US Crypto Reserve Bombshell, Ramp’s $13B Climb, & more | E2092

0:00Just balls and strikes here. Very simple idea. Trump comes out and says on Friday at the White House crypto summit, which I think is great that the White House is doing a crypto summit. I think it's great they're going to do regulation. Trump comes out and says, here's how it's going to go. Everybody in crypto pays a wonderful crypto tax. Crypto transaction tax, not a tariff. It's the crypto transaction tax. It's going to be wonderful. Everybody pays 10 bips. They pay the VIG to the crypto reserve. Problem solved. We're not spending any taxpayer money. It goes directly to taxpayers. Maybe we do a crypto dividend.

0:34then maybe everybody gets a little crypto. Wouldn't that be a nice, Alex, a little crypto for everybody? Alex from this week in startups in the first row. I thought we were broke, Mr. President. I thought we were flat broke. Okay, no dollars. Listen one more time. He's a low IQ, low IQ lib. Okay? That's true. He's pro gay rights. I love the gays. Okay, gays for Trump. Huge. Alex Wilhelm. Low IQ Alex Wilhelm. It's a tax. Crypto people pay it, not the Americans. So I think this would solve the whole problem. Are you saying that crypto people are not Americans? Have you met him? Alex, very interesting people, maybe from Mars.

1:09I mean, maybe Elon will find crypto people on the red planet. I mean, he's capable of doing it. Okay, anything's possible here. This Week in Startups is brought to you by Gusto. Gusto is easy online payroll benefits and HR built for modern small businesses. Get three months free when you run your first payroll at gusto.com slash twist. Open phone. Create business phone numbers for you and your team that work through an app on your smartphone or desktop. Twist listeners can get an extra 20 % off any plan for your first six months at openphone.com slash twist. And LinkedIn Jobs. A business is only as strong as its people, and every hire matters.

1:43Go to linkedin.com slash twist to post your first job for free. Terms and conditions apply. All right, everybody, welcome back. It is Monday, March 3rd. I'm Jason Calacanis. He's Alex Wilhelm. A lot is going on. We might as well get right to it. Yesterday, our fine president did pump 2.0 trump 2.0 has his second crypto moment and uh alex i i broke and i am continuing to break my 72 hour rule what's the 72 hour rule we wait 72 hours whatever trump says something to try to interpret it now this one is directly involved with startups so there's no way not to lead with it and everybody's got an opinion on it but why don't you tee up what happened yesterday.

2:29And then we'll talk about what's happened since. And my, you know, as many of you are here, if you're here on this week, you're here to hear my opinion as well, and my take on it. So I'll give you my hot take. Please don't aggregate me, bro. All right. So going back in time a little bit, the Biden administration, famously, I would say critical of the crypto industry led to a lot of bad vibes between the Democratic Party and crypto entrepreneurs here in the United States. Then Trump won, partially thanks to crypto support. And there was a lot of anticipation that he would be a very crypto friendly president.

3:00One idea that had been floated, Jason, was the creation of a Bitcoin strategic reserve. The idea put some of the national wealth into Bitcoin, a scarce asset, and then over time, it will appreciate in theory, and then help us resolve some of the debt. Now, probably not enough to make an enormous dent, but it wasn't, you can kind of see it. Then this weekend, we got this instead, which is a little bit different. Instead of what we thought Trump was going to put out, he instead launched in a first post over on Truth Social that there will be a US crypto reserve, not a Bitcoin reserve, and that it would include assets such as XRP, Solana, and Cardano.

3:36Then everyone asking, well, those aren't the assets we expected. He did a quote truth, I believe. A re-truth. A re-truth. Thank you, Jason. Yes. That Bitcoin and Ethereum, the actual best known cryptocurrencies, would be included as well. This led to a pump in the prices of these tokens. As you can see here, Jason, we've prepared a chart. It led to a pump. Okay. So Trump likes to jump the gun on all announcements. So we know that. And remember, rule number one in Jason's seven rules of interpreting Trump is Trump says a lot of wacky shit. That's rule number one. Trump says a lot of wacky stuff.

