1 00:00:00,120 --> 00:00:02,880 Speaker 1: All right, welcome back. You are listening to another episode 2 00:00:02,880 --> 00:00:05,120 Speaker 1: of the Markmas Show where we talk about bitcoin, we 3 00:00:05,160 --> 00:00:09,039 Speaker 1: talk about the decentralized revolution, and we talk about politics, 4 00:00:09,200 --> 00:00:12,600 Speaker 1: technology and finance in the context of those. So just 5 00:00:12,600 --> 00:00:14,880 Speaker 1: as we can have a better understanding of what is 6 00:00:14,920 --> 00:00:18,560 Speaker 1: going on in the world, how it's changing, and more importantly, 7 00:00:18,600 --> 00:00:21,279 Speaker 1: how we can personally navigate that, so we can survive 8 00:00:21,360 --> 00:00:24,479 Speaker 1: and thrive as this is changing. Now, one thing about 9 00:00:24,520 --> 00:00:26,119 Speaker 1: bitcoin that's very difficult for a lot of people to 10 00:00:26,200 --> 00:00:29,400 Speaker 1: understand is that it's a lot of things. It's a 11 00:00:29,400 --> 00:00:31,320 Speaker 1: lot of things, and it's going to be more things 12 00:00:31,320 --> 00:00:33,360 Speaker 1: than what we know it is. It's a new technology, 13 00:00:33,360 --> 00:00:36,040 Speaker 1: and so as humans we try to understand it by 14 00:00:36,080 --> 00:00:38,279 Speaker 1: comparing to something else that we know. It's sort of 15 00:00:38,320 --> 00:00:41,879 Speaker 1: like this, sort of like when electricity came out. The 16 00:00:41,960 --> 00:00:45,559 Speaker 1: first application of electricity was the light bulb. So then 17 00:00:45,600 --> 00:00:47,720 Speaker 1: you would say, well, what is this electricity thing? And 18 00:00:47,760 --> 00:00:51,000 Speaker 1: you would say, well, it's sort of like a digital candle. 19 00:00:52,280 --> 00:00:54,040 Speaker 1: But what do we need that for. Candles have been 20 00:00:54,120 --> 00:00:56,279 Speaker 1: light for five thousand years and they work pretty good. 21 00:00:56,320 --> 00:00:58,160 Speaker 1: And look, it's portable. I don't need all this these 22 00:00:58,160 --> 00:01:01,040 Speaker 1: wires and all this stuff. Right, So, um, bitcoin is 23 00:01:01,080 --> 00:01:04,160 Speaker 1: like digital cash. Yes, it's like that, it's like digital gold. Sure, 24 00:01:04,200 --> 00:01:06,080 Speaker 1: it's like that, but it's gonna be so many more 25 00:01:06,080 --> 00:01:08,760 Speaker 1: things and so it's hard to understand that, and so 26 00:01:09,040 --> 00:01:10,840 Speaker 1: I like to look at that. But really, um, it's 27 00:01:10,840 --> 00:01:13,560 Speaker 1: fixing a lot of things. And when you're looking at 28 00:01:13,640 --> 00:01:15,760 Speaker 1: something new, like a new technology like this, one of 29 00:01:15,760 --> 00:01:18,440 Speaker 1: the least important things to look at is the price 30 00:01:19,160 --> 00:01:24,919 Speaker 1: of it. What's more important is the problems that it's solving. 