Bitcoin & The Coming Liquidity Boom | Nik Bhatia

28:59Nik Bhatia:We could get LSAP in the future. You get this huge balance sheet expansion. But that's not really what I see. I actually see balance sheet expansion in the private sector. I'll point people to the JP Morgan announcement of$1.5 trillion in funding that they are planning for 27 key American industries to rebuild America's competitiveness on a technology, defense, mining front. that's where I believe liquidity will be created. So is it the most important thing, Danny, that we should all be watching on the macro side? It's not, actually. The CapEx boom that has already started and we're witnessing is the more important macro story.

30:00Nik Bhatia:I believe the Standing Repo facility plus Jerome Powell are capable of negating a repo crisis avoiding large-scale asset purchases and introducing liquidity in a more gentle way through the fed that um would make it not the most important thing okay i've got like five questions in that but i'm going to try and keep keep us on track here before we get onto the private sector stuff um if they do a kind of gdp denominated expansion of of the um of the what's the word balance sheet yes of the balance sheet um is that sustainable can they do that for a long time or like just with the way the systems design, does it need those huge expansions every now and again?

30:57Nik Bhatia:Yeah, it's a good question. I think it comes down to how much the U.S. government needs to rely on the Fed. So at the moment, or let's say during 2020, 2021, the government was entirely reliant on the Fed to finance the CARES Act and emergency response. Entirely reliant. There was no private sector capacity to absorb that type of fiscal deficit. No capacity. So the Fed and the government teamed up. There's actually, there's a way to categorize what the government did as pinning the Fed into the QE. Like, you know, we're going to spend$9 trillion and you guys, you can't do anything about it. You're just going to have to do trillions of QE.

32:04Nik Bhatia:And they did. So the balance sheet expansion that they did back then was warranted by fiscal activity. So your question is, can they just do baby increases? Well, if the government is able to reduce its fiscal deficit from where it was at seven to now it's under six, if they're able to get it to under five, etc., keep going, then perhaps yes. If there's no financial crisis, that the Treasury Department goes and bails out banks like what happened in 2008 and 2009. That required LSAP because you take on the debt of the banks, basically. You inject liquidity means what? The government borrows, issues treasuries, and then sends the money into the banking system and recapitalizes the banks.

33:11Nik Bhatia:Well, who's going to fund the treasuries that they had to issue? They had to borrow the money from somewhere. You get LSAP. So the LSAP, the large-scale asset purchases are triggered by the government spending the money if we really look at the history of it. Now, the LSAP that happened in 2010, 2012, which is that QE2, QE3, and the LSAP that happened in late 2021, which was not emergency, right? COVID was already, the emergency itself was already a year and a half in the rear view, and they kept going. Those are the ones where you say those were unnecessary or you didn't need to do that. So you will need QT eventually because you went too far.

34:09Nik Bhatia:So I hope that answers your question. I don't think it needs to come with the large scale unless the government does something. And I'm quite bullish on the United States private sector over the next coming years, which might reduce the marginal or might reduce the deficit as a percentage of GDP at the margin. We're at 5.9 % today. I believe that that could creep down and put any risk of the Fed having to come in and do these large-scale QEs, maybe punt it down. And I could be completely wrong, or I could be right and just not see that a crisis is maybe three or six months around the corner. And then the government comes and has to bail out a sector that we might not even think of right now and then have to borrow and the Fed has to do QE to join in.

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37:01Speak to AnchorWatch for a quote and for more details about your security options and coverage. Visit anchorwatch.com today. That is anchorwatch.com. I love Larry Lippard. He's on the show fairly regularly. His book is brilliant. And he always talks about this idea of like the big print coming and he doesn't put a timeframe on it. He's not saying that it's going to happen tomorrow, but he's saying just the way the system is set up, it has to happen at some point. Do you think he is missing something there?