4:16That's rule number one. Rule number four is always wait 72 hours by trying to interpret what he says, because see rule number one. And almost always, his process is to, you know, do process journalism, process PR, I guess we'll call it process PR. Sure. Which is, you know, process journalism is you're like, hey, our tip line said FTX is a house of cards. We don't know it's a house of cards, but you kind of run fast and loose. tons of criticism of processed journalism because you can you know slander people or you can just kind of go down rabbit holes it's it feels unfair and not well thought out well trump does the same thing in terms of pr and announcements they're not well thought out they're not planned people don't know what he's going to say and he got that from howard stern howard stern's the reason for his success made famous in a great film called private parts based on his autobiography was this famous scene where Paul Giamatti, who is his manager at the station, gets the results because he's trying to fire Howard Stern, who's been forced upon him by NBC radio.

5:24Howard Stern refers to him as pig vomit. So you can get a sense for their relationship. And he says, I don't understand. Why are people listening to him for 47 minutes? That's unbelievable. It's like a record. And it's like, because they want to hear what he's going to say next. right and then he says oh okay well tell me about the people who are his detractors and it's like oh they listen for 97 minutes he's like what they listen longer and they and they hate him these people hate him why is that and they said number one reason stated they want to hear what he's going to say next so here we are trump 2.0 says a lot of stuff the world went crazy on this because now you have to wonder why those three well they are three of i think if we open coin market cap coin map market cap tracks the market capitalization the total value of crypto projects in fairness to trump i believe you know it's right now bitcoin ethereum which he put in his follow-up and then xrp tether which is a stable coin so you can kind of take that out bnp solana usdc cardona so of the top eight you need to take out the stable coins which i think is two of them this top six the five he picked are five of the top six right and i don't know what bnp is but uh bnb is the Binance house token.

6:38Oh, okay. So is that like a stable coin or it's just their house crypto? Okay. It's just their house crypto. Yeah. Got it. Okay. So anyway, in fairness to Trump, he did pick the top five if you're going to pick a crypto reserve. The problem with all of this is after the meme coin, the Trump coin, which then the SEC, we talked about this thing on Friday, I believe my interpretation of what they did was they wrote regulation around Trump's behavior, Or I should say a different organization that the Trump organization runs. So there's this World Liberty company, and this is where everybody's mind's going to wander.

7:14World Liberty Financial Inc. I believe this is run by one of his children, and I believe that person is Eric Trump. Now, everybody on the left is going to say, this is a pump and dump. This is a Trump pump. There was Trump pump 1.0, which was Trump coin. and now here we are and the sec had to make an announcement about um meme coins and i believe they kind of framed them around trump's behavior to kind of get him out of hot water this is not the type of country anybody wants to live in now you will not hear republicans complain about this i'm a moderate let me just state that from the beginning i'm pro crypto i'm anti-fraud that's all you need to know about me i'm pro free markets and we can put me aside for a second when you do things you have to look at the game on the field the game on the field right now alex and i'll stop on this and get your reactions because your reactions are also as a libertarian libert libert i would describe you as a liberal leftitarian leftitarian but you're also pro free market so you're like a clinton-esque democrat capitalism democracy gay rights okay fantastic love it check check check for me on all those boxes so the left is now going to have a field day with this and they will weaponize it and this is what's really really disheartening to me and the right will ignore this just like the left ignored you know the hunter situation which was pretty gnarly the left ignored biden's cognitive decline i believe that ultimately and we'll see what jake tapper's new book comes out with but i think ultimately that will wind up being one of the great cover-ups.

8:58And the second time we've covered up a president in cognitive climate, first one, of course, being Reagan. So now this is going to result in the same chaos we had during Trump's first term and into Biden's, which is lawfare. You can easily weaponize this because Eric Trump, I think, works at World Liberty Financial. And he's become effectively the biggest crypto supporter amongst the Trump family. Jason, you actually retweeted him and he said, buy the dip and had the Bitcoin B symbol, if I recall correctly. And then I think today he retweeted somebody kind of questioning him giving financial advice.

