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Greetings and salutations my fellow plebs. My name is Walker and this is THE Bitcoin Podcast

The Bitcoin block height is 817,990  and the value of one Bitcoin is still one Bitcoin. 

Today’s episode is the Bitcoin News Roundup. I’m going to go over the big stories, run through a few rapid fire news, then zoom out and give you some perspective…

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Without further ado, let’s get into the Bitcoin News Roundup…

Javier Milei Elected President of Argentina

On Sunday night, Javier Milei officially became the president-elect of Argentina. Milei received 55.7% of the votes, while the incumbent Economy Minister, Sergio Massa, received 44.3%

Why am I talking about an election in Argentina on THE Bitcoin Podcast? Well, in case you’ve been living under a rock, Milei is vocally pro-Bitcoin and anti-central bank, saying things like "If printing money would end poverty, printing diplomas would end stupidity.” He plans to shut down the Argentine central bank and dollarize the economy. 

In Argentina, inflation is currently 143% per year and the poverty rate is over 40%. The money is fundamentally broken in Argentina, and when the money breaks, so too does everything else…

Argentina long ago earned the nickname “The Paris of South America”... of course in 2023, Paris isn’t exactly the most flattering comparison, but back then it was quite complimentary, I assure you.

Argentina earned this nickname because the country was absolutely flourishing in the early 20th century, with significant agricultural exports, industrial development, rapid urbanization, and European immigration positioning it to be one of the World’s leading economies.

So what happened? Well, quite a lot… There were military coups in 1930, 1943, 1955, and 1962. Then in 1966 there was another coup where an IMF-opposed leader was forcibly removed by an IMF-friendly one. Then in 1976, another coup established a permanent dictatorship in the form of a bureaucratic-authoritarian State. 

Since the late 1950s Argentina has been ensnared in the tentacles of the International Monetary Fund, which has no interest in actually helping countries like Argentina. To quote Alex Gladstein:

“[Argentina] has received 22 IMF loans since 1959, even trying to default in 2001. One would think that creditors would stop lending to such a profligate borrower. But in fact, just four years ago, Argentina received the largest IMF loan of all time, a staggering $57.1 billion.”

If you want to read more about the IMF’s dirty dealings in Argentina and around the world, check out Alex Gladstein’s article “STRUCTURAL ADJUSTMENT: HOW THE IMF AND WORLD BANK REPRESS POOR COUNTRIES AND FUNNEL THEIR RESOURCES TO RICH ONES.” He wrote it for Bitcoin Magazine and also turned it into a full book called “Hidden Repression.” I highly recommend you spend some time diving into Gladstein’s words – the stories he tells are eye-opening and sickening.

Back to Argentina… This is a country with enormous potential whose people have been systematically oppressed by various forms of authoritarian States for many decades, and plagued by broken money, especially recently. 

Milei is libertarian, anti-socialist, anti-central bank, and generally anti-State. But here’s how the legacy media describes him:

Let me read you a couple headlines from the legacy media:

The Guardian: Argentina’s new leader is a snake-oil salesman with extreme views on abortion, gay rights and more. I fear for my country

New York Times: Argentina Elects Javier Milei in Victory for Far Right

Wall Street Journal: Argentina Gambles on Milei

And finally…

Time: Argentina Just Elected an Eccentric Populist Who Seeks Counsel From His Cloned Dogs

That last one is really incredible…

I’m not going to get into the nitty gritty of his plans or claims made by others about what he will or won’t do, but I will note two things that I think are important and clear at this stage:

First, as a libertarian, Milei wants to massively decrease the size of the government. This is a good thing. The smaller the size of the parasitic State, the better. Smaller government means less bureaucracy, less cronyism, less kleptocracy, and more productive people.

Second, Milei wants to get rid of the central bank and dollarize the economy. This is not without significant challenges since Argentina does not currently hold many dollars, but thinking long-term, the absence of an Argentine central bank will make the adoption of Bitcoin as legal tender much more tenable, as was the case in El Salvador, another dollarized economy. Adopting Bitcoin is not an immediate panacea for Argentina’s people, but it is a step in the right direction. By taking steps to fix the money, Argentina will have the ability to slowly fix the broken parts of their society that all stem from the base layer of broken money. Ultimately, Milei is a student of Austrian Economics, which necessarily makes him inclined to keep the government and central bank away from the money entirely, giving people more freedom to choose the best money in a free market.

Of course, the IMF may not be so happy with Milei’s plans to dollarize, as Alex Gladstein pointed out: “The IMF doesn’t want dollarization, it prefers 100+ weak currencies that can be easily devalued to boost exports at the expense of living standards and purchasing power.”

Now, if you’ve listened to this show before, you know I do not put any faith in individual politicians, and certainly not in the government apparatus at large. 