37:28Nik Bhatia:It's not that he's missing something. It's just that I don't agree with the Fed print has to happen. I think that the whole system is in a state of flux, and it's responding to unsustainable paths that it might have been on. So I believe much more in the self-correcting as opposed to the big print to just inflate everything away. Again, it probably comes back to my bullishness on the U.S. productivity and private sector in that I just don't see the big print being inevitable in the same way he does. Now, Larry is a brilliant historian in the way that he set up the history of the United States financial system and the different periods in which sound money was the basis of the system.

38:32And the days in which the fractional system was more controlled or better controlled or more perhaps the free banking system was a more free market system.

38:45Nik Bhatia:but prone to crisis too. So one can like another's history and context, but completely disagree with the result. And Larry and I have had great conversations. We even were on stage together in Vegas and discussed some of it. But I read his book before we did the panel because I always like to learn about American financial history. There were some great nuggets that I picked up there. I think that as a trader, a former trader of U.S. Treasuries, I can see how strong the asset class is. So this idea that the asset class itself is on weak footing is something that I wholly disagree with. And again, it's not that today it's just a great asset class.

39:38Nik Bhatia:The government has to get its act together for it to be a great asset class for another 20 years, right? So maybe that's the disagreement is that my outlook is more bullish than his on the U.S. government's ability to have a sustainable deficit, a sustainable debt, grow the private sector have the right taxes and regulations to have a sustainable debt to GDP ratio that allows the government and the private sector to both prosper. So that would be my thought on the big print. Yeah, I can understand that viewpoint. And I've spoken to Joe Carlsari on this, And it sounds like you probably agree with Joe on a lot of these takes because he's also like a big believer in the productivity.

40:36And the thing that I always struggle with there is I can believe that the U.S. becomes far more productive. I think automation, robotics, like AI, all this stuff is going to have a massive boon. But what I don't know is what that does to jobs. Like, I don't know if AI, like the number of jobs that AI will replace, but I think it's going to be really high. And if the U.S. has positive GDP growth while joblessness is going up, what happens then? It's a good question.

41:06Nik Bhatia:There is a dynamic at play already, Danny, in which the S &P 500 is going up, but job openings are going down. Mm-hmm. So we're already living in this era. It's in front of us. So if we're already living through an era in which job openings are going down, and anecdotally, too, we hear about it being tough to get a job for entry-level people, for example, but the stock market is going up and GDP is doing fine. what is the sensitivity of U.S. GDP to the middle of jobs, the middle income area of jobs, or the lower income area of jobs? It might be zero. What is the sensitivity? That's always what we're thinking about.

42:06Nik Bhatia:Yes, the labor market might be an issue. Yes, AI might replace a lot of American jobs. But how much does aggregate consumption go down, if that's the case? And aggregate consumption is 70 % of US GDP, so it's the main driver. So if people are losing their jobs due to AI, but aggregate consumption goes up 3%, then there's no more sensitivity to, I shouldn't say no more, but there's no sensitivity to this particular dynamic. now what if it continues and starts to wipe out enough jobs so that it hits aggregate consumption and then hits gdp and tax revenue and all that kind of stuff i mean that's not my base case at all now i'm looking at how is ai gonna replace jobs and and hit the economy and the labor force and how does that feed back into consumption in the U.S.

43:05Nik Bhatia:GDP? Okay, but what is GDP? If you go back to econ textbooks, GDP equals consumption plus government spending plus savings and then the export factor, the net export. So throw out net exports for a second. So you have the consumer and the government. Let's say the government doesn't spend more money because we don't really want it to if we're in this bullish American thesis where we want sustainable debt to GDP. We don't want the government spending more and more money or increasing as a percentage of GDP. We don't want that.

43:52Nik Bhatia:Now, in the Econ 101, your whole income is either consumed or spent. There's nothing else to do with it mathematically. You only have two choices. You either spend it or you save it. Now you zoom into savings. Econ 101 suggests that savings equals investment. S equals I. It means that if you save a dollar, by default, you are investing it. Now you can invest it in a T-bill or you can build a factory. My bet is that all of the consumption that is not spent, basically all the money that is not spent in a previous regime, let's say the last 20 years, it's saved and hoarded and sent treasury yields lower, but not anymore.

