Bitcoin SLIDES To $62K As Saylor Skips The Dip (Macro Monday)

**SPEAKER_1** (0:00)
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**Scott Melker** (0:31)
Bitcoin sliding near 62,000 as Seller skips the dip. Actually, he bought the dip on cash, not on Bitcoin this week, but adding to his USD reserves up to $3 billion. We've also got a big week ahead at the Fed. And apparently we're back at war in Iran. We get a very special Macro Monday today. And by special, I mean, you get just me and Dave. You're gonna love it. Let's go.
Good morning, everybody, happy Macro Monday to those who celebrate. I'm gonna give Dave all the time in the world today. Dave, what happened at the morning meeting? Can you please tell me what Anuang and Ira Jersey had to say? Can you tell me what the key thing is and why Bitcoin is going to $10,000 while leading cryptos down?

**Dave** (1:32)
Yeah, no, I can't. Cryptos. I have no interest in it. I mean, look, the most interesting thing today, and it's fascinating is we're back at war in Iran. They're firing at boats. They're doing everything that the oil bulls said would send oil to 150 and beyond, kind of like Buzz Lightyear, infinity and beyond.
We're doing all the things that should crush global markets and markets are yawning. I mean, yeah, the Nasdaq's down a percent, okay, and Bitcoin's back at, was it 62.5 or something like that?

**Scott Melker** (2:10)
I mean, that's the same price every hour for a month.

**Dave** (2:12)
It's yeah, it's not much is happening. Effectively, it's all a bunch of theater. And the only thing that matters, there's one thing that matters, Scott, and I'm going to keep selling this to people until I'm blue in the face. It's that they're printing more dollars, they're printing more yen, they're printing more euros, and they're printing more remnibbi.
The only currency that's not getting printed is the Swiss franc. And the Swiss franc, the poor Swiss are like the people in the boat, trying to bail as fast as they could to keep their currency from getting too strong. And that's what's going on in the world. And you can look at everything else. I went back this weekend and I did just a stupid little analysis. And I said, okay, show me since 2000, what's been the performance of housing and the performance of the stock market versus the quote performance of M2. And by the way, M2 underestimates the amount of monetary printing. It's only the money in circulation. Doesn't include all the debt that was facilitated slash encouraged by central bank policies. And if you look at that, housing is underperformed M2 and the stock market is outperformed, all of which, by the way, has gone down in the last couple of years by less than a percent. And so you look at this and you say, okay, what's happened? Well, you know, your whatever dollar, you know, whatever your dollar loaf of bread is, or whatever your eggs are, whatever your stock is, whatever your house is, like, oh, my house has gotten worth so much more. It's like, no, my house hasn't gotten worth more. The dollars have gotten worth less. And that is the only effing thing that matters. And so, in that world, the real question about as far as crypto is concerned, and you look at it, and Ethereum has outperformed Bitcoin over the last few days, and there's a reason for that. And you look at some of the others, and they're kind of holding in there. Zcash has outperformed. Everything else is underperforming. Where is the value? Where are people looking? Well, the new narrative on Ethereum is it's a safer network, and it'll be quantum resistant faster.
And the narrative on Bitcoin is there's a BIP 110 debate, and you posted a great thing from Adam Back. But there's some other really good people talking about this. And at the end of the day, what matters isn't...
I'm oversimplifying. What matters isn't BIP 110 What matters is the process, because what people really care about isn't spam. What people really care about is quantum resistance, and can the Bitcoin network get its shit together to defend against quantum? And can they get their shit together to defend against theoretical attacks, such as that Duke professor that you quoted or talked to last week?