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Speaker 4: Other cryptos which are fascinating to me right now? Are these?
Speaker 1: So?
Speaker 4: Originally we had the bitcoin ecosystem and the etherym ecosystem
Speaker 4: and everything's being built on mostly ethereum, and all of
Speaker 4: a sudden, the guy from binance cz said, I'm going
Speaker 4: to create my own ethereum right binance Smart Shaine and
Speaker 4: a guy from Korea named do Quon, I'm going to
Speaker 4: create the Terror network. And now Sam Bankman freed from FTX,
Speaker 4: I'm creating Solana, and they're building many ethereums competitors that
Speaker 4: are not nearly as decentralized as ethereum, but they're faster.
Speaker 4: And you know, you look at the TV. You look
Speaker 4: at the TV. You don't know what's behind the TV,
Speaker 4: right Who in the hair cares what's behind the TV?
Speaker 2: How it works?
Speaker 4: We just turn it on. We're like good TV. And
Speaker 4: so there is a debate will consumers care how decentralized
Speaker 4: the blockchains are? Right now they're just saying, hey, is
Speaker 4: the consumer interface is the is the user experience sexy
Speaker 4: and good? And so you're seeing these new ecosystems explode north.
Speaker 4: That's money coming from bitcoin and the theory him into
Speaker 4: the salonic ecosystem, you know, the sam bankman freedz Parah.
Speaker 4: I bought this coin Luna five months ago at like
Speaker 4: twenty seven cents and it's now eighteen dollars. Yeah. You
Speaker 4: don't have a lot of those in your life. Yeah, yeah,
Speaker 4: to kiss your wife and muyron dog from Korea, which
Speaker 4: I actually did. I bought my wife and dog from
Speaker 4: Korea literally literally. And so you know, I think listen
Speaker 4: that the macro markets have never been more interesting, and
Speaker 4: crypto is macro on steroids right now, and so it's
Speaker 4: a fascinating time to be a trader. It's really volatile,
Speaker 4: and so you can't say, well, so volved, I lost
Speaker 4: all my money. No, you have to adjust your position sizes.
Speaker 4: And so if you're used to taking a ten unit
Speaker 4: S and P position which trades at twenty vall, and
Speaker 4: you're trading bitcoin at eighty ball, you should take a
Speaker 4: two and a half unit bitcoin position, right, And it's
Speaker 4: just the math. You don't have to be a crazy
Speaker 4: kamakazi in volatility just because you're trading crypto. You just
Speaker 4: have to adjust your sizes so you preserve your capital.
Speaker 4: Like I think, bitcoin is a core part of your portfolio.
Speaker 4: It's got a purpose. It's going to be around for
Speaker 4: a long period of time. Every institution I know is
Speaker 4: buying something. It's basically digital goal. Ethereum is most likely
Speaker 4: the winner of the decentralized supercomputer that powers all these
Speaker 4: new businesses, all these new ecosystems, but it might not
Speaker 4: be the winner, right. I'm also invested in a thing
Speaker 4: called Diffinity, which is going to launch in about a week.
Speaker 4: They want to be participant in that Solana like I
Speaker 4: talked about Para, There's all these other ecosystems like ethereum
Speaker 4: trying for the same thing. Then there's DeFi. These DeFi
Speaker 4: points trade like equities in some ways. They have a dividend,
Speaker 4: you can you can think of it like a dividend.
Speaker 4: The more the more use they get, the more business
Speaker 4: money they're gonna they're gonna make, the higher the token
Speaker 4: is gonna go up. And so I look at those
Speaker 4: three buckets and say, if you're not in that bucket,
Speaker 4: you're just you're you're literally like a Ponzi game. And
Speaker 4: so light coin BSV, you know, bitcoin cash, bitcoin whatever,
Speaker 4: that bs the other, bitcoin x RP. Those are all
Speaker 4: blowney coins And doesn't mean you can't make money. And
Speaker 4: I'm because every once in a while the market gets
Speaker 4: hot and you know, people like, oh that hasn't moved yet,
Speaker 4: let me buy it, and they pull your friends in.
