WEBVTT - Bitcoin Sinks Deeper Below $100,000 as Bear Market Grips Crypto 0:00:00.080 --> 0:00:10.520 Bloomberg Audio Studios, Podcasts, radio News. This is Bloomberg business 0:00:10.520 --> 0:00:14.680 Weekdaily reporting from the magazine that helps global leaders stay 0:00:14.680 --> 0:00:18.759 ahead with insight on the people, companies, and trends shaping 0:00:18.800 --> 0:00:23.720 today's complex economy. Plus global business finance and tech news 0:00:23.760 --> 0:00:27.720 as it happens. The Bloomberg Business Week Daily Podcast with 0:00:27.920 --> 0:00:31.720 Carol Masser and Tim Stenebek on Bloomberg Radio. 0:00:32.120 --> 0:00:35.200 Lots of news in crypto today, Gray Scale Investments filed 0:00:35.200 --> 0:00:38.080 publicly for an IPO. It's the latest crypto link company 0:00:38.120 --> 0:00:41.360 to test public markets under an administration more open to 0:00:41.479 --> 0:00:45.320 digital assets from one on crypto and bitcoin and bitcoin 0:00:45.400 --> 0:00:48.320 mining specifically joining us now and aam familiar to our audience. 0:00:48.440 --> 0:00:51.120 Eric Trump is the co founder and chief strategy officer 0:00:51.159 --> 0:00:53.800 of American Bitcoin. It's a publicly traded bitcoin mining and 0:00:53.840 --> 0:00:56.520 treasury company. It's got a market cap around four point 0:00:56.560 --> 0:00:59.920 four billion dollars. The company started trading on the Nasdaq 0:01:00.120 --> 0:01:03.440 back on September third, when it merged with a microcap shares. 0:01:03.480 --> 0:01:05.479 It a high on September ninth. They're down around forty 0:01:05.480 --> 0:01:08.640 seven percent since then. Eric, of course, also the executive 0:01:08.680 --> 0:01:12.280 vice president of the Trump Organization. He joins US from Florida. Eric, 0:01:12.280 --> 0:01:14.200 Good to have you on the program again. How are 0:01:14.200 --> 0:01:15.440 you guys? 0:01:15.520 --> 0:01:15.960 Great to be on. 0:01:16.560 --> 0:01:20.600 So if somebody wants exposure to bitcoin, why would they 0:01:20.640 --> 0:01:24.160 do that through American Bitcoin rather than just buying bitcoin 0:01:24.200 --> 0:01:27.000 out right on an exchange or even through an ETF. 0:01:27.880 --> 0:01:30.120 Yeah, that's a great question. And maybe you go out 0:01:30.120 --> 0:01:32.120 and you buy bitcoin on ETF or you buy it 0:01:32.160 --> 0:01:34.679 an exchange. You kind of have one to one bitcoin. 0:01:34.760 --> 0:01:36.560 Right you go out and you buy one bitcoin, you're 0:01:36.600 --> 0:01:39.560 always going to have one bigcoin. Our entire ethos is 0:01:39.600 --> 0:01:43.520 increasing bigcoin per share right now, every day we're mining bitcoin, 0:01:43.600 --> 0:01:46.320 we're miney bitcoin at at roughly fifty percent of Spot 0:01:46.319 --> 0:01:49.160 prices a bitcoin, so roughly about fifty six thousand dollars 0:01:49.560 --> 0:01:51.520 per bitcoin. That's what we're able to mine in. We're 0:01:51.560 --> 0:01:53.480 able to mind because we have the best facilities anywhere 0:01:53.480 --> 0:01:56.720 on Earth. We've got some of the cheapest energy anywhere 0:01:56.720 --> 0:01:58.320 on Earth. We do it in America, we do it 0:01:58.520 --> 0:02:01.120 in West Texas. Right now, our average costs to produce 0:02:01.120 --> 0:02:03.240 a bitcoin is roughly fifty six thousand dollars, and we're 0:02:03.240 --> 0:02:05.360 mining bitcoin twenty four hours a day, seven days a week. 0:02:05.720 --> 0:02:08.320 By doing that, you're able to increase bitcoin per share, right, 0:02:08.360 --> 0:02:11.320 and that's the ultimate metric that we chase every single day. 0:02:11.680 --> 0:02:13.960 How do you increase the amount of bitcoin you have 0:02:14.080 --> 0:02:16.400 per share you have of stock? And I think we 0:02:16.400 --> 0:02:18.000 can do that clearly. If you go buy on a 0:02:18.000 --> 0:02:20.600 one to one basis, you don't have that ability to do. 0:02:20.680 --> 0:02:22.799 And that's the one metric that we track every single day, 0:02:22.840 --> 0:02:24.639 and that's the one metric that we try and improve 0:02:24.720 --> 0:02:27.000 every single day. And we've done all hung job, guys, 0:02:27.040 --> 0:02:29.239 I mean we you know, this public was founded on 0:02:29.480 --> 0:02:33.520 March thirteenth, I'm sorry, March thirty first, roughly five months later, 0:02:33.639 --> 0:02:35.200 five months and three days to be exact, we were 0:02:35.200 --> 0:02:36.880 listed on the NASDAC under ABTC. 0:02:37.560 --> 0:02:38.840 We're less than three. 