sorry.

but it's what's especially powerful is with AI.

I was having a hard time getting my, uh, super awesome golf live stream, uh, on Noster and I couldn't find the right way to do it.

Three minutes with a clanker.

Uh, I have a server set up.

It's like, Hey, we should probably do this on digital ocean so that you don't, uh, expose your home IP address.

Boom.

Nobody thought Brexit was going to happen either.

I, I believe, correct me if I'm wrong, like, you were around.

Yeah, I, I actually, um, benefited quite greatly, not in a nefarious way, but in the way that the price of Bitcoin fell by, like, 50%.

The, um, benefited quite...

Ooh, had a weird echo there.

And then, uh, with that, uh, with that downside, I was able to buy, like, twice the amount of coins.

[laughs] So that was pretty sweet.

Um, [laughs] but just goes to show you all that means is I got lucky- ... time in the market, um, and that's what actually helped me spend time in the market.

Exactly.

Where do you think the average person who owns Bitcoin today actually sits on that ladder versus where they think they sit?

Yeah, that's a great question.

I think...

So this, the concept of this, of this counterparty ladder is a thesis I've been building for, like, a few months, as we've been talking about this, and it's this idea of constantly trying to identify where your counterparties are, and then understanding if the trade-off of that counterparty is worth the risk.

Is the benefit of that counterparty risk worth the risk of that counterparty? And different counterparties expose you to different problems.

Um, and so, like, y- you know, everyone kind of starts early.

Before you even start investing, y- you know, you're probably inheriting some level of wealth or some type of, of money through, like, the traditional asset system, the legacy asset system, the legacy financial system, and this is just riddled with counterparties.

But why would you decide to say it?

Welcome to the pod.

Oh man, thanks.

It's great to be here.

Love what you've been doing.

I tell you all the time in our meetings, but you know, I will formally and publicly acknowledge the great work of our host Q.

And yeah, really appreciate that.

And I think this is such a, man, Bitcoin Well, I think, is in such an interesting spot because we serve, of course, a lot of American clients.

Legally speaking, is that the case?

So is that something made up for this movie? Yeah.

No, it's a real book.

The Book of Retribution really exists.

Okay.

But it's not for exactly that quote.

That quote would just modify a little bit because that demon, Elim, exists for real.

For real.

okay

How about you? Adam, what, what's your view on the CLARITY Act?

Guys, I'm not gonna lie.

I really don't think it matters.

[laughs] I, I think the CLARITY Act, the thing, the, the problem that I have with our current political systems is that if CLARITY Pact asks, if the CLARITY Act passes today, the new administration can just change it or delete it later.

You know, Trump signed the executive order to, uh, make CBDCs illegal.

The next guy can just sign an executive order to make them un-illegal.

Um, you know, in Canada, like you, you, you used to have the ability to have a bank account, and today you don't.

Adam, Adam, would love to get your take on that.

And didn't you cover it on Lethal Mullet once, too?

with a certain Kevin, the Raider nerd, right? So yes, episode number, I think it was 78.

We did.

So way back in 2020.

And it's when I went on eBay and I was looking for Outland, couldn't find it yet.

All of a sudden a VHS turned up of Outland.

I'm like, wow, I'll go get that at least, you know, got that.

But

Yeah.

I think to...

Something you said off the top is, is I think what perfectly sums up this mindset, which is there is a responsibility to, to stewarding these funds, and it is, at this point in time, irresponsible not to make a decision on Bitcoin.

And when I say that, I mean having a very good reason to not adopt Bitcoin.

Uh, 'cause there is...

I think unless your organization is the type that just lives and, and runs year by year, if you have any understanding of the future in your organization and, and you have any desire to be a decade or a generational organization, then ignoring Bitcoin, uh, is incredibly irresponsible.

Mm.

Get one from each department and be like, "Go read a book.

So what we thought we'd do is we're gonna start with Adam, and he's gonna show us, uh, how he makes a phantom for vascular access, which is what I think all of our young doctors, uh, should know how to do.

Okay.

So I'm gonna be using a, a well-used and tried, um, ultrasound phantom using a chicken breast.

Um, a chicken breast covered in, uh, Glad Wrap.

Um, and it has a couple of silicon tubes, water-filled silicon tubes in it.

Um, and, uh, I've used this, uh, fairly o- very regularly teaching my, um, medical and nursing colleagues how to do vascular access.

Um, we use chicken breast because it mimics better the tissue that, um, I guess human tissue, uh, as opposed to the, um, synthetic ones, which, uh, are very, uh, ho- homogeneous and, um, very easy to cannulate, whereas the- these, um, chicken breasts, uh, have challenges of their own, which, uh, which, um, are similar to the challenges we, we have when we're, um, cannulating humans.

Yeah

[laughs]

...

the protocol, I, I think the protocol's fine.

I think Bitcoin, the promise, the, the philosophy, the theology of Bitcoin, everything's sound.

Um, but I think at this moment in time, we're gonna look back on it and think, "Oh, wow, that was centralization.

That was manipulation.

That was a bunch of people who are known for manipulating and moving markets for their own benefits." Manipulating and moving markets for their own benefits.

Absolutely

Is it safe to say, Adam, more widely accepted as a standard?

Yeah, I would probably actually even split Bitcoin out from the Ethereums and the XRP.

I kind of think there are three different variations of crypto, if we can call them that.

There's Bitcoin, and Bitcoin stands alone as the ultimate, strictly because of its decentralization.

If you only looked at the fact that no one single group of people own and control Bitcoin, that alone is enough to set it on itself.

And that compared to literally every other crypto on the planet today is the differentiating factor.

Then there's the ones that have been around a long time, the Ethereum, the XRP, the whatever other coins that are out there.

You've seen some pretty crazy, scary lows, and you've seen some unbelievable highs record high in 2025.