9:35And then he's like, oh no, now my advice is basically to hold. So here's the challenge, I think. So let's just start with point one. The challenge in all of this is, this is going to derail, or I believe it will derail, what I believe is some of the good work of the Trump presidency. see i am everybody knows a never trumper who was a very clearly none of the above double hater in this last election that being said yes whoever wins i give a hundred percent of my support to my president he's my president once he becomes president united states yeah i'm old school gen x or whatever criticize it if you like i'm not part of the resistance on either side i am hey let's steer the president towards greatness.

10:19Call balls and strikes as best we can. All right. You didn't start your company to run payroll. Did you? Of course not. We all know that. Gusto is here to help. Gusto is going to help you run your payroll and handle all your benefits onboarding and HR all in one place. The market agrees. 300 ,000 businesses trust Gusto today. and you can too. As your startup scales, Gusto is going to grow with you. You got state and federal taxes handled for your staff around the country. Gusto does all that. And hey, maybe it's finally time for you to offer a 401k plan for your team, right? Gusto's got you on that.

10:59And you might need to get your compliance sorted, right? Well, three out of four employers say Gusto helps them be government compliant. And even better, Gusto is simple, easy to use software. So you can focus on what matters, building your startup. So here's your quick call to action. Do you want all Gusto has to offer with no hidden fees? Well, how about a discount? Try Gusto and get three months free. Gusto.com slash twist. That's G-U-S-T-O dot com slash twist. Now we're going to go into crazy lawfare i believe attorney generals civil suits and they're going to drag eric trump world liberty anybody who donated michael saylor brad garlinghouse from xrp this is going to drag all of them into lawsuits and chaos by local attorney generals because obviously the federal attorney general is selected um and is seems like pretty partisan so anyway i want to jump in on the the you won't hear about this from the right to my mostly but to my surprise jason there have been some notable uh of dissent so i want to grab uh here's joe lonsdale 8vc i believe he's a pod friend of the pod and um joe says for those folks on the audio version taxation is theft it should be kept to a minimum it's wrong to steal my money for grift on the left it's also wrong to tax me for crypto bro schemes efficient defense courts national park blah blah blah fine cut it out with these schemes guys.

12:25This led Jason to another interesting bit of commentary from Technology Circles. This is from Nikita Beer, of course, a well-known founder in the social media consumer application space. And he says, quote, in response to Joe, this is getting egregious. Every two weeks, there's a kickback to the family, completely delegitimizes all the work Doge is doing. And so when you say specifically that this is not what you were hoping from the administration and that you wanted Doge to do well and other things, I agree. It's depressing to see what seems like really unnecessary side quests of grift when some folks were pretty content with what the administration was doing before this stuff.

13:01It's interesting. I think people agree. Lonsdale is a true independent thinker. You're not going to agree with him about everything, obviously, but I will give him intellectual credit points because once you become a partisan and you're part of a political party, rule number one is never criticize anybody in the party. Carry the party line vote the party line period full stop and we see that when you have so few people break ranks when you know you ever get a vote in the senate or something like that right it's always party lines always party line this is why i choose to not be part of either party because i like to just be able to tell you my audience and to have discussions from first principles with you alex and other folks yeah so um i give joe lonzo a lot of credit um i saw david sachs came in and i just give a little disclaimer here i was david sachs and i are friends for 20 years we're partners in the all-in podcast he is no longer on the all-in podcast officially he does drop in as a guest as he has himself stated so he come i think he's come in two or three times since he took office he's been very clear he divested all of his uh crypto that's a public tweet he did yep number two he said wait for the announcement so he is enforcing the 72 hour rule you know nothing's been said yet so he is the crypto czar yes well just for you know good hygiene here when we refer to david sacks please don't re-aggregate me please don't weaponize me against my friend and say oh, Sachs' bestie and business partner is anti-Trump.

