WEBVTT - The Mark Moss Show - Let's Talk Currency 0:00:00.200 --> 0:00:02.960 Hello, and welcome to another episode of The Markmas Show, 0:00:03.000 --> 0:00:06.000 where we talk about the world that's changing right before 0:00:06.000 --> 0:00:08.880 our very eyes. We're talking about the decentralized revolution that 0:00:08.960 --> 0:00:12.799 is changing everything, everything that we've known to be the 0:00:12.840 --> 0:00:14.840 way it has been for our lives, and it's changing 0:00:14.920 --> 0:00:17.000 right now. We're talking about the intersection of politics, finance, 0:00:17.000 --> 0:00:20.840 and technology. Of course we're talking about bitcoin cryptocurrencies. That's 0:00:20.840 --> 0:00:23.040 what is happening right now. It's always technology that changes 0:00:23.120 --> 0:00:27.000 the world. The politics and the finance move around that, 0:00:27.840 --> 0:00:29.800 and so we like to look at those three things 0:00:29.800 --> 0:00:31.520 so we can kind of give you the play by play. 0:00:32.280 --> 0:00:34.760 And there's a lot happening. There is a lot happening 0:00:34.880 --> 0:00:38.040 right now in the bitcoin space, and it's in the 0:00:38.040 --> 0:00:40.880 economy overall, in the monetary system. I mean, we see 0:00:41.600 --> 0:00:46.199 stocks plumbing, dropping like a rock. We see currencies, nation's 0:00:46.240 --> 0:00:51.080 currencies around the world literally crashing and collapsing all around us. 0:00:51.360 --> 0:00:58.920 The bond markets are blowing up, and why well, that's 0:00:58.960 --> 0:01:01.200 exactly what we're talking about. We can see that the 0:01:01.320 --> 0:01:04.959 US dollar has been getting stronger and stronger and stronger. 0:01:05.000 --> 0:01:07.280 As a matter of fact, it's at the strongest point 0:01:07.280 --> 0:01:10.880 it's been at in a very long time. But what 0:01:10.920 --> 0:01:14.399 does that really mean, right, Like, great, the dollars getting stronger, 0:01:14.800 --> 0:01:19.160 but it's getting stronger against other currencies. It's not getting 0:01:19.240 --> 0:01:23.280 stronger in terms of purchasing power. So it's back up 0:01:23.319 --> 0:01:26.120 to probably the highest point it's been since two thousand 0:01:26.160 --> 0:01:31.920 and seventeen, which is quite a while. But what that 0:01:31.959 --> 0:01:36.360 means is that other currencies are getting weaker it. What 0:01:36.400 --> 0:01:39.440 it doesn't mean is that the dollar still buys you 0:01:39.560 --> 0:01:41.640 less goods and services than did before, but the dollars 0:01:41.680 --> 0:01:44.080 getting stronger. And that's because, like I said, all the 0:01:44.080 --> 0:01:47.880 other currencies, the Japanese yen is like literally falling off 0:01:47.880 --> 0:01:50.000 a cliff, like about to implode. Of course some of 0:01:50.000 --> 0:01:53.320 the and that's Japan. That's that's a serious hearings currency. 0:01:53.440 --> 0:01:56.320 The Euro is crashing like a rock. I mean, it's 0:01:56.320 --> 0:01:58.840 insane how fast it's falling, which is why the dollar 0:01:59.600 --> 0:02:03.040 is shooting up so high. So currencies are crashing, countries 0:02:03.080 --> 0:02:08.680 are crashing. Sri Lanka just just fell, Peru's falling, Lebanon fell, 0:02:09.200 --> 0:02:11.639 I mean, it is, it's just catastrophe all around us. 0:02:12.360 --> 0:02:14.840 And then we have tech stocks, I mean, the tech stocks, 0:02:14.840 --> 0:02:17.720 which were the darlings I'm talking about Peloton is down 0:02:17.880 --> 0:02:22.800 eighty eight percent. Eighty eight percent, that's like, that's series. 0:02:22.880 --> 0:02:27.600 That's a great depression level numbers. Eighty eight percent. Zoom Zoom, which, 0:02:27.680 --> 0:02:29.320 of course you know what Zoom is down today was 0:02:29.360 --> 0:02:33.360 the was the darling stock that blew up during the pandemic. 0:02:33.440 --> 0:02:36.919 Everybody's working from home using Zoom. It's down eighty three percent. 