Speaker 1: Hello, and welcome to another episode of The Markmas Show,
Speaker 1: where we talk about the world that's changing right before
Speaker 1: our very eyes. We're talking about the decentralized revolution that
Speaker 1: is changing everything, everything that we've known to be the
Speaker 1: way it has been for our lives, and it's changing
Speaker 1: right now. We're talking about the intersection of politics, finance,
Speaker 1: and technology. Of course we're talking about bitcoin cryptocurrencies. That's
Speaker 1: what is happening right now. It's always technology that changes
Speaker 1: the world. The politics and the finance move around that,
Speaker 1: and so we like to look at those three things
Speaker 1: so we can kind of give you the play by play.
Speaker 1: And there's a lot happening. There is a lot happening
Speaker 1: right now in the bitcoin space, and it's in the
Speaker 1: economy overall, in the monetary system. I mean, we see
Speaker 1: stocks plumbing, dropping like a rock. We see currencies, nation's
Speaker 1: currencies around the world literally crashing and collapsing all around us.
Speaker 1: The bond markets are blowing up, and why well, that's
Speaker 1: exactly what we're talking about. We can see that the
Speaker 1: US dollar has been getting stronger and stronger and stronger.
Speaker 1: As a matter of fact, it's at the strongest point
Speaker 1: it's been at in a very long time. But what
Speaker 1: does that really mean, right, Like, great, the dollars getting stronger,
Speaker 1: but it's getting stronger against other currencies. It's not getting
Speaker 1: stronger in terms of purchasing power. So it's back up
Speaker 1: to probably the highest point it's been since two thousand
Speaker 1: and seventeen, which is quite a while. But what that
Speaker 1: means is that other currencies are getting weaker it. What
Speaker 1: it doesn't mean is that the dollar still buys you
Speaker 1: less goods and services than did before, but the dollars
Speaker 1: getting stronger. And that's because, like I said, all the
Speaker 1: other currencies, the Japanese yen is like literally falling off
Speaker 1: a cliff, like about to implode. Of course some of
Speaker 1: the and that's Japan. That's that's a serious hearings currency.
Speaker 1: The Euro is crashing like a rock. I mean, it's
Speaker 1: insane how fast it's falling, which is why the dollar
Speaker 1: is shooting up so high. So currencies are crashing, countries
Speaker 1: are crashing. Sri Lanka just just fell, Peru's falling, Lebanon fell,
Speaker 1: I mean, it is, it's just catastrophe all around us.
Speaker 1: And then we have tech stocks, I mean, the tech stocks,
Speaker 1: which were the darlings I'm talking about Peloton is down
Speaker 1: eighty eight percent. Eighty eight percent, that's like, that's series.
Speaker 1: That's a great depression level numbers. Eighty eight percent. Zoom Zoom, which,
Speaker 1: of course you know what Zoom is down today was
Speaker 1: the was the darling stock that blew up during the pandemic.
Speaker 1: Everybody's working from home using Zoom. It's down eighty three percent.
Speaker 1: Shopify again, right, everybody's buying stuff online. Shopify blew up.
Speaker 1: It's down seventy five percent. I mean, these are depression
Speaker 1: era numbers. The market's super turbulent, the bonds are crashing,
Speaker 1: nobody wants to buy the debt. But while all that's happening,
Speaker 1: Bitcoin's just kind of hanging on like a boss. I
Speaker 1: gotta say, you know, if you listen to my show
Speaker 1: in a regular basis, you know I don't talk about
Speaker 1: the price of bitcoin all that much because I think
Speaker 1: it's one of the least interesting things to talk about.
Speaker 1: The way it's changing the world. The development of the technology,
Speaker 1: the adoption of mind share that it's sucking in from
Speaker 1: those world those are exciting to me. The price, you know,
Speaker 1: the price is doing this thing. It's getting there, and
Speaker 1: it'll take care of itself. But man, when the whole
Speaker 1: financial world is melting down, like I said, literally, these
Speaker 1: tech stalks are down eighty eight percent, that's insane. Currencies
Speaker 1: are are literally blowing up like the end the Japanese yen.
Speaker 1: I mean it's one thing like Serlanker or Lebanon what
Speaker 1: I'm talking about the Japanese en, I'm talking about the euro.
Speaker 1: And here Bitcoin is just hanging on like a boss
Speaker 1: sitting at forty thousand. Now you might go, Mark, but
Speaker 1: that's that's that's bad, right, because Bitcoin was was. It's down.
Speaker 1: It's down from you know, sixty whatever, it hit sixty
Speaker 1: five thousand, sixty nine thousand, it's down from that. How
Speaker 1: can you say that's good? Mark? Well, I mean it
Speaker 1: briefly hit that. I mean it briefly hit that. Right.
Speaker 1: If we go back, you know, two years ago it
Speaker 1: was like seven thousand. So to go from seven thousand
Speaker 1: to forty thousand's pretty dang good. I guess it depends
Speaker 1: if you're a glass, a glass half full or a
Speaker 1: glass half empty kind of guy. I might look at
Speaker 1: a glass and go, shoot, man, I got a glass
Speaker 1: half full of water, and you might go, yeah, it's
Speaker 1: you have a glass half empty, and so yeah, I
Speaker 1: mean it did briefly, it did briefly hit that that level.
Speaker 1: But that's that's the that's the high water mark. Like
Speaker 1: I said, I mean, it's up two years ago it
Speaker 1: was at seven thousand, and now it's at forty thousand.
