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Speaker 1: Hey everyone, welcome to another episode of the Market Disruptors Show,

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Speaker 1: and today I am joined by Preston Pitch. He is

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Speaker 1: the host of a one of the bigger podcasts that

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Speaker 1: I've been listening to for a while, the Investors podcast,

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Speaker 1: studying billionaires for a long time now diving into bitcoin,

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Speaker 1: and today we are going to dive into lots of

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Speaker 1: fun stuff, financial stuff, bitcoin stuff. Should be a pretty

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Speaker 1: good time. Preston, welcome to the show. Hey, thanks for

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Speaker 1: having me. I love being here. Mark. Yeah, So I'm

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Speaker 1: so glad we're able to do this. We had a

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Speaker 1: good time doing one together with Swan Bitcoin recently. That

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Speaker 1: was a lot of fun. Seems like I got a

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Speaker 1: lot of good reviews and so I wanted to kind

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Speaker 1: of build on top of that. So, um, thanks for that.

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Speaker 1: I said that. You know, you're you're the host of

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Speaker 1: the Investor podcast and and I've been listening to that

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Speaker 1: podcast for quite a while. Um, maybe you wanted to

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Speaker 1: just give us a little bit of a backgroun round

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Speaker 1: on on what you're doing, what you're focusing on. Well,

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Speaker 1: so you know, we started off the show with a

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Speaker 1: really strong focus on Warren buffett Um just out of

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Speaker 1: the interest of exploring other investors, because there's all these

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Speaker 1: other investors that have made tons of money in the market.

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Speaker 1: Um stick and I just were like, all right, well,

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Speaker 1: let's let's start studying some of these other folks, like

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Speaker 1: how does this guy do? Like a perfect example, when

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Speaker 1: I think about something that's very different to Warren Buffett

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Speaker 1: is like George Soros or Stan Drucko Miller and how

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Speaker 1: they invest through momentum. And when you really start to

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Speaker 1: study one person in particular and you and you buy

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Speaker 1: into the dogma i'll call it of how they invest.

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Speaker 1: It's sometimes is uncomfortable to kind of study other ways

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Speaker 1: that people were doing because some of it just doesn't

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Speaker 1: necessarily go hand in hand, at least you don't think

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Speaker 1: that it does. And so as we were doing the show,

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Speaker 1: it was really fun to to try to learn how

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Speaker 1: these other people were doing investing because it challenged our

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Speaker 1: own core beliefs and made us really try. I feel

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Speaker 1: like it rounded me out. Now you know, people will

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Speaker 1: maybe disagree, agree or whatever. Studying people like great Dalio,

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Speaker 1: he has this different approach. He got into this whole

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Speaker 1: thing called risk parity, which I can talk in a

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Speaker 1: lot of details. People who have interest in it. But um,

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Speaker 1: you know, we started off just kind of real narrow.

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Speaker 1: It kept expanding and as we were studying all these

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Speaker 1: new people, you're just like, Wow, this world is way

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Speaker 1: bigger and way more complex than you might think it

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Speaker 1: at face value. And there's people that have made billions

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Speaker 1: for decades, um implementing approaches that are just slightly different

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Speaker 1: or completely different than what you might originally think is

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Speaker 1: the only way that works. Yeah. I love that because

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Speaker 1: I've really built my career business and investing wise off

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Speaker 1: of this off of kind of a similar concept, which

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Speaker 1: is success leave clues and so right, you find someone

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Speaker 1: else successful, you find out what those steps they did,

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Speaker 1: You try to do plicet those things and hopefully have

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Speaker 1: about the same results. And so um yeah, everything I've

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Speaker 1: done in business and investing, I've always tried to do that. Um.

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Speaker 1: And so that's that's really cool that that's kind of

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Speaker 1: how you've been doing that. So as you've been studying

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Speaker 1: these different people, you've I'm sure seeing the evolution of finance,

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Speaker 1: which I want to talk about. Um Hey, just a

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Speaker 1: real quick interruption to let you know that this video

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Speaker 1: by black Fire. So check them out. I was going

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Speaker 1: to ask you a question. Uh, I don't want to

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Speaker 1: get I don't want to jump too far ahead into bitcoin,

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Speaker 1: but I was curious. Let's talk about that first. So

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Speaker 1: what have you seen, you know, studying these investors. Obviously

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Speaker 1: Warren Buffett, right, he's he's uncle Warren, right, He's been

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Speaker 1: doing it for a long time. Uh. You mentioned Soros

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Speaker 1: and Druck and Miller kind of the same camp. Then

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Speaker 1: the now things are a lot different today, and it

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Speaker 1: seems like some of the old guys like Buffett really

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Speaker 1: aren't keeping up with the times a little bit. Um

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Speaker 1: just finance has changed overall. What have you seen in

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Speaker 1: that evolution or what are you seeing between these successful people? Well,

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Speaker 1: I would just say in general, I think if you

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Speaker 1: look at what's happened over the last ten years specifically,

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Speaker 1: and and how that's impacted a lot of their investing approaches.

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Speaker 1: I mean, the thing we're here that both of us

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Speaker 1: have a real calm and interest in his Bitcoin, and

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Speaker 1: the reason why is because it's a change in how

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Speaker 1: currency is being looked at. And so when you look

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Speaker 1: at their approaches, Buffett is very micro focus, so he's

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Speaker 1: looking at the companies. He has been on record for

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Speaker 1: decades saying if the chairman of the Federal Reserve came

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Speaker 1: up to me and told me what they were going

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Speaker 1: to do as far as moving interest rates, it just

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Speaker 1: wouldn't concern me in the least bit. And so to

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Speaker 1: this day, I think if if you asked him that

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Speaker 1: he would he would tell you to this day that

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Speaker 1: he still does not care what the central banks or

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Speaker 1: what the chairman of the Federal Reserve or any other

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Speaker 1: central bank is going to do, because he's looking at

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Speaker 1: businesses and he's looking at businesses that are profitable. So

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Speaker 1: is that approach still valid today? UM, I would kind

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Speaker 1: of push back on that, at least for the last

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Speaker 1: ten years, because when you start getting into how manipulated

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Speaker 1: the markets are, UM, value investing has significantly underperformed momentum investing,

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Speaker 1: which is more the Soros Druccon Miller style of investing.

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Speaker 1: Now what I would if I was going to uh

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Speaker 1: stand up for warrant, I think he has performed exemplary

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Speaker 1: over the last ten years considering the circumstances. Because if

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Speaker 1: you're looking at value only funds like e t f

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Speaker 1: s and stuff, they've been crushed. But if you look

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Speaker 1: at Berkshire Hathaway and how it stood up if you

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Speaker 1: go to the market bottom until today, UM, it has

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Speaker 1: done extremely well as far as keeping pace with the

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Speaker 1: SMP five and maybe not so much the NASDAC, but

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Speaker 1: the SMP five hundred. He has done really well at

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Speaker 1: sustaining the growth rate of his company relative to that.

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Speaker 1: Even though he's executing a value investing uh, strategy. Yeah, yeah,

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Speaker 1: that I would say. You know, I've studied both of them,

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Speaker 1: not probably near the depth that you have. But um,

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Speaker 1: the comment you made about Buffett, even if the Fed

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Speaker 1: whispered in his ear right, he wouldn't jump on that,

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Speaker 1: Whereas I've studied Drucken Miller and he's that's what he

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Speaker 1: lived off right, he didn't think that. He he holistically

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Speaker 1: pays attention. So isn't that amazing that you see two

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Speaker 1: guys that have decades and decades of performance to back

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Speaker 1: up their decision making that validates their decision making. And uh,

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Speaker 1: literally the polar opposite approach where I would tell you

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Speaker 1: druck and Miller, like you said, is hyper focused on

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Speaker 1: anything that the central bankers are doing, and his entire

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Speaker 1: philosophy of where he's going to try to invest is

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Speaker 1: like that's the root of where he's going. Where Warren

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Speaker 1: is looking straight straight to the free cash flows. That's

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Speaker 1: the thing in the competitive advantage of the business. There's

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Speaker 1: two things are that are really where he's hyper focused.

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Speaker 1: So if I if I'm looking at the investing world

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Speaker 1: and how things have changed, what it seems to me,

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Speaker 1: and it seems where Buffett has kind of lost a

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Speaker 1: little bit of an edge where Druck and Millers can maintain.

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Speaker 1: The edge is that today businesses don't seem to be

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Speaker 1: in the business of making profits or making money anymore.

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Speaker 1: It seems like businesses today are in the business of

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Speaker 1: raising money, maybe pushing revenue totally. So, uh, you know,

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Speaker 1: when you when you make, when you debase the money

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Speaker 1: the way that you're debasing it, the name of the

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Speaker 1: game is how can I get this off of my

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Speaker 1: balance sheet and exchange it for something that has a

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Speaker 1: lot of growth to it or something that's going to

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Speaker 1: be able to outpace this significant amount of debasement. Now,

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Speaker 1: whether people are doing that via calculation or they're just

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Speaker 1: doing it via intuition, it doesn't really much matter because

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Speaker 1: that's that's what at the end of the day, that's

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Speaker 1: the decision making that they are making based on what

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Speaker 1: we've seen over the last ten years. And when we

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Speaker 1: look at debasement rates, I mean, everyone knows I've been

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Speaker 1: thrown around the term Michael Sailor has been thrown or

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Speaker 1: when all has been thrown around that you know, m too.

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Speaker 1: Debasement is pretty much what we think, um the inflation

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Speaker 1: rate really is. Now you're gonna get a lot of

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Speaker 1: people that, especially people on Wall Street that will argue that.

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Speaker 1: You'll definitely have fixed income people that will argue that

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Speaker 1: because boy, that wouldn't look good if they were buying

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Speaker 1: things with one or two percent yield and the real

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Speaker 1: debasement rates, you know, fflation rates. Um. So, I mean,

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Speaker 1: there's it really comes down to how you're seeing things.

