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Speaker 3: Bitcoin. You've obviously been in bitcoin for a long time,
Speaker 3: so you know the vicious cycles of pullbacks, and so
Speaker 3: we had a crypto winters, right are you? Are we
Speaker 3: out of that phase and it's just a normal investment
Speaker 3: cycle where we just have pullback. We don't have fifty
Speaker 3: forty seventy percent pullback or could we potentially see another
Speaker 3: drastic pullback.
Speaker 4: I think we won't go back below seventy two thousand
Speaker 4: for the next eighteen months.
Speaker 1: I just don't think we will.
Speaker 4: We spent so much time in that, you know, consolidating
Speaker 4: new elections to high out. I think we measure ninety
Speaker 4: seven thousands, our next target one hundred thousand, and then
Speaker 4: we'll we might get into a range between one hundred
Speaker 4: and eighty for a while before it goes up again.
Speaker 4: But if you go back below the election day.
Speaker 1: Something went wrong, then I'm gonna get really nervous.
Speaker 2: What do you think, no, go aheads true, ILL say,
Speaker 2: one of the things that people obviously they've they've watched
Speaker 2: this phenomenon for the past five to six years very closely.
Speaker 2: Maybe they got involved, maybe they didn't. But the one
Speaker 2: of the things that holds people out is to trust.
Speaker 2: And so you brought up stable coins. Obviously us DT
Speaker 2: leads in that space. What are your thoughts around USDT
Speaker 2: and is there another stable coin on the rise that
Speaker 2: can help bring or encourage that trust in this space?
Speaker 1: Well?
Speaker 4: Lookten, So tether is you know, the dominant coin for
Speaker 4: a lot of reasons, right, Chinese movie money, off shore
Speaker 4: people using it for liquidity. But Ted doesn't share the
Speaker 4: interest difference between where treasury bills are and zero with anybody.
Speaker 1: Right, It's one of the great businesses I've ever seen.
Speaker 4: So the team that owns Tether make a fortune. Howard Lutnik,
Speaker 4: Trump's head of Transition is very involved with Tether. He
Speaker 4: facilitates their buying and selling the treasuries, so it's a
Speaker 4: big business for him. So he's got a vested interest
Speaker 4: in keeping that dog alone alive. Jeremy a lair with USDC.
Speaker 4: You know, he's the US based regulated stable coin. He
Speaker 4: keeps most of those profits himself, so he's fighting for
Speaker 4: for for his you know, regulation. This is a national
Speaker 4: security discussion right right now, stable coins own about their
Speaker 4: like the fifteenth largest owner of treasuries in the world. Right,
Speaker 4: we issue treasuries to fund our debt. I would tell
Speaker 4: you four years from now, they'll be the third or
Speaker 4: the fourth largest owner of treasuries in the world.
Speaker 1: Right.
Speaker 4: And so if you're the Secretary of Treasury, who's responsible
Speaker 4: for funding this giant deficit? Do you want someone who
Speaker 4: controls a trillion dollars maybe of treasuries to be regulated.
Speaker 1: In the US?
Speaker 4: Are you going to be sitting in in Europe or
Speaker 4: in Montenegro or you know who can always say hey,
Speaker 4: I'm selling them right. I think I think you're going
Speaker 4: to see stable queen legislation that really favors the home
Speaker 4: turf because it's because it's national security.
Speaker 1: Now that doesn't mean you can't have foreign ownership.
Speaker 4: But I'm guessing everything's going to have to be here
Speaker 4: in the US, But I don't know, that's just my guess.
Speaker 5: Or two parts before you speaking of treasuries, the bomb
Speaker 5: mark has been down since twenty one. When do you
Speaker 5: think we'll recover? And then as far as debt to GDP,
Speaker 5: what do you think happens first US going to one
Speaker 5: fifty unfortunately, or dropping to one hundred within the next
Speaker 5: maybe five to seven years.
Speaker 4: Well that's the the fifty thousand dollars question. Listen, I
Speaker 4: pray we go down. You know, how do you do that?
Speaker 4: You have to inflate away your debt quietly. That means
Speaker 4: running inflation at four percent, but not letting it go
Speaker 4: to ten percent or fifty. And so it's a really
Speaker 4: tricky job that the next Secretary of Treasury and Fed
Speaker 4: governor have. I don't I card playing the land that
Speaker 4: if you put a gun to my head, one fifties
Speaker 4: more likely than one hundred. But I'm praying every night,
Speaker 4: literally as a good American, that we get to one hundred.
Speaker 5: You got another part to that question again, Oh, just
Speaker 5: on your thoughts on one that you thought the bond
Speaker 5: market overall will recover something I've been talking about for
Speaker 5: a while. We've been down since twenty twenty one. Do
Speaker 5: you think there'll ever be an uptick back in tot
Speaker 5: You know.
Speaker 4: It's the biggest question, Like it doesn't feel like owning
Speaker 4: bonds is a smart idea, but everyone has that.
Speaker 1: I have that idea.
Speaker 4: And already the old cur flattening, not steepening with Trump,
Speaker 4: and bonds aren't selling off as much as we might
Speaker 4: have thought they would, and so there might be some
Speaker 4: volatility in the ball market short term.
Speaker 1: I don't see a lot of.
Speaker 4: Value in thirty years at four point fifty.
Speaker 1: I just don't.
Speaker 4: We're going to have to run inflation, and you know,
Speaker 4: the commodity markets were telling me, bitcoins telling me that
Speaker 4: inflation is more likely than not.
Speaker 1: And so the days of zero percent inflation I think
Speaker 1: are over. Now. Where could I be wrong?
Speaker 4: You know, we get robots and AI that are so
Speaker 4: fricking out of this world that everything gets done at
Speaker 4: a lot.
Speaker 1: Cheaper price.
Speaker 5: That could.
Speaker 4: It literally could, and so you got to have an
Speaker 4: open mind, like AI is changing things so quickly, and
Speaker 4: it really hasn't started.
Speaker 1: That's the crazy part.
Speaker 4: All of this stuff is being built now, and so
Speaker 4: what we really got to look at is AI in
Speaker 4: five years, and it might scare the living shit out
Speaker 4: of us.
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