0:02:38.600 --> 0:02:41.480 Months old having been listed, and we're already well sour 0:02:41.560 --> 0:02:45.160 past four thousand bitcoin that have either mined or that 0:02:45.200 --> 0:02:49.160 we've accumulated, making us the twenty fifth largest BTC public 0:02:49.200 --> 0:02:53.720 treasury company in the world, and we're climbing that ladder 0:02:53.800 --> 0:02:55.960 very quickly every single day. So I couldn't be more 0:02:55.960 --> 0:02:58.080 proud of what we've been able to accomplish. And you know, 0:02:58.360 --> 0:03:00.360 everything they do said, I think you mentioned four billion 0:03:00.360 --> 0:03:03.959 dollar market cap and again, we've been listed for less 0:03:04.000 --> 0:03:07.160 than three months and growing, you know, growing by by, 0:03:07.360 --> 0:03:08.919 you know, kind of with lightning speed. 0:03:09.120 --> 0:03:12.080 You mentioned the cheapest source of energy in mining that bitcoin. 0:03:12.160 --> 0:03:14.520 Last time we spoke back in September, we had a 0:03:14.520 --> 0:03:17.520 discussion about wind energy that that powers some of this mining. 0:03:18.080 --> 0:03:21.440 Is it still wind that's powering the mining operations for 0:03:21.440 --> 0:03:22.240 American bitcoin? 0:03:23.840 --> 0:03:26.160 There's different sources, but certainly when there was a defunct 0:03:26.160 --> 0:03:28.640 wind farm, you know, the guys over at HOWT eight, 0:03:28.720 --> 0:03:31.000 which our sister company, were able to lock into incredibly 0:03:31.080 --> 0:03:33.880 cheap energy because frankly, it wasn't being utilized, because it 0:03:33.919 --> 0:03:36.440 wasn't being pumped at the grid and lock into a 0:03:36.520 --> 0:03:38.280 very cheap contract for a very long period of time. 0:03:38.320 --> 0:03:41.720 And so we've got unbelievable renewable energy that we're using 0:03:41.720 --> 0:03:44.080 to mine our our our bitcoin. But you can see 0:03:44.080 --> 0:03:45.200 a lot of other energy sources. 0:03:45.240 --> 0:03:45.440 Come on. 0:03:45.520 --> 0:03:48.120 I mean, we're on the the energy revolution in this country. 0:03:48.160 --> 0:03:49.600 I think you guys know that better than anybody. Look 0:03:49.600 --> 0:03:52.560 at oil, looking gas, you know, the policies are working. 0:03:53.000 --> 0:03:55.560 Look at these SMRs, look at you know kind of 0:03:55.560 --> 0:03:56.800 fusion reactions. 0:03:56.840 --> 0:04:00.280 Well, well wait a minute, Eric, because SMRs, I mean 0:04:00.680 --> 0:04:03.600 we do know. We're on it every day, and these 0:04:03.600 --> 0:04:06.480 small modular reactors, none of them are up and running. 0:04:06.520 --> 0:04:08.640 And anybody we talk to you who understands the nuclear 0:04:08.680 --> 0:04:11.280 industry says it it'll take a few years to get 0:04:11.280 --> 0:04:12.000 them up and running. 0:04:12.120 --> 0:04:15.000 You go, oh, guys, absolutely, don't. Don't think that I'm 0:04:15.040 --> 0:04:16.680 saying that they're up and running by by any means. 0:04:16.680 --> 0:04:19.400 What I'm saying is we're in the heyday, you know, 0:04:19.680 --> 0:04:22.000 of power and power exploration in this country right now. 0:04:22.000 --> 0:04:24.120 You have an administration that's held bent on on making 0:04:24.160 --> 0:04:27.960 sure you know, this country has incredibly cheap power. 0:04:28.160 --> 0:04:29.520 Well, that's really interesting. 