I believe that the State is a parasitic organization that perverts the law in order to plunder unwilling citizens of their private property. I believe that the government should be as small as humanly possible, and the only legitimate purpose of the government is to protect the private property of its citizens. If a government instead plunders the private property of its citizens through perversion of the Law, then that government is a failure. 

That said, while I am always doubtful of the motives of politicians, and refuse to idolize any, that does not mean I believe everything a politician does or plans to do is inherently bad.

I also find it interesting how Milei appears to piss off people on all sides of the political spectrum. 

I’ve seen a lot of people on the “left” side of the political spectrum say Milei is a right-wing extremist with archaic views. I’ve also seen a lot of libertarians say Milei isn’t libertarian enough, and is just another Statist in sheep’s clothing, so to speak.

Personally, I think Milei’s victory is a net positive for Argentina’s people. I think any politician who seeks to reduce the role of government in money and in people’s lives is on the right track. I do not know what the future holds for Argentina, but right now the people finally seem to have hope that the darkest days are behind them, and the brightest are ahead.

As @BasedLayer put it: Milei's victory isn't just political; it's about a narrative of freedom, open commerce, and defending private property winning today.

This is another Pro-Bitcoin president, like Nayib Bukele, who wants to make radical changes to lift his people and his country up. Those changes and his methods may not always be popular to those in the so-called “developed world” who are looking in from the outside. What I hope is that Milei stays true to his libertarian ideals and puts the freedom of the individual at the center of his plans moving forward.

Zooming out, this election is about more than Milei and Argentina. This election is a signal. It’s a sign that the Overton window is shifting. The spectrum of public discourse, public policies, and public officials that are now deemed “acceptable” by the masses is widening. Central banks and Bitcoin are on the ballot across the world, and bloated, kleptocratic States are on the chopping block. Tick tock…

Illicit Binánce 

On Tuesday, the Treasury Department and the Department of Justice made an announcement: they reached a plea agreement with Binance and it's CEO, Changpeng Zhao AKA “CZ,” for breaking anti-money laundering laws brought forth by the CFTC.

As part of the deal, CZ pleaded guilty to criminal charges and stepped down as Binance’s CEO. Binance will also have to pay $4.3 BILLION as part of the settlement with the DOJ to resolve the multiyear investigation. 

CZ and others were charged with violating the Bank Secrecy Act by failing to implement an effective anti-money-laundering program and for willfully violating U.S. economic sanctions “in a deliberate and calculated effort to profit from the U.S. market without implementing controls required by U.S. law,” according to the Justice Department.

What does that mean? Well, the DOJ’s report Tuesday said that Binance supplied services to Iran, in breach of U.S. sanctions, following a report that Binance processed billions of dollars worth of Iranian transactions. They also claim that Binance allowed transactions associated with terrorist groups such as Hamas’ Al-Qassam Brigades, Palestinian Islamic Jihad, al-Qaida and ISIS, according to Janet Yellen, who noted Binance “never filed a single suspicious activity report.”

Here’s what CZ said on Twitter

“Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.

Binance is no longer a baby. It is time for me to let it walk and run. I know Binance will continue to grow and excel with the deep bench it has.

I’m pleased to announce that @_RichardTeng, our now former Global Head of Regional Markets, has been named the new CEO of Binance today.

Richard is a highly qualified leader and, with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth. He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth.

Prior to joining Binance, Richard was CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM); Chief Regulatory Officer of the Singapore Exchange (SGX); and Director of Corporate Finance in the Monetary Authority of Singapore.

With Richard and the entire team, I’m confident that the best days for @Binance and the crypto industry lay ahead.

As a shareholder and former CEO with historical knowledge of our company, I will remain available to the team to consult as needed, consistent with the framework set out in our U.S. agency resolutions.

What’s next for me?

I will take a break first. I have not had a single day of real (phone off) break for the last 6 and half years.

After that, my current thinking is I will probably do some passive investing, being a minority token/shareholder in startups in areas of blockchain/Web3/DeFi, AI and biotech. I am happy that I will finally have more time to spend looking at DeFi.

I can’t see myself being a CEO driving a startup again. I am content being an one-shot (lucky) entrepreneur. Should there be listeners, I may be open to being a coach/mentor to a small number of upcoming entrepreneurs, privately. If for nothing else, I can at least tell them what not to do.

On that note, I am proud to point out that in our resolutions with the U.S. agencies they:

- do not allege that Binance misappropriated any user funds, and

- do not allege that Binance engaged in any market manipulation.

Funds are SAFU!

With that, I look forward to seeing the new leadership take the reins. Please join me in congratulating Richard on his well-deserved promotion.


Personally, I think it would be nice for CZ to spend some time and money investing in Bitcoin-only startups, but hey it’s his money.

