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Speaker 1: Earners. What's up.

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Speaker 2: You ever walk into a small business and everything just

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Speaker 2: works like The checkout is fast, the receipts are digital,

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Speaker 2: tipping is a breeze, and you're out the door before

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Speaker 2: the line even builds. Odds are they're using Square. We

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Speaker 2: love supporting businesses that run on Square because it just

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Speaker 2: feels seamless. Whether it's a local coffee shop, a vendor

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Speaker 2: at a pop up market, or even one of our

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Speaker 2: merch partners, Square makes it easy for them to take payments,

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Speaker 2: manage inventory, and run their business with confidence, all from

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Speaker 2: one simple system. If you're a business owner or even

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Speaker 2: just thinking about launching something soon, Square is hands down

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Speaker 2: one of the best tools out there to help you start, run,

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Speaker 2: and grow. It's not just about payments, it's about giving

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Speaker 2: you time back so you can focus on what matters

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Speaker 2: don't hesitate. Let's Square handle the back end so you

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Speaker 2: can keep pushing your vision forward. This episode is brought

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Speaker 2: to you by P and C Bank, a lot of

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Speaker 2: people think podcasts about work are boring, and sure they

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Speaker 2: definitely can be, but understanding of professional's routine shows us

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Speaker 2: how they achieve their success little by little, day after day.

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Speaker 2: It's like banking with P and C Bank. It might

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Speaker 2: seem boring to save, plan and make calculated decisions with

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Speaker 2: your bank, but keeping your money boring is what helps

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Speaker 2: you live or more happily fulfilled life. P and C

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Speaker 2: Bank Brilliantly Boring since eighteen sixty five. Brilliantly Boring since

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Speaker 2: eighteen sixty five is a service mark of the PNC

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Speaker 2: Financial Service Group, Inc. P and C Bank National Association

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Speaker 2: Member FDIC.

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Speaker 3: Bitcoin. You've obviously been in bitcoin for a long time,

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Speaker 3: so you know the vicious cycles of pullbacks, and so

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Speaker 3: we had a crypto winters, right are you? Are we

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Speaker 3: out of that phase and it's just a normal investment

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Speaker 3: cycle where we just have pullback. We don't have fifty

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Speaker 3: forty seventy percent pullback or could we potentially see another

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Speaker 3: drastic pullback.

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Speaker 4: I think we won't go back below seventy two thousand

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Speaker 4: for the next eighteen months.

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Speaker 1: I just don't think we will.

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Speaker 4: We spent so much time in that, you know, consolidating

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Speaker 4: new elections to high out. I think we measure ninety

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Speaker 4: seven thousands, our next target one hundred thousand, and then

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Speaker 4: we'll we might get into a range between one hundred

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Speaker 4: and eighty for a while before it goes up again.

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Speaker 4: But if you go back below the election day.

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Speaker 1: Something went wrong, then I'm gonna get really nervous.

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Speaker 2: What do you think, no, go aheads true, ILL say,

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Speaker 2: one of the things that people obviously they've they've watched

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Speaker 2: this phenomenon for the past five to six years very closely.

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Speaker 2: Maybe they got involved, maybe they didn't. But the one

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Speaker 2: of the things that holds people out is to trust.

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Speaker 2: And so you brought up stable coins. Obviously us DT

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Speaker 2: leads in that space. What are your thoughts around USDT

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Speaker 2: and is there another stable coin on the rise that

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Speaker 2: can help bring or encourage that trust in this space?

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Speaker 1: Well?

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Speaker 4: Lookten, So tether is you know, the dominant coin for

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Speaker 4: a lot of reasons, right, Chinese movie money, off shore

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Speaker 4: people using it for liquidity. But Ted doesn't share the

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Speaker 4: interest difference between where treasury bills are and zero with anybody.

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Speaker 1: Right, It's one of the great businesses I've ever seen.

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Speaker 4: So the team that owns Tether make a fortune. Howard Lutnik,

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Speaker 4: Trump's head of Transition is very involved with Tether. He

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Speaker 4: facilitates their buying and selling the treasuries, so it's a

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Speaker 4: big business for him. So he's got a vested interest

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Speaker 4: in keeping that dog alone alive. Jeremy a lair with USDC.

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Speaker 4: You know, he's the US based regulated stable coin. He

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Speaker 4: keeps most of those profits himself, so he's fighting for

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Speaker 4: for for his you know, regulation. This is a national

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Speaker 4: security discussion right right now, stable coins own about their

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Speaker 4: like the fifteenth largest owner of treasuries in the world. Right,

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Speaker 4: we issue treasuries to fund our debt. I would tell

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Speaker 4: you four years from now, they'll be the third or

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Speaker 4: the fourth largest owner of treasuries in the world.

