The hosts are Jim Iuorio on the left and Bob Iaccino on the right.
4:18 The Fed doesn't care about Bitcoin. The Fed likes Bitcoin, I think. But the Fed was waiting, and this is something I want to talk about the next time I have Caitlin Long [who makes some interesting comments on Bitcoin below] on my podcast because she's asked me this question a couple of times, and now I can finally answer it for her now that we've seen how the Bitcoin ETFs have worked out. The Fed wasn't ready for her Custodia Bank and stuff like that that she's doing. They weren't ready for that because they didn't have the rest of the infrastructure in place to allow for that to happen. She was way ahead of the curve, and rightly so she was way ahead of the curve but providing a market service that we need just not right then. Now that we have the structure in place, it's all going to be fine.
IUORIO, 4:55 So in a short answer, do you think we're past the point of no return for the governments to crack down and eliminate Bitcoin and all that bs?
Tom says that the threats to Bitcoin are not only done, but they were never serious, citing SHA-256.
LUONGO, 5:05 I never believed that in the first place because I never believed the DoD had the keys to SHA-256. If they did, then we have a bigger problem than f*** Bitcoin. The entire internet runs on SHA-256.
Luongo mentioned Tether, a market crypto currency that I'd never heard of. What caught my ear was this,
What liquefies the Bitcoin trade? What do we trade Bitcoin against? Nobody trades against the dollars. We trade against Tether. What is Tether? It's a $100 billion U.S. Treasury slush fund and it keeps rising in value. As Tether . . . Tether makes perfect sense to me now that Leticia James gave it the slap on the wrist and I think the Fed controls Tether. I think the Fed controls Tether. I think the Fed executed all the other stablecoins in order to have control over the Bitcoin trade in that respect and know that Tether is audited; they own a little bit of Bitcoin; they own a little bit of gold; they own about 85% in short-term treasuries.