44:48Nik Bhatia:We're on the upswing of yields. And I'm not a big believer in this big bond bear market, but the era of zero rates is over. You have healthy rates now. And that healthy interest rate in the market is not enough to say to people, hide out in T-bills. We're going to go build a factory. and that's where a lot of my bullishness comes from is that it's the factory building. I did a video just today, Jensen Huang, he's talking about, the CEO of NVIDIA, he's talking about the United States building thousands of factories and using millions of skilled workers to do it. It's a very bullish vision. Where's the capital gonna come from?

45:38Nik Bhatia:Where's the labor, the skill, all of that? That's TBD, right? I don't have blinders on and, you know, just think we can build a thousand factories tomorrow. But they already built the fastest chip in the world, from my understanding, in the United States this year already. And he's on TV talking about it and attributing almost everything to President Donald Trump and his efforts and the tariffs specifically. That's wild. it's actually way more accelerated of a timeline than I expected. That you can go from a new president to tariff policy to the fastest chip ever made already in the United States done, manufactured.

46:29Nik Bhatia:You asked me what's the most important. That's the most important story. It's these next thousand factories and the build-out of tens of trillions in AI infrastructure, which includes energy grid, electrification, and all of that. And by the way, is it going to be all government financed? No. Part of my bullishness is that J.P. Morgan releases$1.5 trillion dedicated to these 27 key industries. And it includes 6G mesh networks, drones, robotics, mining for all the material space exploration. So this is a wealth and credit creation and money. It's very fleeting. That's why people love Bitcoin and they love gold.

47:22Nik Bhatia:It's more tangible. They can feel the numbers. They can feel the metal. Real estate also, very popular. But J.P. Morgan and its cohort, Stani, could create$30 trillion in loans over the next decade, profit off of every one of them, and the United States could end up with thousands of new factories and industries that are world-leading. and it could lead to the importing of skilled labor where education is sourced and skills are sourced from around the world and you have two decades of American prosperity in just the building out of it and not even the benefits that could come from the build-out.

48:21Nik Bhatia:So this is me being very patriotic, bullish about the future of the country of course, but the point here is that it's not the government itself that needs to spend the money. JP Morgan can create it out of thin air. Citi can create it out of thin air. They've been doing it for hundreds of years. And with a new regime, which if anybody is paying attention, you can see we're in a new global order, whether it's a global trade order, a political order, the death of globalism, the revitalization of nationalism, the return of the sovereign, the end of the UN, whatever you want to call it. This era could unleash bank credit creation in a way that we've never witnessed.

49:18Nik Bhatia:That's the biggest story to me. It's a Bitcoin story too, if people know where to find it. So with JP Morgan, you're saying they want to create$1.5 trillion. How can they even do that? I understand loaning money into existence and credit creation, but how do they do that while in a sustainable way for their balance sheet? they make loans that they know that the customers can pay back. So that's all it comes down to. If they lend money for a 10-year project, the payback has to, the participant, the borrower, has to go out, build a factory, and sell goods, products and services, and then pay back the loan.

50:07Nik Bhatia:So how can they do it? Well, there's two answers to your question. Number one, the changes in regulation are key in this. And there's two components. The first regulation change they need is the elimination of this penalty for holding treasury capital. Basically, they should be able to hold treasuries without any capital charge on their balance sheet. That's one thing. The other thing are just the actual lending standards. that are being, I mean, they're overly restrictive and it's one of the things that Treasury Besant wants to unwind are some of these overly restrictive regulations on lending.