0:02:37.760 --> 0:02:41.200 Shopify again, right, everybody's buying stuff online. Shopify blew up. 0:02:41.200 --> 0:02:45.239 It's down seventy five percent. I mean, these are depression 0:02:45.360 --> 0:02:49.919 era numbers. The market's super turbulent, the bonds are crashing, 0:02:49.960 --> 0:02:53.919 nobody wants to buy the debt. But while all that's happening, 0:02:55.200 --> 0:02:58.160 Bitcoin's just kind of hanging on like a boss. I 0:02:58.240 --> 0:03:00.000 gotta say, you know, if you listen to my show 0:03:00.000 --> 0:03:01.880 in a regular basis, you know I don't talk about 0:03:01.919 --> 0:03:05.240 the price of bitcoin all that much because I think 0:03:05.280 --> 0:03:08.120 it's one of the least interesting things to talk about. 0:03:08.840 --> 0:03:13.040 The way it's changing the world. The development of the technology, 0:03:13.520 --> 0:03:15.880 the adoption of mind share that it's sucking in from 0:03:15.919 --> 0:03:19.080 those world those are exciting to me. The price, you know, 0:03:19.120 --> 0:03:21.040 the price is doing this thing. It's getting there, and 0:03:22.040 --> 0:03:24.480 it'll take care of itself. But man, when the whole 0:03:24.520 --> 0:03:26.880 financial world is melting down, like I said, literally, these 0:03:26.880 --> 0:03:31.680 tech stalks are down eighty eight percent, that's insane. Currencies 0:03:31.680 --> 0:03:35.560 are are literally blowing up like the end the Japanese yen. 0:03:35.640 --> 0:03:37.280 I mean it's one thing like Serlanker or Lebanon what 0:03:37.280 --> 0:03:39.440 I'm talking about the Japanese en, I'm talking about the euro. 0:03:40.560 --> 0:03:42.800 And here Bitcoin is just hanging on like a boss 0:03:42.800 --> 0:03:46.880 sitting at forty thousand. Now you might go, Mark, but 0:03:46.920 --> 0:03:50.320 that's that's that's bad, right, because Bitcoin was was. It's down. 0:03:50.880 --> 0:03:53.800 It's down from you know, sixty whatever, it hit sixty 0:03:53.800 --> 0:03:57.040 five thousand, sixty nine thousand, it's down from that. How 0:03:57.040 --> 0:03:58.960 can you say that's good? Mark? Well, I mean it 0:03:59.320 --> 0:04:01.880 briefly hit that. I mean it briefly hit that. Right. 0:04:03.480 --> 0:04:05.880 If we go back, you know, two years ago it 0:04:05.960 --> 0:04:09.960 was like seven thousand. So to go from seven thousand 0:04:10.000 --> 0:04:12.440 to forty thousand's pretty dang good. I guess it depends 0:04:12.440 --> 0:04:15.120 if you're a glass, a glass half full or a 0:04:15.160 --> 0:04:18.240 glass half empty kind of guy. I might look at 0:04:18.240 --> 0:04:20.320 a glass and go, shoot, man, I got a glass 0:04:20.360 --> 0:04:22.680 half full of water, and you might go, yeah, it's 0:04:22.720 --> 0:04:26.039 you have a glass half empty, and so yeah, I 0:04:26.040 --> 0:04:29.400 mean it did briefly, it did briefly hit that that level. 0:04:30.279 --> 0:04:33.200 But that's that's the that's the high water mark. Like 0:04:33.240 --> 0:04:36.160 I said, I mean, it's up two years ago it 0:04:36.200 --> 0:04:38.480 was at seven thousand, and now it's at forty thousand. 0:04:38.720 --> 0:04:40.960 But like I said, more importantly, what I'm saying is 0:04:40.960 --> 0:04:43.279 that when the whole world is melting down, literally one 0:04:43.320 --> 0:04:45.799 of the biggest economies in the world, Japan's currency is failing, 0:04:45.839 --> 0:04:50.560 the Euro failing tech stocks, the darlings, the zooms, the 0:04:50.600 --> 0:04:54.320 shopifies are down over eighty percent, and Bitcoin is just 0:04:54.360 --> 0:04:57.240 sitting there in forty k like a boss. I'm doing 0:04:57.240 --> 0:04:59.360 pretty good. Now could it drop more? It's sure could. 0:04:59.680 --> 0:05:02.640 There's plenty of people with opinions about it. You can 0:05:02.680 --> 0:05:06.080 find no shortage of opinions every day all across Twitter. 0:05:06.200 --> 0:05:09.320 You can find people saying that bitcoin's gonna drop to 0:05:09.360 --> 0:05:12.880 twenty thousand, or twenty five thousand, or thirty thousand. But 0:05:12.880 --> 0:05:16.400 then you know, across CNBC and Bloomberg you have people 0:05:16.800 --> 0:05:19.160 City Bank and JP Morgan saying it's gonna hit one 0:05:19.200 --> 0:05:22.880 hundred thousand, one hundred and forty thousand. Your guess is 0:05:22.920 --> 0:05:25.279 as good as anybody else's. But what I like to 0:05:25.320 --> 0:05:30.280 see is that typically Mark, these academics want to make 0:05:30.279 --> 0:05:33.040 these things too complicated, and things are actually very simple. 