0:04:29.600 --> 0:04:31.760 Let me just jump in there, because we've done a 0:04:31.800 --> 0:04:35.800 deep analysis into the cost of electricity in twenty twenty five. 0:04:35.839 --> 0:04:38.279 Electricity cost a pen far more on where you're located, 0:04:38.279 --> 0:04:40.039 and a lot of it has to do with the 0:04:40.120 --> 0:04:43.800 AI build out and the cost of those data centers 0:04:43.839 --> 0:04:46.320 and tapping into the networks. You talk about Texas, I'm 0:04:46.360 --> 0:04:49.480 curious what you're paying per megawat an hour in Houston 0:04:49.600 --> 0:04:53.040 right now. It's twenty five dollars. It has gone up 0:04:53.040 --> 0:04:55.080 a lot since twenty twenty. If you go back to 0:04:55.120 --> 0:04:58.480 twenty twenty, it was seventeen dollars per hour. I mean, 0:04:59.000 --> 0:05:01.240 you know, those elections. I don't want to get political, 0:05:01.279 --> 0:05:04.279 but those elections. I mean part of it was electricity 0:05:04.360 --> 0:05:07.000 prices that people Americans have had enough. 0:05:08.440 --> 0:05:11.280 Caroly, you can't be serious, and honestly, I don't want 0:05:11.320 --> 0:05:13.160 to argue on Bloomberg. It's not what I came here 0:05:13.200 --> 0:05:14.599 to do. I've got plenty of things to do in 0:05:14.880 --> 0:05:17.719 my daily life. You had the last administration that had 0:05:17.760 --> 0:05:19.440 the greatest war on energy that we've ever seen in 0:05:19.480 --> 0:05:22.039 the country. Right You had an administration that was literally 0:05:22.080 --> 0:05:24.840 shutting down oiling gas exploration daily. 0:05:25.760 --> 0:05:27.080 They were shutting it down daily. 0:05:27.480 --> 0:05:31.480 They were cutting every pipeline, they were stopping every pipeline 0:05:31.480 --> 0:05:33.880 from being built. I mean, which ones do you want 0:05:33.880 --> 0:05:35.240 me to name? I could go through a list of 0:05:35.320 --> 0:05:38.720 fifteen of them. In fact, it was Joe Biden's first 0:05:38.760 --> 0:05:42.560 executive order to shut down the Keystone Pipeline. They shut 0:05:42.600 --> 0:05:46.560 down all permitting, they shut down all transmission of oiling gas. 0:05:46.880 --> 0:05:49.320 There was a war on energy in this country the 0:05:49.480 --> 0:05:52.320 likes of which you've never seen before. You know, we 0:05:52.360 --> 0:05:54.920 went from being energy independent under my father, where we're 0:05:54.920 --> 0:05:57.760 exporting energy to countries all around the world to being 0:05:57.880 --> 0:06:03.159 energy dependent under Joe don't even don't even try and say, 0:06:03.880 --> 0:06:06.640 you know that we're not seeking the lowest cost energies. 0:06:07.000 --> 0:06:09.159 They had power plants that they were trying to build 0:06:09.160 --> 0:06:11.880 for a fifteen year period of time, nuclear power plants, 0:06:12.160 --> 0:06:13.919 and guess what at the end of them, Joe Biden's 0:06:13.920 --> 0:06:16.960 administration would turn them down and deny them the permits 0:06:16.960 --> 0:06:20.240 for nuclear energy. Right, my father is hell bent on 0:06:20.279 --> 0:06:22.960 making this country energy And the reason, hold on, please 0:06:23.000 --> 0:06:23.560 let me finish. 0:06:23.800 --> 0:06:25.839 The reason he's hell bent on it is if you track. 0:06:25.720 --> 0:06:31.280 GDP, any GDP growth around the world, and you directly 0:06:31.360 --> 0:06:35.080 correlate that with energy costs, they're one hundred percent correlated. 0:06:35.480 --> 0:06:38.520 The lower your energy costs are for production of energy, 0:06:38.880 --> 0:06:42.200 the higher your GDP costs are. We have to win 0:06:42.279 --> 0:06:44.880 the war on cryptocurrency, we have to win the war 0:06:45.560 --> 0:06:48.680 on AI. We have to win these for our national security. 0:06:48.720 --> 0:06:51.000 We have to win these because we're the United States 0:06:51.000 --> 0:06:53.160 of America and we're the number one superpower. 