Transcription
I believe that the authorities are not going to let crypto take over. Of course not. Rockefellers and the Rothschilds are going to hand it over to Max Kaiser and Michael Sailor. I don't think so.
You know, the first paper on crypto was written by three NSA guys. Yeah. If I were smart and I were going to bring in central bank digital currency, which is an authoritarian nightmare, I would do it the way they did. I'd release the crypto. I'd have guys pumping it. I'd have guys supporting it. And then I'd say, "Okay, it was fun. We'll take it from here."
Today, we're tackling a popular conspiracy theory that just won't die. That Bitcoin was cooked up by the NSA is some kind of Trojan horse to usher in central bank digital currencies. Tucker Carlson recently had Dave Colum on his podcast, and what followed was a mashup of paranoia, comedy, and complete ignorance about how Bitcoin actually works. But here's the twist. While Tucker and Colum are busy chasing CIA shadows, there is a real Trojan horse at play. But it's not Bitcoin being used by governments. It's stable coins and US debt quietly paving the way for Bitcoin's rise. Stick around till the end because once you see how this works, there's no going back. Welcome to No Second Best, the show where conviction meets reality and reality points straight to Bitcoin. I'm your host, Hurley. Now, let's get into it.
To start, we'll take a look at the full clip of David Colon Tucker when Bitcoin and crypto are brought up. Now, for those unfamiliar, Colum is a chemistry professor at Cornell who's made something of a name for himself in financial circles by publishing long annual reviews and weighing in on politics and markets. But he's also known for throwing out some, let's just say, out there takes. In this same conversation with Tucker, he even alludes to the idea that the US might have been better off siding with the Nazis in World War II, a position so inflammatory, it tells you everything about the filter he's applying when looking at history, money, and power. But let's play this clip in full and we'll break down everything he gets wrong on the back end.
So, at what price would you buy gold again? Well, I've got so much I don't need anymore. If I didn't own any, I'd buy it now, but the Bitcoin guys would say, "Buy Bitcoin at 117,000." I turned it down at 10. Um, I wish I'd bought it. I would have sold it at 50 and spent the proceeds on therapy. Um, why on therapy? Because I would have sold it at 50, right? Good point. Um, and I know I would have. I know I would have. You don't you don't believe in crypto? I don't think so. I the crypto committee I am their number one target. They say you are a hodler and I won't buy it. And the reason is because I believe that um several layers. One is that um I believe that the the authorities are not going to let crypto take over. Of course not. And and by the way, that means that they're going to lose total control over society. I don't think so. think the Rockefellers and the Rothschilds are going to hand it over to Max Kaiser and Michael Sailor? I don't think so. You don't? You don't think? Here's what I think it actually is. You know, the first paper on crypto was written by three NSA guys. Yeah. That means I think if I were smart and I were going to bring in central bank digital currency, which is an authoritarian nightmare, um, I would do it the way they did. I'd release the crypto. I'd have guys pumping it. I'd have guys supporting it. I'd let them debug the networks and the kinks and the and acclimate people to it. And then I'd say, "Okay, it was fun. We'll take it from here." Uh, and in the process, of course, you acclimate people to this new digital world, new kind of commerce. Yeah, exactly. No, that's And I get rid of the ATMs and I would make airport convenience stores credit card only. And I would do all that stuff to to change people's cash. Cash is liberty, of course. Oh, I couldn't agree more.
All right, where do we even start? First, Colum admits he wishes he had bought Bitcoin, but then doubles down on why he never will. His logic is simple, and it's probably the most often parited critique of the freedom money thesis of Bitcoin, and that's that the government will never let it happen. A very defeist attitude, I must say. But here's the thing, it already is happening. The protocol doesn't ask permission. It doesn't need approval from the Rockefellers or the Rothschilds or any US administration.
For one thing, there's absolutely no evidence that the CIA or the NSA or any other three-letter agency created Bitcoin. One of the most comical pieces of evidence that I've seen heard repeated is that the name Satoshi Nakamoto in Japanese roughly translates to central intel. The name Satoshi just means wise or intelligent. And Nakamoto is a common Japanese surname akin to something like Smith in the US. And it literally means something like central origin, more of a geographic reference than a spy agency. To twist that into CIA scop is peak conspiracy brain. If this was the NSA's super secret project, why would they hide the clue in plain sight inside a Google translatable Japanese name?
But here's the killer point. Even if the CIA or the NSA had launched Bitcoin, it doesn't matter. The code is open source. Anyone can audit it. Anyone can run it. And if you don't know coding language, just ask an advanced AI LLM to audit the codebase for you. It's all out there for anyone curious enough to look. What the codebase will tell you is that Bitcoin's properties, its fixed supply, its censorship resistance, and its near instant global settlement, they exist independent of who dropped it on the world. The main point is that no one controls it and no one can change it. So, if a nefarious three-letter agency did create it as a means to trap the world in a digital prison, then they kind of shot themselves in the foot, didn't they?