Speaker 1: But like I said, more importantly, what I'm saying is
Speaker 1: that when the whole world is melting down, literally one
Speaker 1: of the biggest economies in the world, Japan's currency is failing,
Speaker 1: the Euro failing tech stocks, the darlings, the zooms, the
Speaker 1: shopifies are down over eighty percent, and Bitcoin is just
Speaker 1: sitting there in forty k like a boss. I'm doing
Speaker 1: pretty good. Now could it drop more? It's sure could.
Speaker 1: There's plenty of people with opinions about it. You can
Speaker 1: find no shortage of opinions every day all across Twitter.
Speaker 1: You can find people saying that bitcoin's gonna drop to
Speaker 1: twenty thousand, or twenty five thousand, or thirty thousand. But
Speaker 1: then you know, across CNBC and Bloomberg you have people
Speaker 1: City Bank and JP Morgan saying it's gonna hit one
Speaker 1: hundred thousand, one hundred and forty thousand. Your guess is
Speaker 1: as good as anybody else's. But what I like to
Speaker 1: see is that typically Mark, these academics want to make
Speaker 1: these things too complicated, and things are actually very simple.
Speaker 1: Let me break it down for you. Markets stop going
Speaker 1: up when there's no more buyers. Imagine that, they also
Speaker 1: stop going down when there's no more sellars. Imagine that also,
Speaker 1: when bad news doesn't drive the market, it's also a
Speaker 1: good sign. So here we are full of bad news.
Speaker 1: The world's melting down, the current and sees at the world.
Speaker 1: They're crashing, the euro, the yen, the best stocks, the zoom,
Speaker 1: the shopify as they're down, the bonds are blowing up.
Speaker 1: And Bitcoin is just hanging on now. Like I said,
Speaker 1: it's the least important thing. If the price drops to
Speaker 1: thirty thousand or twenty thousand, I don't really care. I'm
Speaker 1: not thinking about it short term like that. I'm thinking
Speaker 1: about a longer term. But I do like to see that,
Speaker 1: like I said, it's just hanging on, sitting at that
Speaker 1: support line now. I had previously sat on a support
Speaker 1: line back in May, kind of made a July of
Speaker 1: last year, and had really found support at this U
Speaker 1: thirty thousand area. And here we are about not even
Speaker 1: about about ten months later. Now it's finding support at
Speaker 1: this forty thousand, So that's what I look at. That's progress.
Speaker 1: It made support last time at thirty thousand, now it's
Speaker 1: making support at forty thousand. I like that. Higher lows
Speaker 1: is what we call that, and that's just because there's
Speaker 1: so much good. Like I said, when the whole world
Speaker 1: melting down, bitcoin is proving to be that stable asset
Speaker 1: for us. And it's no surprise. I mean, more and
Speaker 1: more people, more and more companies and countries are jumping
Speaker 1: in on this. Of course, I've talked about many times.
Speaker 1: El Salvador has made it legal tender, and there's been
Speaker 1: a lot of speculation about which country will be next,
Speaker 1: which country will be the next one to come on board.
Speaker 1: I've talked a lot about some speculation about which countries
Speaker 1: it is. I've talked about some states in the United
Speaker 1: States maybe getting on board, and we've actually seen it.
Speaker 1: I speculated that I thought Mexico might be the next one,
Speaker 1: and I'm wrong. Mexico does have a bill that it's presented,
Speaker 1: but it hasn't been passed yet. But this week two
Speaker 1: other countries jumped ahead. They put their hat in the ring.
Speaker 1: And it's not just not just two other countries. One
Speaker 1: of the one of the fastest growing cities in the
Speaker 1: United States decided to jump in, and we saw one
Speaker 1: of the largest financial institutions in the United States are
Speaker 1: I'm actually in the world with eleven point three trillion
Speaker 1: dollars eleven point three twillion dollars in assets jump in
Speaker 1: as well. A lot of stuff going on, which is
Speaker 1: probably why bitcoin's hanging on like a boss. At forty thousand,
Speaker 1: you're listening to the Mark Mos Show. We're talking about bitcoin.
Speaker 1: Of course, we're talking about this decentralized revolution the world
Speaker 1: is going through. We're talking about how bitcoin has been
Speaker 1: hanging on in the world as the world is crashing.
Speaker 1: And I want to tell you some of the exact
Speaker 1: reasons why I think that's happening. A couple of countries
Speaker 1: have brought it on. The largest asset management the worlds
Speaker 1: brought it on. Some of the cities in the US
Speaker 1: have brought it on, and so much more. Don't go away,
Speaker 1: all right, welcome back. You're listening to the Mark Mos Show.
Speaker 1: We're talking about bitcoin, We're talking about cryptocurrencies, We're talking
Speaker 1: about the decentralized revolution. We were talking about before the break,
Speaker 1: how the world is melting down literally currencies like the
Speaker 1: euro and the yen. We've already seen the small countries
Speaker 1: below up, but now the big countries like the Euro
Speaker 1: on the and are blowing up. The bond markets crashing,
Speaker 1: and then the big tech stocks Peloton, Zoom, Shopify, they're
Speaker 1: all down more than eighty percent. That's depression era numbers
Speaker 1: and bitcoins sitting there like a boss forty k just
Speaker 1: kind of sitting there at support. Now. It could go
Speaker 1: down more, it could go up more. I don't know,
Speaker 1: And to be honest with you, neither does anybody else.