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Speaker 1: Right.

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Speaker 4: And so if you're the Secretary of Treasury, who's responsible

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Speaker 4: for funding this giant deficit? Do you want someone who

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Speaker 4: controls a trillion dollars maybe of treasuries to be regulated.

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Speaker 1: In the US?

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Speaker 4: Are you going to be sitting in in Europe or

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Speaker 4: in Montenegro or you know who can always say hey,

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Speaker 4: I'm selling them right. I think I think you're going

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Speaker 4: to see stable queen legislation that really favors the home

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Speaker 4: turf because it's because it's national security.

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Speaker 1: Now that doesn't mean you can't have foreign ownership.

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Speaker 4: But I'm guessing everything's going to have to be here

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Speaker 4: in the US, But I don't know, that's just my guess.

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Speaker 5: Or two parts before you speaking of treasuries, the bomb

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Speaker 5: mark has been down since twenty one. When do you

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Speaker 5: think we'll recover? And then as far as debt to GDP,

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Speaker 5: what do you think happens first US going to one

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Speaker 5: fifty unfortunately, or dropping to one hundred within the next

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Speaker 5: maybe five to seven years.

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Speaker 4: Well that's the the fifty thousand dollars question. Listen, I

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Speaker 4: pray we go down. You know, how do you do that?

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Speaker 4: You have to inflate away your debt quietly. That means

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Speaker 4: running inflation at four percent, but not letting it go

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Speaker 4: to ten percent or fifty. And so it's a really

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Speaker 4: tricky job that the next Secretary of Treasury and Fed

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Speaker 4: governor have. I don't I card playing the land that

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Speaker 4: if you put a gun to my head, one fifties

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Speaker 4: more likely than one hundred. But I'm praying every night,

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Speaker 4: literally as a good American, that we get to one hundred.

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Speaker 5: You got another part to that question again, Oh, just

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Speaker 5: on your thoughts on one that you thought the bond

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Speaker 5: market overall will recover something I've been talking about for

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Speaker 5: a while. We've been down since twenty twenty one. Do

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Speaker 5: you think there'll ever be an uptick back in tot

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Speaker 5: You know.

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Speaker 4: It's the biggest question, Like it doesn't feel like owning

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Speaker 4: bonds is a smart idea, but everyone has that.

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Speaker 1: I have that idea.

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Speaker 4: And already the old cur flattening, not steepening with Trump,

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Speaker 4: and bonds aren't selling off as much as we might

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Speaker 4: have thought they would, and so there might be some

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Speaker 4: volatility in the ball market short term.

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Speaker 1: I don't see a lot of.

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Speaker 4: Value in thirty years at four point fifty.

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Speaker 1: I just don't.

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Speaker 4: We're going to have to run inflation, and you know,

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Speaker 4: the commodity markets were telling me, bitcoins telling me that

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Speaker 4: inflation is more likely than not.

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Speaker 1: And so the days of zero percent inflation I think

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Speaker 1: are over. Now. Where could I be wrong?

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Speaker 4: You know, we get robots and AI that are so

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Speaker 4: fricking out of this world that everything gets done at

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Speaker 4: a lot.

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Speaker 1: Cheaper price.

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Speaker 5: That could.

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Speaker 4: It literally could, and so you got to have an

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Speaker 4: open mind, like AI is changing things so quickly, and

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Speaker 4: it really hasn't started.

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Speaker 1: That's the crazy part.

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Speaker 4: All of this stuff is being built now, and so

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Speaker 4: what we really got to look at is AI in

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Speaker 4: five years, and it might scare the living shit out

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Speaker 4: of us.

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Speaker 6: An illegal alien from Guatemala charged with raping a child

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Speaker 6: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 6: accused of murdering a Texas man of Venezuelan charged with

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Speaker 6: filming and selling child pornography in Michigan. These are just

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Speaker 6: some of the heinous migrant criminals caught because of President

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Speaker 6: Donald J. Trump's leadership. I'm Christy Noman, the United States

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Speaker 6: Secretary of Homeland Security. Under President Trump, attempted illegal border

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Speaker 6: crossings are at the lowest levels ever recorded, and over

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Speaker 6: one hundred thousand illegal aliens have been arrested. If you

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Speaker 6: are here illegally, your next you will be fined nearly

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Speaker 6: one thousand dollars a day, imprisoned, and deported. You will

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Speaker 6: never return. But if you register using our CBP home

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Speaker 6: app and leave now, you could be allowed to return legally.

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Speaker 6: Do what's right. Leave now. Under President Trump, America's laws,

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Speaker 6: border and families will be protected.

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Speaker 1: Sponsored by the United States Department of Homeland Security,