Parker Lewis: The Long End of the Curve Is Breaking
Transcript — TFTC
Article: https://www.tftc.io/parker-lewis-long-end-treasury-curve-breaking
Transcript page: https://www.tftc.io/parker-lewis-long-end-treasury-curve-breaking-transcript
Published: 2026-10-19
Machine transcription, lightly cleaned; may contain errors.
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[0:36] Marty Bent: We don't we don't have to slap anymore. We're not we're not in the studio. I miss the studio.

[0:40] Parker Lewis: We do it for fun though.

[0:42] Marty Bent: We do. It's

[0:43] Parker Lewis: good vibes.

[0:44] Marty Bent: How is Austin?

[0:46] Parker Lewis: Austin's good. You know the the Bitcoin vibe is has died down. You know it's like. The vibe. 2021 was a vibe. Having you, you know, no longer here, there's been some energy dissipating. But but there's still just a ton of Bitcoiners around. So it's just like less than less of a meetup scene, less of you know Oz Bit Devs, but still a bunch of people around. So I see everybody and was at the gym with Jimmy and Sile this morning. You know, we're going over to Jimmy's for a barbecue tomorrow. So. The vibes are good, just it's a different vibe getting back to basics, you know. Before, before the meetups in Austin, it was, it was steaks at, uh, bring your own steaks at Will Cole's house. So we're just getting back to that.

[1:31] Marty Bent: Yeah, I had somebody, uh, reminiscing about the other beef, the mini beefsteak we threw in my backyard when I was down there.

[1:37] Parker Lewis: Oh, remember, it was after, um, after the takeover. I think it was after the first takeover. That was the time. That was 2020. early 2022, so I was still in that vibe. Um,

[1:51] Marty Bent: but it was a great vibe, great vibe. But we're getting back to basics today.

[1:54] Parker Lewis: I think we've got flying cars now. I don't know if you've showed that off in Austin, but there's a lot going on here.

[2:00] Marty Bent: Yeah, it was definitely in Texas somewhere, I would imagine. I would hope. You can probably— yeah, I would imagine there. We're gonna get back to basics, back to first principles. I think, uh, Throughout the years, you've been a grounding force on the show. And for those of you new to the show, I know there's tens of thousands of you, this is Parker Lewis.

[2:18] Parker Lewis: Good to be back on, Marty.

[2:21] Marty Bent: Author of Gradually, Then Suddenly.

[2:24] Parker Lewis: If you found yourself buying a Bitcoin treasury company, go to thenakamotoinstitute.org. You can read it there for free.

[2:33] Marty Bent: Yeah. Treasury. You've been on the treasury company tilt. Do you think— talking about getting back to first principles, do you think priorities have been, uh, been dissipated or, uh, diluted in the Bitcoin space?

[2:47] Parker Lewis: You know, I, I think that it's, you know, some of it's that it's also tiresome. Like, there's always going to be some next thing, and then those people will figure it out. And can't ever predict what the next thing is that, that distracts people or gets them off the just stay humble and stack sats, but something always does. There's always some next iteration that you couldn't predict. And so yeah, I think this is just an evolution of that. And so yeah, I do think that those— it's like the saying of everybody gets Bitcoin at the price that they deserve. Well, that also applies to Bitcoin Treasury Company shareholders. Yeah, unfortunately. But, um, but it will be a learning moment for everybody, and then, you know, people will move forward stronger.

[3:43] Marty Bent: Yeah, speaking of moving forward stronger, seems like there's a crisis of confidence in parts of, uh, the industry, or parts of the holder base, if you will, with the Coldcard hacks last week, the, uh, the Ledger supply chain attacks, um And I wanted to bring you on. I know we talked on the phone about 30 minutes earlier this week, but again, I think you're a steadfast, stern voice in the space. Why right now, considering everything going on in the world? You've got the hacks of ColdCard, of Ledger. You've got treasury company stocks taking a lot of attention away from UTXOs. You've got ETFs, you've got AI. Yeah. having sucked the capital out of every other asset class for the last 18 months, why is it important to still have Bitcoin on the mind or to be stacking Bitcoin? Have you lost it? Do you have a crisis of confidence in Bitcoin, number one? And if not, why not?

[4:48] Parker Lewis: No, no crisis of confidence. What I can say is 2 things. It's clear to me, or one thing that I've observed is that at least in my time in Bitcoin, that sentiment has never been worse. I don't know if it was you who put something out, but there's a reality that this is probably the tamest bear market that's ever happened in terms of the drawdown. But the reality of just in the Bitcoin industry or amongst Bitcoiners, from my own personal observation, it's the worst that sentiment's ever been. I am not negative. I think that the setup is as good as it's ever been. The fundamentals are as strong as they've ever been, but it's just reality.