Speaker 1: Neither does anybody else, So you know, we'll see. We'll
Speaker 1: take it for what it's worth. But I was talking
Speaker 1: about how El Savador was the first country to actually
Speaker 1: make it legal tender, which is a pretty big deal.
Speaker 1: I've been down to El Savador a couple of times.
Speaker 1: It's amazing place. I'm a surfer, so they've got good waves.
Speaker 1: I've been going down there quite a bit for that.
Speaker 1: But I've been we've been speculating which country is gonna
Speaker 1: be next. Like I said, I thought it would be Mexico.
Speaker 1: They do have a bill in place. It hasn't been
Speaker 1: passed yet, but it looks like a couple of things.
Speaker 1: So one we saw Panama through their hat in the ring,
Speaker 1: and they have a bitcoin bill that's gone through its
Speaker 1: three stages of debate, went through three levels of Congress,
Speaker 1: got passed by Congress in Panama, and is now as
Speaker 1: of now by time i'm recording this, that it's on
Speaker 1: the President's desk to be signed. Now, what I like
Speaker 1: about this bill that's different than the bill that happened
Speaker 1: in Pana, I'm sorry in El Salvador is that El
Speaker 1: Savador made bitcoin legal tender. Panama is just trying to
Speaker 1: make it legal, so it's different, not legal tender, they're
Speaker 1: making it legal. What's the difference, Well, legal tender means
Speaker 1: that if a country labels something as legal tender, then
Speaker 1: that means everybody in the country has to accept that
Speaker 1: money for a good or service. So in the United States,
Speaker 1: for example, the US dollar is legal tender, and so
Speaker 1: if you have a business in the United States, you
Speaker 1: have to accept dollars. In El Savador, they use dollars
Speaker 1: and they use bitcoin now, and so every business now
Speaker 1: has to accept bitcoin. So now in El Salvador, if
Speaker 1: you go to McDonald's, you go to Starbucks, you can
Speaker 1: spend your bitcoin there. They have to take it. In Panama,
Speaker 1: they're doing something different where it's not legal tender. It's
Speaker 1: just lea goal and so what does that mean. So basically,
Speaker 1: because it's legal, they're not going to tax it as
Speaker 1: property and that's a big deal. So for those of
Speaker 1: you that don't know, bitcoin is considered property by the irs,
Speaker 1: and so that means that just like any other property,
Speaker 1: which would be real estate or gold, or stock like
Speaker 1: Tesla stock or Apple stock, if you own any of
Speaker 1: that property. If I buy Apple stock at you know whatever,
Speaker 1: a thousand dollars and I sell it at two thousand dollars,
Speaker 1: there's a thousand dollars a profit. I OT tax capital
Speaker 1: gains tax. If I buy a house for one hundred
Speaker 1: thousand and sell it for two hundred thousand, that one
Speaker 1: hundred thousand dollars gain that profit I at tax capital
Speaker 1: gains tax. Same with bitcoin, same with gold, which makes
Speaker 1: it very difficult to use it as a currency because
Speaker 1: then I have to pay tax every single time I
Speaker 1: use it. But Panama said no, we're gonna make it legal,
Speaker 1: and so there's no no cap gains tax on it,
Speaker 1: but it's not legal tender, meaning we're not going to
Speaker 1: force merchants to accept it. So that's the big difference,
Speaker 1: and I like that. I think it's actually a better
Speaker 1: way to do it. As a matter of fact, I
Speaker 1: tweeted that out. If you're not following me on Twitter,
Speaker 1: you should. What are you even doing? You can find
Speaker 1: me on Twitter at one Mark Moss, send me a message.
Speaker 1: Let me know you're listening to me on the radio.
Speaker 1: I'd love to hear it. But I tweeted it out
Speaker 1: and I said, I think this is a much better way.
Speaker 1: And the reason why I like this better is because
Speaker 1: I'm a freedom maximist. I'm a freedom maximist. I believe
Speaker 1: in freedom. I believe in letting everybody choose what's best,
Speaker 1: what's right for them, and so I'm not really up
Speaker 1: for forcing anybody to do anything. So we don't need
Speaker 1: bitcoin to be legally made legal tender already right now,
Speaker 1: anybody can accept bitcoin right now. My business I can
Speaker 1: accept bitcoin if I want. If you have a business,
Speaker 1: you could accept bitcoin if you want what it could
Speaker 1: accept it. We don't need a law for that. Making
Speaker 1: it legal tender forces people to now accept it, and
Speaker 1: I'm not for that. I don't think that's the best
Speaker 1: way to do it now. I do like what they're
Speaker 1: doing in Panama, because they said, what we're doing is
Speaker 1: we're taking away we're making it legal, We're taking away
Speaker 1: the tax piece, which then allows people to start using
Speaker 1: it more. And then of course, if the market wants it,
Speaker 1: then the merchants will start accepting it. Right If more
Speaker 1: and more people going to these merchants and say, hey,
Speaker 1: I want to pay on bitcoin, then those merchants will
Speaker 1: eventually accept that bitcoin. But they're not forcing it, and
Speaker 1: so I think that's a better way to do it. However,
Speaker 1: like I said, it's it looks like it's going to
Speaker 1: go through. It's made it through three levels of Congress,
Speaker 1: but it hasn't made it through all the way. And
Speaker 1: but but that doesn't mean that it's not happening in
Speaker 1: other countries. As a matter of fact, we saw this week,
Speaker 1: we saw that a nation in Africa adopted bitcoin as
Speaker 1: a legal tender. We can see Central Africa Republic becomes
Speaker 1: the world's second country to adopt a bitcoin as its
Speaker 1: official country. The Central African Republic has legally recognized the
Speaker 1: use of cryptocurrency after the President approved a law adopted
Speaker 1: by deputies last week that has also made bitcoin an
Speaker 1: official currency alongside the West African CFA franc in the
Speaker 1: African nation. That is really big news, really really big news,
Speaker 1: for a couple of reasons that maybe aren't obvious right
Speaker 1: off the bat. Now, part of the reason why is
Speaker 1: because it says that made bitcoin an official currency alongside
Speaker 1: the West African CFA franc in the African nation. Now
Speaker 1: do you know what that means? Most likely you don't,
Speaker 1: and that's okay, it's okay, But I'll explain to you
Speaker 1: the sea. What is the CFA frank? Have you ever
Speaker 1: heard of that? Well, have you ever heard of the frank? Well,
Speaker 1: the frank used to be a currency that failed, like
Speaker 1: all the other ones of France. Did you know the
Speaker 1: France used to have its own money called the frank.
