don't know, traditional businesses, right? It's not really obvious to them yet. It's obvious to me because we're in the AI space and we run, I don't know, 20 some odd max plans from Anthropic, right?
And those 20 max plans, I mean, obviously we can afford it. But the idea that I wouldn't be able to use one, which is one-fiftieth of the cost is so asinine. It's like, and you know people would just work around it. If it's open source, we'll just download it. Who's going to tell us this, you know, what are they going to lock everybody up who uses these? I mean, it's truly insane to even have the conversation in some ways.