[13:33] Marty Bent: Yeah. I tweeted it out earlier from the TFTC account. We had a 6% difficulty adjustment upwards today. Difficulty and hash rate, highest they've been since March of this year.

[13:45] Parker Lewis: Where do you think that's coming from?

[13:50] Marty Bent: I would not be shocked if it's a switch out of higher efficiency miners. And I can speak, and this is public, I can speak from experience at Dark Horse that we had a deal with Bitdeer that we signed earlier this year, and they put in new machines that are extremely efficient and powerful. So I don't know if it's net new. miners per se. I think it's miners that are already plugged in, just refreshing their fleets with higher efficiency miners is what I would say. And then on top of that, obviously, summer demand response programs are probably cooling down as the weather gets more temperate.

[14:30] Parker Lewis: Yeah. There's just a lot of those large public miners that are in the process of pulling out a lot of hash rate permanently. So it's just interesting to see that bump in hash rate.

[14:41] Marty Bent: Yeah, we'll get back to mining because this is a lot of what we talked about earlier this week, and I definitely want to touch on that, the dynamic between the mega miners transitioning away from mining towards AI compute. But first, I'm really interested, Fort Worth, was it Bitcoin in One Lesson? Did you give that again?

[15:00] Parker Lewis: Yeah, I gave 2 different Bitcoin in One Lessons.

[15:02] Marty Bent: Any unique questions, new questions, or is it the same old questions?

[15:09] Parker Lewis: Um, um, I— let me— I think— let me think about it. It was mostly the same questions, you know, and I say that because on the path to Bitcoin, the questions are both very logical and they're generally all the same, you know, where it's, you know, there were questions about, uh, quantum computing, there were questions about Hey, if this is what you say it is, why would the government ever allow that? Where do you see the risks? Yeah, how do you think about the volatility? So it's like, there were probably 1 or 2 questions that were not standard, but In both of the rooms, the Q&A lasts for 30 to 45 minutes, which I always view as like, you know, if it's the middle of the day, people are coming from work again.

[20:13] Marty Bent: They were small business owners, so it wasn't like Fort Worth institutional capital?

[20:19] Parker Lewis: I mean, like, well, I would say, you know, small business owners are typically the most wealthy of them all. You know, it's like people that, that have their own money and, um, you know, oil and gas industry people, family offices, that type. People that run and manage their own wealth.

[20:45] Marty Bent: Yeah. And I think I completely agree with everything. My conviction's never been stronger. And you were right, it was I that tweeted out, it was I. It was I. The dislocation between sentiment and market structure has never been Never been wider. And I will say, 2015, people legitimately thought Bitcoin was going to die. I think this is the worst sentiment since 2015.

[21:12] Parker Lewis: And I wasn't involved in 2015, so that's why I wouldn't have been around to see it. So in my mind, because I really went down the rabbit hole in 2016 and it was like part of that 2017 wave, That since then, it's clearly the worst. It's worse than when Bitcoin crashed from $8,000 to $4,000 in a single day by far.

[21:35] Marty Bent: Oh, easily by far. Because you knew there was like this imminent money printing coming after that, um, and there was an easy thing to point to, like BitMEX and everybody being levered, levered long.

[21:50] Parker Lewis: I mean,

[21:51] Marty Bent: but,

[23:39] Marty Bent: You wouldn't consider ETFs adoption? I guess that was like—

[23:43] Parker Lewis: I don't consider it an adoption wave. What I mean by that is there was not a new wave of people that had an unlock of Bitcoin making sense. I've met ones and twos that have stumbled down the rabbit hole, not a wave, not a 5x, 10x crowd where a lot of people that you will have met over the last 5 years, they figured out Bitcoin in 2020 or 2021.

[24:15] Marty Bent: I agree.

[24:16] Parker Lewis: There wasn't an unlock. It wasn't something that unlocked in 2024, '25. An example of a low allocation, low conviction position is like the Wisconsin Pension Board. I think that it's Wisconsin Pension, where they bought $160 million worth of Bitcoin, which is a lot of money, but it only was a 0.1% position, and then they sold in 2025 rebalance. They sold like 90% of it or something. So it's like, was that Bitcoin adoption? It was

[24:50] Marty Bent: a trade. It was a trade.