Speaker 1: Did you know France doesn't have its own money anymore?
Speaker 1: It now uses the Euro. That's right. But what happens
Speaker 1: is you ever heard of colonialism? A lot of people
Speaker 1: think that capitalism is bad because capitalism is colonialism. That's false.
Speaker 1: Let me explain that capitalism is a system that one
Speaker 1: protects private property rights. Two it's free and voluntary exchange.
Speaker 1: Colonialism has neither of those attributes. Colonialism doesn't respect private
Speaker 1: property rights because you have another nation basically taking over
Speaker 1: a smaller nation and extracting their values. That's not recognizing
Speaker 1: property rights. And two it's free. It's a free exchange,
Speaker 1: free in volatary exchange. And so a colonialism doesn't have
Speaker 1: that either. But what's happening in colonialism is you have
Speaker 1: these rich nations through Europe going to smaller nations throughout
Speaker 1: you know, the Islands and the Caribbean or throughout Africa
Speaker 1: and colonizing them. Basically say and we now plant our
Speaker 1: flag here, and now you're part of our big country,
Speaker 1: and now we're going to bring democracy to and now
Speaker 1: you're going to use our currency. And so they make
Speaker 1: them use their currency, and then they just start extracting
Speaker 1: all their wealth, basically taking their minerals, taking their gold,
Speaker 1: taking their seashells, taking whatever they have from that country
Speaker 1: in exchange for their fake, worthless Viat currency paper. And
Speaker 1: so that happened. France did it, England did it, a
Speaker 1: lot of in the United States did it. We've all
Speaker 1: colonized countries. But in Africa. All these countries use the
Speaker 1: CFA franc, so they're they're forced to use the franc,
Speaker 1: which isn't even a currency anymore. France doesn't even use it.
Speaker 1: They use the Euro. Now, it would be one thing
Speaker 1: if these these colonies were forced, you know, we're able
Speaker 1: to switch to move to the Euro. But no, they're
Speaker 1: still using the franc. And the reason why that's so
Speaker 1: bad is because while France can't control their own currency
Speaker 1: in France, they can control these nations. And so what
Speaker 1: they do is they on a regular basis they devalue
Speaker 1: it and they just tell everybody in the in Africa up,
Speaker 1: you know what, your money just it buys half as
Speaker 1: much as it did before, just instantly, and just instantly,
Speaker 1: people are lose half as much. You're listening to the
Speaker 1: Mark Moas Show. I'm explaining this CFA frank and saying
Speaker 1: how they've adopted bitcoin. But there's other big news. As
Speaker 1: a matter of fact, one of the largest asset managers
Speaker 1: in the world just adopted bitcoin. I'm gonna explain that
Speaker 1: and more when I come back. You're listening to the
Speaker 1: Mark Moas Show. Don't go away. I'll be right back,
Speaker 1: all right, Welcome back. You are listening to the Mark
Speaker 1: Moas Show, and we're talking about bitcoin, We're talking about cryptocurrencies.
Speaker 1: We're talking about the bigger picture, which is the decentralized
Speaker 1: revolution that the world is moving through, and we're talking
Speaker 1: about it through the lens of looking at politics, finance,
Speaker 1: and technology and how they're all converging and changing the
Speaker 1: world as we speak now. Before the break, I was
Speaker 1: specifically talking about how this West African Central African Republic
Speaker 1: is the second country to now make bitcoin legal tender,
Speaker 1: and I was explaining how it was really big news
Speaker 1: because they made biquinn an official currency alongside the West
Speaker 1: African CFA franc. And I was explaining what that CFA
Speaker 1: franc was, and so basically it's, you know, the old
Speaker 1: French money that they colonized Africa with and they made
Speaker 1: Africa uses money. However, France doesn't even use that money,
Speaker 1: or now France uses the Euro. But they're still forcing
Speaker 1: these people to use their money, and of course they
Speaker 1: do that because then they can devalue it on them.