31 00:01:24,959 --> 00:01:26,560 Speaker 1: You're trying to predict where it's going to go in 32 00:01:26,560 --> 00:01:29,080 Speaker 1: the future, and looking at the daily price of the 33 00:01:29,120 --> 00:01:32,120 Speaker 1: weeklier monthly price is just a distraction in my opinion. Now, 34 00:01:32,520 --> 00:01:34,600 Speaker 1: I do like to say that the price is like 35 00:01:34,680 --> 00:01:38,240 Speaker 1: the ultimate bait and switch. It sucks people in for 36 00:01:38,360 --> 00:01:40,840 Speaker 1: the money, for the number go up technology, and then 37 00:01:41,000 --> 00:01:45,800 Speaker 1: it switches them into freedom mindset, long term mindset. But 38 00:01:45,880 --> 00:01:47,240 Speaker 1: you know, like I said, it is it is the 39 00:01:47,240 --> 00:01:49,400 Speaker 1: bait and switch, and so people are coming into it 40 00:01:49,440 --> 00:01:52,560 Speaker 1: for the money. And when you look at it from 41 00:01:52,560 --> 00:01:55,040 Speaker 1: the money standpoint, you think about the the adoption of it, 42 00:01:55,120 --> 00:01:57,400 Speaker 1: and you look at Wall Street coming into it, the 43 00:01:57,440 --> 00:02:00,559 Speaker 1: hedge funds coming into it, etcetera. And one of well, 44 00:02:00,960 --> 00:02:03,760 Speaker 1: the biggest bank in the United States, JP Morgan Chase 45 00:02:04,240 --> 00:02:07,360 Speaker 1: head up by Jamie Diamond. Um, you know you would 46 00:02:07,360 --> 00:02:09,520 Speaker 1: think that being one of the biggest banks, and Jamie 47 00:02:09,560 --> 00:02:12,440 Speaker 1: Diamond arguably being one of the most powerful and influential 48 00:02:12,440 --> 00:02:14,240 Speaker 1: people in the United States and in the world because 49 00:02:14,240 --> 00:02:20,040 Speaker 1: of running the bank, he's been a giant opponent of bitcoin. 50 00:02:20,400 --> 00:02:22,720 Speaker 1: I think it was seen he fight famously kind of 51 00:02:22,720 --> 00:02:24,480 Speaker 1: came out and said that you know, it's a fraud, 52 00:02:24,480 --> 00:02:27,800 Speaker 1: it's a scam. He said, if anybody at JP Morgan 53 00:02:28,120 --> 00:02:31,440 Speaker 1: even traded, if they would be fired. Um, he's been 54 00:02:31,520 --> 00:02:34,600 Speaker 1: very vocal against it. And and of course it makes sense, right, 55 00:02:34,639 --> 00:02:37,079 Speaker 1: I mean, running the biggest bank, you don't want something 56 00:02:37,120 --> 00:02:39,640 Speaker 1: to come compete for you. However, you know the old saying, 57 00:02:39,680 --> 00:02:41,800 Speaker 1: if you can't beat them, join them, so to speak. 58 00:02:41,840 --> 00:02:44,280 Speaker 1: And of course we've seen all the big banks, including 59 00:02:44,360 --> 00:02:47,520 Speaker 1: JP Morgan, getting in on the bitcoin action. And this 60 00:02:47,560 --> 00:02:49,880 Speaker 1: week we saw an article come out from the research 61 00:02:49,880 --> 00:02:53,200 Speaker 1: team that was pretty amazing. Banking giant JP Morgan said 62 00:02:53,200 --> 00:02:56,519 Speaker 1: in a note Wednesday that bitcoin and cryptocurrencies are now 63 00:02:56,600 --> 00:03:02,880 Speaker 1: among its preferred quote alternative investments. So wow, what a difference, right, 64 00:03:02,919 --> 00:03:06,120 Speaker 1: went from Jamie Diamond saying if anybody even traded it, 65 00:03:06,160 --> 00:03:10,800 Speaker 1: they'd be fired. To now the banks saying it's in 66 00:03:10,880 --> 00:03:15,120 Speaker 1: their preferred alternative investments. So what does that mean. Well, 67 00:03:15,200 --> 00:03:17,360 Speaker 1: let's let's break this down a little bit. So it 68 00:03:17,360 --> 00:03:20,560 Speaker 1: says that bitcoin's steep sell off. So what does that mean? 69 00:03:20,600 --> 00:03:22,919 