Speaker 4: It's a little bit like it's a little bit like
Speaker 4: that that game. Stop. They're mean coins and you can
Speaker 4: get your head ripped off being short. And so I
Speaker 4: would not advocate for the non professionals to be short.
Speaker 4: And if you're short things, you want to short them
Speaker 4: after they've taken out everyone out. Everyone else right.
Speaker 3: Can ask you about because you said those are bs coins.
Speaker 3: But what about like a stable coin, almost like a tether.
Speaker 3: And I'm thinking in a sense of if we see
Speaker 3: bitcoin go from sixty four to fifty eight, is it
Speaker 3: a wise move to say, all right, I'll take some
Speaker 3: of my investment, put it in tether because it's stable,
Speaker 3: and then reinvest when I feel like the trend is
Speaker 3: going back up. Is that a strategy that can use?
Speaker 4: No, So listen, I think tether or USDC, you know,
Speaker 4: a circle stable coin, any of the stable coins are
Speaker 4: fine places to part. They're basically just it's like it's
Speaker 4: the same as putting in back in dollars, but you're
Speaker 4: not having to take it out of the crypto ecosystem,
Speaker 4: right right, And so yeah, I think it's a perfectly
Speaker 4: good idea when you want to take chips off the table,
Speaker 4: to leave them with the crypto ecosystem so you don't
Speaker 4: have to go through your bank and put them back in.
Speaker 4: And so we trade a lot of USDC, we trade
Speaker 4: some tether. You know, there used to be a concern
Speaker 4: about is tether real or not. It's the test of
Speaker 4: time enough people believe it's back one to one, that
Speaker 4: it's going to hold hold one to one I wouldn't.
Speaker 4: If I had to leave money for a long period
Speaker 4: of time, I'd rather leave it in USDC than tether,
Speaker 4: even though it's the saving erness.
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Speaker 4: Exact thing, but pretty much that's just a dollar. And
Speaker 4: I tell you what's going to happen next year, in
Speaker 4: the year after, in the year after, they're gonna be
Speaker 4: more and more of these stable coins. A matter of fact,
Speaker 4: we're gonna be buying pizzas with stable coins. Mark my word.
Speaker 4: Facebook's new project. It's called Dim like Carpe dim or
Speaker 4: per diem DM. They used to call it Libra. All
Speaker 4: it is is a dollar stable point and you're gonna
Speaker 4: get a o V wallet, so everyone's gonna have their
Speaker 4: own Facebook Messenger. And you want me to send you
Speaker 4: money instead of going to the bank, I'm just gonna
Speaker 4: like venmo, but it's instead of venmo controlling it. This
Speaker 4: is gonna leave my wallet and go to your wallet,
Speaker 4: and it could go overseas and it could be ten
Speaker 4: thousand dollars, not fifteen hundred. It could be one hundred
Speaker 4: thousand dollars. And so the world is going to move
Speaker 4: on to wallet's, not bank accounts. I'm long Facebook stock.
Speaker 4: One of my favorite trades this year is I sold
Speaker 4: a shackload of call options on Game Stop because the
Speaker 4: ball was so stupid, and I bought Facebook stock and
Speaker 4: Facebook calls and I bought it because I know sometime
Speaker 4: in this next half year, they're gonna come out with
Speaker 4: this crypto wallet called nov unfortunately not named after me,
Speaker 4: with the Gnobe wallet, and they're gonna have and all
Speaker 4: of a sudden, you're gonna have twenty five hundred, two
Speaker 4: and a half billion people with access to crypto on
Speaker 4: their wallet. And Facebook all of the son is gonna
Speaker 4: get a little bit of a crypto. You know, you're
Speaker 4: gonna put them in your crypto basket, and so Facebook's
Speaker 4: going from three hundred to four hundred.
Speaker 5: I think I hope quol question for you, speaking of conspiracies,
Speaker 5: what do you think of Peter Tio's comments about bitcoin
Speaker 5: being equivalent to like financial terrorism because it may be
Speaker 5: backed by China.