To me, all of this Binance news is quite interesting, because it shows that the United States is really just treating crypto exchanges the same way they treat the big banks when they break the law: give them a big fine, force them to play by the rules (for now),  and move on. 

This is also a great indication of the separation of Bitcoin from “crypto” and exchanges in general. The biggest exchange in the world just got hit with $4.3 billion in fines, the CEO stepped down, and the fiat price of Bitcoin barely moved.

Why? Because Bitcoin doesn’t give a fuck. Enforcement action against an exchange doesn’t change Bitcoin.

And, if you’re into the whole spot Bitcoin ETF thing, this is clearly another domino falling toward the inevitable approval of the many ETF applications currently waiting in the wings. 

TFTC summed up this Binance news extremely well in the broader context of government fuckery, quote:

“This is a pure projection play because if the Treasury or the DoJ actually cared about preventing money laundering and terrorist financing they would investigate themselves. It is very convenient that they are able to pick on Bitcoin and other cryptocurrencies when we live in a world in which Jeffrey Epstein's client list is withheld from the public, there is no accountability for the $100B+ in taxpayer money that has been siphoned off to Ukraine, politicians are currently running 2024 election campaigns with dollars overtly stolen from FTX users, and the Pentagon just failed yet another audit and can't account for $3.8 TRILLION of military equipment. $3.8 TRILLION is 5.34 times larger than the current Bitcoin market cap. And that is only one part of the government. We haven't even mentioned the black box that is the "Inflation Reduction Act", or the COVID PPP loans, or the black box budgets of the CIA and other intelligence agencies. If these people actually cared about money laundering or protecting U.S. consumers they would be aggressively investigating themselves.”

Zooming out, anytime there are shenanigans with a particular exchange, it’s a great reminder to get your Bitcoin OFF exchanges in general and take it into self custody. 

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Head to and check it out. When you purchase through my link you not only get great open source hardware, but you help support this show. 

Pentagon Fails 6th Audit

Speaking of money laundering… 

In a completely unshocking turn of events, the Pentagon failed its annual audit for the 6th year in a row.

It’s pretty incredible that for all our supposed technological advancement the U.S. Security State is able to have TRILLIONS of TAXPAYER dollars unaccounted for. 

The Department of Defense’s assets are truly staggering, amounting to $3.8 trillion alongside $4 trillion in liabilities, located in all 50 states and more than 4,500 sites around the world.

This is the problem with a State which continues to bloat: the greater the size of the State, the less accountability. The State needs to know the complete history of every fucking dollar you have in your easily-freezable bank account, but they can’t be bothered to account for TRILLIONS of dollars of your taxpayer money… 

But to be fair, who can blame the Pentagon? It’s hard to keep track of trillions of dollars in assets in the U.S. and across the world, while waging multiple proxy wars, ensuring that the Military Industrial Complex always has plenty to eat, and keeping the public distracted from the obvious economic stagflation by pushing ever more absurd and inconsequential culture wars down our throats via the captured funnel of the legacy media.

Here’s a little background for you: In 1990, Congress passed a law directing all federal agencies to produce regular, audited financial statements. More than thirty years later, the Department of Defense is the only agency that has never passed a single audit. But to be fair, they didn’t even start auditing the DoD until 2017 because they just couldn’t be bothered.

Not only are the DoD audits complete failures, they’re fucking expensive. It requires 1,600 auditors, and accountants ain’t cheap. In 2019, the Pentagon audit process itself cost $428 million to conduct and another $472 million to fix problems the audit uncovered.  

That’s nearly one BILLION dollars of your taxpayer money just to fail and audit and partially fix their fuck-ups. And with all the fiat inflation, the 2023 audit is going to leave taxpayers with a much higher bill. 

But compared to the annual DoD budget of over $800 BILLION, a single billion is barely a drop in the bucket, right?

Of the 29 “components” of the DoD which were audited this year, only seven passed the inspection with a “clean” audit. Of the overwhelming majority of components which failed the audit, we have folks like the NSA, which would be hilarious if it wasn’t so fucking sad.

Think about this for a moment: the NSA, which uses your taxpayer dollars to spy on you and collect ungodly amounts of information through ever-more advanced means, can’t even pass a basic fucking audit to show how they’re using your money.

And really, this all comes down to money, and the fact that our money is fundamentally broken. Our money lacks accountability at the base layer: they can create more out of thin air at the drop of a hat. Fiat doesn’t have a hard cap like Bitcoin’s 21 million; there is no cap at all. Fiat is the promise of an ever expanding monetary base layer, and with that monetary expansion comes the necessary expansion of the parasitic State. 

Rapid Fire News

Via Bitcoin Archive: SEC has charged Kraken for operating as an unregistered securities exchange in offering 16 crypto securities such as Solana, Cardano, and Algorand.