Speaker 1: The the bitcoins steep sell off? So the price of 70 00:03:22,960 --> 00:03:26,240 Speaker 1: bitcoin is down? Okay, let's down. I don't think that's 71 00:03:26,240 --> 00:03:29,000 Speaker 1: a big surprise to anybody. It had reached a previous 72 00:03:29,560 --> 00:03:33,600 Speaker 1: UM high of about sixty in November one, and since 73 00:03:33,639 --> 00:03:37,000 Speaker 1: then it's been sliding down. I'm gonna talk about how 74 00:03:37,040 --> 00:03:40,120 Speaker 1: far it's down, especially in relation to some of the 75 00:03:40,120 --> 00:03:43,320 Speaker 1: other tech darlins. But in bitcoin, steep sell off as 76 00:03:43,320 --> 00:03:46,320 Speaker 1: well as that of other cryptocurrencies has been profound, and 77 00:03:46,360 --> 00:03:49,680 Speaker 1: there's been more profound than other alternative investments such as 78 00:03:49,840 --> 00:03:53,760 Speaker 1: private equity, private debt, and real estate. A couple of 79 00:03:53,760 --> 00:03:56,720 Speaker 1: things I'd say about that private equity. Private equity, that's 80 00:03:56,760 --> 00:03:59,160 Speaker 1: not a liquid market, it's not marked to market. What 81 00:03:59,200 --> 00:04:01,200 Speaker 1: does that mean? It's not really we don't know the 82 00:04:01,240 --> 00:04:04,200 Speaker 1: price of that every day. UM. A lot of private equity, 83 00:04:04,480 --> 00:04:06,400 Speaker 1: especially when it comes to like venture type deals. You 84 00:04:06,440 --> 00:04:08,440 Speaker 1: may not know how that shapes out for seven to 85 00:04:08,560 --> 00:04:12,080 Speaker 1: ten years. UM. Private debt, again, that's not marked to market, 86 00:04:12,080 --> 00:04:14,120 Speaker 1: there's no liquid event. Real estate it's not marked to 87 00:04:14,160 --> 00:04:17,760 Speaker 1: market either, and so um, of course it's much more volatile, 88 00:04:17,760 --> 00:04:20,960 Speaker 1: it's much more profound. In their words, but it said therefore, 89 00:04:21,000 --> 00:04:24,880 Speaker 1: the Bank envisions more room for a rebound in the 90 00:04:24,880 --> 00:04:28,200 Speaker 1: digital assets class than in other alternative classes. So what 91 00:04:28,240 --> 00:04:31,360 Speaker 1: they're saying is that because bitcoin has sold off more 92 00:04:31,640 --> 00:04:34,800 Speaker 1: than equity, private debt, and real estate, they expect there 93 00:04:34,800 --> 00:04:38,400 Speaker 1: to be more of a rebound. So notice they didn't 94 00:04:38,440 --> 00:04:40,360 Speaker 1: say they think it's going to zero and it's going 95 00:04:40,400 --> 00:04:43,200 Speaker 1: to crash. What they're saying is, no, it's going to rebound, 96 00:04:43,200 --> 00:04:46,000 Speaker 1: and it's going to rebound even faster than those other 97 00:04:46,120 --> 00:04:51,479 Speaker 1: alternative classes. Quote here it says we quote we thus 98 00:04:51,640 --> 00:04:57,240 Speaker 1: replace real estate with digital assets as are preferred alternative 99 00:04:57,279 --> 00:05:01,159 Speaker 1: asset class along with hedge funds. That's what they wrote 100 00:05:01,200 --> 00:05:04,279 Speaker 1: for the Strategist. So now they're saying that we think 101 00:05:04,320 --> 00:05:07,719 Speaker 1: that bitcoin is better than real estate. That's what they're saying. 