0:05:34.600 --> 0:05:38.200 Let me break it down for you. Markets stop going 0:05:38.320 --> 0:05:42.559 up when there's no more buyers. Imagine that, they also 0:05:42.680 --> 0:05:49.400 stop going down when there's no more sellars. Imagine that also, 0:05:50.120 --> 0:05:54.240 when bad news doesn't drive the market, it's also a 0:05:54.240 --> 0:05:57.120 good sign. So here we are full of bad news. 0:05:58.160 --> 0:06:00.640 The world's melting down, the current and sees at the world. 0:06:00.640 --> 0:06:03.880 They're crashing, the euro, the yen, the best stocks, the zoom, 0:06:03.960 --> 0:06:07.000 the shopify as they're down, the bonds are blowing up. 0:06:07.960 --> 0:06:12.000 And Bitcoin is just hanging on now. Like I said, 0:06:12.160 --> 0:06:14.920 it's the least important thing. If the price drops to 0:06:15.000 --> 0:06:18.600 thirty thousand or twenty thousand, I don't really care. I'm 0:06:18.640 --> 0:06:20.360 not thinking about it short term like that. I'm thinking 0:06:20.360 --> 0:06:22.599 about a longer term. But I do like to see that, 0:06:22.800 --> 0:06:25.120 like I said, it's just hanging on, sitting at that 0:06:25.160 --> 0:06:28.000 support line now. I had previously sat on a support 0:06:28.080 --> 0:06:32.120 line back in May, kind of made a July of 0:06:32.279 --> 0:06:35.320 last year, and had really found support at this U 0:06:36.000 --> 0:06:39.800 thirty thousand area. And here we are about not even 0:06:39.880 --> 0:06:41.960 about about ten months later. Now it's finding support at 0:06:42.000 --> 0:06:44.600 this forty thousand, So that's what I look at. That's progress. 0:06:44.920 --> 0:06:47.040 It made support last time at thirty thousand, now it's 0:06:47.040 --> 0:06:50.279 making support at forty thousand. I like that. Higher lows 0:06:50.400 --> 0:06:52.920 is what we call that, and that's just because there's 0:06:52.960 --> 0:06:54.960 so much good. Like I said, when the whole world 0:06:55.040 --> 0:06:59.280 melting down, bitcoin is proving to be that stable asset 0:06:59.320 --> 0:07:01.599 for us. And it's no surprise. I mean, more and 0:07:01.680 --> 0:07:04.960 more people, more and more companies and countries are jumping 0:07:05.000 --> 0:07:08.000 in on this. Of course, I've talked about many times. 0:07:08.040 --> 0:07:11.200 El Salvador has made it legal tender, and there's been 0:07:11.200 --> 0:07:13.760 a lot of speculation about which country will be next, 0:07:15.440 --> 0:07:17.520 which country will be the next one to come on board. 0:07:19.000 --> 0:07:22.440 I've talked a lot about some speculation about which countries 0:07:22.480 --> 0:07:26.720 it is. I've talked about some states in the United 0:07:26.760 --> 0:07:33.200 States maybe getting on board, and we've actually seen it. 0:07:33.240 --> 0:07:36.440 I speculated that I thought Mexico might be the next one, 0:07:36.920 --> 0:07:41.200 and I'm wrong. Mexico does have a bill that it's presented, 0:07:41.520 --> 0:07:46.000 but it hasn't been passed yet. But this week two 0:07:46.040 --> 0:07:50.120 other countries jumped ahead. They put their hat in the ring. 0:07:50.680 --> 0:07:55.400 And it's not just not just two other countries. One 0:07:55.400 --> 0:07:57.560 of the one of the fastest growing cities in the 0:07:57.640 --> 0:08:01.440 United States decided to jump in, and we saw one 0:08:01.480 --> 0:08:05.280 of the largest financial institutions in the United States are 0:08:05.320 --> 0:08:10.280 I'm actually in the world with eleven point three trillion 0:08:10.360 --> 0:08:13.200 dollars eleven point three twillion dollars in assets jump in 0:08:13.280 --> 0:08:15.840 as well. A lot of stuff going on, which is 0:08:15.880 --> 0:08:19.120 probably why bitcoin's hanging on like a boss. At forty thousand, 0:08:19.640 --> 0:08:22.400 you're listening to the Mark Mos Show. We're talking about bitcoin. 