A highlight from Self-Custody, CoinJoins, and Q&A with Craig Raw, Sparrow Wallet - September 27th, 2023


Hello, and welcome to the Cafe Bitcoin Podcast brought to you by Swan Bitcoin, the best way to buy and learn about Bitcoin. I'm your host, Alex Danson, and we're excited to announce that we're bringing the Cafe Bitcoin Conversations Twitter Spaces to you on this show, the Cafe Bitcoin Podcast, Monday through Friday every week. Join us as we speak to guests like Michael Saylor, Len Alden, Corey Clifston, Greg Foss, Tomer Strohle, and many others in the Bitcoin space. Also, be sure to hit that subscribe button. Make sure you get notifications when we launch a new episode. You can join us live on Twitter Spaces Monday through Friday, starting at 7 a .m. Pacific and 10 a .m. Eastern every morning to become part of the conversation yourself. Thanks again. We look forward to bringing you the best Bitcoin content daily here on the Cafe Bitcoin Podcast. All right. All right. Let's go. I don't know about you guys, but I'm getting fired up. Bitcoin is next week. Dude, I am so excited. I'm I'm visiting three Bitcoiners on the way down. Super excited. It's going to be a hell of a lot of fun. Yeah, man. All right. Good morning and welcome, Dom Bay, Mickey. I assume that's Jordan on the Bitcoin Veterans handle, Terrence, Peter, Shane Hazel on the audience, throwing you an invite. Right. OK, quick little update. So next week, next week, we are not doing Cafe Bitcoin on Monday and Tuesdays. Swan team is traveling on Monday. Tuesday, we're going to be having like an offsite. So not going to be around Wednesday. We are resuming our regular schedule. Broadcasting from the hotel Thursday. Broadcasting live from the Swan dome Thursday morning and Friday morning. So on Thursday, we've got our crew plus BTC sessions. Ben Perrin on Friday. We are going to have Tip Enzi and Tomer Strohlight. We'll do it live. Do it live. I can write it and we'll do it live. Yeah, finally, dude, that's what I'm talking about. That's preparation. Asking Tip Enzi if she wants to perform Cantillionaire's game live. I don't know if that's going to happen, but we're going to ask her. If she does that, I will need padded area around me because that that would be insane. That's that's a tough song to do live, though, for sure. Oh, shit. Yeah. Right. You need to do some Wim Hof breathing exercises before spitting that that verse. Dude, I mean, she told me that like she's not really a rapper, right? She did a lot of editing to make the songs come out the way she wants. Good morning, Shane. How are you doing? Good morning, brother. I am working away here in the background, just enjoying a nice respite from the heat down here in North Georgia, man. It's pretty nice, but I'm getting pretty excited for PV next week. And I have a lot of people. I'm actually hosting a panel out there and looking forward to it. Yeah, that's right. That's the other thing. We're going to be doing a Bitcoin Veterans panel live at the Swan Dome. I think that's going to be on Friday. So that'll be cool. That's going to be myself, Shane Hazel. It will be Gabe Lord, Mickey Koss and Jordan Ganrel. The Swan Dome has some firepower this year. I'm not going to lie. Yeah, man. I don't know. I think this is the test run. They're not sure if they want to let Bitcoin Veterans on the main stage yet. They're testing, they're seeing, they're like, what are these crazy fuckers going to do? Like, let's see what's up. Yeah, let me just apologize in advance for screwing up our chances at that. Let me go ahead and apologize for Jordan in advance, too, because, I mean, I think if we don't burn it down, it's a huge success. We all are apologizing to Jordan and for Jordan in advance and considering getting an extra insurance rider for this particular event. OK, what time are you all going up to five? No, no. So Bitcoin Veterans is going to we're doing Cafe Bitcoin 9 a .m. Sharp Eastern and then there will be a short intro and then we're going right into Bitcoin Veterans starting at 10 a .m. on Friday in the Swan Dome. God, I was only asking because if you were going after myself in blue collar, it would for sure be already burned down. So it's checking. Any update on the flamethrower? Having a little trouble in the marshal's office. They don't seem to think that 30 to 40 foot flame lengths that I can handle that. So it's it's a back and forth. It's unlikely, but, you know, never say never. All right, we'll hold out hope. Let's get rolling into the show today. You are listening to Cafe Bitcoin. This is episode 443. Shout outs to our supporters on Fountain and Noster Nests. Our mission for this show is to provide the signal in a sea of noise. Teach