Bitcoin Supply Shock Intensifies As Banks Prepare To Sue The U.S. Gov Over Crypto!

**Scott Melker** (0:01)
Bitcoin has seen 20 million coins mined, only 1 million to go, and apparently that's going to take 7,493 more years to be done. Yes, the Bitcoin supply exceptionally limited and only going to become more so with times. Meanwhile, it turns out that banks don't really like crypto, and not only are they jabbering off at the mouth and complaining about the Clarity Act, but actually willing to take some legal action against the industry. We're going to talk about all of that and more today, of course, with Andrew and Tillman, but more importantly, someone we like more, Alex Miller. You guys don't want to miss it. Let's go.
Good morning, everybody, and welcome to the show. I hope that you've had an absolutely wonderful day. I went down to Miami for what was supposed to be a three-hour trip yesterday to shoot a podcast with Heider from OKX, flight delayed, midnight arrival, feeling good. Feeling very good this morning. And it'll probably, you'll probably notice it, because I've chosen a stranger flavor of LaCroix in my tiredness. They have got Lemon Cello. Have you guys ever smelled Industrial Floor Cleaner? That's what I'm drinking. That's what I'm drinking. It tastes just like it. It's disgusting. LaCroix, I'm sorry. Oh, we're gonna need a new sponsor. Good morning, gentlemen.

**Andrew** (1:36)
I wanna know when you've tasted Industrial Floor Cleaner. I wanna know how you're making that comparison.

**Scott Melker** (1:42)
You know, Andrew, the first step in recovery is admitting your problem.
And I've been going to Industrial Floor Cleaner AA for the last decade, whatever, man. This is my meeting. It gets weird around here. Guys, Bitcoin looking pretty decent today. Where are we looking at? We got Bitcoin at almost 71,000 American dollars. All coins not looking terrible. Decent market. And all of this, Alex, kind of, as you pointed out right before we went on, in context of a very calm and easy to understand market and world, right? I mean, oil trading as it should. No, I mean, what's going on here, man?

**Alex Miller** (2:22)
I would say I just I'm amused by Bitcoin being the lower volatility asset in the market for once. That's a that's a nice change in things. I don't know, man, like the you know, I think for months now we have been in a place where the market just has absolutely no idea how to price things.

**Scott Melker** (2:39)
Right.

**Alex Miller** (2:39)
My favorite thing is like, you know, you look at like the AI companies and things and they make one like tweet or something and it takes major trillion dollar company stocks by 10% because even though those companies are actually very well insulated from AI and things and well set up, nobody knows what things are going to look like in six or 12 months. And so it just is really undermining the idea of the efficient markets hypothesis right now, I think.

**Scott Melker** (3:06)
Yeah, I think we all agree on that. When you see oil go from 120 to the 80s in a matter of hours, pretty clear that markets aren't functioning as you would have intended. I mean, we saw it in silver only a few weeks ago as well, right? I mean, out of this massive blow off top at 47% retrace in silver in a week and a half.

**Alex Miller** (3:29)
I have no idea. Where is silver now? Like I know it went up, I know it went down. I actually have no idea.

**Tillman** (3:34)
88 bucks this morning.

**Scott Melker** (3:37)
That's pretty good.

**Tillman** (3:38)
It's bounced back since it's low. I think it's lows in the 60s or maybe low 70s.

**Alex Miller** (3:44)
Yeah.

**Scott Melker** (3:44)
And now I see all the crypto traders are like apparently professional oil traders. Amazing.

**Alex Miller** (3:50)
I mean, just like all the VCs are professional or geopolitical risk analysts too.

**Scott Melker** (3:56)
I literally don't even have an opinion on the war until I watch the All In podcast. I don't know what to think until Tramath tells me.
But yeah. So going back to the title here, we have Bitcoin obviously. And this is, you know, you've been building on Bitcoin for a long time, Alex. No surprises here. But I think it's a pretty big milestone that Bitcoin's total supply has now reached 20 million. Let's take another 114 years. I was hyperbolic in the intro before the final 1 million Bitcoin are fully mined. Another kind of big day was yesterday. Saylor made his hundred and first Bitcoin buy. So he got over the century mark. A lot of people cheering for that and was able to buy 1.2 billion. I mean, Alex, you're here building on Bitcoin constantly. By the way, do you still have to answer questions on what happens to Bitcoin in 114 years when there's no mining fees?