Speaker 1: They can say, oh, now the money's worth half as much,
Speaker 1: and now we can buy twice as much of your
Speaker 1: goods and services from you. See how that works. France
Speaker 1: is like, oh, we need more raw materials, more commodities
Speaker 1: for our economies. What we'll do is we'll just devalue
Speaker 1: the currency. So now we can just go buy twice
Speaker 1: as much as we as we did before. But that
Speaker 1: means all the people in that African nation lose half
Speaker 1: their money, lose half, no control on their own just
Speaker 1: because France as I do that to them. It's an
Speaker 1: insane system that should not be allowed to stand. It's
Speaker 1: it's insane if people even knew how how it worked.
Speaker 1: And so I'm outraged by it. You should be outraged
Speaker 1: by it. You should look into it more. But what
Speaker 1: I'm what I like is that now they said, hey,
Speaker 1: we're going to now use bitcoin alongside the CFA franc.
Speaker 1: And so what could happen now is if all these
Speaker 1: people decide to hold their wealth in the bitcoin instead
Speaker 1: of the CFA franc, then next time France comes and says, oh,
Speaker 1: we're going to devalue your currency so we can buy
Speaker 1: twice as much goods and services from you, it won't
Speaker 1: matter because they don't have their wealth in that they'll
Speaker 1: be insulated. Now that may seem like a crazy, insane
Speaker 1: system and it is and it should be changed immediately.
Speaker 1: But if you're listening to this in the United States,
Speaker 1: which I'm sure you are at this point, your government
Speaker 1: just did the same thing. You just lost thirty percent
Speaker 1: of your purchasing power in the last twenty four months.
Speaker 1: You should be outraged at that. And guess what you
Speaker 1: can do the same thing that they can do. Now.
Speaker 1: You could just hold your wealth in bitcoin, so you're
Speaker 1: not affected by it. Pretty interesting, right. It says here
Speaker 1: that the President validated the law Wednesday, saying that the
Speaker 1: exchange rate between cryptocurrencies and the FAA, which is the
Speaker 1: CFA franc is freely determined by the market. Tax contributions
Speaker 1: can also be paid in cryptocurrencies through platforms recognized by
Speaker 1: the government, it said. It said the country is now
Speaker 1: the quote first country in Africa to adopt bitcoin and
Speaker 1: the reference currency. So what would be really cool is,
Speaker 1: you know, very quickly these other African nations that are
Speaker 1: using the CFA frank go, wait a minute, that's pretty
Speaker 1: dang cool. I mean, we don't just have to have
Speaker 1: our money just stolen from us that will because of France.
Speaker 1: Uh yeah, we want to do that too, And I
Speaker 1: think that's what's going to happen. So the Central African
Speaker 1: Republic is the world's poorest countries, Corny, United Nations has
Speaker 1: been a state of insecurity and increasing violence for nine years.
Speaker 1: What do you think happens to a country when you
Speaker 1: continually still their wealth and you make them broke. Yeah,
Speaker 1: it leads to insecurity and increasing violence. It's not rocket science.
Speaker 1: This goes back to on the last section I was talking,
Speaker 1: I played a quote from the IMF head Christina and Georgeilia.
Speaker 1: She said, we didn't take into consideration the effects of
Speaker 1: our our actions. We knew printing money would cause this. Yeah,
Speaker 1: like in Africa, state of insecurity, increasing violence, that's what happens.
Speaker 1: It says the government controls the capital, but much of
Speaker 1: the country is controlled by armed groups. And so even
Speaker 1: though it's one of the poorest countries and so it
Speaker 1: won't move the needle that much on buying the amount
Speaker 1: of bitcoin. It's a step in the right direction, that's
Speaker 1: what I like about it. And so we got Panama
Speaker 1: coming on board, we got Africa already on board, and
Speaker 1: so it's happening really quick. We also have Texas, the
Speaker 1: state of Texas as a boss stay of Texas don't
Speaker 1: care stay of Texas, you know, don't mess with Texas.
Speaker 1: They're gonna they're gonna build their own electric electric grid.
Speaker 1: They're gonna have their own money, and they're gonna do
Speaker 1: things their own way. I like that. And they have
Speaker 1: become the biggest beneficiary. They become the biggest the biggest
Speaker 1: bitcoin mining center in the world. And Fort Worth, Texas,
Speaker 1: which is one of the fastest growing cities in the world,
Speaker 1: has now decided to take it a step further. Fort Worth,
Speaker 1: Texas is now the first city government in the United
Speaker 1: States to mine bitcoin. They're going to do it on
Speaker 1: their own and an almost poetic devotion to the initiative.
Speaker 1: Mayor Mattie Parker oversaw the construction of a small mining
Speaker 1: farm in city Hall. So it's small, it's not a lot.
Speaker 1: They only bought. They got three rigs, three bitmin bit
Speaker 1: main an minor s nine rigs. But they're gonna run
Speaker 1: twenty four seven and it's gonna make a little bit
Speaker 1: of a little bit of money for him. But it's
Speaker 1: not about the amount of money that they're doing. It's
Speaker 1: about trying to prove the model right. It says here
Speaker 1: that they Fort Worth wants to start small. According to
Speaker 1: the mayor, they want to start small. There's a lot
Speaker 1: of bureaucratic red tape. They had to go through a
Speaker 1: lot of risk of trying to do something like this,
Speaker 1: and so they thought they would just try and start
Speaker 1: small and then see what happens. They're going to mine bitcoin.