50:56Nik Bhatia:So if you get some good banking deregulation, you get the treasuries off of the penalty, it's called the SLR, the supplemental leverage ratio. If you eliminate that penalty on holding treasuries, you automatically unlock lending. There are numbers that Goldman and Merrill did studies on this where if you eliminate that charge, you automatically allow within the current banking regulations a couple trillion in lending. I think it was somewhere in the$2 to$4 trillion that gets unlocked. I mean, overnight from one regulatory change. So those are the regulatory changes. so that's one place the capital can come from but another place the capital can come from is out of these instruments that these entities hold that are for safety okay enough with the safety it's time to invest remember s equals i so it's either s or it's i so let's turn the s into i Go invest the capital.

52:05Nik Bhatia:There is equity all around the world. And that's existing capital. It's not fresh credit creation. But if you get that capital out of a hoarder's mentality and you put it into bank equity, you can go leverage it again. So if these banks can boost their equity positions, it's the basis for more and more lending is fractional so the answer to your question actually it's you unleash the fractional reserve how do you do that you have to have regulations go your way and if you can get some new capital in there you can you can really do it but it's a behavioral thing i think it's a behavioral thing first that they just have to get into that mentality that, okay, we're going to go out and make these loans.

52:58Nik Bhatia:And they're hitting the tape with, you know, 1.5 trillion. And they say, oh yeah, we're, you know, 10 billion in equity too, which is good. You know, they're actually going to take stakes, but it's the lending that is material. And if all this capital does get unlocked and we have trillions of dollars from the private sector created for these businesses, what impact does that have on inflation when it's coming from the private sector rather than from the government? The same, the same. And because it's an increase in aggregate demand, right? Because when consumption and investment go up, or let's say investment goes up and consumption goes down, but investment is going up, that is a purchase of materials, labor, and it sends money, you know, credit creation that comes from the private sector sends money into the economy.

53:51So, you know, you ask the right follow-up,

53:54Nik Bhatia:which is what's the take on inflation? The take on inflation is that it'll be sustained. It will be sustained. I'm not a big believer in this 5 % to 10 % inflation on the broad level, but on a more zoomed level, there will be sectors that will experience this type of inflation throughout this entire CapEx boom, if that's what we are to see. And the bond market right now says that that number is, you know, in the 2 % to 2.5 % range. You know, that might be a little low, but I'm not into the... I don't believe that double-digit inflation is going to be the result of the CapEx boom, especially with the productivity gains and maybe driving down the labor cost as well.

54:54Nik Bhatia:The government, by the way, will need more of a social safety net if AI really does just shatter the labor force and replace so many jobs. That's where you need UBI or something similar. Yeah, transfer payments and all of that kind of stuff. But it should be near people's base case for the next couple decades if we're in these new regimes expecting something like that. But again, it would have to be sustainable for my stability of the treasury market thesis to play out. See, I could be being naive here, but I can't see a world where if AI does what I think it's going to do and what a lot of people think it's going to do, um i can't see a world where we don't have qe and that's going to be a serious increase in the balance sheet going forward as well you know the it has to it again it has to qe has to be triggered by some sort of crisis so if the if the crisis is one percent increase in unemployment every three to six months, is there a bailout package that needs to be sent to every citizen in the United States?

56:14Nik Bhatia:And if that's the case, then yes, I would agree with you that it's going to come along with some balance sheet expansion. But I don't think it can be triggered without some big spending package or some big financial crisis. It seems like the future we're going into is just more and more wealth inequality as well. There's no doubt about that, especially with what we're talking about with the stock market going up and job openings going down. And even the premise that a poor labor market doesn't affect aggregate consumption. That screams wealth inequality. it's a it's a little bit of a scary future but if we if we like to summarize your point you think sort of qt is probably coming to an end maybe ending um qe in some form might be coming back even if it's sort of gdp uh denominated there's going to be a massive private credit boom um what does all this mean for bitcoin yes bitcoin now i believe is the way that we've been thinking about it is a liquidity asset.