0:06:53.200 --> 0:06:54.039 We must lead the way. 0:06:54.440 --> 0:06:57.320 We need energy generation and my father is hell bent 0:06:57.360 --> 0:06:59.919 of getting that through every single form, whether it's an 0:07:00.040 --> 0:07:04.120 actual gas and we're drilling, remember the slow and we're 0:07:04.200 --> 0:07:07.559 drilling again and we're exploring again, Eric, and nuclear power 0:07:07.560 --> 0:07:10.960 plants are getting permits again, which was not happening other 0:07:11.280 --> 0:07:14.040 So please don't, please, please don't talk to me about affordability. 0:07:14.080 --> 0:07:16.480 When you had an administration, they did everything they could the 0:07:16.560 --> 0:07:19.840 cross energy prices for a four year period of time. 0:07:20.160 --> 0:07:23.000 Eric, I respect your position and opinion on this, but 0:07:23.040 --> 0:07:24.840 I also will say that you know, the US is 0:07:24.880 --> 0:07:27.760 the largest oil producer that's out there. I want to 0:07:27.800 --> 0:07:30.880 go back to your company because on mining, we learned 0:07:30.920 --> 0:07:34.200 today that bitfarms it's one of the largest cryptocurrency miners. 0:07:34.240 --> 0:07:36.400 Set of plans to wind down those operations over the 0:07:36.400 --> 0:07:40.240 next two years, focus on providing infrastructure to generate power 0:07:40.240 --> 0:07:44.480 for artificial intelligence applications. We continue to see that a 0:07:44.520 --> 0:07:48.240 growing list of bitcoin miners are pivoting to AI and 0:07:48.320 --> 0:07:52.240 high performance compute services as profit margin shrink due in 0:07:52.320 --> 0:07:55.920 part to those falling prices of the tokens are the 0:07:56.040 --> 0:07:56.800 digital tokens that. 0:07:56.800 --> 0:07:57.200 Are out there? 0:07:57.200 --> 0:08:00.280 Do you have any plans for American bitcoin to pivot 0:08:00.320 --> 0:08:02.880 away from bitcoin mining into artificial intelligence? 0:08:03.680 --> 0:08:05.600 Now the exact opposite. We're only going to ramp up. 0:08:06.440 --> 0:08:08.560 We're going to ramp up every single day. I mean, Carol, 0:08:08.600 --> 0:08:10.800 you mentioned following prices. Let me just kind of hit 0:08:10.840 --> 0:08:13.320 on this one for you. You know, guess what biitcoin 0:08:13.360 --> 0:08:16.680 prices were exactly two years ago from today. I'll tell 0:08:16.720 --> 0:08:19.000 you because you would know, thirty six thousand, five hundred 0:08:19.000 --> 0:08:21.080 was the cost of a bigcoin two years ago. We 0:08:21.120 --> 0:08:24.080 are up one hundred and eighty percent in a twenty 0:08:24.120 --> 0:08:28.680 four month period the spot price of BTC. It's probably 0:08:28.720 --> 0:08:31.760 the number one performing asset you know, of any asset. 0:08:31.840 --> 0:08:33.080 And this is this coming. 0:08:32.840 --> 0:08:35.000 From a guy who believes in hard assets, right. I mean, 0:08:35.400 --> 0:08:37.080 I run one of the great real estate portfolio is 0:08:37.040 --> 0:08:41.640 anywhere in the world. Cryptocurrency is absolutely on fire. Cryptocurrency 0:08:41.679 --> 0:08:42.920 is taking on the well. 0:08:42.960 --> 0:08:45.440 Bitcoin is up this year by about five percent, the 0:08:45.520 --> 0:08:47.400 S and P is up fifteen percent, the Nazeq one 0:08:47.480 --> 0:08:50.840 hundreds up twenty percent, Gold is up plus this year. 0:08:51.080 --> 0:08:51.960 No, I'm just saying, do. 0:08:51.920 --> 0:08:53.560 You want to reverse hold on, Carol? Do you want 0:08:53.600 --> 0:08:55.040 do you want to reverse that? I mean, do you 0:08:55.040 --> 0:08:56.240 want to go back two years? You want to go 0:08:56.240 --> 0:08:57.640 back three years, you want to go back five years, 0:08:57.640 --> 0:09:01.439 you want to go back ten years. Prices to smartly 0:09:01.480 --> 0:09:03.800 have gone up on average of about seventy percent a 0:09:03.840 --> 0:09:05.720 year year over year for the last ten year period 0:09:05.760 --> 0:09:08.680 of time. All I'm saying is, if you invested in 0:09:08.760 --> 0:09:11.599 BTC two years ago, is probably the best investment you 0:09:11.600 --> 0:09:14.040 could have made. If you made invested BTC five years ago, 0:09:14.720 --> 0:09:16.200 you know, you're sitting on. 0:09:16.720 --> 0:09:18.040 Infinite amounts of money. Right. 