TrueVote rolls out Transparent Electronic Voting System Built on Bitcoin, Opentimestamps, and Nostr, our open-source platform ensures tamper-proof ballot data. Also, I’m having TrueVote creator Brett Morrison on THE Bitcoin Podcast next week for a Bitcoin Talk episode – make sure to check that out. 

Via Tuur Demeester: The Dutch Central Bank just said the thing CBs never say: the secret of their gold position lies in the fact that when the collapse happens, its value will automatically skyrocket. Next question: how much is enough BTC for a CB to have?

Via Finbold: Bitcoin uses more sustainable energy than any other industry, data shows.

Via Bitcoin Archive: Banco Santander now offers #Bitcoin to high net-worth clients in Switzerland.

Via Jack Mallers: Announcing Buy Bitcoin Globally. Today, @Strike marches forward on its mission to democratize financial freedom around the world. Our global users can now buy #Bitcoin, cash out, shop, and more

Via Reason: 2024 GOP presidential candidate Nikki Haley wants to abolish anonymity on the internet. In a recent appearance on Fox News, Haley said that if she were to become president, her second priority—after forcing the platforms to disclose their algorithms—would be to require name verification of all social media users. "It's a national security threat," she said. "It gets rid of the Russian bots, the Iranian bots, and the Chinese bots. And then, you're going to get some civility, when people know their name is next to what they say." … so now might be a good time to try Nostr, anon…

Via Bitcoin Archive: Hong Kong gaming company Boyaa to buy $45m #Bitcoin for its corporate treasury.

Via Will Casarin AKA JB55: Someone built meetup on nostr!

Now I can show all of the events your friends are going to in @damusapp. Just a small glimpse into the future of interconnected apps on this protocol… As a sidebar, Will is joining me on the show next week for a Bitcoin and Nostr Talk.

And, the Human Rights Foundation launches a CBDC tracker, allowing you to interact with a globe showing you what the status of each country is on the road to fiat serfdom: launched, pilot, research, or no activity. Thank you to HRF for their continued work supporting Bitcoin and standing up against totalitarianism.

Zoom Out

To wrap up today’s show, let’s zoom out…

There’s a lot of horrific shit going on in the world today. This is nothing new per say, since humans have been doing horrific shit to each other for thousands of years. But what is different now as opposed to any other time in history is our ability to see what is going on, not just in our own backyard, but across the world, and to see it in real time. 

This level of access to information is something completely new, and something we humans have not really evolved quickly enough for our brains to handle. 

We are constantly bombarded with doom and gloom, death and destruction… All fed to us 24-7 by a media apparatus all too eager to keep us fixated on the darkest parts of humanity. All too willing to turn everything into an Us vs Them scenario where you’re either on the side of the Good Guys or the Bad Guys, the Right or the Left, or in America, the Red Team or the Blue Team.

The most valuable thing you can learn to do to better handle the Tsunami of information is learn to separate signal from noise. Learn to doubt what you hear, especially when you LIKE what you are hearing. It is easy to fall into the trap of thinking the “other” side always lies, but your side always tells the truth. On social media, follow people you disagree with. Read and listen to what they say, and try to see things from their point of view. You may still determine that they are fucking idiots in the end, but you’ll at least teach yourself to approach debates from all sides. The better you understand the opposition’s argument, the better equipped you are to refute it. 

For Americans, remember: there is no red, there is no blue. There is the State, and there is you. 

For those of you listening around the world who don’t use Red and Blue as your party colors, remember: those in power will always seek to divide the populace, to pit individuals against each other so that they do not unite against the State. So that individuals are so busy fighting amongst themselves and finding false scapegoats that they ignore the uniparty kleptocracy silently stealing the value of their time and energy right under their nose. 

Try as best you can to operate based on your principles, not your opinions. All too often I see people who claim to be “freedom maximalists” in one area opt for a decidedly anti-freedom approach when it comes to debates that tap into blindspot beliefs; areas where there identity is so wrapped up in their opinions that they fail to operate based on their purported principles.

So, my fellow plebs, be principled.

Be fair.

Be honest with others and more importantly with yourself.

Learn to separate signal from noise.

Learn to doubt those you agree with, not just those you disagree with.

Learn to be free, and extend the same freedom that you preach for yourself to everyone.

I am not perfect, nor will I ever be. But as I await the birth of my first son, I am trying my best to be better, so that I may raise a better man than I am, and he and his generation may create a better world than the one we leave to them.

I’ll leave you with one final thought: have hope – the future is what we make of it. 


And that’s a wrap on this Bitcoin News Roundup episode of THE Bitcoin Podcast.

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Bitcoin is scarce – there will only ever be 21 million–but Bitcoin podcasts are abundant. So thank you for spending your scarce time to listen to another fucking Bitcoin podcast. 

Until next time, stay free.

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