Let's unpack the Trojan horse conspiracy. column suggests that Bitcoin is just a trick to acclimate us to digital money before the state swoops in with CBDC's. But that flips reality completely upside down. CBDC's are centralized, surveiled, and inflating. Bitcoin is decentralized, transparent, and scarce. They're actually polar opposites. If anything, Bitcoin is the Trojan horse, but for freedom. And that line, cash is liberty, has to be the most cringe of all. Sure, if you only define liberty as private transactions, but zoom out. The real theft of liberty is happening through fiat itself. Your savings diluted by 7, 10, or 15% a year. That's state sanctioned financial slavery. Cash might give you short-term transactional privacy, but Bitcoin gives you long-term sovereignty. That's the higher form of liberty and the massive global problem Bitcoin is solving.
Now, let's widen the lens a bit because there is a Trojan horse dynamic in play, but it's not what Colum or Carlson thinks. At the Baltic Honeybadger conference, Preston Pis broke down how stable coins are quietly turning the US government's debt addiction into Bitcoin's adoption curve. They were tripping over themselves to pass the Genius Act. And you have to ask yourself why. Why were these politicians tripping over themselves to get this thing passed? And the answer is really simple. They needed a buyer for all their debt. And the buyer is is the stable coin issuers. And it's it's really kind of interesting to see how that all really transpired and really kind of came to a head is, you know, the government had to start issuing shorter and shorter duration paper because there was no buyers for anything that was long duration because there was so much inflation risk. So they they're down there like issuing like one month money and it's like, well, who's going to buy all this one-mon money? Well, you know what? The stable coin issuers literally like they love that because they can back everything. They can gobble up all this new issuance. They don't have the inflation risk that if they were buying 30-year paper, they don't want that inflation risk because they don't know if it's going to be fully backed, right? Or they'd have to keep rolling it to to try to like manage that. But if it's really short duration, it's actually perfect for them. And then the really smart ones, what are they going to do with all the coupons that they're receiving? They're just going to sweep it into Bitcoin. And then it's really backed because that thing's going up at 40 to 50% annualized. It's like extra overcolateralized.
What I find so interesting with all of this is you literally have Black Rockck and all these other banks that are playing a fractional reserve game. They don't even have what they're issuing in the vault. But yet you have a company that's fully collateralized with extra Bitcoin in the vault and they're making more profit than the ones that are playing the Ponzi game and they're getting the issue like literally from thin air and they're making more money than them. If that doesn't show you like the natural um market forces that nature is trying to heal itself, I don't know what does because it's just it's miraculous to me that you can have something that's over collateralized just whipping the pants off of the ones that are literally cheating as if it's a total Ponzi scheme. This is mind-blowing.
So, let's unpack it a bit. The US needs buyers for short-term treasuries. Stable coin issuers like Tether step in, scoop them up, collect the interest, and then sweep the coupons into Bitcoin. Just think about that for a second. Washington is printing debt to survive, and part of the interest is flowing directly into Bitcoin. The system is funding its own replacement. Nature is healing. Author Eric Yakes laid this out really well in a thread on X. Right now, only about 5% of Tether's reserves are in Bitcoin. The rest is mostly short-term US treasuries. But here's the kicker. Tether is run by Bitcoin believers. They already hold 5% of their massive reserves in Bitcoin, not because they have to, but because they see where this is going.
Now, with the newly passed Genius Act, stable coins that want to operate in the US will have to stick to government approved collateral like short-term treasuries and bank deposits. That's your onshore market. But offshore stable coins, they can back themselves with whatever makes the most sense. And if you're an offshore stable coin, how do you compete? You compete on yield. You back your token with something that doesn't just sit there. it grows. Treasuries can't do that. Bitcoin can, which means over time, offshore players are going to keep increasing their Bitcoin reserves. We're already at 5% today. Could that jump to 20% or more over the next decade? Absolutely. And when it does, stable coins won't be some threat to Bitcoin. They'll actually be a massive distribution network for it. Users might think they're holding dollars, but behind the curtain, the issuers are stacking Bitcoin. And eventually, people are going to figure out it's just easier to denominate in Bitcoin directly. Stable coins don't have final settlement. Bitcoin does. Which means over time, stable coins are just a gateway drug. The endgame is Bitcoin itself.
And this is why education and conviction matter. If you're ready to take your Bitcoin strategy to the next level, check out Swan Private. Swan Private is a concierge service for highetwet worth individuals and businesses stacking Bitcoin the right way for generational wealth. Visit swan.com/private to learn more. And don't miss BTC in DC September 30th through October 1st at the historic Kennedy Center. Builders, executives, policymakers, this is more than a conference. This is where the real debates shaping Bitcoin's future will take place. So you won't want to miss it. Visit btcdc.com for more info and use promo code swan for 10% off tickets. And finally, a quick shout out to MEA, the world's largest publicly traded Bitcoin miner, for supporting this show and for helping make Bitcoin the world's most decentralized and secure monetary network.
So, while Tucker Carlson and David Cullum debate CIA conspiracies, the real Trojan horse is already in motion, a monetary system quietly redenominating itself around Bitcoin. But what do you think? Are these Trojan horse theories just noise, or do they reveal something deeper about how Bitcoin is winning? Let us know in the comments below. And don't forget to like and share this video with your conspiracy theory friends. And of course, subscribe to the Swan Bitcoin channel for more high signal every single day. Thanks for watching. And remember, there is no second best.