0:09:18.320 --> 0:09:22.280 BTC has been probably the highest performing asset of the 0:09:22.360 --> 0:09:23.079 last decade. 0:09:23.400 --> 0:09:23.559 Right. 0:09:23.600 --> 0:09:27.280 And now also with BTC comes volatility. With crypto comes volatility. 0:09:27.360 --> 0:09:30.520 Volatility is our friend. Volatility is something that should be harnessed, right, 0:09:30.640 --> 0:09:33.080 and and so I think Bitcoin is going to continue 0:09:33.080 --> 0:09:36.400 to massively overperform the you know the markets. Of course, 0:09:36.400 --> 0:09:38.760 you're going to have drawdowns, right, I mean every cycle 0:09:38.760 --> 0:09:41.319 has drawdowns. You're seeing you were talking about in Navidia, 0:09:41.920 --> 0:09:44.880 you know in the intro click to to introducing me 0:09:44.960 --> 0:09:46.760 today and how they're down four percent to this one 0:09:46.880 --> 0:09:49.800 large companies on Earth, if not the largest company on Earth, Right, 0:09:49.840 --> 0:09:50.800 I mean, that's down four percent. 0:09:50.840 --> 0:09:53.199 You're going to have draw downs and things. That's that's life. 0:09:53.440 --> 0:09:53.640 Now. 0:09:53.800 --> 0:09:57.400 Look at the historical performance of an asset, and nothing 0:09:57.400 --> 0:09:59.079 has compared to what Bitcoin is. 0:09:59.240 --> 0:10:02.440 Totally understand markets, the ups and downs, and sometimes the 0:10:02.520 --> 0:10:06.680 downs are an indication of either even moving down further. Hey, 0:10:06.679 --> 0:10:07.880 one thing I want to ask you is, I think 0:10:07.880 --> 0:10:10.440 you're on with Bloomberg. Back in September, you owned about 0:10:10.440 --> 0:10:12.440 seven and a half percent of the company. Has that 0:10:12.559 --> 0:10:15.240 number change because it sounds I can hear your conviction. 0:10:15.920 --> 0:10:18.440 It sounds like it's a long term conviction when it 0:10:18.440 --> 0:10:21.880 comes to the digital world and bitcoin in particular. 0:10:21.960 --> 0:10:23.400 So are you buying more shares? 0:10:24.880 --> 0:10:27.079 That number has not changed at all. 0:10:27.120 --> 0:10:30.160 I have every share that I started this company with, 0:10:30.200 --> 0:10:33.560 and I plan to for you know, a long time 0:10:33.559 --> 0:10:35.640 to come. I love it, I believe in it. I 0:10:35.679 --> 0:10:37.319 think the people that we're doing it with are the 0:10:37.320 --> 0:10:38.640 smartest people in the world. We've got some of the 0:10:38.640 --> 0:10:43.480 greatest energy contracts, We've got the most sophisticated facilities, and guys, 0:10:43.559 --> 0:10:44.920 what I'll tell you. You know, I spent a lot 0:10:44.920 --> 0:10:46.200 of time all over the world. I think you know 0:10:46.200 --> 0:10:47.880 that from our real estate projects. 0:10:47.880 --> 0:10:48.360 Everywhere. 0:10:48.880 --> 0:10:53.160 Everybody wants cryptocurrency, everybody believes in cryptocurrency. Everybody's tremendously worried 0:10:53.200 --> 0:10:56.240 about their respective governments, everybody's tremendously worried about their respective 0:10:56.240 --> 0:10:59.400 financial systems. Especially when you leave the United States, you know, 0:10:59.640 --> 0:11:01.880 people in so many countries around the world, they get paid, 0:11:02.360 --> 0:11:04.240 you know, they may as well burn that paycheck because 0:11:04.240 --> 0:11:06.840 of inflation. It absolutely kills them all of a sudden, 0:11:06.880 --> 0:11:09.040 you know kind of You know, bitcoin is digital gold. 0:11:09.240 --> 0:11:11.800 People believe in it. It's a great asset. It's an 0:11:11.840 --> 0:11:13.959 asset that can't be inflated. It's an asset. 0:11:14.000 --> 0:11:16.080 They'll only have twenty one million coins. 