14:39He's a never-Trumper. He said Trump should go to jail, whatever. It's not going to work, folks. It's not working when you try to weaponize Trump versus Elon. It's not going to work when you try to weaponize me versus my friends. We can be friends and disagree on things. That's called America. Also, everyone should chill out with the parasocial relationships. And I don't think we need to break up friendships. That seems to be a bridge too far. It's so lame. You know, like, what are we doing here? If we're going to have a great democracy and we're going to lean into what's great about America, I can disagree with Sachs.

15:10Sachs can think I'm an idiot and dunk on me on Twitter. It's all good, folks. We can still be friends. He can dunk on me. We disagree profoundly about Ukraine. We agree on so much when it comes to crypto. And in fact, I believe he is the best actor in the world. and he is one of the most moral, ethical individuals I've met in my life. Now, he's part of an administration. So the previous thing I said is rule number one when you're part of an administration is not attack other people in the administration because they weaponize that against you in this sort of context. So you're not going to hear J.D.

15:47Vance throw Trump under the bus. You're not going to hear Trump throw, you know, I don't know, Tulsi Gabbard under the bus. They're going to be thoughtful about these things 99 % of the time. What was the first rule of Trump? Oh yeah. He says a lot of stuff, right? So he's going to say a lot of stuff. He pops off sometimes. Yeah. All right. So let's just read Saks' tweet out loud, please. Yes. Quote, and this is in response, by the way, to the Joe Lonsdale tweet, which is one reason why I wanted to have that up so everyone can see it. Please read it verbatim. In response, quote, nobody announced a tax or spending program.

16:20Maybe you should wait to find out what's actually being proposed. And this actually brings up a big question, which is, okay, if we're going to put these assets into a trust, how does it work? How do we fund it? Where does the capital come from? At what price are we buying in? Who's going to custody the assets? There's really a million questions to this, Jason. And I wish that we had had the full package up front. It might have cleared some of the air that has surrounded this because criticism, I went out and found, are trying to find criticism and compliments about this crypto reserve as john put it out very easy to find criticism even amongst the right-leaning technology crowd yes hard to find any praise of it i found one tweet from sean mcguire of sequoia saying legendary thoughtful comment from naval i thought was pretty great yes he attacked it and assessed it from a technological viewpoint 23 hours from the taping of this he said the u.s taxpayer should not be exit liquidity for cryptocurrencies that are decentralized in name only so he's talking about everything but bitcoin and this is super important i agree with him wholeheartedly bitcoin is decentralized from day one now there is somebody who owns whatever i don't know 20 satoshi owns some large amount in a wallet.

17:37So perhaps we'll argue at some point if that person cashes those in and we see that wallet become active that, hey, this is some grand conspiracy, but it's decentralized, right? That person let go of it. XRP is the opposite. And in fact, if you pull up the lawsuit from the SEC in 2020, one part of which XRP won, the recap of it, I believe, they couldn't prove that the XRP founders were selling to retail because the retail trading was occurring on platforms. So they couldn't sort of connect those dots doesn't mean that they're not guilty of stuff it just means they couldn't make that connection and then they're still an act of lawsuit i believe for the other part which is they did a billion dollar unrecognized security i believe that's obvious then i see brad girlinghouse stumping for trump i believe that he's a major donor to politicians i don't have the details on it but you know he was at the crypto ball etc and xrp supports everything and splashy cashies xrp all over the place which was the nature of the lawsuit they were talking about how much xrp is being you know gifted around somebody in our comments here made a joke brad should just give a billion dollars in xrp for free to become legal to the sovereign wealth fund that's actually that's actually a pretty good speeding ticket i kind of like it on face value as an idea the appearance though is you donate money to the president and then they put your asset into their reserve.