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Speaker 1: But UM, I think that your your comment that the

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Speaker 1: incentive structure is for um, you to invest in something

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Speaker 1: that can outpace that or has a growth rate of

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Speaker 1: users that are being onboarded with a very low expense

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Speaker 1: structure relative to how many people you're able to reach

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Speaker 1: out and grab on a global scale digitally. Um, that's man,

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Speaker 1: that's been the that's been the trade, and that's been

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Speaker 1: the winner of the last decade. So yeah, and I

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Speaker 1: expected to continue until uh, hard money reappears or at

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Speaker 1: least the majority of of the market participants see hard

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Speaker 1: money reappearing. Yeah, which we're definitely gonna talk about. But

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Speaker 1: to that point, um, looking at M two and looking

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Speaker 1: at the rate of that growth, uh, you know, it's

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Speaker 1: or whatever that is. I mean, I go is into

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Speaker 1: different areas and I know one you know, Obviously the

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Speaker 1: government uses cp I right consumer Price Index to measure

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Speaker 1: that inflation, and it seems like they have changed the

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Speaker 1: way they do that so many times eighties and nineties.

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Speaker 1: I mean, it's it's constantly being changed. Um, we have

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Speaker 1: you know, other sources of shadow stats or you know,

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Speaker 1: Chapoin index or something like that, which I think gives

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Speaker 1: a more accurate picture and it shows ten to twelve.

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Speaker 1: But do you think that inflation is more of a

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Speaker 1: nuanced argument right where it's like things that I might

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Speaker 1: buy our price differently. I mean, obviously we've seen massive

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Speaker 1: inflation in certain assets like beachfront property or or collectible

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Speaker 1: items and things like that versus other items. Is a

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Speaker 1: little bit more nuanced today than most people want to

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Speaker 1: make it believe like it is. Uh, let me think

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Speaker 1: of an example that would describe my thoughts on quote

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Speaker 1: unquote inflation. It's almost like, um, it almost be like

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Speaker 1: somebody saying, hey, if if it's got a sell, well

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Speaker 1: then it's it's a life form. It's so generic that

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Speaker 1: people could look at the and be like, are they

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Speaker 1: talking about a human being? Are they talking about mammals?

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Speaker 1: Are they talking about are they talking about you know,

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Speaker 1: I mean, you could the list could go on, because

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Speaker 1: when you think about biology, it's just got so much breadth.

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Speaker 1: And so when I think about how you can how

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Speaker 1: you can apply such a generic term like inflation to

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Speaker 1: everybody's preconceived labeling that they have on a subconscious level

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Speaker 1: of what that means to them. And um, you know,

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Speaker 1: when I think of inflation, I think of debasement. Um,

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Speaker 1: the money that are excuse me, the currency that I'm

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Speaker 1: using is getting debased. And what do I gotta do

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Speaker 1: in terms of owning certain things in order to protect

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Speaker 1: my buying power inside of this ecosystem of currency that's

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Speaker 1: being used. That's how I look at inflation, um. And

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Speaker 1: that's how I would look at it from a terminology

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Speaker 1: standpoint and a labeling standpoint, Because anything that you own

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Speaker 1: that's not keeping up with that the basement rate, you're

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Speaker 1: losing buying power. That's just the end that I mean.

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Speaker 1: There's there's no arguing or refuting that. So when I

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Speaker 1: think that's the key term is buying power, I say

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Speaker 1: purchasing power, but the same thing. And so that's what

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Speaker 1: I try to tell people, like, you've got to focus

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Speaker 1: what what's really happened is you're losing purchasing power, right,

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Speaker 1: you're not maying as much, and so the key is

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Speaker 1: to retain purchasing power or increased purchasing power. Um. And

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Speaker 1: so trying to find those assets that do that. So

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Speaker 1: if and mark if you're using a sound money, sorry,

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Speaker 1: if you're using a sound money and you're used to

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Speaker 1: using a sound money that's not being debased in a

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Speaker 1: way that is really that meaningful or something that you

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Speaker 1: just kind of um, Like, if you go back in

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Speaker 1: time and you would look at it would be a

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Speaker 1: good period to use I think the nineties when the

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Speaker 1: debasement rate really wasn't nearly as high as it is now.

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Speaker 1: Or you go back into like the fifties where the

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Speaker 1: debasement rate wasn't anything like it is now. Um, you

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Speaker 1: go into the into the early eighties, it was really

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Speaker 1: showing up in the CPI gauge, and that's why, like

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Speaker 1: you were saying earlier, they kept adjusting it. Um. So

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Speaker 1: at these various points in time, UM, it's a lot

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Speaker 1: easier for people to just ignore this and just do

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Speaker 1: economic calculation like they normally with the textbook way of

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Speaker 1: of doing discount cash flows and things like that. In

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Speaker 1: order to come up with valuations. But when you get

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Speaker 1: in in these situations where you go into from the

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Speaker 1: seventies into the eighties, really noticeable that there's an issue

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Speaker 1: with the money supply. Obviously, we come off the gold

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Speaker 1: standard through that period of time and we make this

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Speaker 1: transition into this floating currency. Now, I would argue we're

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Speaker 1: in another situation where all those same things are are

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Speaker 1: rearing their heads again, and you know, you go back

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Speaker 1: to that period of time. Warren Buffett was writing a

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Speaker 1: lot about you know, how do I protect how do

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Speaker 1: I how do I deal with this hurdle rate of

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Speaker 1: fifteent on the tenure treasure um when the money is

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Speaker 1: being debased so quickly and he he, he writes about

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Speaker 1: this extensively. One of the neat things that he talked

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Speaker 1: about during that period of time was um intangible assets

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Speaker 1: versus tangible assets and this I mean, you could go

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Speaker 1: back and read the shareholder letters. It's quite fascinating to

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Speaker 1: hear his discussion points on this, and his big point

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Speaker 1: was is if you have a balance sheet that has

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Speaker 1: a lot of tangible assets, it's really hard to keep

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Speaker 1: up with the repricing of those as you have such

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Speaker 1: a high debasement rate. And if you look at intangible assets,

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Speaker 1: call it through brand power or whatever. Think of it

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Speaker 1: like this. If if you have a product on Amazon

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Speaker 1: and um you have almost note it's a it's a

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Speaker 1: digital asset, call it a course, a digital course that

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Speaker 1: you're selling. You can reprice that by the day because

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Speaker 1: it's intangible. But if it was a tangible book and

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Speaker 1: you had ten thousand in inventory on Amazon and you

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Speaker 1: sell only a hundred a month and the inflation is

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Speaker 1: going up like it's it's a little bit harder to

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Speaker 1: manage the cost that you paid for those ten thousand

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Speaker 1: books up front to go through the inflation piece. So

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Speaker 1: I find it really interesting that all the things that

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Speaker 1: we're seeing right now are so similar to back then

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Speaker 1: when he was talking about these things and shareholder letters,

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Speaker 1: which a lot of people aren't going to go back

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Speaker 1: and reach shareholder letters from the nineteen eighties. I think

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Speaker 1: he was talking about that like in the early shareholder letters.

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Speaker 1: But it's all valid stuff that applies today. So if

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Speaker 1: you've got a business, you should be trying to create

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Speaker 1: assets that are intangible because your ability to reprice them

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Speaker 1: uh during debasement is much more favorable. Than trying to

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Speaker 1: do it with tangible assets. And when you say tangible assets,

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Speaker 1: you're talking about real things, so commodities, gold, silver, things

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Speaker 1: that can't be debased specifically, I think in in if

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Speaker 1: I'm comparing it to the way Warren was describing it

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Speaker 1: and a shareholder letters, he's looking at it as inventory churn,

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Speaker 1: and he's looking at it from uh, anything that you

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Speaker 1: have to hold as a business tangible item. Uh. You know,

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Speaker 1: like let's say you're you've got some type of metal

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Speaker 1: cabling or whatever. If you have a large bin in

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Speaker 1: order to hold all of that, and you've built this

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Speaker 1: infrastructure to hold all these coils or whatever. Um, if

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Speaker 1: the money is not getting the base, well you can

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Speaker 1: take advantage of all that capex of you're you're building

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Speaker 1: in your infrastructure. But if it's getting the base at

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Speaker 1: a at a breakneck pace, you don't want to fill

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Speaker 1: up that that huge warehouse that you've got because you

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Speaker 1: don't want to take that on because the cost of

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Speaker 1: of securing it and then selling it going into you know,

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Speaker 1: the next month, it's getting eroded rapidly. So now a

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Speaker 1: company that had prepared themselves for these kind of things,

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Speaker 1: they're sitting on this massive amount of infrastructure. Think about

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Speaker 1: what's happening today right now. I mean all this stuff

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Speaker 1: that he was talking about the valid today, all this

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Speaker 1: uh commercial real estate, right, all that kind of stuff. Um,

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Speaker 1: that's all that capex that these companies are paying to

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Speaker 1: sustain and manage. But yet um, in a rapidly debasement

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Speaker 1: type currency world, that becomes a massive expense and a

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Speaker 1: massive frictional drag to the business in order to keep

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Speaker 1: pace with the debasement. And so if you're a business

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Speaker 1: that has a lot of intangible assets, this is really important.

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Speaker 1: When I stood up my company, I had read these

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Speaker 1: shareholder letters before I even you know, turned my company

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Speaker 1: into an LLC, And I I learned very early on

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Speaker 1: that if I was creating assets, I probably wanted to

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Speaker 1: do it as in a manner that involved mostly intangible

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Speaker 1: assets if possible. So it was a really important read

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Speaker 1: for me foundationally, very early on reading these shareholder letters.

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Speaker 1: And it's coming very useful as we look at what's

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Speaker 1: happening today and and how much the money's yeah, the

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Speaker 1: currency is being debased. You've really set set the problem

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Speaker 1: up pretty well. And I think it only gets exaggerated

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Speaker 1: because we have no schedule or no idea or view

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Speaker 1: into how much worse or how much faster it can go. Right,

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Speaker 1: It's like almost like I feel like we can understand

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Speaker 1: natural market moves, which um, but today it's not about

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Speaker 1: natural market. It's about the seven fed bankers or twelve

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Speaker 1: guys in a room and like, what's in their head?