0:11:16.200 --> 0:11:18.080 Ever, you know, if the price of gold ever went 0:11:18.080 --> 0:11:19.839 to forty thousand bucks an ounce, guys, I would tear 0:11:19.880 --> 0:11:21.920 down this building and I would find gold in the columns. 0:11:22.000 --> 0:11:24.520 I'd find gold in the concrete. Right, you're going to 0:11:24.600 --> 0:11:26.480 you're gonna you know, you're going to dig deeper, and 0:11:26.520 --> 0:11:27.960 you're going to go farther, and you're going to spend 0:11:27.960 --> 0:11:29.920 more money. You know, so you're never going to actually 0:11:29.960 --> 0:11:33.440 have caps supply. With bitcoin, you have cap supply. And 0:11:33.480 --> 0:11:35.600 I can tell you whether it's Asia, whether it's Middle East, 0:11:35.600 --> 0:11:38.520 whether it's South America. You know, there is a longingness, 0:11:38.720 --> 0:11:41.240 you know, to treasury bitcoin, and you're seeing that from 0:11:41.280 --> 0:11:43.800 even some of the very biggest companies in the United States. 0:11:44.000 --> 0:11:46.000 They're putting it on their balance sheets in ways that 0:11:46.040 --> 0:11:48.720 they've never done before. Because they believe in digital assets 0:11:48.760 --> 0:11:51.599 and and they you know, they believe in the attributes 0:11:51.600 --> 0:11:53.520 of them, right, you know, and again, I'm a real 0:11:53.600 --> 0:11:54.040 estate guy. 0:11:54.320 --> 0:11:55.360 I love assets. 0:11:55.800 --> 0:11:58.080 But think about something that's you know, transferable twenty four 0:11:58.120 --> 0:11:59.160 hours a day, seven days a week. 0:11:59.160 --> 0:12:01.439 Think about something that lobal. Think about something that's easier 0:12:01.440 --> 0:12:02.199 to transport. 0:12:02.920 --> 0:12:05.200 You do love assets, and you guys, your family is 0:12:05.200 --> 0:12:06.640 so entrenched obviously in real estate. 0:12:06.679 --> 0:12:08.040 You think Trump, you think real estate. 0:12:08.280 --> 0:12:10.120 But I'm just curious, if you had to choose between 0:12:10.120 --> 0:12:12.680 owning real estate or bitcoin, what. 0:12:12.600 --> 0:12:14.439 Would it be both both? 0:12:14.559 --> 0:12:14.679 No? 0:12:14.679 --> 0:12:18.360 No, no, no, you have to choose. Come on, Eric, You're smart. 0:12:19.400 --> 0:12:20.640 I grew up. I grew up when I was eleven 0:12:20.720 --> 0:12:22.040 years old on construction sites. Right. 0:12:22.080 --> 0:12:25.120 I clearly love tangible assets and I believe in them, 0:12:25.120 --> 0:12:27.880 and I think bitcoin is is the greatest heage toward 0:12:27.920 --> 0:12:30.600 those tangible assets. You know that there is what I 0:12:30.640 --> 0:12:32.600 will tell you is, in any place other than the 0:12:32.640 --> 0:12:35.840 United States, I would probably take cryptocurrency. I mean, imagine 0:12:35.840 --> 0:12:38.040 if you lived in one of various South American countries 0:12:38.120 --> 0:12:40.319 or one of you know, various you know, African kind 0:12:40.360 --> 0:12:43.560 of countries that have instability where government can come in 0:12:43.600 --> 0:12:45.640 at any time and steal your house, steal your piece 0:12:45.640 --> 0:12:47.000 of property, steal your hotel. 0:12:47.640 --> 0:12:49.800 Right, you don't have a chance. You know, you don't. 0:12:49.880 --> 0:12:51.880 You don't have that problem with bitcoin. You don't have 0:12:51.920 --> 0:12:55.320 that asset problem with either assets. That's you know, that's 0:12:55.360 --> 0:12:58.559 that's literally qualified on Ledger twenty four hours a day. 0:12:58.640 --> 0:13:00.920 So there's there's a real need for this asset class 0:13:00.960 --> 0:13:02.559 around the world. And by the way, even in the 0:13:02.640 --> 0:13:04.079 United States, I mean, guys, I became one of the 0:13:04.080 --> 0:13:06.559 most debanked persons, you know people, you know American history, 0:13:06.600 --> 0:13:09.320 for having never done anything wrong, you know, operating great 0:13:09.320 --> 0:13:14.040 golf courses, operating great residential buildings, condominium associations, hotels, right, 0:13:14.080 --> 0:13:15.960 and all of that got pulled out from under me 0:13:15.960 --> 0:13:17.240 because my father happened to wear a hat. 0:13:17.280 --> 0:13:19.200 I wasn't a politician, and I've never been politician. I've 0:13:19.240 --> 0:13:20.080 never worked for the government. 