the other seven billion people on this planet why there's hope because of this bright orange future that we call Bitcoin. Today, we are discussing Bitcoin news, covering some lizard alerts and talking about what's going on in the real estate markets as well. Later today, we have Craig Raw, the founder of Sparrow, looking forward to that. We're going to we're going to dig in. Last time we had Craig here, we did kind of a lot of background stuff like what is Sparrow all that. Today, we're going to get a little deeper into the weeds. We're going to go straight into the technical stuff. So if you want to know about Sparrow, have questions, whatever. We're going to go straight into that. Right. What's the most interesting breaking news? There's a congressman beating up Gary Gensler now to get those ETFs approved. And then at the same time, the SEC just delayed like three ETFs, I think, even though they're not even, you know, like a month from the deadline. And so they're starting to kick the can earlier, I guess. So it's sort of a strange situation. Maybe they're trying to line up all the timelines or something. Good morning, on the four elected officials in their open letter asking, demanding Gensler approve the Bitcoin ETF. They mentioned Fidelity, BlackRock and Grayscale, thanks to probably the lobbying by Barry Silbert and his compadres. Grayscale doesn't belong in that group. It just doesn't because BlackRock and Fidelity together manage about 13 trillion freaking dollars. Grayscale is a pimp. It's a fly on the windshield. It's very small. And Barry has a lot of problems with his ethics and genesis, GBTC kind of co -mingling funds or whatever they were doing. I understand that a lot of people who have GBTC, I have GBTC, want the conversion to happen sooner. But they're just not in the same class, ethically and just practically. That's like saying a corner grocery store belongs with Walmart. Well, all right then. So Franklin Templeton just filed a 19B -4 for its spot Bitcoin ETF application, which is officially starting the clock with the SEC. Franklin Templeton manages another one and a half trillion dollars. So the big boys are looking like the big boys are wading into the game. Yeah, the big four are besides Franklin Templeton, which is about one and a half trillion. The last one is Invesco, which is also about one and a half trillion. And those are all much bigger than the biggest of the also RANs or the smaller spot BTC applicants like ARK. And Valkyrie and so forth, they're much, much smaller, maybe tens of billions or less. Hey, Terrence, for a liquor store, doesn't Grayscale have a lot of Bitcoin in custody? They do. It's going to be pretty minor compared to the rush of cash that should flood in. Assuming like, you know, the DOJ stuff with Binance and stuff is looks like it's there's more certainty around that. They're trying to they're talking about maybe having a plea deal with CZ and Binance. So if that gets resolved, then yeah, you have a pretty big green light. I will say like one thing with the gold ETFs when those took off and gold prices shot up. That will also correlated with massive problems in the fiscal and monetary policy. And we definitely have that on the fiscal side. I would say on the monetary side rates are, you know, higher than you'd like for liquidity, money supplies going down. But on the fiscal side, with a ridiculous spending debt and deficits, that sets up a big that's a great setup for a big flood of cash to come in. As long as one of the big four launches a big Bitcoin ETF. Hey, Alex, not to not to revisit an old horse, I know that's a butchering of the phrase, but, you know, I know yesterday we were talking about institutional. And for those listening again, like, you know, the ETF comes up a lot again because it is a vehicle for institutional funds to hold commodities. I know you guys were talking about it yesterday, but like other commodities, as far as I know, funds like pension funds, any commodities they hold, none of it is physical. All of it is futures or ETF indexes. And a lot of that has to do with being able to liquidate, move things around, balance the fund, etc. All right, well, you would you mind explaining that a little more in depth for people who don't get that? Because so many I've run into many people who don't understand that they're like, why don't pension funds just buy the underlying asset? Why don't they buy the Bitcoin directly? Why don't they buy gold directly? Why don't they buy corn directly? Why don't they buy oil directly? What's the problem with that? Yeah, so one of the things with pension funds is there's a lot going on.

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