Speaker 4: And I know Peter Well. I first met him back
Speaker 4: will We both had big hedge funds No. Six. I
Speaker 4: partner with them on a lot of things. He likes
Speaker 4: to be provocative, that's his brand. He likes to say
Speaker 4: ship that everyone says what. He's very smart. He owns
Speaker 4: a lot of bitcoin, he owns positions and companies that
Speaker 4: you know, participate in the ecosystem, and so he's a
Speaker 4: bull in the space. The stable coin war will be
Speaker 4: a war. It's not gonna be a bitcoin war. It's
Speaker 4: a war between China stable coin, the US stable coin.
Speaker 4: Europe's going to have one. I was on with the
Speaker 4: central bank governor Brazil. They're going to have one. Every
Speaker 4: one of these countries is gonna have stable poin. It
Speaker 4: really only matters US China. Right, we're the reserve currency
Speaker 4: of the world right now. In order to be the
Speaker 4: reserve currency of the world, traditionally you had to have
Speaker 4: the strongest navy, right the Brits had, you know, the
Speaker 4: pound used to be the reserve currency, and all of
Speaker 4: a sudden, the daughar became most countries only keep the
Speaker 4: reserve currency status for about one hundred years or about
Speaker 4: the end of our life in that zone. And so
Speaker 4: but why is it important, Well, we have these gigantic deficits,
Speaker 4: so we want everyone to buy dollars, right, how are
Speaker 4: we going to fund these huge deficits. We fund them
Speaker 4: by people overseas buying the dollar, buying our bonds. And
Speaker 4: so if China becomes the reserve currency, if people start saying, hey,
Speaker 4: what's the gallon the oil, what's a barrel of oil?
Speaker 4: And oh, it's in rem MB nine dollars, like right now,
Speaker 4: anywhere you go in the world, you ask how much
Speaker 4: he's worth. He said, Well, I'm worth a million dollars,
Speaker 4: I'm worth four and a million, I'm worth ten million.
Speaker 4: They never tell you I'm worth fifty rai or you know,
Speaker 4: one to have a million euros or right, everyone thinks
Speaker 4: of the base currency in dollars. That's because we're the
Speaker 4: reserve currency. That's a huge advantage for the United States
Speaker 4: of America. And so for us to lose that, you know,
Speaker 4: war with China, who's way ahead in the stable coin,
Speaker 4: would be a tragedy. And the government now knows that.
Speaker 4: And so I think you're going to see an acceleration.
Speaker 4: Bitquin is a bit quin is kind of a flaw
Speaker 4: in that hole, you know, in that room of negotiation,
Speaker 4: because what bitcoin is telling governments is, dude, you guys
Speaker 4: are doing such a shitty job with your budget deficits.
Speaker 4: You are printing money. My mother used to say, money
Speaker 4: doesn't grow on trees. Right now, money is growing on trees.
Speaker 4: Let's make college free, right I think they probably should
Speaker 4: make costs for Let's pay off your student debt. I
Speaker 4: will pay it on it.
Speaker 2: Let's just keep.
Speaker 4: Pumping in more and more money. Let's go to war again.
Speaker 4: Like the amount of money are government spending. We don't
Speaker 4: have that. And so bitcoin is like a report card
Speaker 4: on how the government's doing. Bitcoin's going up because people say, shit,
Speaker 4: there's a chance, not a it's not the predominant probability,
Speaker 4: but there's a possibility that is growing that you know,
Speaker 4: we ship the bed that the US yield curve and
Speaker 4: dollar looks like what happened in Germany the at the
Speaker 4: beginning of the century, or what's happened in venezuel lower.
Speaker 4: And we're like, that could never have been here, and
Speaker 4: most likely it will never happen here. But man, the
Speaker 4: chance is hired today than it's ever been in my life. Again,
Speaker 4: I don't think it's a forty percent chance, but as
Speaker 4: it goes from a zero percent chance to a five
Speaker 4: percent chance to a ten percent chance, people want insurance,
Speaker 4: and bitcoin is insurance. And the governments know that.
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Speaker 5: Drop Drops.
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Speaker 6: Now my graduates from my school being false bad drop
Speaker 6: banks rap, oh my draft bang drops.
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