0:08:22.480 --> 0:08:25.080 Of course, we're talking about this decentralized revolution the world 0:08:25.160 --> 0:08:29.040 is going through. We're talking about how bitcoin has been 0:08:29.080 --> 0:08:31.440 hanging on in the world as the world is crashing. 0:08:31.680 --> 0:08:33.240 And I want to tell you some of the exact 0:08:33.320 --> 0:08:35.679 reasons why I think that's happening. A couple of countries 0:08:35.840 --> 0:08:37.800 have brought it on. The largest asset management the worlds 0:08:37.800 --> 0:08:39.360 brought it on. Some of the cities in the US 0:08:39.360 --> 0:08:42.280 have brought it on, and so much more. Don't go away, 0:08:42.320 --> 0:08:44.560 all right, welcome back. You're listening to the Mark Mos Show. 0:08:44.559 --> 0:08:47.920 We're talking about bitcoin, We're talking about cryptocurrencies, We're talking 0:08:47.920 --> 0:08:51.400 about the decentralized revolution. We were talking about before the break, 0:08:51.440 --> 0:08:55.080 how the world is melting down literally currencies like the 0:08:55.080 --> 0:08:58.280 euro and the yen. We've already seen the small countries 0:08:58.320 --> 0:08:59.720 below up, but now the big countries like the Euro 0:08:59.800 --> 0:09:02.200 on the and are blowing up. The bond markets crashing, 0:09:02.240 --> 0:09:05.480 and then the big tech stocks Peloton, Zoom, Shopify, they're 0:09:05.480 --> 0:09:09.080 all down more than eighty percent. That's depression era numbers 0:09:09.800 --> 0:09:11.920 and bitcoins sitting there like a boss forty k just 0:09:12.000 --> 0:09:13.520 kind of sitting there at support. Now. It could go 0:09:13.559 --> 0:09:15.959 down more, it could go up more. I don't know, 0:09:16.200 --> 0:09:19.439 And to be honest with you, neither does anybody else. 0:09:21.040 --> 0:09:23.720 Neither does anybody else, So you know, we'll see. We'll 0:09:23.760 --> 0:09:25.680 take it for what it's worth. But I was talking 0:09:25.720 --> 0:09:29.280 about how El Savador was the first country to actually 0:09:29.320 --> 0:09:31.280 make it legal tender, which is a pretty big deal. 0:09:31.360 --> 0:09:33.000 I've been down to El Savador a couple of times. 0:09:33.000 --> 0:09:35.760 It's amazing place. I'm a surfer, so they've got good waves. 0:09:35.760 --> 0:09:37.120 I've been going down there quite a bit for that. 0:09:38.200 --> 0:09:40.720 But I've been we've been speculating which country is gonna 0:09:40.720 --> 0:09:42.079 be next. Like I said, I thought it would be Mexico. 0:09:42.120 --> 0:09:43.520 They do have a bill in place. It hasn't been 0:09:43.520 --> 0:09:48.199 passed yet, but it looks like a couple of things. 0:09:48.200 --> 0:09:52.560 So one we saw Panama through their hat in the ring, 0:09:53.160 --> 0:09:57.280 and they have a bitcoin bill that's gone through its 0:09:57.440 --> 0:10:01.040 three stages of debate, went through three levels of Congress, 0:10:01.080 --> 0:10:04.280 got passed by Congress in Panama, and is now as 0:10:04.320 --> 0:10:08.520 of now by time i'm recording this, that it's on 0:10:08.600 --> 0:10:12.760 the President's desk to be signed. Now, what I like 0:10:12.800 --> 0:10:16.040 about this bill that's different than the bill that happened 0:10:16.040 --> 0:10:18.280 in Pana, I'm sorry in El Salvador is that El 0:10:18.320 --> 0:10:23.320 Savador made bitcoin legal tender. Panama is just trying to 0:10:23.360 --> 0:10:27.120 make it legal, so it's different, not legal tender, they're 0:10:27.120 --> 0:10:31.160 making it legal. What's the difference, Well, legal tender means 0:10:31.200 --> 0:10:34.400 that if a country labels something as legal tender, then 0:10:34.520 --> 0:10:37.559 that means everybody in the country has to accept that 0:10:37.640 --> 0:10:39.880 money for a good or service. So in the United States, 0:10:39.960 --> 0:10:44.600 for example, the US dollar is legal tender, and so 0:10:44.679 --> 0:10:46.560 if you have a business in the United States, you 0:10:46.640 --> 0:10:51.560 have to accept dollars. In El Savador, they use dollars 0:10:51.679 --> 0:10:54.480 and they use bitcoin now, and so every business now 0:10:54.640 --> 0:10:58.360 has to accept bitcoin. So now in El Salvador, if 0:10:58.400 --> 0:11:00.800 you go to McDonald's, you go to Starbucks, you can 