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Speaker 1: What are they gonna do? Right? Like, and we have

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Speaker 1: no we have no idea what they're gonna do. So

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Speaker 1: then how do we plan for that? We can? I

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Speaker 1: guess well, and I think um. The other thing that

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Speaker 1: I would highlight is what he was, what everybody was

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Speaker 1: experiencing back in the seventies and eighties. UM was the

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Speaker 1: transition point. It wasn't the actual the the default wasn't

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Speaker 1: actualized back then, even though that's what was playing out.

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Speaker 1: So when you come off the gold standard, it's a

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Speaker 1: default at that point, but the default wasn't realized because

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Speaker 1: everything continued to press forward globally and everything appeared to

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Speaker 1: be somewhat normal. It felt like everything is normalized, even

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Speaker 1: though there was this big, major event that took place

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Speaker 1: where pretty much the entire world came off the gold

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Speaker 1: standard at the same time and seven because everyone was

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Speaker 1: paid to the dollar. So now we are at the

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Speaker 1: realization point of those past decisions. Um, everything that led

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Speaker 1: up to that event in seventy one, which played out

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Speaker 1: from nineteen nineteen forties up until that point, all those

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Speaker 1: decisions that led up to that is actually getting realized

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Speaker 1: right now. And so I think that I think that

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Speaker 1: this is going to be such a bigger event than

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Speaker 1: anything they saw back in the seventies and eighties, because

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Speaker 1: the debt is it's going to be impaired eventually. I

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Speaker 1: have no idea when, but there's gonna be there's gonna

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Speaker 1: come a point where fixed income investors are gonna look

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Speaker 1: at this and say that the basement rate is nowhere

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Speaker 1: near c p I, not even in the same universe

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Speaker 1: of CPI, and it's gonna be a massive, massive event.

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Speaker 1: And when it, when it's eventually realized, Yeah, it seems

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Speaker 1: like we we know what's inevitable, We we know what's

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Speaker 1: going to happen. Obviously, trying to figure out when makes

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Speaker 1: it makes it impossible. But we can see that we're

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Speaker 1: on an unsustainable path. I mean, just look at the

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Speaker 1: central bankers, right, they have really two tools at their disposal.

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Speaker 1: Interest rates in debt and we're kind of out of

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Speaker 1: interest rates and we have so much debt, how much

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Speaker 1: more can we take? Like they're almost running out of tools,

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Speaker 1: it seems like. And we hear talk of you know,

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Speaker 1: the great reset, whatever that's going to mean. Um, we

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Speaker 1: can see that they're trying to actively change the financial system,

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Speaker 1: right whether they're trying to change from the lifeboard of

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Speaker 1: the software indexes, they're trying to change the currencies, trying

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Speaker 1: to get current like central bank digital currency set up

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Speaker 1: to like make this transition. So it's almost like they're

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Speaker 1: almost like just trying to keep it going until they're

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Speaker 1: ready to make the switch, and then it might come

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Speaker 1: fast and swift. Do you have any thoughts on that. Well,

390
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Speaker 1: so they're going to try anything and everything to keep

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Speaker 1: things quote unquote normalized, to keep the semblance of stability

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Speaker 1: in place, but until until they're ready to make a switch,

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Speaker 1: or they're going to try to keep it normalized forever.

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Speaker 1: And I think that's why the market they're not gonna

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Speaker 1: be able to do this forever. We that're be able to.

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Speaker 1: But do you think they're going to continue to try

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Speaker 1: or they're trying to keep it going and tell they're

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Speaker 1: ready to make a switch. I think they're going to

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Speaker 1: continue to try. And um, I think the reason you're

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Speaker 1: not seeing people that are buying fixed income corporate I

401
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Speaker 1: mean they're stepping in and buying that market. They're being incentivized.

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Speaker 1: People that are that are owners of this stuff are

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Speaker 1: being incentivized to get more because the governments around the

404
00:21:40,119 --> 00:21:43,480
Speaker 1: world have demonstrated that if people start selling off or

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Speaker 1: get spooked, they'll step in and provide a backstop and

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Speaker 1: limit the amount of selling that can take place. So

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Speaker 1: as a person that would own something like that, you

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Speaker 1: get comfortable and thinking, hey, the government's got my back.

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Speaker 1: No one's there's no other there's no other current and

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Speaker 1: seeing in the world to run to is the mindset today,

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Speaker 1: So why wouldn't I keep participating in this charade? And

412
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Speaker 1: where I think it all kind of comes on glued

413
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Speaker 1: is um, no one sees that that other alternative today,

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Speaker 1: most market participants don't see an alternative to the currencies

415
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Speaker 1: that exist. So they're saying, well, you know, if things

416
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Speaker 1: get really bad, they're just going to reset. They'll everyone

417
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Speaker 1: will go back on a gold standard and and they'll

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Speaker 1: have central bank digital currencies. The problem with that narrative

419
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Speaker 1: is the at the root of the issue we've got

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Speaker 1: is fiscal spending. And so when you look at the

421
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Speaker 1: direction where you look at the direction of where that's going,

422
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Speaker 1: it's not just going higher, it's it's rapidly accelerating in

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Speaker 1: a direction where people are voting for even further and

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Speaker 1: further fiscal spending because they wanted into their pocket. They

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Speaker 1: want their money now. And as long as you have

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Speaker 1: that habit, that cognitive collective global habit, habit of people saying,

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Speaker 1: the government owes me a check, right, Um, as long

428
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Speaker 1: as that's in place, I don't care what you peg

429
00:23:14,160 --> 00:23:18,080
Speaker 1: it with, the currency that they that they create, I

430
00:23:18,080 --> 00:23:20,399
Speaker 1: don't care what you peg it to, You're gonna have

431
00:23:20,480 --> 00:23:24,840
Speaker 1: to come off that peg almost immediate, almost immediately. When

432
00:23:24,840 --> 00:23:28,760
Speaker 1: you look at Brenton Woods to one, they went, uh,

433
00:23:28,840 --> 00:23:33,679
Speaker 1: you know, four decades, three decades of uh of it

434
00:23:33,800 --> 00:23:36,800
Speaker 1: remaining pegged that the basement was slow enough that it

435
00:23:36,880 --> 00:23:40,520
Speaker 1: lasted three decades. If they did it today, it might

436
00:23:40,560 --> 00:23:43,840
Speaker 1: not even last a year before everyone's saying there's no

437
00:23:43,920 --> 00:23:48,640
Speaker 1: way they can make good on this. There's just no way. So,

438
00:23:48,880 --> 00:23:51,120
Speaker 1: I mean, that definitely sets the stage. And so it's

439
00:23:51,160 --> 00:23:53,560
Speaker 1: a good transition. So as you just said, right, like,

440
00:23:54,200 --> 00:23:57,600
Speaker 1: most market participants don't see the option to get out

441
00:23:57,600 --> 00:23:59,800
Speaker 1: of that, and obviously that's what brought us here to

442
00:23:59,840 --> 00:24:02,120
Speaker 1: get there to talk about this. And so the option

443
00:24:02,160 --> 00:24:05,720
Speaker 1: that we see is is bitcoin. And so I know,

444
00:24:06,200 --> 00:24:08,040
Speaker 1: depending on you know, whoever is listening to this, there's

445
00:24:08,119 --> 00:24:12,600
Speaker 1: different levels of people. But I recently heard you talking about, um,

446
00:24:12,640 --> 00:24:16,600
Speaker 1: something that's really been happening and how right now one

447
00:24:16,640 --> 00:24:19,199
Speaker 1: is a lot different than back in and you were

448
00:24:19,240 --> 00:24:22,800
Speaker 1: talking about like the level of entrenchment that's coming into bitcoin.

449
00:24:22,880 --> 00:24:24,720
Speaker 1: I think that's the word that you used. So it's

450
00:24:24,760 --> 00:24:28,560
Speaker 1: like not everybody knows about this, but it seems like

451
00:24:28,600 --> 00:24:30,920
Speaker 1: it's catching on pretty big. And at this point we're

452
00:24:30,960 --> 00:24:34,040
Speaker 1: even seeing some of the big financial players, even some

453
00:24:34,080 --> 00:24:36,919
Speaker 1: of the government people starting to get involved. So do

454
00:24:36,960 --> 00:24:39,120
Speaker 1: you think they're starting to like see the need enough

455
00:24:39,119 --> 00:24:41,560
Speaker 1: where they're starting to explore that more. Yeah, I think

456
00:24:41,560 --> 00:24:43,920
Speaker 1: they're seeing the need, and I think they're also seeing

457
00:24:44,680 --> 00:24:51,160
Speaker 1: the opportunity cost of not playing the game, because, especially

458
00:24:51,200 --> 00:24:54,960
Speaker 1: in the world of finance, if if you openly step

459
00:24:55,000 --> 00:24:56,560
Speaker 1: out and say yeah, I don't want anything to do

460
00:24:56,600 --> 00:25:00,199
Speaker 1: with that, that probably means you're taking a position um.

461
00:25:01,440 --> 00:25:05,720
Speaker 1: That's just part of the culture of finance is um.

462
00:25:05,720 --> 00:25:09,920
Speaker 1: And so I think there's a lot of distrust um

463
00:25:09,960 --> 00:25:14,520
Speaker 1: between each other, between the participants because anyone who looks

464
00:25:14,560 --> 00:25:18,800
Speaker 1: at this and quickly understands what this is realizes that

465
00:25:19,160 --> 00:25:23,919
Speaker 1: if you aren't taking even a small position um and

466
00:25:24,240 --> 00:25:29,359
Speaker 1: others continue to participate, you're the sucker at the table. Um.