[24:51] Parker Lewis: It was a trade. So low conviction, small positions are what drove the price up, not a new wave of people really figuring out the signal behind Bitcoin. And all I'm saying is that that is what I attribute that Now going on 5 to 6 year gap of not a new wave of people figuring out, which would be new energy coming into events, conferences, Bitcoin companies, um, at the same time where, you know, quote, the price didn't go at, you know, many multiples higher. Like, it all, it all leads together. But from my vantage point, Again, I don't over-index to the events that I hosted in Fort Worth.

[26:07] Marty Bent: Yeah. I mean, it's like I pulled up that Wall Street Journal headline from October 1st, so the beginning of this month, like 2 weeks ago, Trump says inflation could pay down the debt very rapidly. It's like they're prepping the narrative skis. Right.

[26:22] Parker Lewis: And that's one thing I always like to— it's the Wizard of Oz, like the emperor has no clothes. You're basically saying the only way to get out is, quote, inflation. Well, the only real way to get out is money printing. That's the source of inflation. And it's the only way to create pressure on the long end of the Treasury curve. What's the 30-year at today?

[26:55] Marty Bent: Let me, uh, your US is at 544.

[27:07] Parker Lewis: I think it went as high as 566 or 570, something like that. Um, yeah, also like because it's like it's come in, right? But, but also the volatility is also problematic. 6 trillion over the course of Immediately in 2008, but then over the course of 2009, 2014 as well, that there was $52 trillion in debt at that time, and there was only $900 billion that existed. And of those $900 billion, the banks only had $350 billion. And that imbalance between debt and dollars was the source of fragility. Well, that $52 trillion in 2008, 7, 8 is now $107 trillion. 7 trillion approximately. But now, so it's like the credit system is larger by in excess of 2 times.

[30:16] Marty Bent: Yeah. I flashed up that high yield—

[30:19] Parker Lewis: Yeah. That's one of the things that I look at. It's like that market will get super illiquid really quickly. And when it does, that HYG will start taking a nosedive. Pull it back up, can you? Boom. Go show the 5-year and then show the max now. So it's like you look at this event back, like financial crisis, you know, going from 100 down to 60, and then you see in 2020 that like 90 going down to 70, there's like slapdowns. That, that'll be what we're looking for when things really break. Less of the intermittent kind of— it's like absolute— because functionally, what happens is those credits become no bid.

[31:41] Marty Bent: If you look at— I mean, let me pull it up again because if you look at it, it looks like— I mean, this is caveman TA just looking at it, but you go on Max and you look at this consolidation, the dump, We've had—

[31:53] Parker Lewis: Well, that crash right there, that was 2020. That was March 12th, 2020. Yeah. But also, a $1.6 trillion bond market, that going from 90 to 70 virtually overnight, what it is is absolute zero liquidity. And when rates are high, if you think about the 30-year at 5.4%, everything that's long-dated trading off that, or the 10-year. The 5-year is at 5.05% or wherever it is. And so they're all above 5%. Everything trades off of this. So that's why when people are looking at Oracle bonds, but any credit in the market is having to refinance at massively higher rates than whatever they were taken out at. And then it destroys the economics of the underlying business. The 30-year mortgage is something like 7.6%. So Nobody can afford that at the price levels. What does that cause? It causes asset values to crash. And then when asset values crash, that's the financial crisis.

[33:02] Marty Bent: Yeah.

[33:04] Parker Lewis: I say all that not to be a doomer. I say it to say it's like, hey, when you ask me about the signal of Bitcoin, the signal is the same. We're not getting out of this problem until people figure out that they have to opt out of this debt system where they print a bunch of money, And into sound money and into the money that can't be printed.

[33:23] Marty Bent: What's up, freaks? This rip was brought to you by the motherfucking Cash App. They're back. Been using Cash App for years. Makes it easy to buy, sell, send, receive, top up to stack Bitcoin, top up payments to stack Bitcoin, automatically DCA. You can get paid in Bitcoin on Cash App very easily. They've integrated the Lightning Network to make payments extremely fast and cheap. They're the all-encompassing Bitcoin app. I've been using Cash App for almost 10 years now, almost 10 years, the better part of a decade. I've had my weekly DCA on for many years. You set it and forget it. And when you do that, you don't pay any fees on the buys.