0:11:00.840 --> 0:11:04.680 spend your bitcoin there. They have to take it. In Panama, 0:11:04.960 --> 0:11:08.800 they're doing something different where it's not legal tender. It's 0:11:08.880 --> 0:11:14.240 just lea goal and so what does that mean. So basically, 0:11:14.679 --> 0:11:17.640 because it's legal, they're not going to tax it as 0:11:17.760 --> 0:11:20.880 property and that's a big deal. So for those of 0:11:20.880 --> 0:11:25.880 you that don't know, bitcoin is considered property by the irs, 0:11:26.400 --> 0:11:29.000 and so that means that just like any other property, 0:11:29.000 --> 0:11:32.960 which would be real estate or gold, or stock like 0:11:33.040 --> 0:11:36.480 Tesla stock or Apple stock, if you own any of 0:11:36.520 --> 0:11:40.160 that property. If I buy Apple stock at you know whatever, 0:11:40.200 --> 0:11:42.640 a thousand dollars and I sell it at two thousand dollars, 0:11:43.880 --> 0:11:46.160 there's a thousand dollars a profit. I OT tax capital 0:11:46.200 --> 0:11:48.360 gains tax. If I buy a house for one hundred 0:11:48.360 --> 0:11:50.560 thousand and sell it for two hundred thousand, that one 0:11:50.640 --> 0:11:53.440 hundred thousand dollars gain that profit I at tax capital 0:11:53.440 --> 0:11:57.920 gains tax. Same with bitcoin, same with gold, which makes 0:11:57.920 --> 0:12:00.240 it very difficult to use it as a currency because 0:12:00.280 --> 0:12:01.640 then I have to pay tax every single time I 0:12:01.720 --> 0:12:04.800 use it. But Panama said no, we're gonna make it legal, 0:12:05.960 --> 0:12:08.920 and so there's no no cap gains tax on it, 0:12:09.480 --> 0:12:13.000 but it's not legal tender, meaning we're not going to 0:12:13.120 --> 0:12:16.240 force merchants to accept it. So that's the big difference, 0:12:16.760 --> 0:12:18.800 and I like that. I think it's actually a better 0:12:18.840 --> 0:12:20.000 way to do it. As a matter of fact, I 0:12:20.040 --> 0:12:22.280 tweeted that out. If you're not following me on Twitter, 0:12:22.360 --> 0:12:24.720 you should. What are you even doing? You can find 0:12:24.720 --> 0:12:27.400 me on Twitter at one Mark Moss, send me a message. 0:12:27.440 --> 0:12:28.600 Let me know you're listening to me on the radio. 0:12:28.600 --> 0:12:30.560 I'd love to hear it. But I tweeted it out 0:12:30.559 --> 0:12:31.920 and I said, I think this is a much better way. 0:12:32.280 --> 0:12:34.240 And the reason why I like this better is because 0:12:35.480 --> 0:12:39.240 I'm a freedom maximist. I'm a freedom maximist. I believe 0:12:39.240 --> 0:12:42.600 in freedom. I believe in letting everybody choose what's best, 0:12:42.679 --> 0:12:45.080 what's right for them, and so I'm not really up 0:12:45.080 --> 0:12:48.199 for forcing anybody to do anything. So we don't need 0:12:49.320 --> 0:12:54.480 bitcoin to be legally made legal tender already right now, 0:12:54.520 --> 0:12:56.600 anybody can accept bitcoin right now. My business I can 0:12:56.640 --> 0:12:58.559 accept bitcoin if I want. If you have a business, 0:12:58.559 --> 0:13:00.400 you could accept bitcoin if you want what it could 0:13:00.400 --> 0:13:03.439 accept it. We don't need a law for that. Making 0:13:03.440 --> 0:13:06.200 it legal tender forces people to now accept it, and 0:13:06.240 --> 0:13:08.400 I'm not for that. I don't think that's the best 0:13:08.400 --> 0:13:10.240 way to do it now. I do like what they're 0:13:10.240 --> 0:13:11.880 doing in Panama, because they said, what we're doing is 0:13:11.920 --> 0:13:14.080 we're taking away we're making it legal, We're taking away 0:13:14.120 --> 0:13:18.000 the tax piece, which then allows people to start using 0:13:18.000 --> 0:13:19.880 it more. And then of course, if the market wants it, 0:13:19.880 --> 0:13:23.080 then the merchants will start accepting it. Right If more 0:13:23.120 --> 0:13:24.800 and more people going to these merchants and say, hey, 0:13:24.800 --> 0:13:26.839 I want to pay on bitcoin, then those merchants will 0:13:26.840 --> 0:13:29.679 eventually accept that bitcoin. But they're not forcing it, and 0:13:29.679 --> 0:13:32.120 so I think that's a better way to do it. However, 