57:31Nik Bhatia:So as liquidity comes into the system, Bitcoin is the recipient of some of that. When liquidity tightens up, we see Bitcoin's price suffer. So if Bitcoin is receiving a passive flow from all credit expansion dynamics, and it is a superior asset to other assets in terms of the relative catch-up, then Bitcoin should perform very well. Especially as more money is created into the system and flowing around the world, Bitcoin becomes a really valuable collateral as time continues to pass. So the thesis on Bitcoin is very bullish. If we think about what are the big risks for Bitcoin going forward, I would say credit contraction is probably the biggest risk.

58:31Nik Bhatia:But we live in this world where credit reaction is responded to by bailouts, which are backed by QE. and that world is, we're going to have to see some dramatic event to have to change our thesis, right? It doesn't feel like it's the right thesis to say, well, there will be, you know, I'm sure that there will be credit losses somewhere and then the government is going to let all the banks fail and a big contraction of the credit system. The government, it won't be there and the Fed won't be there either to backstop it. Big destruction in credit. Big destruction in stock prices. Bitcoin. Dollar soars.

59:36Nik Bhatia:and that's the risk. There's another risk which is separate than that, which is that inflation gets out of hand and interest rates have to go way up or the market drives them up because the market is saying, hey, inflation's at 6%, 7%.

59:57Nik Bhatia:I'm pulling my money out and putting it in fixed income. pulling it out of risk, and liquidity is affected through a big bear market in treasuries because of inflation getting out of hand. I would say that that's a risk to Bitcoin. Bitcoin is not, I don't believe, ready to act as an inflation hedge in that example. In a big bear market in treasuries, Bitcoin isn't going to do great. You can look at 2022 for a good example of that. And I still believe that dynamic is there. So in the absence of a big wave of inflation or a big contraction in credit that isn't responded to by policy bailouts, I think Bitcoin does very well in this middle ground of big CapEx, passive flows from spending incomes.

1:00:51Nik Bhatia:And even if it is only a certain portion of the economy that is earning in an AI world, that some of that money ends up in Bitcoin as well. Why don't you think Bitcoin's ready to behave as an inflation hedge? Because I think we both probably agree that that kind of is what it is and what it will be in the future. But why do you think it's not ready now? What is it that makes sort of gold able to do that, but not Bitcoin yet. I don't even think gold is the inflation hedge. When it comes down to looking at the statistics, the correlations, the drivers, gold has had an incredible year with inflation being totally stable around 2.93, 2.8.

1:01:41Nik Bhatia:I mean, trending down, trending flat, no real tariff scare, gold is just ripping. Mm-hmm. So gold is not ripping as an inflation hedge this year. It's ripping. We can talk about that, but it's ripping for other geopolitical reasons. It's not ripping because people are dumping treasuries. Treasuries are trading very well this year. So I don't think gold is functioning as an inflation hedge. this year's price action tells me that gold is performing well in the absence of inflation. Especially with the economy being in that kind of so-so area, rates trending down. Remember, rates trending down means lower inflation expectations going forward.

1:02:34Nik Bhatia:So why isn't Bitcoin ready to trade as an inflation hedge? because the market shows us that when volatility spikes on a pop in interest rates off of an inflation scare, the Bitcoin doesn't do well. It goes down. So the market's just still treating it like a risk asset? It just is. It's treating it like a liquidity asset. We should talk about gold because I saw in that recent video, you were kind of alarmed at gold's performance and you weren't really sure why it was happening. Checkmate, who good friend of mine, I know you know him well as well. He talks about gold as it's kind of showing us the path and Bitcoin sort of follows.

1:03:19Why are you nervous about what gold is doing?

1:03:22Nik Bhatia:So let me specify the word nervous, I guess, in this context. First of all, I traded gold back in the day as a hobbyist, not a professional, traded rates professionally and money markets professionally. So when I give my opinion on these markets, it comes from a former professional practitioner. So I'm not a gold trader in any sort of professional practitioner sort of way. I'm also not a gold researcher either. Now, I am very passionate about geopolitics. I was a former gold bug before finding Bitcoin, a big proponent of sound money before finding Bitcoin and after understanding QE. So that's the context for gold.