467
00:25:29,359 --> 00:25:32,879
Speaker 1: It's the prisoner's dilemma, but it's between nation states. Is

468
00:25:32,920 --> 00:25:36,120
Speaker 1: really what we're talking about, is is the ultimate prisoner's

469
00:25:36,160 --> 00:25:39,720
Speaker 1: dilemma between nation states. Yeah, Well that's that's the that's

470
00:25:39,760 --> 00:25:43,600
Speaker 1: the game theory, and that's the game theory. And um,

471
00:25:43,640 --> 00:25:48,040
Speaker 1: I think I think you have enough people uh here

472
00:25:48,080 --> 00:25:52,600
Speaker 1: in the US, over in the UK, uh, Singapore, I

473
00:25:52,640 --> 00:25:58,520
Speaker 1: mean Germany people. People know what this has the capability

474
00:25:58,680 --> 00:26:01,480
Speaker 1: or the potential to turn into too. So if you're

475
00:26:01,520 --> 00:26:06,320
Speaker 1: doing things the limit that and others aren't, boy oh boy,

476
00:26:06,359 --> 00:26:08,080
Speaker 1: the writings on the wall that you're gonna get left

477
00:26:08,080 --> 00:26:10,760
Speaker 1: in the dust. Yeah, and I don't think anybody wants

478
00:26:10,760 --> 00:26:13,320
Speaker 1: to be left in the dust at this point. Well,

479
00:26:13,320 --> 00:26:15,600
Speaker 1: I would hope not. It seems like the the US,

480
00:26:15,720 --> 00:26:17,760
Speaker 1: you know, the reserve has the most to lose seen

481
00:26:17,800 --> 00:26:20,560
Speaker 1: as the dollars still the reserve currency, so other countries

482
00:26:20,960 --> 00:26:23,320
Speaker 1: might be more willing to adopt it, but I could

483
00:26:23,359 --> 00:26:25,200
Speaker 1: see the US wanting to be kind of the last

484
00:26:25,240 --> 00:26:28,440
Speaker 1: person to jump in there. And we're seeing some mixed messages.

485
00:26:28,520 --> 00:26:32,040
Speaker 1: So we have you know, SEC, the new SEC incoming

486
00:26:32,040 --> 00:26:34,760
Speaker 1: share Gary Ginsler. It seems to be pro bitcoin. I

487
00:26:34,760 --> 00:26:36,800
Speaker 1: know you've you've talked about him teaching M I T

488
00:26:36,920 --> 00:26:41,159
Speaker 1: about bitcoin. We have you know, Larry Larry Summers. He

489
00:26:41,240 --> 00:26:44,000
Speaker 1: was talking about how bitcoin is here to stay. Um,

490
00:26:44,080 --> 00:26:46,200
Speaker 1: And so we have like some of these government people

491
00:26:46,200 --> 00:26:48,680
Speaker 1: that seem very pro Then we have like Janet Yellen

492
00:26:48,760 --> 00:26:53,000
Speaker 1: now talking about how it needs to be either stopped

493
00:26:53,040 --> 00:26:55,480
Speaker 1: or shut down because it's you know, nefarious actors. We

494
00:26:55,560 --> 00:26:57,919
Speaker 1: have Christine Lagarde who's not part of the US but

495
00:26:58,040 --> 00:26:59,920
Speaker 1: part of the ECB talking about it as well. So

496
00:27:00,040 --> 00:27:03,480
Speaker 1: we kind of have this mixed message there. Um, how

497
00:27:03,480 --> 00:27:06,840
Speaker 1: does that get reconciled? Well, when you hear their le

498
00:27:06,960 --> 00:27:11,200
Speaker 1: Guard and Yellin's comments, they're specifically saying that that the

499
00:27:11,320 --> 00:27:14,800
Speaker 1: use of it being used as payments for nefarious activities

500
00:27:14,880 --> 00:27:18,280
Speaker 1: needs to be stopped. They're not saying that Bitcoin the

501
00:27:18,280 --> 00:27:20,520
Speaker 1: protocol needs to be shut down. And I think if

502
00:27:20,560 --> 00:27:22,160
Speaker 1: even if they would say that, I think it would

503
00:27:22,160 --> 00:27:24,320
Speaker 1: get some chuckles out of people that understand how how

504
00:27:24,359 --> 00:27:28,720
Speaker 1: it actually works. Um. So their comments to me seem

505
00:27:28,840 --> 00:27:32,959
Speaker 1: to be aligned with what any policy maker would say

506
00:27:33,119 --> 00:27:39,480
Speaker 1: for some type of loophole for nefarious activity for payments. UM,

507
00:27:39,520 --> 00:27:42,520
Speaker 1: that doesn't And and maybe I'm just looking at it

508
00:27:42,520 --> 00:27:45,639
Speaker 1: too literal. Maybe maybe I'm not. I don't know, but

509
00:27:46,000 --> 00:27:51,119
Speaker 1: that's how at least I'm interpreting it. And UM, I

510
00:27:51,160 --> 00:27:53,520
Speaker 1: think at the other if I was gonna say one

511
00:27:53,520 --> 00:27:57,399
Speaker 1: more thing about it, uh, I would say that they're

512
00:27:57,400 --> 00:27:59,840
Speaker 1: in the business of stability. That's the thing that they

513
00:28:00,119 --> 00:28:05,879
Speaker 1: really are focused on. And so does Janet Yellen. Let

514
00:28:05,960 --> 00:28:08,120
Speaker 1: let me give you two examples. Janet Yellen goes out

515
00:28:08,119 --> 00:28:11,840
Speaker 1: and says bitcoin is going to change the world. Uh,

516
00:28:12,359 --> 00:28:15,760
Speaker 1: and we're looking into it extensively. I just don't think

517
00:28:15,800 --> 00:28:18,560
Speaker 1: that would be a really calming event for the market.

518
00:28:19,320 --> 00:28:21,720
Speaker 1: I think that would be something that would set it ablaze,

519
00:28:23,640 --> 00:28:26,320
Speaker 1: and it would it would lead to instability. It would

520
00:28:26,320 --> 00:28:28,120
Speaker 1: be good for the small amount of bitcoinner, it would

521
00:28:28,119 --> 00:28:31,200
Speaker 1: be bad for everybody else. Now, if she comes out

522
00:28:31,200 --> 00:28:34,680
Speaker 1: and says kind of like what she said, Everyone's like, oh, well,

523
00:28:34,680 --> 00:28:37,200
Speaker 1: they're gonna ban it. Everyone's got their opinion on their

524
00:28:37,200 --> 00:28:40,960
Speaker 1: interpretation of what she said. And I just think that

525
00:28:41,080 --> 00:28:46,240
Speaker 1: it's much more. It's a it's a stabilizing comment for

526
00:28:46,440 --> 00:28:48,680
Speaker 1: the market at whole, in the in the way that

527
00:28:48,760 --> 00:28:52,000
Speaker 1: she've used it. A hundred trillion plus debt market, all

528
00:28:52,040 --> 00:28:54,920
Speaker 1: these kind of things like those are that's how she's

529
00:28:55,000 --> 00:28:59,280
Speaker 1: viewing the quote unquote economy, and so she's saying whatever

530
00:28:59,360 --> 00:29:01,680
Speaker 1: she can before. Toward guidance is the big you know,

531
00:29:01,960 --> 00:29:04,680
Speaker 1: buzzword that they used before. When you look at how

532
00:29:04,720 --> 00:29:07,080
Speaker 1: they've been using forward guidance for the last decade, it's

533
00:29:07,080 --> 00:29:09,479
Speaker 1: always been in a manner to try to provide as

534
00:29:09,560 --> 00:29:13,880
Speaker 1: much stability moving forward as possible, being regardless of whether

535
00:29:13,920 --> 00:29:17,000
Speaker 1: it's good long term for the market or not. Yeah.

536
00:29:17,120 --> 00:29:19,760
Speaker 1: I remember a couple of years ago hearing Christine the

537
00:29:19,760 --> 00:29:21,000
Speaker 1: Guarden talk, I think when she was still at the

538
00:29:21,040 --> 00:29:23,400
Speaker 1: I m F and she was talking about how even

539
00:29:23,440 --> 00:29:26,000
Speaker 1: like financial innovation, I think specifically she was talking about

540
00:29:26,000 --> 00:29:28,880
Speaker 1: cryptocurrencies maybe it was seen and she was saying it's

541
00:29:28,960 --> 00:29:32,400
Speaker 1: it's a threat to the stability of the financial system,

542
00:29:32,480 --> 00:29:36,120
Speaker 1: and like she was saying, we don't want innovation because

543
00:29:36,240 --> 00:29:39,360
Speaker 1: it would disrupt the system. But I guess when I

544
00:29:39,440 --> 00:29:41,800
Speaker 1: listened to that, listen to myself say that through the

545
00:29:41,840 --> 00:29:43,800
Speaker 1: lens that you just provided, I guess it does make

546
00:29:43,800 --> 00:29:46,120
Speaker 1: a little bit more sense. I think they get it.

547
00:29:46,480 --> 00:29:48,920
Speaker 1: I really do. I think that the if if you

548
00:29:48,920 --> 00:29:51,160
Speaker 1: would sit down with them in a private room and

549
00:29:51,200 --> 00:29:54,080
Speaker 1: say none of this can go on the record, and

550
00:29:54,240 --> 00:29:56,480
Speaker 1: you were able and you were able to extract what

551
00:29:56,520 --> 00:29:59,320
Speaker 1: they really think. I really think they get it. I

552
00:29:59,320 --> 00:30:02,640
Speaker 1: think they know where this is going. Um now, I

553
00:30:02,720 --> 00:30:04,960
Speaker 1: might be I might be giving them too much credit.

554
00:30:04,960 --> 00:30:07,920
Speaker 1: I don't know, but uh, you know, Gary Ginsler is

555
00:30:07,960 --> 00:30:13,680
Speaker 1: a perfect example. Watches watches free lesson course each each

556
00:30:13,760 --> 00:30:16,880
Speaker 1: lessons an hour long. If you don't think that guy

557
00:30:17,040 --> 00:30:19,400
Speaker 1: doesn't know what's happening, you're out of your mind. And

558
00:30:19,440 --> 00:30:23,239
Speaker 1: so these people are in government and like him, I mean,

559
00:30:23,280 --> 00:30:25,720
Speaker 1: he's going to be the new SEC chairman. Taught the

560
00:30:25,760 --> 00:30:29,320
Speaker 1: course at m I t on this topic in depth.