Speaker 1: They added bitcoin to the city's balance sheet. So the city,
Speaker 1: like you probably hopefully holds savings, that's their balance sheet,
Speaker 1: they're gonna hold bitcoin as well. Parker is the city's
Speaker 1: first ever millennial mayor. See what happens when you get
Speaker 1: eighty year old people out of office. Now, nothing against
Speaker 1: old people. I mean I'm getting old myself. Nothing against
Speaker 1: old people, and I love I love old people. But
Speaker 1: the problem is when you have I think the average
Speaker 1: age of the Democratic Party is like seventy two. I
Speaker 1: want to say, it's insane. You know, we have a
Speaker 1: Nancy Pelosi. I think it's like eighty two. Don't quote
Speaker 1: me on this. I think it was like Diane Feinstein,
Speaker 1: it's like eighty nine. Biden as he's seventy eight or
Speaker 1: seventy nine. And even if they're sharp, which none of
Speaker 1: those three I mentioned are, they don't even know their names.
Speaker 1: Biden's on stage shaking hands with the air. I mean,
Speaker 1: it's just it's it's elderly. It's elder abuse, is what
Speaker 1: it is. Really, haven't Biden. Oh, that's a whole other subject.
Speaker 1: But even if they're in their sound mind, like Donald Trump,
Speaker 1: he's older, but he you know, he could talk for hours.
Speaker 1: He's sharp. They don't get technology, they don't get the
Speaker 1: way the world has been changing, and they that lack
Speaker 1: of information causes them to see the world in a
Speaker 1: different way and make policies. And they're passing laws that
Speaker 1: are restricting groundbreaking, life changing, world shaping technologies that are
Speaker 1: going to affect my kids and grandkids. And so here
Speaker 1: we have the opposite of that. We have a I
Speaker 1: think the Republican Party. I want to say the average
Speaker 1: ages like forty two versus like seventy two in the
Speaker 1: Democratic Party. But anyway back to here Parker. So she's
Speaker 1: the first ever city's first ever millennial mayor. And so
Speaker 1: you have a millennial mayor who comes in and she
Speaker 1: gets that the world is changing. She gets and I
Speaker 1: don't know whether she's a Republican or a Democrat doesn't
Speaker 1: say that here, And I don't really care it doesn't
Speaker 1: really matter to me. I don't I don't like to
Speaker 1: put I don't like to align myself with either of
Speaker 1: the political parties left or right, red or blue, Republican Democrat.
Speaker 1: That's all the same to me. I believe it's I
Speaker 1: believe that's all kind of a scam. The only difference
Speaker 1: is the individual and the collectivist. All of politics, in
Speaker 1: my opinion, are collectivists. They're all trying to get mob
Speaker 1: rule kind of a thing going. I want to recognize
Speaker 1: the rights of the individual me. So anyway, I don't
Speaker 1: care what she is, but she's the first ever Minela mayor,
Speaker 1: and you can see how she makes these types of
Speaker 1: decisions that could be massive for the impact that it
Speaker 1: can have for the state of texts, for the city,
Speaker 1: for the state, and even for bitcoin. She says, we
Speaker 1: want to change that conversation. We believe that tech innovation,
Speaker 1: including cryptocurrency, is the way we're going to do that.
Speaker 1: So she says she believes they want to change the conversation.
Speaker 1: She believes in it. He said there was a lot
Speaker 1: of policy that had to be jumped through. They wanted
Speaker 1: to make it happen. The Texas shoutouts to the Texas
Speaker 1: Blockchain Council. I've been talking to those guys quite a bit.
Speaker 1: They've done a lot of good work. They really push
Speaker 1: this through to make that happen over there. So shout
Speaker 1: out the Texas Blockchain Council for helping get that done.
Speaker 1: They donated three of these mining rigs to help this
Speaker 1: get going. But she said that basically the idea is
Speaker 1: just to break in, kind of get your foot in
Speaker 1: the door a little bit. She said, we're the fastest
Speaker 1: growing city in the country. There's so much excitement about it.
Speaker 1: We want to keep that energy going and push ourselves differently,
Speaker 1: and she thinks this is the way to do it. Said,
Speaker 1: after six months, we'll reassess and then we'll decide whether
Speaker 1: it's to sink in real costs into building out the mind.
Speaker 1: I love that, you know, let's just test it out
Speaker 1: a little bit and see how it goes. And like
Speaker 1: I said, shout out to Texas Blockchain Council President Lee
Speaker 1: Bratcher working with these bitcoin miners across the state really
Speaker 1: doing a good job to make Texas the capital there.
Speaker 1: I mean, listening to the Mark Mos Show, we're talking
Speaker 1: about some of the biggest news breaking in the bitcoin
Speaker 1: and decentralized space going today. I got a lot more
Speaker 1: to cover when the intersection of politics, finance and technology
Speaker 1: to show you how this world is changing when I
Speaker 1: come back in a second. So don't go away, We're back,
Speaker 1: all right, Welcome back. You are listening to the Mark
Speaker 1: Moss Show. We're talking about bitcoin, We're talking about cryptocurrencies,
Speaker 1: We're talking about the decentralized revolution, and I'm bringing you
Speaker 1: so the latest breaking news that's been happening around the world,
Speaker 1: showing you the play by play of how this is
Speaker 1: all happening. Now, you know, we'll talk about the political stories,
Speaker 1: we'll talk about the financial stories, we'll talk about the
Speaker 1: technology stories because they all play in together and it
Speaker 1: just depends, you know, different things and moving the markets
Speaker 1: at different times, and there's different things to talk about.
