J.P Morgan put out a research note recently, basically arguing that Bitcoin had room to catch up to gold because of the debasement trade. The question that I would ask is, do you believe that the current risk-free rate, which is the Fed Funds rate, will be the risk-free rate in perpetuity? And believe that with 100% conviction. No investors should say, I believe this with 100% conviction in perpetuity. It is akin to saying, I am not 100% certain that dollars will be the global reserve currency forever and for all way. That sounds like a radical thing to say in a very short-term basis. If you were born at any time after World War II, it seems crazy. Exactly. But there have been lots of currencies that have been the global world reserve. Currency, what's called exorbitant privilege is ultimately abused by anyone who's had that exorbitant

privilege of being able to print money. People have concerns about the long end of the curve and the

feasibility to keep inflation in check. So we're figuring some things out and we had a big Bitcoin

miner that broke ground and they encountered some roadblocks. Within a day we had four ministers on the

phone that fixed the problem almost instantly. And it's because this industry has our

attention. So there are hostile jurisdictions that don't want Bitcoin miners in Alberta. That's not us.

Not only do we want you in our province, we're going to roll out the red carpet, and we're going to do

whatever it takes to get shovels in the ground as quick as it can.

Bitcoin cratered last week to lows in the 100,000s, but it has recovered today to 111,000, up about 3% over the last 24 hours, but all of the negative price action has the talking heads clamoring and asking, is the bull market over, especially considering equities and gold rallied last week. Well, we don't

have that answer for you. We do have a two for today, and the first half of it might help serve as a

guidepost for where we are in the current cycle. Welcome back to the mining pod brought to you by

CleanSpark. Today, like I said, we've got two shows kind of spliced together for you that we

recorded at NABs, the North American Blockchain Summit in Dallas a few weeks ago.

For the first half of the show, we have the head of digital assets from T. Row Price,

Blue Machilari, on to talk about where she thinks we are in the current cycle and how

institutional adoption may have changed the market dynamics so much

that the four-year cycle is over.

And for the bookend of today's show, we have Dale Nally, the Minister of Red Tape

Production of Alberta, on to talk about how Alberta fits into the AI revolution.

Stay tuned, Joe.

We enjoyed both of these.

We hope you all do too. Guys, there is a serious problem right now in Bitcoin mining, and we need to talk about it. You need to pay attention to this. Bitcoin miners are identifying as AI companies, and people keep mis-sectoring them. Because they say, well, look, your infrastructure is clearly for Bitcoin mining. What do you want me to do about it?

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