0:13:32.320 --> 0:13:35.079 like I said, it's it looks like it's going to 0:13:35.120 --> 0:13:37.479 go through. It's made it through three levels of Congress, 0:13:38.000 --> 0:13:42.319 but it hasn't made it through all the way. And 0:13:43.800 --> 0:13:46.480 but but that doesn't mean that it's not happening in 0:13:46.520 --> 0:13:49.000 other countries. As a matter of fact, we saw this week, 0:13:49.600 --> 0:13:54.520 we saw that a nation in Africa adopted bitcoin as 0:13:55.200 --> 0:13:59.320 a legal tender. We can see Central Africa Republic becomes 0:13:59.320 --> 0:14:02.400 the world's second country to adopt a bitcoin as its 0:14:02.480 --> 0:14:07.439 official country. The Central African Republic has legally recognized the 0:14:07.520 --> 0:14:10.480 use of cryptocurrency after the President approved a law adopted 0:14:10.480 --> 0:14:13.160 by deputies last week that has also made bitcoin an 0:14:13.160 --> 0:14:19.080 official currency alongside the West African CFA franc in the 0:14:19.160 --> 0:14:25.280 African nation. That is really big news, really really big news, 0:14:25.280 --> 0:14:28.520 for a couple of reasons that maybe aren't obvious right 0:14:28.560 --> 0:14:31.520 off the bat. Now, part of the reason why is 0:14:31.560 --> 0:14:36.440 because it says that made bitcoin an official currency alongside 0:14:36.480 --> 0:14:41.280 the West African CFA franc in the African nation. Now 0:14:41.320 --> 0:14:44.480 do you know what that means? Most likely you don't, 0:14:45.040 --> 0:14:47.640 and that's okay, it's okay, But I'll explain to you 0:14:48.280 --> 0:14:50.600 the sea. What is the CFA frank? Have you ever 0:14:50.640 --> 0:14:52.560 heard of that? Well, have you ever heard of the frank? Well, 0:14:52.560 --> 0:14:56.160 the frank used to be a currency that failed, like 0:14:56.200 --> 0:15:00.160 all the other ones of France. Did you know the 0:15:00.200 --> 0:15:02.240 France used to have its own money called the frank. 0:15:03.120 --> 0:15:05.200 Did you know France doesn't have its own money anymore? 0:15:05.320 --> 0:15:09.720 It now uses the Euro. That's right. But what happens 0:15:09.840 --> 0:15:12.840 is you ever heard of colonialism? A lot of people 0:15:12.920 --> 0:15:17.200 think that capitalism is bad because capitalism is colonialism. That's false. 0:15:17.440 --> 0:15:22.640 Let me explain that capitalism is a system that one 0:15:22.640 --> 0:15:29.960 protects private property rights. Two it's free and voluntary exchange. 0:15:31.320 --> 0:15:35.920 Colonialism has neither of those attributes. Colonialism doesn't respect private 0:15:35.960 --> 0:15:39.120 property rights because you have another nation basically taking over 0:15:39.160 --> 0:15:42.600 a smaller nation and extracting their values. That's not recognizing 0:15:42.640 --> 0:15:46.200 property rights. And two it's free. It's a free exchange, 0:15:46.360 --> 0:15:48.720 free in volatary exchange. And so a colonialism doesn't have 0:15:48.800 --> 0:15:52.240 that either. But what's happening in colonialism is you have 0:15:52.280 --> 0:15:55.120 these rich nations through Europe going to smaller nations throughout 0:15:55.160 --> 0:15:58.520 you know, the Islands and the Caribbean or throughout Africa 0:15:58.560 --> 0:16:01.040 and colonizing them. Basically say and we now plant our 0:16:01.080 --> 0:16:03.440 flag here, and now you're part of our big country, 0:16:03.800 --> 0:16:06.440 and now we're going to bring democracy to and now 0:16:06.480 --> 0:16:09.640 you're going to use our currency. And so they make 0:16:09.680 --> 0:16:13.080 them use their currency, and then they just start extracting 0:16:13.240 --> 0:16:16.920 all their wealth, basically taking their minerals, taking their gold, 0:16:17.080 --> 0:16:20.840 taking their seashells, taking whatever they have from that country 0:16:21.000 --> 0:16:26.320 in exchange for their fake, worthless Viat currency paper. And 0:16:26.360 --> 0:16:28.720 so that happened. France did it, England did it, a 0:16:28.760 --> 0:16:30.280 lot of in the United States did it. We've all 0:16:30.320 --> 0:16:36.000 colonized countries. But in Africa. All these countries