Speaker 1: This week, we've been heavy, heavy, heavy in what's been
Speaker 1: going on, specifically with bitcoin and cryptocurrencies, because man, there
Speaker 1: was a lot. We've covered a lot. We've talked about
Speaker 1: how we've now we're on the race. Well, we've seen
Speaker 1: the second country now make bitcoin legal tender in Africa,
Speaker 1: so Elsava will being the first one. Now we've got
Speaker 1: Africa coming on board. We have two other countries that
Speaker 1: are fighting to put it forward. Next Panama has a
Speaker 1: bill that's on the President's desk ready to be signed.
Speaker 1: Panama could be the third. Now, one thing I didn't
Speaker 1: say about Panama earlier is that Panama is one of
Speaker 1: the top banking centers of the entire world. Sorry, I
Speaker 1: didn't look it up ahead of time. I think it's
Speaker 1: probably two or three, number two or three, I'm guessing
Speaker 1: somewhere in that range. Definitely top five. And it also,
Speaker 1: you know, because of the Panama Canal, it moves an
Speaker 1: enormous amount of product gross domestic product through the Panama Canal,
Speaker 1: and so you know, the ships don't want to sell
Speaker 1: all the way around Cape Horn of South America, so
Speaker 1: they cut through the Panama Canal. So all the goods
Speaker 1: that are coming, you know, to the US that want
Speaker 1: to get over to the East coast to Texas over
Speaker 1: to the East coast, or from the East coast over
Speaker 1: to the West coast, they all get through the Panama Canal.
Speaker 1: So there's an enormous amount of money moving through there,
Speaker 1: which is why it's got one of the best banking
Speaker 1: centers in the world. So when we talk about you know,
Speaker 1: this little country in Africa, and that's just a little
Speaker 1: drop in the bucket. It's a spec right. What I
Speaker 1: like about it though, is that they're they're a colonized
Speaker 1: nation that's used in the CFA, the franc which is
Speaker 1: the currency that's not even around anymore. And what I
Speaker 1: like is that if they do it, then we'll see, well, one,
Speaker 1: it's a lifeline to them, and so even though it's
Speaker 1: a small country, it can really make an impact on
Speaker 1: those lives. And in my opinion, every life counts. If
Speaker 1: we can save one life, that makes the difference. And
Speaker 1: so even to the small country, it makes the impact
Speaker 1: to them, but it could lead to other countries there
Speaker 1: they are also colonized and being forced to use someone
Speaker 1: else's currency. It leads the door to them moving into it,
Speaker 1: which I like. But Panama is a different story. Panama
Speaker 1: is massive, right, Like I said, they're one of the
Speaker 1: top banking centers in the world, and so that builds
Speaker 1: on the president's desk, and that looks like you go through,
Speaker 1: it's already made through three rounds of congress. And then
Speaker 1: we talked about fort Worth mining bitcoin, big big, big
Speaker 1: big deal mining bitcoin because Texas has is one of
Speaker 1: the biggest economies in the country. It's become the bitcoin
Speaker 1: mining center of the world. And Fort Worth is one
Speaker 1: of the fastest growing cities in Texas. So that's a
Speaker 1: pretty big deal. Another big deal that happened is, uh Fidelity.
Speaker 1: Have you ever heard of that company? Fidelity? You probably
Speaker 1: should have because they're like the largest asset manager out there.
Speaker 1: You know, they run retirement accounts, four oh one k's,
Speaker 1: you know, investments whatever. Well, a lot of people don't
Speaker 1: know though it has. Actually Fidelity has been involved with
Speaker 1: bitcoin for a long time. I think, I want to
Speaker 1: say maybe twenty sixteen. Fidelity has been involved and they
Speaker 1: started mining bitcoin very early. They started up their digital
Speaker 1: asset services very early, so they're actually one of the pioneers.
Speaker 1: But they announced this week that they're offering their four
Speaker 1: oh one K investors access to bitcoin. That's big news.
Speaker 1: How big of news is it, Well, let me break
Speaker 1: it down. They are the first retirement plan to do so,
Speaker 1: and they're not small. They're the nation's largest retirement plan provider,
Speaker 1: the largest nation's largest and Fidelities decision could make bitcoin
Speaker 1: and cryptocurrencies even more popular in mainstream than they already are.
Speaker 1: Which of course they will, and it is a massive move.
Speaker 1: The crypto offering will be available well for twenty three
Speaker 1: thousand different employers, twenty three thousand employers that use Fidelity
Speaker 1: to administer their retirement accounts by mid year twenty twenty two.
Speaker 1: So that's in the next two to three months. Potentially,
Speaker 1: maybe in the next ninety days, we'll see that happening.