19:05Therefore, as the kids say, pumping your bags. And I want to circle back to the David Sachs thing, because I did see people saying that David Sachs' firm Kraft has backed a number of crypto firms. True. And I do think it's great that the firm and Sachs divested their direct holdings, but I don't think you can really unlock an LP investment firm relationship is my guess. So my presumption is that he's put his percentage in Kraft to the side, but it still exists in some way. So I think he's doing what we can expect him to do there. So I have no beef with that. But people were saying that Bitwise, one of the companies in his orbit has a number of funds that hold crypto assets.

19:45And those are the ones that were being picked. But I just want to say, I went through their filings today. I went through the fund prospectuses and so forth. And as far as I can tell, these are just things that are investing in the top 10 cryptocurrencies, for example, much like we pointed out. So when it comes to conflicts of interest, you have to do the work, which Sachs is doing by divesting and missing out on a pump to his defense. But it is tricky when you are an investor in companies that have exposure themselves, because you can only disentangle yourself so far. So I don't think the criticism is fair that he is being malicious.

20:19I just think that he's stuck looking bad. And this is why in government, we try to even avoid the appearance of conflicts of interest. And that's why this is sticky. founders every missed call is a lost opportunity and potential customers they're not going to wait they're just going to move on to the next service provider the next company you need open phone so you never miss another call and you don't want to lose track of who you followed up with who you haven't followed up with open phone is the number one business phone system built for entrepreneurs like you for just 15 a month open phone gives you a dedicated business line to keep your personal life separate from your business life.

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21:40So here's your call to action. Sign up and start using your new business number in just minutes. Right now, OpenPhone is offering 20 % off your first six months when you go to openphone.com slash twist. That's O-P-E-N-P-H-O-N-E.com slash twist. You know how to spell open. You know how to spell phone. Therefore, you know how to spell openphone.com slash twist for 20 % off for six months. And if you've got existing numbers with another service, open phone will port them at no extra charge. You can be sure that Sachs doesn't need any more money and that he's divesting if he says he's divesting he's divesting that doesn't mean other people aren't doing tremendous on this and there was a report and this is the thing about crypto and this is where eric trump i believe is going to become like the hunter biden theme of this presidency you know for better or worse fair or unfair because he says a lot of stuff too so now you got eric trump saying how brilliant it was to he's blocking me by the way so i can't uh pull it up myself um which is fair i have been a bit critical at times uh he says how brilliant it was that they did all this on a sunday so he's kind of like almost taunting regulators he's haunting folks with his tweets.

23:09Here's an idea. Say less. Best advice for Eric Trump. Your dad's the president. Your dad's being the crypto president. The crypto lobby. I mean, I think the crypto lobby, the numbers I've seen thrown around are extremely high. If we read what he said, I love the genius of announcing a strategic reserve on a Sunday when traditional markets are closed and Wall Street sleeps for the first time retail investors win. So he's trying to kind of save himself there. Like I'm on the side of retail, traditional finance, better catch up and will quickly become extinct. The world no longer runs Monday to Friday, nine to five.

23:44And then he adds world Liberty five to hashtag BTC, hashtag eighth. The gist here for folks who don't know what we're talking about is that the stock market opens defined and runs for defined hours. Jason, it takes holidays off. It closes early. It's only for a set period of time. Crypto markets run 24 hours a day, seven days a week. And so if you wanted to make a trade on, say coinbase after this you'd have to wait for the markets to open more or less whereas crypto is always trading doesn't matter what time of day or day of the week let's move to prediction so we can wrap this up okay number one this is a terrible idea number two uh it's just a terrible idea uh and the reason it's a terrible idea is because it's going to launch just so many legal issues and it works against what I think are the three most important things Trump is really mandated with doing.

24:36If we look at why Trump won, I think number one was immigration and the border. I think he's done a reasonably great job on that. He's deporting 500 to 1 ,000 hardened criminals per day. We haven't heard much about it for two weeks. I'm sure it will pop up again, but that was actually something the overwhelming majority of Americans wanted to see. 80, 90 % of people want to you know legal thoughtful immigration number two doge people want to see the end of waste foreign abuse he's doing that so you might not agree with how it's being done but that's like the second part of the mandate and the third part is again and you might not like how he's going about it but we won't get into ukraine situation but stopping foreign wars and diplomacy i believe actually he's very good at that.