[36:07] Parker Lewis: I think they'll get it when they get it. The signal is the signal that I look at as like there's truth and objectivity in the world. There's also high time preference in the world. That's what I attribute the Bitcoin treasury companies to be, that it's a function of— imagine you figure out what Bitcoin is. Most people that are buying them really haven't, or if they have, they've just become they've lost track. I'm not saying 100% of people don't get it, but a lot of them, a lot of the people that are there have no real concept of the fundamental signal of Bitcoin. But those that are there that have lost track of the real signal, it's like, if the prices of Bitcoin is not going up higher or as fast as you want it to, Then the the solution is more people understanding Bitcoin as money, not kind of shifting narratives to Bitcoin being capital, which then makes it more confusing for people to understand Bitcoin and to you know essentially get drunk behind the wheel and just you know start oh let me let me I feel late or I want to catch up let me give my money to this corporation to buy Bitcoin, and I'll buy their stock at a premium, because I want more Bitcoin.

[40:43] Marty Bent: It says kill fiat. Kill fiat. I was going to— the camera wasn't working with me.

[40:48] Parker Lewis: I can see it from where you are right now. So when you put it close to the screen, it actually came forward.

[40:54] Marty Bent: But I completely agree. And so you're talking about the mechanical monetary aspects of Bitcoin, yields blown out, Trump saying, we're going to get out of this via inflation.

[41:07] Parker Lewis: We're going to give people $5,000 if they vote Republican. He also said that.

[41:13] Marty Bent: You're going to get your Trump checks. You're going to get your Trump checks. And this week too, I think we should pull this in separate from the monetary mechanical side of things, which is Bitcoin's competing with this fiat system, which has levers that are pulled and creates more units of the fiat currency. I mean, the other aspect of Bitcoin is be your own bank, control your own money. 21 billion for money laundering. And it was a slap on the wrist for them, cost of doing business. 1 billion in profits in Q3 of this year. And those profits are derived from the fact that they take their users' deposits and put them in short-term bills and notes.

[43:19] Parker Lewis: Yeah. I mean, I don't know the story of Signature as well, but the story of Silvergate specifically is just atrocious. Because I think anybody that was observing that one as it was happening recognized exactly what was happening. And then also, yeah, having, you know, knowing Alan and considering Alan a friend and knowing how principled Alan was, you know, one of the things that I'll just share is that, and I mentioned this, but the first time I met Alan, we had breakfast and we had met talked over the phone a few times before this, but I think it was 2021 at the Miami Bitcoin Conference, had breakfast, and I was still at Unchained at the time, and we were talking Bitcoin-backed loans.

[45:59] Marty Bent: I think they were issuing, I guess, margin loans on illiquid startup debt for a lot of the founders who had

[46:10] Parker Lewis: Yeah. And I can understand why they're not politically unpopular, right? The same reason that they had 90% of their deposits were not FDIC insured. That's why all these hedge fund guys like Bill Ackman were out hammering about how they need to be bailed out because there's so much of it that wasn't insured. And you knew they were going to get bailed out. And that one was different, but that something like that occurring again could be the thing that creates the wave. Because in response to that, there was this mini money printing where they changed the— they created a program to be able to stop the bank run wave.

[48:43] Marty Bent: Yeah, I was just looking for a I mean, this is this is the image that people are going to get when they're getting in digital capital. You know,

[48:55] Unidentified speaker: living on

[48:56] Marty Bent: digital

[48:56] Unidentified speaker: life.

[48:57] Marty Bent: Wow! How did you

[48:59] Unidentified speaker: make it? I worked hard as an engineer to save money again. Then I put my savings into stretch. What is stretch? Right now I get.

[49:09] Marty Bent: It's like

[49:12] Parker Lewis: so it's like so what I did was I invested in a perpetual preferred equity that has a fixed dollar claim on a company that owns Bitcoin. It's like, what? Like, how— what problems you solve? You have an instrument that's worse than a bond. Good luck, you know?

[49:28] Marty Bent: Well, there, there is, like, uh, to your point, like, about, like, the, the existential question, like, if it's just—

[49:37] Parker Lewis: Like, what I would just say is, like, in honesty, like, if you, if you pulled that out from, like, the, the thing that's incredibly cringe about it, um, The whole thing makes no sense to a normal person. They're like, "Wait, so you're borrowing? Who are you borrowing from to buy the Bitcoin? Are you manipulating the price of the Bitcoin higher? Like, how does this make any sense at all? " because they aren't credit investors. They aren't people who lend with instruments that have maturity. But they're like, it just feels like robbing Peter to pay Paul. Or if Bitcoin doesn't make sense to you, if you do not understand Bitcoin, say Bitcoin doesn't make sense to me, how does somebody getting paid 13% by somebody else that just owns Bitcoin, how does that help them understand it?