Speaker 1: Drum roll. Let me give you the number here, with
Speaker 1: eleven point three trillion, eleven point three trillion dollars in
Speaker 1: assets under their administration. So let's just think about that
Speaker 1: for a second. So the entire bitcoin market cap right now,
Speaker 1: I'm guessing off top of my head is about eight
Speaker 1: hundred billion. Let me look it up exactly. Yep, seven
Speaker 1: hundred and fifty six So actually less seven hundred and
Speaker 1: fifty six billion dollars three quarters three quarters of a trillion,
Speaker 1: and Fidelity manages eleven point three trillion. So let's say
Speaker 1: that ten percent of that ten percent of that where
Speaker 1: to come over. That's a that's that's one over one
Speaker 1: trillion dollars one point one trillion. I could almost that
Speaker 1: could I mean, I don't even know that could it
Speaker 1: doubles the amount the value of a bitcoin. But that's
Speaker 1: not how it works, right, So the market cap is
Speaker 1: the valuation. That doesn't mean that's money in. The valuation
Speaker 1: is different. So for example, let's use that easy explanation
Speaker 1: of this. So let's say that let's say that there's
Speaker 1: five four of us, and we all owned a house,
Speaker 1: and we had we each had our house for sale
Speaker 1: for one hundred thousand dollars. But then I needed I
Speaker 1: had I had to I had to have to have
Speaker 1: to sell my house for some reason, I'm forced to
Speaker 1: sell it, have to move, I have a divorce, something
Speaker 1: like that. So I gotta sell my house fast, so
Speaker 1: I'm gonna drop it to seventy thousand dollars. Well, now
Speaker 1: my household for seventy thousand dollars. That appraisal comes in,
Speaker 1: and now all the other houses valuation drops to about,
Speaker 1: you know, seventy eighty thousand dollars as well. That doesn't
Speaker 1: mean that all that money got sucked out like someone
Speaker 1: withdrew that money. That just means that they're just worth
Speaker 1: less now because someone sold for less. Likewise, to be
Speaker 1: the opposite, let's say that I sell my house for
Speaker 1: two hundred thousand, Well, then it pushes the valuation of
Speaker 1: all the other homes up doesn't mean money came in,
Speaker 1: it just means the valuation went up. And so that's
Speaker 1: kind of the way the market caps of all stocks,
Speaker 1: So whether it's Apple or Tesla or Bitcoin works. So
Speaker 1: if we were to get a trillion dollars to actually
Speaker 1: come in to the to bitcoin, the market cap or
Speaker 1: the valuation could go up, you know, many times, four times,
Speaker 1: five times, ten times higher than that. So when you
Speaker 1: see a number like that, it's it's exponential because it's
Speaker 1: supply and demand. If you don't have that much supply,
Speaker 1: but you have a lot of demand, the price goes up.
Speaker 1: I gave this example earlier where if there was one
Speaker 1: house for sale and there was ten people trying to
Speaker 1: buy the house, the price of the house would go up.
Speaker 1: And so there's not very much bitcoin for sales. A
Speaker 1: matter of fact, there's almost no bitcoin for and so
Speaker 1: if we had a big catalyst like this, it could
Speaker 1: push the price up like crazy. And that's what could
Speaker 1: potentially could happen. Fidelity is the nation's largest retirement plan providers.
Speaker 1: Decision could make crypto even more popular, and Mainstream has
Speaker 1: said quote there is a growing interest from plan sponsors
Speaker 1: for vehicles that an able to provide their employees access
Speaker 1: to digital assets and defined contribution plans. So they're saying
Speaker 1: that there's massive demand for this. People want it, and
Speaker 1: of course they do. They're witnessing, you know, some of
Speaker 1: the greatest returns they've ever witnessed in their life on
Speaker 1: this new asset class that's been taking off, and they've
Speaker 1: been prevented from taking part of it, and of course
Speaker 1: they want to get into it, and so they are.
Speaker 1: They though the market has spoken, they've demanded it, and
Speaker 1: here they are, says Cloud and Intelligence for micro Strategy
Speaker 1: will be the first employer to offer bitcoin and the
Speaker 1: retirement plan. Of course, I've talked about micro Strategy many times.
Speaker 1: Micro Strategy is headed up by the CEO, Michael Sailor.
Speaker 1: He's the longest lasting CEO a tech company, billionaire. He's
Speaker 1: one of the biggest proponents of bitcoin. If you've listened
Speaker 1: to anything he said, he's amazingly smart, and if you haven't,
Speaker 1: then you definitely should. You could just look him up
Speaker 1: on YouTube or something. Michael Saylor for micro Strategy. I've
Speaker 1: had the pleasure of going to his house for a
Speaker 1: barbecue twice now. So that's pretty cool. But anyways, no, no,
Speaker 1: no surprise that they're gonna be the first company to
Speaker 1: offer this micro strategy. Was the first company to put
Speaker 1: bitcoin on its balance sheet. So a company, a business,
Speaker 1: they hold, they have savings. Of course, they keep money
Speaker 1: in the bank in case they need it. And they
Speaker 1: had about half a billion dollars sitting in the bank
Speaker 1: and he's like, dang, this money is just like a
Speaker 1: melting ice cube. It's just losing value. I'm gonna put
Speaker 1: it all into bitcoin. And he did famously, and uh,
Speaker 1: he's been he's been popularized from that, so it makes
Speaker 1: makes sense. It's not a surprise that they're the first
Speaker 1: company to do that. However, regulators urge caution, caution, caution, caution.
Speaker 1: The Department of Labor asked fiduciaries to exercise is extreme care.
Speaker 1: Please please please. Let me just tell you, anytime you're
Speaker 1: putting money in you're risking it. If you put money
Speaker 1: into the darlins like Zoom and Shopify and Peloton, you
Speaker 1: would have lost eighty eight percent of your money. And
Speaker 1: I bet you a lot of these plant administrators had
Speaker 1: your money in those stocks or in arc or something
Speaker 1: like that. So there is caution. Always be careful, but
Speaker 1: there's risk everywhere. You're listening to the Mark mo Show,
Speaker 1: we're talking about some of the latest breaking news in
Speaker 1: the space of bitcoin, cryptocurrencies, the decentralized revolution. Thanks for listening.