561
00:30:29,680 --> 00:30:32,520
Speaker 1: I guarantee if you could probably put him up against

562
00:30:32,560 --> 00:30:36,479
Speaker 1: any person in bitcoin, and he knows it just as

563
00:30:36,520 --> 00:30:40,320
Speaker 1: well as them, Yeah, maybe maybe even better. Yeah, they're

564
00:30:40,360 --> 00:30:43,840
Speaker 1: they're they're they're informing, they're having these conversations with these people.

565
00:30:43,880 --> 00:30:46,560
Speaker 1: And here's here's some page. Just another quick interruption to

566
00:30:46,640 --> 00:30:48,600
Speaker 1: let you know that this video it's brought to add

567
00:30:48,760 --> 00:30:51,360
Speaker 1: free by block five. Now they allow you to hold

568
00:30:51,560 --> 00:30:53,880
Speaker 1: onto your bitcoin and your other cryptos for all the

569
00:30:53,880 --> 00:30:56,560
Speaker 1: potential upside, and at the same time, you can earn

570
00:30:56,680 --> 00:30:59,600
Speaker 1: high yielding interest on it, so it basically cash flows.

571
00:30:59,680 --> 00:31:01,520
Speaker 1: Now with black five you can earn up to eight

572
00:31:01,600 --> 00:31:04,680
Speaker 1: point six percent interest. You can also borrow against your

573
00:31:04,680 --> 00:31:07,440
Speaker 1: crypto as well. It's super fast, it's super easy to

574
00:31:07,520 --> 00:31:09,600
Speaker 1: set up an account, and right now you can get

575
00:31:09,640 --> 00:31:11,880
Speaker 1: up to two hundred and fifty dollars. When you set

576
00:31:11,960 --> 00:31:14,680
Speaker 1: up your account, check the link in the description that

577
00:31:14,760 --> 00:31:16,480
Speaker 1: I have for details in order to claim that two

578
00:31:16,520 --> 00:31:20,040
Speaker 1: and because black five is the future of finance, just

579
00:31:20,120 --> 00:31:22,040
Speaker 1: check the link in the description for all the details

580
00:31:22,120 --> 00:31:24,440
Speaker 1: of how to claim your two dollars today. Then to

581
00:31:24,520 --> 00:31:28,360
Speaker 1: think about if you're Gary Ginsler and you know as

582
00:31:28,440 --> 00:31:31,400
Speaker 1: much as you know, do you really think he doesn't

583
00:31:31,400 --> 00:31:36,160
Speaker 1: have a personal position, Yeah, I mean even a small

584
00:31:36,200 --> 00:31:39,800
Speaker 1: personal position. So if he's if he's now advising on

585
00:31:39,840 --> 00:31:42,960
Speaker 1: the direction of this stuff, do you not think that

586
00:31:43,200 --> 00:31:46,320
Speaker 1: there's and I'm going to use the word conflict of interest,

587
00:31:46,880 --> 00:31:49,320
Speaker 1: but and it's it might not be the right word,

588
00:31:49,480 --> 00:31:52,680
Speaker 1: but if he's advising somebody on the future of this stuff,

589
00:31:52,760 --> 00:31:55,600
Speaker 1: you cannot tell me that he is not more favorable

590
00:31:55,640 --> 00:31:59,640
Speaker 1: to something that he would own personally in his own account. Um,

591
00:31:59,680 --> 00:32:02,920
Speaker 1: then trying to ban it and prevent it from happening. Now,

592
00:32:02,960 --> 00:32:05,080
Speaker 1: think about how many other and Larry Summers, I mean,

593
00:32:05,080 --> 00:32:06,720
Speaker 1: you watch that video of him. I am not a

594
00:32:06,760 --> 00:32:09,280
Speaker 1: fan of this guy, right, but you watched the video

595
00:32:09,440 --> 00:32:13,760
Speaker 1: of him talking about it. And when I posted the video,

596
00:32:13,800 --> 00:32:16,840
Speaker 1: as somebody wrote, sure, sounds like a whole coiner to me,

597
00:32:17,440 --> 00:32:20,120
Speaker 1: And I just laughed out loud because I thought the

598
00:32:20,160 --> 00:32:22,560
Speaker 1: exact same thing when I watched the video, Like, you

599
00:32:22,600 --> 00:32:25,160
Speaker 1: can't tell me this guy doesn't have this in his portfolio.

600
00:32:25,320 --> 00:32:27,240
Speaker 1: You're you're out of your mind. So how is he

601
00:32:27,320 --> 00:32:31,320
Speaker 1: advising people? Yeah? Yeah, good point. I think you know,

602
00:32:31,680 --> 00:32:33,479
Speaker 1: as far as a conflict of interest, I mean, everybody

603
00:32:33,480 --> 00:32:38,240
Speaker 1: has a conflict, right and so um, I remember whoever

604
00:32:38,240 --> 00:32:40,840
Speaker 1: that last Supreme Court justice was that got elected by Trump.

605
00:32:40,840 --> 00:32:42,920
Speaker 1: I forget what her name was, but you know, oh,

606
00:32:43,080 --> 00:32:45,160
Speaker 1: she has a conflict of interest because she's a mother

607
00:32:45,240 --> 00:32:47,800
Speaker 1: of seven kids, and she's a Catholic, and it's like, well,

608
00:32:48,520 --> 00:32:50,440
Speaker 1: she wasn't a Catholic, then she'd have a different conflict.

609
00:32:50,480 --> 00:32:53,480
Speaker 1: Like it's like everyone's I don't like the term that

610
00:32:53,520 --> 00:32:56,800
Speaker 1: I used to be honest with you, but it's it's

611
00:32:56,800 --> 00:33:01,200
Speaker 1: a term everyone knows. Yeah, I get what you're saying. Yeah. So,

612
00:33:01,520 --> 00:33:04,520
Speaker 1: um so, so we've kind of set the stage. We

613
00:33:04,600 --> 00:33:07,320
Speaker 1: got the problem, we got a solution. We have. One

614
00:33:07,360 --> 00:33:09,440
Speaker 1: of the biggest objections that I hear all the time

615
00:33:09,520 --> 00:33:10,760
Speaker 1: is that the government's going to ban it, and so

616
00:33:10,760 --> 00:33:12,400
Speaker 1: that's why I kind of want to tackle that. We

617
00:33:12,440 --> 00:33:14,120
Speaker 1: have some really big news around it, which of course

618
00:33:14,160 --> 00:33:17,400
Speaker 1: we just talked about, but it seems like, um, no

619
00:33:17,440 --> 00:33:20,479
Speaker 1: matter how much advancement we make, no matter how much

620
00:33:20,560 --> 00:33:23,520
Speaker 1: entrenchment your word, we have coming into the system, yet

621
00:33:23,600 --> 00:33:26,000
Speaker 1: there's still the fud, right, the fear and certainty and doubt,

622
00:33:26,000 --> 00:33:29,120
Speaker 1: almost like these bombs that like get picked up. Um so,

623
00:33:29,200 --> 00:33:31,080
Speaker 1: we have a couple I wanted just jump into. So

624
00:33:31,160 --> 00:33:33,680
Speaker 1: we have like the tether fud that's probably been the

625
00:33:33,680 --> 00:33:36,960
Speaker 1: biggest one that's been going around, and I can't even

626
00:33:37,000 --> 00:33:39,680
Speaker 1: count how many messages I must have got asking my

627
00:33:39,720 --> 00:33:43,640
Speaker 1: opinion on that I'm sure you did as well. Um,

628
00:33:43,680 --> 00:33:46,440
Speaker 1: I'm curious what you think about that. I mean, uh,

629
00:33:46,600 --> 00:33:48,440
Speaker 1: is it like some sort of bias, like these people

630
00:33:48,440 --> 00:33:51,200
Speaker 1: are mad they didn't buy it? I'm curious what people

631
00:33:51,240 --> 00:33:54,120
Speaker 1: are really afraid of, Like, I mean, are they not

632
00:33:54,120 --> 00:33:56,120
Speaker 1: gonna able to redeem their tether for a dollar? Like?

633
00:33:56,200 --> 00:33:58,400
Speaker 1: What does that matter to the bitcoin? Or is it

634
00:33:58,440 --> 00:34:01,959
Speaker 1: because you think Tether was artificially pumping bitcoin and if

635
00:34:01,960 --> 00:34:04,880
Speaker 1: it disappears, then the pump will be gone. What's your

636
00:34:05,080 --> 00:34:07,720
Speaker 1: what's your thought on that whole tether fund? So my

637
00:34:07,760 --> 00:34:10,480
Speaker 1: first question would be why do they only decide to

638
00:34:10,520 --> 00:34:15,719
Speaker 1: pump it every four years? Yeah? Um, yeah, there's no

639
00:34:15,760 --> 00:34:18,759
Speaker 1: way that you're gonna be able to step into that

640
00:34:18,840 --> 00:34:23,400
Speaker 1: discussion with any type of conclusion or any type of

641
00:34:23,400 --> 00:34:28,239
Speaker 1: conclusive evidence. Uh. You know, I listened to Peter McCormick's

642
00:34:28,280 --> 00:34:33,480
Speaker 1: discussion with the CEO of the company, and um, you know,

643
00:34:33,640 --> 00:34:36,600
Speaker 1: I try to listen for cues of like does it

644
00:34:36,880 --> 00:34:39,280
Speaker 1: does it seem like this person is telling the truth?