[51:46] Marty Bent: Freaks, look at me. I'm glowing. I've got an angel's halo going around me. You know why that is? Is I feel good. I feel taken care of. I feel blessed, healthy, happy. And that is because I'm a CrowdHealth member. My family and I have been CrowdHealth members for 5 years now. Literally this month, 5 years ago, we joined CrowdHealth. We've had 2 babies. We've had multiple health events, and we're never going back to health insurance. CrowdHealth is crowdfunded healthcare. So you sign up for CrowdHealth, you pay a monthly fee, help out with other people's bills. And it's significantly cheaper than health insurance. We were on COBRA as a family of 3 when I, when I left my last job before I went full-time with CFTC, went on The Crowd Health.

[54:43] Parker Lewis: What I would say is, hey, we're in a Bitcoin bear market right now. Sentiment is as bad as it's ever been, and that impacts people's excitement to adopt Bitcoin at all levels, that there's a tempered a tempered level of interest. So if you think about a lot of our customers are small businesses, but others are people that are directly involved in the Bitcoin economy, and they're just focused on surviving themselves, not changing their payment gateway. And so we're not immune of that. We do continue to see high signal and are unperturbed by the— the bear market has not scared us away. We wouldn't have gotten in.

[57:01] Unidentified speaker: Mm-hmm.

[57:02] Parker Lewis: That we had to be in control of our own destiny, and that if we were going to really have success, we needed to be able to, one, control the experience, and two, being able to perfect the actual experience of paying with Bitcoin, that we realized, okay, if we were always going to be scanning QR codes, if we don't have relationships with the people paying, we're inherently limited in how well we can remove friction and manage the entire payment process. And it was kind of a— the P2P app was a two birds, one stone where we said, hey, one of the early common, most common markets of people paying others in Bitcoin is peer-to-peer, and there's no good solution to it.

[1:01:33] Marty Bent: Yeah. Should we demo the pay with Zapier P2P right now?

[1:01:37] Parker Lewis: Can we? Can you do that?

[1:01:40] Marty Bent: Yeah.

[1:01:40] Parker Lewis: Yeah, let's do it. You pull up the— well,

[1:01:46] Marty Bent: I got

[1:01:46] Parker Lewis: this. Yeah.

[1:01:50] Marty Bent: Yeah, we've been testing this out. I'm gonna do it on desktop. So as you can see here, you have the ability to pay WebLN. I could scan the QR code, but the browser knows that I've already paid an invoice with the P2P app on my phone. So I don't have to do any of this. I just click pay with Zaprite. You can see I got a Zaprite notification here.

[1:02:14] Parker Lewis: They can't see that.

[1:02:17] Marty Bent: The, uh, just trust me, there's a Zapier notification here.

[1:02:23] Parker Lewis: Yeah.

[1:02:24] Marty Bent: And I'm just gonna click it, sign in, probably see this better. The payment from the payment from the website.

[1:02:32] Parker Lewis: Yeah.

[1:02:32] Marty Bent: I simply slide this.

[1:02:34] Parker Lewis: It's, it's, uh, biometrically gated, so you gotta—

[1:02:38] Marty Bent: Oop.

[1:02:40] Parker Lewis: Yeah.

[1:02:43] Marty Bent: Now it's sending. Live on air.

[1:02:48] Parker Lewis: Live on air. Come on, work, buddy.

[1:02:51] Marty Bent: Success, success. Boom. Is that UX? Didn't have to scan anything, just click the button, got a notification, slide. I should have done the bio first, would have been quicker, but you do the biometric.

[1:03:04] Parker Lewis: Yeah, I don't know if you can screencast your Your, uh, phone, but we could, uh, we could, we could demo the P2P if you could.

[1:03:14] Marty Bent: I can't, I can't screencast it right now.

[1:03:17] Parker Lewis: But yeah, but also just explaining what happened there for folks. Basically, you know, this is a demo Zaprite checkout. It's live on Bitcoin mainnet, but, um, it was a checkout to, to say buy our good or service. Marty has the beta of the P2P app that we built. The way the P2P app works is— and this is core to the problem that I mentioned it before, but just to reiterate, the foundation of the problem that we see as it relates to peer-to-peer payments in Bitcoin is that because everybody uses different wallets, there's inherent lack of knowledge of, well, what wallets does my friend use and how am I going to push payments And that our solution for that is rather than us be a new, like create a peer-to-peer app that's a walled garden that has its own wallet, that the actual solution to it is creating a peer-to-peer app that integrates existing wallets.

