ROLLUP: Bitcoin ETF Rumors | IRS Tax Rules | Ethereum Dencun

Everyone is getting ready for the spot Bitcoin ETF approval. Almost everyone is that why Bitcoin went down ten percent?

Angless Nation, it is our first weekly roll-up of 2024. David, how you doing, man?

Pretty good my man. I'm down in Argentina. Uh it's a good place to be.

Oh, I know. I I want to talk to you about that, but uh let's give the folks a tease of what's going on in the weekly roll up first. Number one, we got Bitcoin down. It was it was over 10% down in one day.

Big move down.

Yeah, why did it sell off? We're gonna talk about that. What else we got?

Brian, are you ready to go to jail?

Um no, not this year. Why?

Because there's crypto tax rules that just took effect. And if you ever claim an airdrop worth, you know, ten thousand dollars, you have to report it to the IRS pretty damn soon, or else you go to jail. So I'll see you in jail by the end of this year. We'll talk about all of that. Ethereum Denkun, we got a date for you as well for when roll-ups are getting 90% fee reductions. That's coming very, very soon. It's coming in just a few months now. We'll give you all the details. And also, Ryan, I know I won't be seeing you at DevCon 7, but everyone who does go to DevCon 7, we just got the details announced. So we will all see you when and where. We will find out.

Oh, that's a that's a good tease, David. Uh it's a in a very far away place, so uh that that's a very reasonable I I won't be attending, but uh I'm very excited for you to attend. Um speaking of world traveling,

you said you were in Argentina, and before we started recording this episode, you were waving around some fat stacks.

Okay. Can you tell me how the uh fiat system works over there in Argentina? Like what's your experience been so far?

You want to you want to see what $1,000 looks like? Or excuse me, $100 looks like in Argentina?

100 US dollars in

US dollars.

comparison.

Looks like this.

Yeah.

Looks like that.

Oh my god. Wow, that is a f that is a that is a

That's a watt of cash. I think this is a hundred bills of Argentine pesos. This is actually actually these are 100 pesos. There's a watt of a thousand pesos. So actually, just kidding. This is $10. This is $10 right here.

Ten dollars?

Yeah. So their current conversion ratio is $1,000 to $1.

Uh, and this is 100 100 peso bills.

What one thousand to one? Is that like fixed, or does that vary based on

The current market rate. That's the current market rate. Yeah.

it?

Yeah. Here's the largest Argentine peso bill, which is a 2,000 peso bill. It's about

It's about $2. Yeah. Yeah. So like I when I go and I pay anything in cash, I'm carrying around like fat stacks of bills. When I was in Argentina in 2016, the ratio, the conversion ratio was 16 to 1, which is like, you know, it's not crazy. It's not terrible. Um,

you know, 2016, how many years ago was that? Seven years ago. So in seven years, it goes from sixteen to one

to a thousand to one.

Okay, so is this like when you're purchasing things, you're going to a restaurant, you're getting food or something, you're getting groceries. Are you buying things with pesos? Is it like all cash business, or can you like use a credit card or something like this or

Yeah.

some other means of payment?

I would say more frequently than not you can use a credit card. Um some some things are cash only. Like there's a lot of street markets, for example. Um credit cards are pretty well proliferated, I'd say. Um or I debit credit card, debit card, tap to pay. But then also that decent number of times, like you just you gotta use pesos too.

Wow, that's crazy. How has it been so far overall?

Uh Argentina or using pesos?

Oh, Argentina. I mean, using pesos is gotta be we like it's probably a novelty if you're there for like a couple of weeks, but like I'm sure that gets pretty damn old if you're uh

Yeah, so like the Josh was asking, it's like, so what's it like to pay in pesos? Is it like kind of cool because you have like a big wad of cash? I'm like, no, it's actually it's actually really annoying because like, okay, here's a $20 food bill.

And I go one, two, three. I just start counting. I'm like, oh my god, it keeps on going. These are because so like the the hundred peso bill,

it's ten cents. One bill is ten cents. It's a dime for us.

I've seen your your wallet. You have a very small wallet. I've I've seen

No bills go in there.

like how how do you how do you fit that? I mean like you must have like

I have like multiple.

grocery boxes.

I have a whole pocket full of. I literally put one of these things in my pockets, and then I come back and it's like gone.

Oh that's crazy. No, no, okay, but uh aside from the fiat, which we know is destined for failure, no matter what country you're in, eventually your fiat will fail. Uh tell me about Argentina.

That's fantastic. Anoche. Uh there's the bankless meetup at a wine bar. Uh I so we put out the bankless meetup a while ago, set for Friday, and we were going to rent out half the wine bar. A wine bar is like a kind of a popular place in um one of the nice neighborhoods, uh, and for a hundred people, and it instantly filled up.

It filled up inside of 30 minutes. I was like, oh my God, I did not realize that A, there's there's so many bankless fans like ready in Argentina, in Buenos Aires, ready to go. And so like B, we have to move places. And so we went from we went from Friday where we could rent half the place to Thursday, which is today,

to rent all the place. And then it just instantly filled up, even though we doubled the capacity.

Uh and so uh I'm a little bit intimidated by that, but it's gonna be a good time. It's gonna be a good time. Some Malbec and some empanadas.

Uh am I gonna give a speech?

Perhaps. I don't know. Uh you you you know me, I make things up as I go.

And tell all the bankless Argentinians I say hello as well. And uh you know.

I'd be there in person if I could. I I have COVID right now, David. Yeah, you do.

Yeah.

And so uh if if I sound a little bit nasally or a little bit under the weather, then bank listation, that is why. But uh we cannot won't stop the weekly roll up. Uh David,

let's figure out Bitcoin this week. Uh you wanted me to start this Bitcoin priced in pesos, Argentinian pesos. Well, this chart uh looks nice because it's up and to the right, but not if you hold pesos.

Yeah, it looks pretty scary. So the Bitcoin Argentine peso chart is a small, squiggly line very close to the bottom. And then right on the right side, it is absolutely vertical. Pesos just devalued by like 50% right before I got here in dollar terms. The log chart, it's just up only. Yes, Bitcoin is it's setting like a crazy all-time highs every single week in Argentine pesos. This is what this is what fiat currencies are all trending towards. It's just a matter of time.