645
00:34:39,920 --> 00:34:41,680
Speaker 1: You know? And you can get everyone can draw their

646
00:34:41,680 --> 00:34:44,400
Speaker 1: different conclusions. I'm sure you could talk to ten different people,

647
00:34:44,920 --> 00:34:46,360
Speaker 1: four of them would tell you that guy is a

648
00:34:46,360 --> 00:34:48,759
Speaker 1: total liar. Six of them might tell you I believe them,

649
00:34:48,840 --> 00:34:52,359
Speaker 1: or vice versa or whatever, um, But until you can

650
00:34:52,360 --> 00:34:55,480
Speaker 1: audit the books, there's no way to prove whether it's

651
00:34:55,520 --> 00:34:59,520
Speaker 1: a valid concern or not. So instead of trying to

652
00:34:59,560 --> 00:35:01,640
Speaker 1: debate whether I think it's real or not, which I

653
00:35:01,719 --> 00:35:04,759
Speaker 1: can't prove either way, I'm more looking at it, well,

654
00:35:04,800 --> 00:35:07,560
Speaker 1: what would be the impact too, Bitcoin, because that's the

655
00:35:07,600 --> 00:35:10,320
Speaker 1: thing that that I own. I've never I've never owned

656
00:35:10,320 --> 00:35:14,279
Speaker 1: a tether in my life ever, So I'm looking at

657
00:35:14,280 --> 00:35:17,920
Speaker 1: it purely from how does this impact the immutable decentralized

658
00:35:18,000 --> 00:35:21,600
Speaker 1: protocol that we know bitcoin today? How does it impact it?

659
00:35:22,239 --> 00:35:25,279
Speaker 1: I think that my personal opinion is that let's just say,

660
00:35:25,360 --> 00:35:29,640
Speaker 1: let's go through the scenario that it's a total scam.

661
00:35:29,680 --> 00:35:32,440
Speaker 1: So in this scenario, I would suspect that it would

662
00:35:32,480 --> 00:35:35,360
Speaker 1: cause a short term drop in the price of bitcoin,

663
00:35:35,480 --> 00:35:37,920
Speaker 1: just because a lot of people that own bitcoin, a

664
00:35:37,920 --> 00:35:41,919
Speaker 1: significant portion of people that own bitcoin, um are gonna

665
00:35:41,960 --> 00:35:44,759
Speaker 1: get scared by that event. They're gonna somehow say, well,

666
00:35:44,760 --> 00:35:47,000
Speaker 1: if that's that's a scam or everything else could be

667
00:35:47,040 --> 00:35:51,720
Speaker 1: a scam, and they're gonna sell their positions and um,

668
00:35:51,760 --> 00:35:54,000
Speaker 1: and you're gonna my opinion is that you'll have a

669
00:35:54,040 --> 00:35:55,960
Speaker 1: bunch of strong hands and step into the market and

670
00:35:56,040 --> 00:36:01,080
Speaker 1: quickly suck all this all that selling up. UM. So

671
00:36:01,400 --> 00:36:04,399
Speaker 1: I look at it more as a buying opportunity. UM.

672
00:36:04,440 --> 00:36:07,640
Speaker 1: If if for whatever reason, it is a scam, which

673
00:36:07,640 --> 00:36:11,120
Speaker 1: I don't think that it is, um And most of

674
00:36:11,120 --> 00:36:13,200
Speaker 1: the reason why I would tell you I don't think

675
00:36:13,239 --> 00:36:16,480
Speaker 1: that it is comes down to this. This isn't the

676
00:36:16,520 --> 00:36:18,600
Speaker 1: first time we've heard this. This isn't the first time

677
00:36:18,600 --> 00:36:23,440
Speaker 1: this narrative is my god, that's all you heard, probably

678
00:36:23,480 --> 00:36:26,880
Speaker 1: in like the November time frame of I remember this

679
00:36:27,000 --> 00:36:29,400
Speaker 1: distinctly of everybody saying, oh my god, this thing is

680
00:36:29,400 --> 00:36:32,200
Speaker 1: getting totally pumped by Tether. This is this is a

681
00:36:32,239 --> 00:36:36,640
Speaker 1: total scam. And the price, you know, we went into

682
00:36:37,520 --> 00:36:41,560
Speaker 1: and the price started going down, price went down, and

683
00:36:41,200 --> 00:36:45,560
Speaker 1: then why didn't they pump it? There's Tether's still there

684
00:36:46,640 --> 00:36:51,719
Speaker 1: there if they were a fractional reserve. Uh well, you know,

685
00:36:51,840 --> 00:36:55,040
Speaker 1: my experience with Ponzi schemes, not that I have any experience,

686
00:36:55,080 --> 00:36:57,080
Speaker 1: but anything that I've seen blow up in the past

687
00:36:57,719 --> 00:37:00,560
Speaker 1: is that when when it's a pawn the scheme and

688
00:37:00,560 --> 00:37:04,280
Speaker 1: it's a fractional reserve system, that you can't print the money,

689
00:37:04,400 --> 00:37:06,960
Speaker 1: um that you've got to have some type of real

690
00:37:07,000 --> 00:37:10,040
Speaker 1: dollars behind it. Whenever everyone's you know, turning it in

691
00:37:10,160 --> 00:37:12,839
Speaker 1: and wanting dollars in return. When the price goes down,

692
00:37:13,480 --> 00:37:17,200
Speaker 1: blows up and we didn't see that. And that doesn't

693
00:37:17,239 --> 00:37:20,440
Speaker 1: mean that that it's not a scam, but it's just

694
00:37:20,800 --> 00:37:23,120
Speaker 1: for me. It's another data point that says, I don't

695
00:37:23,120 --> 00:37:26,439
Speaker 1: think that there's much significance to this, So what why

696
00:37:26,760 --> 00:37:30,719
Speaker 1: spread this this narrative which is your original question. And

697
00:37:30,840 --> 00:37:33,640
Speaker 1: in my opinion, and my very humble opinion, it's people

698
00:37:33,680 --> 00:37:35,520
Speaker 1: that are entering for the first time. They weren't in

699
00:37:35,520 --> 00:37:38,680
Speaker 1: the time frame. They're entering right now for the first time.

700
00:37:39,360 --> 00:37:41,759
Speaker 1: And maybe they didn't have a very big position, maybe

701
00:37:41,800 --> 00:37:45,520
Speaker 1: they sold it right the price went up there, and

702
00:37:45,560 --> 00:37:51,440
Speaker 1: they're desperately trying to um justify their action because if

703
00:37:51,480 --> 00:37:55,520
Speaker 1: the price recovers and it starts going the fifty or sixty,

704
00:37:55,880 --> 00:37:59,120
Speaker 1: that would that would be a very painful pill for

705
00:37:59,160 --> 00:38:02,799
Speaker 1: a lot of them. The swallow So um I, I

706
00:38:02,840 --> 00:38:05,040
Speaker 1: suspect you've had some people that have taken some money

707
00:38:05,120 --> 00:38:07,319
Speaker 1: off the table because they had a big fat gain

708
00:38:07,440 --> 00:38:10,440
Speaker 1: over the last twelve months. And they're desperately searching for

709
00:38:10,600 --> 00:38:14,479
Speaker 1: justification to confirm that what they did was right. And

710
00:38:14,719 --> 00:38:17,440
Speaker 1: uh yeah, and I think a lot of those weekends

711
00:38:17,440 --> 00:38:19,719
Speaker 1: that have coming weekends have coming to the market. They're

712
00:38:19,760 --> 00:38:22,680
Speaker 1: just they're skittish. You know. They know that bitcoins volatile.

713
00:38:22,960 --> 00:38:25,480
Speaker 1: They know it could drop it any time. You and I,

714
00:38:25,680 --> 00:38:27,600
Speaker 1: people like us, we tell them it can drop any time,

715
00:38:27,800 --> 00:38:29,600
Speaker 1: and so any piece of news, it's that it's that

716
00:38:29,640 --> 00:38:32,160
Speaker 1: confirmation bias. So they had that bias. They're afraid they

717
00:38:32,160 --> 00:38:34,200
Speaker 1: get a little confirmation and maybe they jump on it.

718
00:38:34,640 --> 00:38:37,319
Speaker 1: I'm looking at this, this drop we've got right now,

719
00:38:37,360 --> 00:38:42,520
Speaker 1: and the price is right now, and uh it went

720
00:38:42,600 --> 00:38:45,200
Speaker 1: up to forty two thousand, and it's had this pretty

721
00:38:45,239 --> 00:38:47,360
Speaker 1: big drop. Um. I don't know what that is in

722
00:38:47,480 --> 00:38:51,680
Speaker 1: percent terms, but um, I'll say what it is. So

723
00:38:51,800 --> 00:38:57,839
Speaker 1: we've had a drop. When when I see this type

724
00:38:57,880 --> 00:39:00,400
Speaker 1: of thing, I asked myself, So, what has fun mentally

725
00:39:00,480 --> 00:39:04,680
Speaker 1: changed about the protocol? Has there been an update, has

726
00:39:04,680 --> 00:39:09,040
Speaker 1: there been some type of major restriction by a big country.

727
00:39:09,960 --> 00:39:12,760
Speaker 1: And the answer to the question is nothing has changed

728
00:39:13,520 --> 00:39:16,040
Speaker 1: other than the fact that the price was outstripping and

729
00:39:16,080 --> 00:39:19,000
Speaker 1: going faster than the stock to flow model. That was

730
00:39:19,200 --> 00:39:23,320
Speaker 1: that was something that was happening and in a correction

731
00:39:23,640 --> 00:39:25,920
Speaker 1: back down the wooded you know. I think it was

732
00:39:25,960 --> 00:39:28,759
Speaker 1: the it was the triple the triple threat combo was

733
00:39:28,800 --> 00:39:31,520
Speaker 1: like Janet Yellen coming out. It was the Tether fund,

734
00:39:31,560 --> 00:39:33,399
Speaker 1: and then we had the double spend and it's like

735
00:39:33,840 --> 00:39:37,440
Speaker 1: three things and everyone's just panicking. I guess, and you

736
00:39:37,480 --> 00:39:39,960
Speaker 1: know what it's gonna It's gonna continue to do this

737
00:39:41,040 --> 00:39:44,600
Speaker 1: until this bull market, you know, fizzles out or maybe

738
00:39:44,600 --> 00:39:47,160
Speaker 1: even just keeps on going. I don't know, but you've

739
00:39:47,200 --> 00:39:50,600
Speaker 1: got to expect a lot of volatil volatility along the way.