[1:06:56] Marty Bent: Yeah, we were just— we were explaining before we hit record is that, I mean, there's a number of employees here at TFTC that get paid at least partially, some fully in Bitcoin, and 95% or 90% of them 80% of them. One person doesn't. We'll talk about that later. But use Zaprite to invoice me. And it's very— it's not the fault of Zaprite. It's before the P2P app came out. But now with the Pay with Zaprite P2P, somebody like Logan were to send me a Zaprite invoice and I have my Strike business account hooked up to my P2P app, instead of taking the invoice, getting the on-chain address or the Lightning Network invoice and then copying it, pasting it into Strike's mobile app or desktop app, and then hitting send. It's like, oh, click the button, swipe, send. It takes 3 to 4 steps out for me.

[1:07:57] Parker Lewis: Yeah. And that's the goal. And the ultimate goal is to have every popular wallet in the app. We've built out effectively to the wallets that had capabilities day one that we didn't need them to change anything on their engineering roadmaps. The ultimate success of it is going to, you know, when it's in users' hands, them really valuing the ease of the experience and that it's effectively them not having to adopt a new wallet in order to send money to their peers. And this is really being built— it's not being built even though these test transactions— Marty sent me 500 sats, which feels a little cheap, But no, I'll send you back like 750 sats because the fake good that you purchased online was like 250, at least maybe 270.

[1:14:24] Marty Bent: Where can people download the app?

[1:14:27] Parker Lewis: Um, well, where they— they can either go— so it's still in closed beta. If they want to participate in the closed beta, go to paymeinbitcoin.com and you'll be able to sign up for it there, and then we'll onboard you to the, uh, to the app. You'll get an invite to TestFlight or the Google Play Store.

[1:14:48] Marty Bent: Well, I've been using it for 3 or 4 months now. It's an incredible experience. It just makes it a lot easier.

[1:14:54] Parker Lewis: Yeah, that's our goal. It's like, hey, do we actually make the payment easy?

[1:14:58] Marty Bent: I mean, if Soap Miner, he goes from BTC Pay Server to Zaprite and I go buy my soap and I can just hit the— because I use the web browser, hit the Zaprite P2P and do that, it would be so much easier.

[1:15:18] Parker Lewis: Yeah. Soapminer, if you're listening, I emailed you. I would like you to turn this capability on via the trial. You haven't emailed me back, but if you're listening or if anybody knows him—

[1:15:29] Marty Bent: Well, I know he listens to RHR every week, so if he doesn't listen to this episode, I'll make sure I tell him next week on RHR.

[1:15:35] Parker Lewis: Okay, perfect. That'd be awesome.

[1:15:37] Marty Bent: It's a good catch-up. We need, we need to go longer next time. Unfortunately, I got to run here, but I appreciate you doing this. I appreciate you. building the P2P app. It's been a lot of fun testing, and I think it's incredibly important to your point about setting up for the next adoption wave. And thirdly, I think just getting the Parker Lewis sort of sober distillation of what's going on, where we're going in the market is important in these trying times for people out there who are down.

[1:16:08] Parker Lewis: Well, now that you're not in Austin and we don't get to do this regularly on the weekend in private, we should just do it more regularly. Um, on the pod.

[1:16:18] Marty Bent: Let's hold each other to that. We should. We definitely should.

[1:16:21] Parker Lewis: Yeah. And, uh, the bear market will end, you know, at the price that we all deserve.

[1:16:26] Marty Bent: All right. Tell, um, tell the Austin crew I said hello. I talked to them, but tell them I said hello from the podcast. Okay.

[1:16:35] Parker Lewis: I'm gonna see all the boys tomorrow and girls.

[1:16:38] Marty Bent: Tell them I said what's up.

[1:16:40] Parker Lewis: I will.

[1:16:42] Marty Bent: Peace and love, freaks. Thank you for listening to this episode of TFTC. If you've made it this far, I imagine you got some value out of the episode. If so, please share it far and wide with your friends and family. We're looking to get the word out there. Also, wherever you're listening, whether that's YouTube, Apple, Spotify, make sure you like and subscribe to the show. And if you can leave a rating on the podcasting platforms, that goes a long way. Last but not least, if you want to get these episodes a day early and ad-free, make sure you download the Fountain podcasting app. You can go to fountain.fm to find that. $5 a month gets you every episode a day early, ad-free. Helps the show, gives you incredible value. So please consider subscribing via Fountain as well. Thank you for your time, and until next time.