0:13:20.320 --> 0:13:22.200 We're wearing a hat that said make America great again. 0:13:22.200 --> 0:13:24.280 All of a sudden, I start getting canceled left and right. 0:13:24.679 --> 0:13:27.559 You know the interesting thing about crypto, you know, technology, blockchain, 0:13:28.200 --> 0:13:32.200 pain technology, digital assets, digital wallets, can't cancel them, you 0:13:32.200 --> 0:13:34.839 can't take them away, right, And that's a few lifful 0:13:34.880 --> 0:13:37.680 thing and there's a flight to safety. There's a flight 0:13:37.720 --> 0:13:40.600 to safety that a lot of people in America have 0:13:40.679 --> 0:13:43.360 a harder time appreciating. Albeit when people see what happened 0:13:43.400 --> 0:13:45.280 to us, they can appreciate more. But a lot of 0:13:45.280 --> 0:13:47.280 people around the world can really appreciate. I think if 0:13:47.280 --> 0:13:48.880 you lived in a lot of the Asian countries, you'd 0:13:48.880 --> 0:13:50.640 appreciate it. I think if you lived lived in a 0:13:50.640 --> 0:13:52.559 lot of places, and let me ask, just say here 0:13:52.559 --> 0:13:54.320 in Africa, you probably appreciate that. 0:13:54.440 --> 0:13:58.280 Now I understand what you're saying. And I think, you know, 0:13:58.320 --> 0:14:00.400 we've been talking about cryptocurrencies for a long long time 0:14:00.400 --> 0:14:02.600 here at Bloomberg, and I think time will tell whether 0:14:02.679 --> 0:14:05.680 or not, Uh, this is something that becomes well entrenched 0:14:05.720 --> 0:14:08.080 within our financial system because at this point people are 0:14:08.080 --> 0:14:09.760 still buying things like stocks and bonds. 0:14:11.960 --> 0:14:13.480 No, I do. 0:14:13.600 --> 0:14:15.559 But what I wanted to ask you is, and I 0:14:15.600 --> 0:14:17.360 think it's something that we talked about in our planning call. 0:14:17.440 --> 0:14:19.760 Do you do you feel like, you know, Tim asked about, 0:14:19.800 --> 0:14:23.240 you know, maybe the advantage of you know, buying into 0:14:23.360 --> 0:14:26.280 your company versus maybe a micro strategy or something else. 0:14:27.080 --> 0:14:27.920 Do you feel like you. 0:14:27.880 --> 0:14:31.320 Guys do have an advantage because of your proximity to 0:14:31.400 --> 0:14:34.000 the White House. And I asked this full disclosure. When 0:14:34.040 --> 0:14:36.560 we talk about paramount's guidance, we say the same thing 0:14:36.640 --> 0:14:40.440 because we know that David Ellison certainly is looked upon 0:14:40.560 --> 0:14:43.440 favorably by the White House when it comes to maybe 0:14:43.480 --> 0:14:45.400 doing another acquisition. So do you think you have a 0:14:45.440 --> 0:14:48.280 little bit of an advantage? 0:14:49.240 --> 0:14:51.800 Yeah, Carol, it's such a frustrating question. 0:14:52.000 --> 0:14:54.080 Now, you know my advantage is are our advantage with 0:14:54.120 --> 0:14:56.320 American Bigcoin is we can mind bigcoin at fifty cents 0:14:56.320 --> 0:14:59.240 on the dollar roughly, you know, and we're mining bigcoin 0:14:59.280 --> 0:15:01.840 every single day any other And by the way, Michael 0:15:01.880 --> 0:15:03.280 is a very close friend of mine, and there's no 0:15:03.360 --> 0:15:06.080 person in the world you know, virtually that I respect more. 0:15:06.080 --> 0:15:09.560 He's an amazing human being, an incredible visionary and everything 0:15:09.600 --> 0:15:13.240 he's accomplished. Our advantage to mining bitcoin is every single 0:15:13.320 --> 0:15:15.200 day we mind a lot of bitcoin, and we do 0:15:15.240 --> 0:15:16.760 so for fifty cents on the dollar. But