740
00:39:51,040 --> 00:39:55,319
Speaker 1: And um yeah, to to to to add to that

741
00:39:55,360 --> 00:39:57,920
Speaker 1: point though, I mean, you're you're right, withen We heard

742
00:39:57,920 --> 00:40:01,000
Speaker 1: this all the time, but in seen Heather was the

743
00:40:01,200 --> 00:40:03,520
Speaker 1: stable coin, right, so it was like it had such

744
00:40:03,560 --> 00:40:06,560
Speaker 1: a big percentage of the market share, where today we

745
00:40:06,600 --> 00:40:09,000
Speaker 1: have so many different stable coins, so even if Tether

746
00:40:09,360 --> 00:40:12,320
Speaker 1: were to go down, it's such a small smaller piece

747
00:40:12,360 --> 00:40:15,040
Speaker 1: of the overall market that I just don't see it.

748
00:40:15,560 --> 00:40:17,799
Speaker 1: I love where you're going with that, because there's so

749
00:40:17,840 --> 00:40:21,920
Speaker 1: many other It seems to me like every exchange is

750
00:40:21,960 --> 00:40:24,359
Speaker 1: trying to stand up their own stable coin in order

751
00:40:24,400 --> 00:40:27,239
Speaker 1: to have their own personal network effect and capture some

752
00:40:27,280 --> 00:40:30,200
Speaker 1: of that value that they've obviously had a first mover

753
00:40:30,320 --> 00:40:32,879
Speaker 1: advantage for. I mean, look at GEM and I look

754
00:40:32,920 --> 00:40:37,640
Speaker 1: at Crack Crack, and look at uh coin base. I

755
00:40:37,920 --> 00:40:39,480
Speaker 1: I would tell you I think a lot of the

756
00:40:39,520 --> 00:40:42,440
Speaker 1: big boomer banks that that you know, everyone knows on

757
00:40:42,480 --> 00:40:45,799
Speaker 1: Wall Street, Um, they're all trying to get in this

758
00:40:45,880 --> 00:40:49,520
Speaker 1: business too. So it's a it's a total rat race

759
00:40:49,640 --> 00:40:53,880
Speaker 1: of everybody trying to create a stable coin. And uh,

760
00:40:54,040 --> 00:40:56,799
Speaker 1: you know, if if the market was really concerned about

761
00:40:56,880 --> 00:40:59,440
Speaker 1: what was happening over at Tether, you would see their

762
00:40:59,440 --> 00:41:04,239
Speaker 1: market share, you would see exchanges off boarding Tether and

763
00:41:04,360 --> 00:41:09,520
Speaker 1: onboarding something else aggressively. Yeah, and you're not seeing anything

764
00:41:09,560 --> 00:41:12,200
Speaker 1: of the sort. So that makes you wonder, like, so

765
00:41:12,280 --> 00:41:14,759
Speaker 1: there's nobody in the No, there's nobody talking or or

766
00:41:15,360 --> 00:41:18,799
Speaker 1: concerned about this. Evidently not the people that are that

767
00:41:18,840 --> 00:41:22,400
Speaker 1: are closest to it. Sure aren't concerned about it. Yeah, yeah,

768
00:41:22,719 --> 00:41:24,640
Speaker 1: I I I I agree with all that. I just

769
00:41:24,680 --> 00:41:26,600
Speaker 1: think it seems to me it's like, if you're afraid

770
00:41:26,640 --> 00:41:28,560
Speaker 1: you're not gonna get your money back out, your dollars

771
00:41:28,560 --> 00:41:31,399
Speaker 1: that you have in Tether, then that's compartmentalized to tether.

772
00:41:32,000 --> 00:41:34,600
Speaker 1: I guess if you think that bitcoin is only reaching

773
00:41:34,640 --> 00:41:38,200
Speaker 1: the level because it's being pumped, I think that's totally invalidated.

774
00:41:38,400 --> 00:41:40,080
Speaker 1: And I guess maybe that's a little bit of risk,

775
00:41:40,160 --> 00:41:43,920
Speaker 1: but um, yeah, so we'll go from there. But I

776
00:41:43,960 --> 00:41:45,960
Speaker 1: know we're I know we're running short on time here,

777
00:41:46,000 --> 00:41:49,120
Speaker 1: so I want to try to wind it down. I

778
00:41:49,680 --> 00:41:52,360
Speaker 1: had I had a bunch of questions posed to me

779
00:41:52,400 --> 00:41:54,759
Speaker 1: on Twitter. I grabbed a couple of them. See if

780
00:41:54,760 --> 00:41:58,480
Speaker 1: we can get through these here pretty quickly. Um, what

781
00:41:58,600 --> 00:42:01,840
Speaker 1: do you think about yell Land's fifty year bond idea?

782
00:42:03,840 --> 00:42:07,880
Speaker 1: I think it was very inut of inevitable. And uh,

783
00:42:08,120 --> 00:42:10,640
Speaker 1: you know, when I saw the announcement, I was like, well, duh,

784
00:42:10,840 --> 00:42:14,640
Speaker 1: Like of course, I was surprised it wasn't a hundred year. Yeah,

785
00:42:14,680 --> 00:42:17,160
Speaker 1: I guess you start with move to seventy five or

786
00:42:17,200 --> 00:42:19,839
Speaker 1: a hundred bit. Yeah, Oh, it's coming. I don't think

787
00:42:19,880 --> 00:42:21,680
Speaker 1: for a second that that's not coming. It's just a

788
00:42:21,719 --> 00:42:26,120
Speaker 1: matter of when. And uh, I mean I there there's

789
00:42:26,120 --> 00:42:30,319
Speaker 1: a question that somebody posed. Uh. It was something like this,

790
00:42:30,800 --> 00:42:36,200
Speaker 1: how what's the average uh duration or time period from

791
00:42:36,400 --> 00:42:39,080
Speaker 1: the time that a country issues a hundred year or

792
00:42:39,120 --> 00:42:42,319
Speaker 1: fifty year bond to the time that they default on

793
00:42:42,360 --> 00:42:45,240
Speaker 1: their currency or that their currency goes up in flames.

794
00:42:45,640 --> 00:42:47,760
Speaker 1: And I think that that's just such a great question

795
00:42:47,800 --> 00:42:50,440
Speaker 1: because it encapsulates everything you need to know about a

796
00:42:50,440 --> 00:42:53,959
Speaker 1: fifty or a hundred year issuance is that it's desperation

797
00:42:54,080 --> 00:42:58,520
Speaker 1: by the issuer. Um. And I mean look at the yield, like,

798
00:42:58,520 --> 00:43:02,200
Speaker 1: like you really think as a person buying the other

799
00:43:02,320 --> 00:43:05,080
Speaker 1: end of that that if it comes out, let's say

800
00:43:05,080 --> 00:43:08,680
Speaker 1: it comes out at four the cupon on it, do

801
00:43:08,800 --> 00:43:11,840
Speaker 1: you really think you can forecast a four percent cupon

802
00:43:11,960 --> 00:43:15,560
Speaker 1: for the next fifty years from a risk standpoint, It's

803
00:43:15,640 --> 00:43:21,359
Speaker 1: totally It's insane, insane, It's insane. I mean, well, yeah,

804
00:43:21,520 --> 00:43:23,360
Speaker 1: I mean, nobody's gonna buy that bond, right only the

805
00:43:23,400 --> 00:43:26,279
Speaker 1: government's gonna buy that bond with fake money. Well they'll

806
00:43:26,280 --> 00:43:28,600
Speaker 1: force yeah, through regulation, will force the banks to do it,

807
00:43:28,640 --> 00:43:30,000
Speaker 1: and then they'll just buy it back from the banks

808
00:43:30,040 --> 00:43:35,239
Speaker 1: at some point through QUI yeah, um, this is maybe

809
00:43:35,280 --> 00:43:37,440
Speaker 1: you want to answer this one um you talked about

810
00:43:37,440 --> 00:43:40,160
Speaker 1: earlier about when you're talking about the debasement of the

811
00:43:40,160 --> 00:43:44,840
Speaker 1: currency tangible assets, do you hold any other assets besides bitcoin?

812
00:43:44,920 --> 00:43:47,760
Speaker 1: Do you like tangible assets, commodities, gold, anything other than bitcoin.

813
00:43:48,160 --> 00:43:52,400
Speaker 1: So and I have a business, and the business has

814
00:43:52,400 --> 00:43:54,840
Speaker 1: a bunch of intangible assets. I mean, right now, you

815
00:43:54,920 --> 00:43:57,000
Speaker 1: and I are creating an intangible asset that you can

816
00:43:57,040 --> 00:44:02,200
Speaker 1: run advertising on into perpetuity. So um, when I think

817
00:44:02,200 --> 00:44:06,040
Speaker 1: of of my position size, I look at it very

818
00:44:06,120 --> 00:44:08,680
Speaker 1: similar to the way that Michael Sailor looks at things.

819
00:44:09,040 --> 00:44:12,040
Speaker 1: He has a business that's kicking off free cash flows. Uh,

820
00:44:12,160 --> 00:44:15,080
Speaker 1: he's taking his retained earnings and he's investing in something

821
00:44:15,080 --> 00:44:16,960
Speaker 1: that he has a very high conviction of that that

822
00:44:17,120 --> 00:44:19,719
Speaker 1: is going to protect him against the basement. That's how

823
00:44:19,760 --> 00:44:21,480
Speaker 1: I look at things. So when I think of it

824
00:44:21,520 --> 00:44:24,520
Speaker 1: in terms of percentages, that's a for me, that's a

825
00:44:24,640 --> 00:44:28,319
Speaker 1: very Wall Street kind of like question because that's how

826
00:44:28,360 --> 00:44:30,600
Speaker 1: most people when you listen to an investment show, it's

827
00:44:30,640 --> 00:44:34,000
Speaker 1: all people that manage other people's money, or at least

828
00:44:34,000 --> 00:44:36,120
Speaker 1: that's what they're used to doing, and that's how they think.

829
00:44:36,520 --> 00:44:38,880
Speaker 1: But as a business owner, that's not how I think.