1:04:09Nik Bhatia:So why am I nervous about it? I'm nervous because when the gold price, or let's just say the gold price going up the way that it has this year makes me feel like there's some very large geopolitical move being played. Is it a United States move? Is it a Chinese move? Is there some fear trade associated with a big blow-up in Europe? Like European QE, ECBQE? These are maybe three of the options. I don't know. And I, you know, reading theories, reading some street research on it, nothing is super convincing to me. my hunch has this like the fact that Trump and Besant are absolutely silent on this matter to me means that it might be something that's US caused and that benefits the US because if somebody was doing this let's say this was China buying and delivering and driving the gold price up, which there's a lot of evidence that gold is getting delivered to the U.S.

1:05:45Nik Bhatia:this year, like U.S. gold delivery. So there's a lot of evidence that this might be American-driven. But let's say it was China driving the gold price up. And let's say that the price of gold going up was hurting in some way the U.S., US banks or the US government in some way or the Fed or some position. You would see Trump do his thing and hit the tape and talk a bunch of smack and blame somebody or something, but we don't see that. And so why am I nervous? I'm nervous when I don't know what's happening. so and i only have you know a limited amount of time you know to do research it also means that some of the more theoretical you know i believe this is happening besan is doing this or this is some squeeze um you know i'll shout out uh you know some of the street research that i've been reading that's been excellent.

1:06:57Nik Bhatia:Some of it out of Merrill and, you know, mostly out of Bank of America. Merrill Lynch wrote some good stuff on this. Nothing has me convinced because I'm too, you know, conspiratorial minded in thinking about this, that who's getting squeezed and who's getting hurt and who's benefiting from this. That nothing I've read really fits the bill. and the stuff that is more conspiratorial that I maybe want to believe, I can't prove. And so all of the not knowing makes me nervous. And also this hunch that maybe Europe is blowing up and the ECB is setting up for some massive QE or there's somebody in Europe that's being squeezed like out of London, maybe the bullion banks or something like that.

1:07:55Nik Bhatia:That has me nervous because that can come with a big financial crisis, panic, perhaps a sharp fall in risk prices that scares a lot of people, forces liquidations. And the people that are over leveraged, God bless them, but it's the people that actually are not leveraged but still get shaken out of their position that I worry for them because that's happened to people, you know, that they get shaken out and then they don't realize that everything is going to get bailed out. So they miss, you know, the pop back. And, you know, we don't know if we're still in a bailout culture or not. We'll never know until you get to the crisis.

1:08:40Nik Bhatia:But I hope that answers your question as to why I feel nervous about the gold price my money's on we still are in a bailout culture but i mean i think it's interesting because earlier this year tons and tons of gold were leaving london coming to america i don't really know why that was um i think people called it like an arbitrage trade i don't know if i really buy that um china are the biggest producer of gold i'm sure they've been stacking a ton of gold over the last year probably multiple years um so is your worry here that like the us and china might be in almost like a silent war to stack as much gold as possible.

1:09:14You don't know who's going to come out on top at the end of that. You know, that's less scary because that's just an accumulation.

1:09:24Nik Bhatia:So that would be less scary to me. And we do know that China's stacking gold. We have, you know, the Shanghai gold contract volumes are up also. So we know that China's been stacking gold for many years, and that's not a surprise. The United States is not admitting to any sort of gold stacking. It has a large gold position, but it would be the private sector banks or whoever that's importing that gold and taking delivery, not necessarily the U.S. government unless they're doing it covertly or under the table in some way like that. So I don't think that a U.S.-China a fight over gold would scare me.