use the 0:16:36.120 --> 0:16:40.320 CFA franc, so they're they're forced to use the franc, 0:16:40.400 --> 0:16:43.520 which isn't even a currency anymore. France doesn't even use it. 0:16:44.360 --> 0:16:46.520 They use the Euro. Now, it would be one thing 0:16:46.560 --> 0:16:49.000 if these these colonies were forced, you know, we're able 0:16:49.000 --> 0:16:50.800 to switch to move to the Euro. But no, they're 0:16:50.800 --> 0:16:53.000 still using the franc. And the reason why that's so 0:16:53.160 --> 0:16:57.440 bad is because while France can't control their own currency 0:16:57.520 --> 0:16:59.840 in France, they can control these nations. And so what 0:17:00.000 --> 0:17:02.600 they do is they on a regular basis they devalue 0:17:02.640 --> 0:17:05.119 it and they just tell everybody in the in Africa up, 0:17:05.200 --> 0:17:07.800 you know what, your money just it buys half as 0:17:07.840 --> 0:17:10.240 much as it did before, just instantly, and just instantly, 0:17:10.240 --> 0:17:12.800 people are lose half as much. You're listening to the 0:17:12.800 --> 0:17:15.440 Mark Moas Show. I'm explaining this CFA frank and saying 0:17:15.440 --> 0:17:17.959 how they've adopted bitcoin. But there's other big news. As 0:17:17.960 --> 0:17:19.679 a matter of fact, one of the largest asset managers 0:17:19.720 --> 0:17:22.159 in the world just adopted bitcoin. I'm gonna explain that 0:17:22.240 --> 0:17:24.359 and more when I come back. You're listening to the 0:17:24.359 --> 0:17:26.600 Mark Moas Show. Don't go away. I'll be right back, 0:17:26.960 --> 0:17:28.720 all right, Welcome back. You are listening to the Mark 0:17:28.800 --> 0:17:32.399 Moas Show, and we're talking about bitcoin, We're talking about cryptocurrencies. 0:17:32.440 --> 0:17:35.760 We're talking about the bigger picture, which is the decentralized 0:17:35.800 --> 0:17:38.400 revolution that the world is moving through, and we're talking 0:17:38.440 --> 0:17:41.200 about it through the lens of looking at politics, finance, 0:17:41.320 --> 0:17:44.439 and technology and how they're all converging and changing the 0:17:44.480 --> 0:17:46.320 world as we speak now. Before the break, I was 0:17:46.359 --> 0:17:50.440 specifically talking about how this West African Central African Republic 0:17:50.600 --> 0:17:54.159 is the second country to now make bitcoin legal tender, 0:17:55.119 --> 0:17:58.119 and I was explaining how it was really big news 0:17:58.200 --> 0:18:02.480 because they made biquinn an official currency alongside the West 0:18:02.520 --> 0:18:04.840 African CFA franc. And I was explaining what that CFA 0:18:04.920 --> 0:18:07.320 franc was, and so basically it's, you know, the old 0:18:07.640 --> 0:18:11.400 French money that they colonized Africa with and they made 0:18:11.400 --> 0:18:14.680 Africa uses money. However, France doesn't even use that money, 0:18:14.800 --> 0:18:18.360 or now France uses the Euro. But they're still forcing 0:18:18.359 --> 0:18:19.920 these people to use their money, and of course they 0:18:19.960 --> 0:18:22.400 do that because then they can devalue it on them. 0:18:22.720 --> 0:18:24.720 They can say, oh, now the money's worth half as much, 0:18:24.800 --> 0:18:27.280 and now we can buy twice as much of your 0:18:27.320 --> 0:18:30.440 goods and services from you. See how that works. France 0:18:30.560 --> 0:18:32.959 is like, oh, we need more raw materials, more commodities 0:18:33.160 --> 0:18:34.919 for our economies. What we'll do is we'll just devalue 0:18:34.960 --> 0:18:36.600 the currency. So now we can just go buy twice 0:18:36.600 --> 0:18:38.720 as much as we as we did before. But that 0:18:38.760 --> 0:18:40.840 means all the people in that African nation lose half 0:18:40.840 --> 0:18:44.760 their money, lose half, no control on their own just 0:18:44.760 --> 0:18:46.880 because France as I do that to them. It's an 0:18:46.880 --> 0:18:49.840 insane system that should not be allowed to stand. It's 0:18:49.880 --> 0:18:52.600 it's insane if people even knew how how it worked. 