wedn't even 0:15:16.760 --> 0:15:19.800 another commodity you can do that with right every other 0:15:19.800 --> 0:15:22.160 treasury company virtually out there, they have to go buy 0:15:22.160 --> 0:15:25.200 bitcoin at the spot price at bitcoin that day. I 0:15:25.200 --> 0:15:28.000 can effectively go out right now and mine bitcoin at 0:15:28.040 --> 0:15:30.600 fifty percent of that number. I can also go out 0:15:30.640 --> 0:15:33.240 and I can acquire bitcoin and American bitcoin, can go 0:15:33.240 --> 0:15:36.720 out and acquire bitcoin at spot prices and guess what, 0:15:36.840 --> 0:15:39.200 as I do that, I can also yield manage down pricing, 0:15:39.400 --> 0:15:41.600 you know, based on the bigcoin that we mine each 0:15:41.640 --> 0:15:43.280 and every day. Obviously, the amount that you can mine 0:15:43.320 --> 0:15:47.240 is somewhat finite, even though our mining operations are growing 0:15:47.280 --> 0:15:50.160 on a daily basis. But that's a great advantage that 0:15:50.200 --> 0:15:52.600 I believe we have. We can increase the amount of 0:15:52.600 --> 0:15:56.360 bitcoin for share of our shareholders, and we do, and 0:15:56.400 --> 0:15:58.440 that's why we're growing as quickly as we are. 0:15:58.560 --> 0:16:01.480 So I clearly believe in our strategy. I'm really really 0:16:01.520 --> 0:16:01.960 proud that you. 0:16:02.200 --> 0:16:03.280 Understand why you do. 0:16:03.440 --> 0:16:05.880 Understand why we ask it, right, I mean full disclosure, 0:16:05.960 --> 0:16:08.440 like we try to be as so many. 0:16:08.520 --> 0:16:10.280 So many of the questions here I've just been. I 0:16:11.680 --> 0:16:14.760 understand clearly where you stand, right but you know it's 0:16:14.800 --> 0:16:17.480 not snow shock to me. I understand why you're asking 0:16:17.520 --> 0:16:20.280 the question. I also understand that I have absolutely nothing 0:16:20.280 --> 0:16:21.920 to do with the federal government. I want nothing to 0:16:21.960 --> 0:16:24.840 do with the federal government. I have no internactional with 0:16:24.880 --> 0:16:28.360 the federal government when it comes to crypto policy, I 0:16:28.440 --> 0:16:30.840 stay in my own damn lane, and my lane is 0:16:31.040 --> 0:16:34.800 operating the greatest hospitality company on Earth, an operating company 0:16:34.800 --> 0:16:36.800 that I truly believe in with every ounce of my 0:16:36.840 --> 0:16:39.520 heart and soul, which is what we're doing with bitcoin, 0:16:39.560 --> 0:16:42.280 which again historically has been an incredible asset. He eric 0:16:42.480 --> 0:16:44.680 when I hear so when I hear questions about how 0:16:45.240 --> 0:16:48.400 you know somebody could possibly argue that that Biden had 0:16:48.440 --> 0:16:51.520 better energy policies for the United States than the Donald Trump, 0:16:52.040 --> 0:16:52.880 like like, give. 0:16:52.760 --> 0:16:54.960 Me, give me a p I didn't argue that. 0:16:55.080 --> 0:16:56.800 I just you know, we are we are a data 0:16:56.880 --> 0:17:00.400 driven company, and so I look at Databata apartment. 0:17:00.400 --> 0:17:01.200 Give me, give me the data. 0:17:01.240 --> 0:17:04.199 Give me one quantifiable metric where Joe Biden was a 0:17:04.200 --> 0:17:05.119 better energy president. 0:17:05.240 --> 0:17:08.240 Donald Trump, you can't Well, they just can't. 0:17:08.359 --> 0:17:09.120 Well, I will see. 0:17:09.000 --> 0:17:13.719 Who president on the first day of his term cancel 0:17:13.840 --> 0:17:17.440 every pipeline, including the Keystone Xcel pipeline, which is why 0:17:17.480 --> 0:17:19.639 every gas pump in the United States of America had 0:17:19.640 --> 0:17:21.840 a little sticker on us saying I did that. And 0:17:21.880 --> 0:17:24.879 there's a picture of Joe Biden pointing to the price 0:17:24.960 --> 0:17:28.679 of gas. Please spare me this conversation. You've got some 0:17:28.680 --> 0:17:31.119 of the lowest gas prices in the history of our country. 0:17:31.280 --> 0:17:33.959