830
00:44:39,000 --> 00:44:41,000
Speaker 1: I think, Well, what would be the capitalization of all

831
00:44:41,040 --> 00:44:43,400
Speaker 1: the assets that I that I own from a business

832
00:44:43,400 --> 00:44:45,919
Speaker 1: standpoint that kicks off free cash flows? And then what's

833
00:44:45,920 --> 00:44:48,120
Speaker 1: the valuation on the things that I've retained and put

834
00:44:48,160 --> 00:44:50,040
Speaker 1: them in there, and then we can talk percentages. But

835
00:44:50,400 --> 00:44:53,880
Speaker 1: unfortunately I have a private company and I have no idea.

836
00:44:54,520 --> 00:44:56,000
Speaker 1: I mean, I know what I would sell it for,

837
00:44:56,080 --> 00:44:59,239
Speaker 1: and it would be way higher than what you know,

838
00:44:59,560 --> 00:45:02,600
Speaker 1: I suspect that'd be offered to in the market, Yeah,

839
00:45:02,640 --> 00:45:06,200
Speaker 1: for those assets. So you know it, it turns into

840
00:45:07,520 --> 00:45:09,839
Speaker 1: I know, it's it's it's gonna sound maybe I am

841
00:45:09,920 --> 00:45:13,000
Speaker 1: sidestepping the question, but let's I'll put it this way.

842
00:45:13,360 --> 00:45:15,600
Speaker 1: The way that I structure on the way that I

843
00:45:15,640 --> 00:45:18,080
Speaker 1: think about things are very very similar to the way

844
00:45:18,080 --> 00:45:21,240
Speaker 1: that uh, you've seen happen with a with a public

845
00:45:21,280 --> 00:45:25,200
Speaker 1: company in micro strategy. M. Yeah. Well that's a great

846
00:45:25,200 --> 00:45:27,160
Speaker 1: point though, because I deal with this all the time

847
00:45:27,160 --> 00:45:28,759
Speaker 1: where I see all these people wanting to come in

848
00:45:28,760 --> 00:45:31,319
Speaker 1: and be investors, and most people think they can quit

849
00:45:31,320 --> 00:45:34,080
Speaker 1: their job and become these full time investors, and I'm like,

850
00:45:34,239 --> 00:45:37,680
Speaker 1: that's not how this works. Even professional investors. I mean

851
00:45:37,840 --> 00:45:39,759
Speaker 1: maybe a couple of these hedge fund guys, but even

852
00:45:39,840 --> 00:45:42,440
Speaker 1: that's like a job, right, So most people are still working,

853
00:45:43,320 --> 00:45:45,680
Speaker 1: they still have income from working, and then they're investing

854
00:45:45,719 --> 00:45:48,120
Speaker 1: on the side. So, UM, it does make sense to me.

855
00:45:48,160 --> 00:45:49,840
Speaker 1: Hopefully it makes sense to everybody listening. So you have

856
00:45:49,880 --> 00:45:52,640
Speaker 1: your business, that's your asset. You're actively working, you have

857
00:45:52,680 --> 00:45:56,279
Speaker 1: active income, you have tangible assets in that business, and

858
00:45:56,480 --> 00:45:58,719
Speaker 1: usually the best investment you can make is in your

859
00:45:58,760 --> 00:46:04,120
Speaker 1: own business. Anyway. UM, all right, Uh, two more, you

860
00:46:04,200 --> 00:46:07,520
Speaker 1: talked about the mayor multiple before. What do you think

861
00:46:07,520 --> 00:46:12,839
Speaker 1: about the mayor multiple for this bull market? So I think, um,

862
00:46:13,800 --> 00:46:16,719
Speaker 1: and maybe this, this correction that we're seeing right now

863
00:46:16,800 --> 00:46:20,200
Speaker 1: is a perfect example of how the mayor multiple is

864
00:46:20,200 --> 00:46:23,839
Speaker 1: is maybe still valid because in the back testing, and

865
00:46:23,920 --> 00:46:26,880
Speaker 1: just so if people see this and they go to

866
00:46:26,960 --> 00:46:29,920
Speaker 1: the page that lays out some of the statistics that

867
00:46:30,000 --> 00:46:35,239
Speaker 1: I did, I haven't touched it since. Uh, the statistics

868
00:46:35,239 --> 00:46:37,719
Speaker 1: were showing that if you in the way that I

869
00:46:37,760 --> 00:46:41,120
Speaker 1: back tested, I said, if I bought every single day

870
00:46:41,640 --> 00:46:44,720
Speaker 1: since the time that bitcoin was on the open market

871
00:46:44,760 --> 00:46:49,880
Speaker 1: for buying, and if I bought every single day, uh,

872
00:46:49,960 --> 00:46:53,919
Speaker 1: when would it be a bad time to buy? And

873
00:46:54,360 --> 00:46:58,120
Speaker 1: what came back in that scenario was that at a

874
00:46:58,239 --> 00:47:01,799
Speaker 1: mayor multiple of two point four, it was a good

875
00:47:01,840 --> 00:47:05,200
Speaker 1: indicator of not buying and waiting for the price to

876
00:47:05,280 --> 00:47:07,319
Speaker 1: drop back below a two point four, then you would

877
00:47:07,320 --> 00:47:09,200
Speaker 1: start buying again on a on an I think I

878
00:47:09,280 --> 00:47:12,120
Speaker 1: ran it on a daily basis if you were able

879
00:47:12,160 --> 00:47:14,360
Speaker 1: to doll our cost average on a on a daily basis,

880
00:47:15,040 --> 00:47:16,919
Speaker 1: So if you're doing it on a monthly basis, maybe

881
00:47:16,920 --> 00:47:21,160
Speaker 1: your numbers are different. I don't know. Um, But what's

882
00:47:21,160 --> 00:47:23,759
Speaker 1: interesting is the price on this recent pump that we

883
00:47:23,840 --> 00:47:28,200
Speaker 1: had here at the start of it got over that

884
00:47:28,320 --> 00:47:31,040
Speaker 1: two point four threshold for a couple of days I'd

885
00:47:31,080 --> 00:47:35,200
Speaker 1: say three or four days, and uh, you know, and

886
00:47:35,480 --> 00:47:40,040
Speaker 1: sure enough that was that was over bought. Uh, there's

887
00:47:40,040 --> 00:47:42,440
Speaker 1: been a correction. So that was an interesting Now that

888
00:47:42,560 --> 00:47:45,759
Speaker 1: the right now the multiples back below that threshold, which

889
00:47:45,800 --> 00:47:48,200
Speaker 1: would suggest that you should be continuing to doll our

890
00:47:48,200 --> 00:47:51,560
Speaker 1: cost average on a daily basis. Um. So I just

891
00:47:51,600 --> 00:47:55,160
Speaker 1: found that a little interesting that that indicator was was suggesting, Hey,

892
00:47:55,200 --> 00:47:58,640
Speaker 1: this is this has gotten a little overheated. Now, Mike,

893
00:47:58,760 --> 00:48:01,680
Speaker 1: my concern with this small the pool on this particular

894
00:48:01,719 --> 00:48:04,040
Speaker 1: bowl run is let's say that we do go into

895
00:48:04,080 --> 00:48:06,640
Speaker 1: a scenario where you have hyper big coinization at the

896
00:48:06,760 --> 00:48:12,279
Speaker 1: end of this for you know, through whatever that multiple

897
00:48:12,600 --> 00:48:15,480
Speaker 1: would would have suggested that you step out of the

898
00:48:15,520 --> 00:48:18,000
Speaker 1: market and that you stopped buying and it might be

899
00:48:18,040 --> 00:48:21,880
Speaker 1: happening at a point where uh, that's probably that where

900
00:48:22,280 --> 00:48:25,960
Speaker 1: that scenario isn't a good recommendation. So that's the only

901
00:48:26,000 --> 00:48:29,120
Speaker 1: thing that I would caution people with with it and

902
00:48:29,200 --> 00:48:32,160
Speaker 1: why I don't really particularly put a lot of weight

903
00:48:32,200 --> 00:48:35,680
Speaker 1: on it. Um, but you know it's there. You can

904
00:48:35,719 --> 00:48:38,480
Speaker 1: look at it and come up with whatever risk assumptions

905
00:48:38,520 --> 00:48:41,600
Speaker 1: you want to make. Yeah, okay, good, all right, Well

906
00:48:41,600 --> 00:48:42,920
Speaker 1: we'll ahead and wrap it up with that. I know,

907
00:48:43,120 --> 00:48:44,439
Speaker 1: I know we're going along and you've got to get

908
00:48:44,480 --> 00:48:46,800
Speaker 1: get going, so um with that, I guess we're gonna

909
00:48:46,800 --> 00:48:48,279
Speaker 1: sign it off. But I just want to give you

910
00:48:48,280 --> 00:48:50,000
Speaker 1: a chance just to let people know where to follow you.

911
00:48:50,000 --> 00:48:52,920
Speaker 1: I mentioned your podcast. I think you're pretty active on Twitter.

912
00:48:53,000 --> 00:48:55,839
Speaker 1: Maybe ahead and drop some some some names there. Yeah,

913
00:48:55,880 --> 00:48:58,480
Speaker 1: that's probably the best place market is just on Twitter.

914
00:48:59,000 --> 00:49:02,759
Speaker 1: I like to engage with the audience, um and and

915
00:49:02,920 --> 00:49:05,480
Speaker 1: anyone that's that's got questions. Yeah, just hit me up

916
00:49:05,480 --> 00:49:07,600
Speaker 1: on Twitter. And if you want to check out the podcast,

917
00:49:08,080 --> 00:49:11,000
Speaker 1: you know, the Investor Podcast, will make sure to link

918
00:49:11,040 --> 00:49:14,120
Speaker 1: to it down below. And with that we'll go ahead

919
00:49:14,120 --> 00:49:15,560
Speaker 1: and sign off. Prest and I appreciate you taking the

920
00:49:15,600 --> 00:49:18,000
Speaker 1: time to come hang out. It was a fun time mark.

921
00:49:18,080 --> 00:49:30,080
Speaker 1: I really appreciate this. We gotta do it again sometime soon. Okay,