25:24I think he will end the Ukraine war where Biden didn't. It's going to be very hard for people to give him credit for that because of the stylistic way this is going down. But I think he will come to a great agreement, a grand bargain, if you will, with China. I think people don't like the stylistic points on what's going on in Gaza and Trump. Gaza's, you know, like pure lunacy with the AI video, pure lunacy in reality television with what happened in the overall office. I actually think kind of crazy like a fox. I've talked about it before. Crazy's on your side. I think he will on those three fronts.

26:01We'll be sitting here in two or three years. I think he could accomplish those three mandates in the first half before the midterms. Okay. This is the kind of stuff that will derail everything. So can I just say totally off topic, but I was waiting for you to say inflation because to me, if I was to pick the number one thing that won Trump, the last election, it was inflation, partially due to spending in the trump administration one partially due to biden one the inflation went up during biden you're correct yeah yeah but spending in trump 1.0 impacted that correct so that's what i thought was the number one issue i ever the other things i think kind of nest into that in my view but that's off topic i was just no no i think actually that's a really good punch-up i do think the american public was fed up with the inflation issue while at the same time the stock market was at record highs and unemployment's at record lows and wage growth was reasonable putting that aside i don't think the president actually has too much of an impact on i mean i think they can screw it up like the fed did but i don't think the president actually has too much impact on that so uh but you are right that is part of the mandate and i think we saw the inflation handle looked pretty good right just last week the inflation handle looked pretty good yeah um so there's some conflicting data there i'm worried about gdp but I just want to pull up something regarding the Trump family, crypto, and the situation.

27:20Producer Court found a Telegraph article that said that Trump's Truth Social Company, which is TMTD, Trump Media and Technology Group, says it'll put up to a quarter billion dollars into assets, including cryptocurrencies. I just chased that down via their IR website, and that does appear to be correct, and they may put it into Bitcoin and similar cryptocurrencies. So you could very much argue that if TMTG, which Trump owns a big chunk in, followed through on its public announcement. Trump just pumped his own bags to an absurd degree. Right. So if that's all true, we got to put all the ifs and caveats there.

27:53Allegedly, caveats and so forth. What a disappointment though, Jason, that this is what we're doing because all he had to do, Trump, was say, we're going to do a thing that's going to yield Bitcoin for the government. We're going to put it into a special reserve. And he would have gotten such a big PR win from the cryptic community, from a lot of folks on the internet. And it would have been kind of a slam dunk. Would it have been a policy that changed the world? probably not but it would have been a nice pat on the head for his fans instead we're here and this is like the thing about trumpism that i don't always i don't get it seems that there's a way to do things that his audience would like and then he does something else and i'm always like perplexing to me yeah uh another name i'll just put it out there to track that people have been whispering to me over and over again is justin's son yes so he is a businessman this is cnn and if you trust it or not.

28:41This man who pumped$75 million into the Trump family-backed crypto token finds himself in a fortunate position this week as federal security regulators are hitting pause on their civil fraud cases against him. Again, we're going to just see this over and over again. Whether these things are the normal course of action or not, everything is going to be assumed to be a corrupt grift going forward. Well, I just pulled up some reporting and some tweets from son and it does appear that he put another 45 million into world liberty financial after previously put it in 30 so that is a 75 million dollar purchase into an asset controlled by the trump family more or less and then you'll note that he's i think his suit was dropped so okay you want me to clean the whole thing up for you hit me i've talked about this 20 times a crypto tax ah yes the old crypto tax now sacks retweeted joe and said hey wait for the details Okay, perfect.