0:18:53.040 --> 0:18:56.240 And so I'm outraged by it. You should be outraged 0:18:56.240 --> 0:18:58.120 by it. You should look into it more. But what 0:18:58.160 --> 0:19:00.640 I'm what I like is that now they said, hey, 0:19:00.720 --> 0:19:03.680 we're going to now use bitcoin alongside the CFA franc. 0:19:03.680 --> 0:19:05.920 And so what could happen now is if all these 0:19:05.960 --> 0:19:08.880 people decide to hold their wealth in the bitcoin instead 0:19:08.920 --> 0:19:11.679 of the CFA franc, then next time France comes and says, oh, 0:19:11.680 --> 0:19:13.840 we're going to devalue your currency so we can buy 0:19:13.880 --> 0:19:16.160 twice as much goods and services from you, it won't 0:19:16.200 --> 0:19:20.560 matter because they don't have their wealth in that they'll 0:19:20.600 --> 0:19:25.000 be insulated. Now that may seem like a crazy, insane 0:19:25.040 --> 0:19:27.240 system and it is and it should be changed immediately. 0:19:28.040 --> 0:19:29.880 But if you're listening to this in the United States, 0:19:29.920 --> 0:19:32.560 which I'm sure you are at this point, your government 0:19:32.560 --> 0:19:36.359 just did the same thing. You just lost thirty percent 0:19:36.359 --> 0:19:39.080 of your purchasing power in the last twenty four months. 0:19:41.920 --> 0:19:45.000 You should be outraged at that. And guess what you 0:19:45.040 --> 0:19:47.000 can do the same thing that they can do. Now. 0:19:47.080 --> 0:19:49.160 You could just hold your wealth in bitcoin, so you're 0:19:49.160 --> 0:19:52.760 not affected by it. Pretty interesting, right. It says here 0:19:52.800 --> 0:19:55.560 that the President validated the law Wednesday, saying that the 0:19:55.560 --> 0:19:59.080 exchange rate between cryptocurrencies and the FAA, which is the 0:19:59.160 --> 0:20:04.560 CFA franc is freely determined by the market. Tax contributions 0:20:04.600 --> 0:20:06.919 can also be paid in cryptocurrencies through platforms recognized by 0:20:06.960 --> 0:20:10.680 the government, it said. It said the country is now 0:20:10.880 --> 0:20:13.119 the quote first country in Africa to adopt bitcoin and 0:20:13.200 --> 0:20:16.280 the reference currency. So what would be really cool is, 0:20:16.359 --> 0:20:18.760 you know, very quickly these other African nations that are 0:20:18.840 --> 0:20:20.960 using the CFA frank go, wait a minute, that's pretty 0:20:21.000 --> 0:20:22.520 dang cool. I mean, we don't just have to have 0:20:22.520 --> 0:20:24.800 our money just stolen from us that will because of France. 0:20:25.040 --> 0:20:26.879 Uh yeah, we want to do that too, And I 0:20:26.880 --> 0:20:29.560 think that's what's going to happen. So the Central African 0:20:29.560 --> 0:20:32.680 Republic is the world's poorest countries, Corny, United Nations has 0:20:32.720 --> 0:20:36.080 been a state of insecurity and increasing violence for nine years. 0:20:36.560 --> 0:20:38.119 What do you think happens to a country when you 0:20:38.160 --> 0:20:41.480 continually still their wealth and you make them broke. Yeah, 0:20:41.720 --> 0:20:46.080 it leads to insecurity and increasing violence. It's not rocket science. 0:20:46.480 --> 0:20:49.240 This goes back to on the last section I was talking, 0:20:49.520 --> 0:20:52.159 I played a quote from the IMF head Christina and Georgeilia. 0:20:52.359 --> 0:20:55.679 She said, we didn't take into consideration the effects of 0:20:55.680 --> 0:20:59.200 our our actions. We knew printing money would cause this. Yeah, 0:20:59.400 --> 0:21:03.480 like in Africa, state of insecurity, increasing violence, that's what happens. 0:21:04.440 --> 0:21:06.320 It says the government controls the capital, but much of 0:21:06.320 --> 0:21:10.320 the country is controlled by armed groups. And so even 0:21:10.320 --> 0:21:12.919 though it's one of the poorest countries and so it 0:21:12.960 --> 0:21:15.320 won't move the needle that much on buying the amount 0:21:15.359 --> 0:21:18.480 of bitcoin. It's a step in the right direction, that's 0:21:18.760 --> 0:21:21.080 what I like about it. And so we got Panama 0:21:21.119 --> 0:21:24.520 coming on board, we got Africa already on board, and 0:21:24.520 --> 0:21:28.040 so it's happening really quick. We also have Texas, the 0:21:28.080 --> 0:21:31.200