1:10:08Nik Bhatia:When a market goes up this quickly and there's not a lot of explanation, it's like, wow, there really is something going on behind the scenes. And as a macro analyst, it's all fascinating to me. And you're limited by time and you're also limited by what you want to be well-versed in. I want to be a great rates analyst and a great Bitcoin analyst, but I don't feel that I can be also a great gold analyst. So it leaves it out of my immediate research purview. And then when something happens in it, I'm caught off guard by the speed at which gold has gone up. And not knowing is probably bothering me.

1:10:54Yeah, I get that. It's funny because in previous cycles where Bitcoin has been doing well, you see a ton of retail people turn up and we've not really had that this cycle i've not noticed it that much i think potentially it's starting like i've seen a lot of new listeners on the podcast but nothing like previous cycles but then at the same time there's yeah i'm sure you've seen the picture of queues outside gold dealerships and and like it seems like the retail fomo is in gold this time which is a really interesting dynamic um with everything that's happened over the last couple weeks in Bitcoin.

1:11:25I used last time we spoke, you said you were sort of 6040 on the cycles being broken. Has anything changed now we're seeing the sort of sharp drop from in Bitcoin and it's looking a little more uneasy?

1:11:37Nik Bhatia:Yeah, I would say I would say it creeps up every day. That 6040 number. You know, I don't necessarily feel like I want to put a number that's higher than 60 today on the show. But yeah, I believe with every day that goes by that we're not really beholden to this cycle. I haven't seen any of the FOMO trade in Bitcoin this time around, like you just mentioned. And the cycle that we saw in 2017 and 2021, both had just completely different behavioral patterns. And now we're almost through with October here and the Bitcoin price just isn't going anywhere. It's still consolidating. I think that's super healthy.

1:12:36Nik Bhatia:I'm a big fan of consolidation in Bitcoin because it means that Bitcoin is not in any... Well, it's just compressing in volatility. And that's a sign of it maturing. And the more compressed the volatility is the less likelihood of an 80 % decline. So when I see volatility start to peak up, to pop up like it has in the last couple weeks, you start to wonder, oh, are we in for one of those big moves? But no, I still believe consistent with our last interview. All right, Nick, this has been awesome. I mean, the repo stuff, I don't know why it just doesn't fit in my head very well, but this was super useful.

1:13:23I think I learned a lot. It's going to be an interesting time coming up. We've got an interesting sort of 12 months ahead of us. We'll see what happens.

1:13:31Nik Bhatia:Absolutely. And, you know, the gold weekly candle this week is one of those candles that, you know, the chart analyst in me says, oh, now, you know, the gold run is over. it's going to consolidate maybe for another six to 12 months and and all that but i thought that a couple times over this current bull market in gold where i saw a candle and just you know a reversal and i said oh that's it and then it keeps going so the you know that that's one of the things that's the most fascinating thing and on the repo side it just takes so much repetition And I remember just being on the desk and it just takes, you know, months and months and months of reading about it every single day to really understand what's going on.

1:14:19Nik Bhatia:So I appreciate you letting me teach you and others. No, I appreciate it, Nick. Thank you. And tell everyone where to check out your videos and the newsletter, all the stuff that you do. Yeah, everything you guys can find at thebitcoinlayer.com. So we have a show channel if you like to watch, listen. We have a great research newsletter and the links to my books as well. Everything is at thebitcoinlayer.com. How's the sales on the Bitcoin Age gone? Oh, it's gone great. I really feel blessed to have so many great readers. And the fun thing about Bitcoin Age is that people are genuinely learning things that they didn't expect to learn.

1:14:57Nik Bhatia:So Bitcoiners that said, oh, I learned this particular thing and that always makes me excited. I got to teach both of my books together as one product this summer, which was excellent. And I'm going to get to do that again next year. Love it. I've actually, I've not got it on the bookshelf yet, Nick, but I'm going to buy it as soon as we get off this call and put it on there. I was waiting for my signed coffee, but I'll have to just get two. Oh, Danny. Well, I'll send you one. Absolutely. All right, Nick. Thanks so much for this. It's been great. Thanks, man. Appreciate it.

1:15:41Thank you.