29:36I don't advise any of my friends on what's going on. I stay out of it. So I'm arm's length the same way Saks sold his crypto, Saks sold his J coin. I am not collaborating with Elon on Doge, Saks on whatever, Robert Kennedy. I know some of these people. I am not collaborating on anything because I want to call balls and strikes here and on all in. Again, independent. I voted Republican one third of the time, Democratic two thirds of the time. I'm not part of either party. I'm a doublehead. I'll keep repeating that because people keep trying to frame me as some libtard, like crazy, like Kamala, Biden supporter.

30:10I said very clearly I wasn't going to vote for them. So I have been saying this for many years. Here's a tweet from December 14th, 2024. If the government wants to build a strategic reserve in Bitcoin crypto, they should place a tax on it. That being crypto. Every time you buy or sell it, you pay a small percentage in actual cryptocurrency to the government's wallet. just 50 basis points or even five basis points would result in massive holdings and most crypto folks would gladly pay it in order to have a legal framework i mean hey and this is my little cheeky at the end gets me in a little bit of trouble uh i mean it would be a shakedown and protection racket or probably worth it all right we all know if you're a founder or even if you're a small business you're thinking about your company 24 7 365 days a year that's the life of a founder.

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31:39So do me a favor. Don't take my word for it. I mean, you should. I know what I'm talking about is where I find my great people. But just understand that 72 % of small businesses using LinkedIn said that it helped them find the best candidates. So find out why more than 2.5 million small businesses already use LinkedIn for hiring. So here's your call to action. Post your job for free. Why wouldn't you do it? It's free. F-R-E-E. That's a good price. LinkedIn.com slash TWIST. Once again, that's LinkedIn.com slash TWIST to post your job for free. Terms and conditions do apply. just balls and strikes here very simple idea trump comes out and says on friday at the white house crypto summit which i think is great that the white house is doing a crypto summit i think it's great they're going to do regulation because again we talked about too hot before gary gensler too cold with gary gensler let's try to get to just right because we're in a just too hot time period right now obviously those trump comes out and says here's how it's going to go everybody in crypto pays a wonderful crypto tax.

32:49Crypto transaction tax. Not a tariff. It's the crypto transaction tax. It's going to be wonderful. Everybody pays 10 bips. You may have heard of bips. Bips is a little word. B-I-P-S. 10 bips. They pay the VIG to the crypto reserve. Problem solved. We're not spending any taxpayer money. It goes directly to taxpayers. Maybe we do a crypto dividend. Maybe everybody gets a little crypto. Wouldn't that be a nice, Alex, a little crypto for everybody alex right this week in startups in the first row of the uh i thought i thought we were broke mr president i thought i thought we were we were flat broke okay no dollars listen one more time he's a low iq low iq lib okay that's true gay rights i love the gays okay gays for trump huge alex wilhelm low iq alex wilhelm it's a tax okay crypto people pay it not the americans so that i think this would sound are you saying that crypto people are not americans have you met him alex very interesting people maybe from mars i mean maybe even will find crypto people on the red planet i mean he's capable of doing it okay and it's possible here i gotta go at humor here but what do you think of my idea just say everybody knows trump reads my tweets everybody knows that that's definitely true people are sending his tweets to him because he did the golden visa based on my 500k just added a zero so i said do 50 bips or five bips he's going to add a zero five percent or 50 bips will be his range what's the average rate on like i don't know a 10 20 no limit hold 'em table at a casino i think you're it'll wind up being like 10 bucks an hour per person so 100 bucks an hour you play 20 hands that means five bucks a hand that's my guess is like because that's what they charge in in big games yeah when you play a big game they don't take it out of the pot because the pots get really big so instead of taking a percentage of the pot at 30 minutes they have a timer yeah and at 30 minutes whoever has the button pays the entire thing or at 30 minutes everybody throws in six or twelve dollars so at a big game you're paying like 100 to 250 an hour to the casino so you play a 10-hour session they make two thousand dollars and the dealer is getting paid probably 10 bucks an hour 20 bucks and they get minimum wage plus tips yeah but tips tips fly to dealers when things are going well Oh, so that's, so that's, that's my analogy here is this is fine.