102 00:05:08,520 --> 00:05:10,760 Speaker 1: I guess what they're saying is they think that over 103 00:05:10,800 --> 00:05:14,760 Speaker 1: the next you know, near term, that bitcoin will rebound 104 00:05:14,839 --> 00:05:18,480 Speaker 1: faster and higher than real estate, and it's their preferral 105 00:05:18,480 --> 00:05:24,280 Speaker 1: turn of asset class. JP Morgan strategists reportedly said um 106 00:05:24,360 --> 00:05:27,120 Speaker 1: that they're sticking with their view that thirty eight thousand 107 00:05:27,160 --> 00:05:31,360 Speaker 1: dollars was a fair price for bitcoin. It's about twenty 108 00:05:31,400 --> 00:05:35,160 Speaker 1: seven point five percent higher than its current price of 109 00:05:35,200 --> 00:05:39,280 Speaker 1: about twenty nine thirty thousand dollars right now. So a 110 00:05:39,320 --> 00:05:40,800 Speaker 1: lot of times people want to know, is it a 111 00:05:40,800 --> 00:05:42,560 Speaker 1: good price? Is it dog? Should I buy? Should I? 112 00:05:42,560 --> 00:05:44,359 Speaker 1: Should I not buy? They say that they think the 113 00:05:44,400 --> 00:05:48,720 Speaker 1: fair market prices thirty eight thousand, which is higher than 114 00:05:48,760 --> 00:05:52,560 Speaker 1: where it is today. So what does that mean? Does 115 00:05:52,600 --> 00:05:55,880 Speaker 1: that mean that it's going straight up to thirty No, 116 00:05:55,960 --> 00:05:58,279 Speaker 1: it definitely doesn't mean. That doesn't mean that it can't 117 00:05:58,400 --> 00:06:00,760 Speaker 1: drop lower than here. No, it doesn't mean that either. 118 00:06:01,560 --> 00:06:03,960 Speaker 1: But what it does mean is that they're they're they're 119 00:06:04,000 --> 00:06:07,200 Speaker 1: projecting what they think to be a fair market valuation 120 00:06:07,320 --> 00:06:13,440 Speaker 1: today of about thirty thousand dollars now. As an investor, 121 00:06:14,040 --> 00:06:16,800 Speaker 1: the goal is to buy low and sell high. Right, 122 00:06:17,080 --> 00:06:20,520 Speaker 1: That's easy, Well, it's easier said than done anyway. Uh, 123 00:06:21,279 --> 00:06:22,640 Speaker 1: it's so easy to buy low, But how do you 124 00:06:22,680 --> 00:06:23,680 Speaker 1: know when it's low? And how do you know if 125 00:06:23,720 --> 00:06:25,640 Speaker 1: it's gonna go high. Well, you're trying to figure out 126 00:06:25,720 --> 00:06:29,760 Speaker 1: what these fair market valuations are, and so I think, Um, 127 00:06:29,800 --> 00:06:31,479 Speaker 1: what they're saying is that they think the fair market 128 00:06:31,480 --> 00:06:33,919 Speaker 1: bios thirty eight thousand. So anytime you can buy below 129 00:06:34,000 --> 00:06:38,240 Speaker 1: that value, that would be considered a bargain. Now, that 130 00:06:38,279 --> 00:06:40,480 Speaker 1: doesn't mean that fair market value won't continue to go up, 131 00:06:40,520 --> 00:06:42,960 Speaker 1: which of course it will. JP Morgan and City Bank 132 00:06:43,000 --> 00:06:45,080 Speaker 1: have also put out guidance. They think that bitcoin will 133 00:06:45,160 --> 00:06:50,000 Speaker 1: overtake gold Well Gold about a twelve trillion dollar asset, 134 00:06:50,360 --> 00:06:53,599 Speaker 1: which gives us about a twenty x upside from here 135 00:06:53,839 --> 00:06:56,880 Speaker 1: just from that alone. You know, when you're looking at 136 00:06:57,000 --> 00:07:00,720 Speaker 1: venture type deals, well, you're trying typically trying to do 137 00:07:00,720 --> 00:07:02,920 Speaker 1: is trying to invest into a company that's going to 138 00:07:02,960 --> 00:07:05,680 Speaker 1: create a new category. So for example, Uber of us 139 00:07:05,720 --> 00:07:08,279 Speaker 1: an example before. But with Uber, let's say that you know, 140 00:07:08,360 --> 00:07:10,920 Speaker 1: you're in Silicon Valley getting pitched Uber and they're like, hey, 141 00:07:10,960 --> 00:07:13,320 Speaker 1: I have this app and it's gonna help you ride 142 00:07:13,360 --> 00:07:15,480 Speaker 1: chairs and people can be able to call cars from 143 00:07:15,520 --> 00:07:17,320 Speaker 1: their phone. And you're like, well that's stupid. I've never 144 00:07:17,320 --> 00:07:19,560 Speaker 1: heard of that before. Um, how much do you think 145 00:07:19,600 --> 00:07:20,920 Speaker 1: it's worth and they're like, oh, it's worth a hundred 146 00:07:20,920 --> 00:07:23,840 Speaker 1: million dollars, Like, well, I never even heard of this before. 147 00:07:23,880 --> 00:07:25,400 Speaker 1: How that did come up with a hundred million dollars. 148 00:07:25,400 --> 00:07:28,200 Speaker 1: That's that's a ridiculous evaluation. Well, um, you know, the 149 00:07:28,240 --> 00:07:30,280 Speaker 1: taxi industry is this big, and the limon industry is 150 00:07:30,280 --> 00:07:32,800 Speaker 1: this big, and the van chair rideshare industry is this big, 151 00:07:32,840 --> 00:07:34,280 Speaker 1: and if we can get five percent of each of those, 152 00:07:34,640 --> 00:07:36,080 Speaker 1: then we can get to a hundred million. Right, So 153 00:07:36,120 --> 00:07:38,200 Speaker 1: something like that. And you would also look at the 154 00:07:38,240 --> 00:07:40,880 Speaker 1: same with bitcoin, if it can overtake gold per City 155 00:07:40,880 --> 00:07:45,120 Speaker 1: Bank and JP Morgan's guidance, Well, that's a like I said, 156 00:07:45,160 --> 00:07:47,640 Speaker 1: t X right there. Okay, what else, Well, it's kind 157 00:07:47,640 --> 00:07:50,080 Speaker 1: of like having a Swiss bank account in your pocket. 158 00:07:50,640 --> 00:07:52,720 Speaker 1: Swiss bank accounts have always been the best place to 159 00:07:52,880 --> 00:07:56,120 Speaker 1: park money offshore, but not so much anymore now these 160 00:07:56,160 --> 00:07:58,760 Speaker 1: rush ridges and oligarcs are getting their accounts frozen. However, 161 00:07:58,800 --> 00:08:01,560 Speaker 1: the rich still put their money into offshore bank accounts 162 00:08:02,000 --> 00:08:05,280 Speaker 1: to protect it. And there's about forty trillion sitting in 163 00:08:05,320 --> 00:08:07,080 Speaker 1: offshore bank accounts. Could to get ten percent of that, well, 164 00:08:07,120 --> 00:08:10,880 Speaker 1: there's another four trillion there. There's twenty trillion dollars in 165 00:08:11,440 --> 00:08:15,120 Speaker 1: negative yielding bonds could have take five or tempercent of that. Okay, 166 00:08:15,120 --> 00:08:17,400 Speaker 1: there's another two two to four trillion dollars and very 167 00:08:17,440 --> 00:08:20,440 Speaker 1: quickly you can see how fast that can start adding up. 168 00:08:20,520 --> 00:08:22,760 Speaker 1: So while they say that they think the fair market 169 00:08:22,840 --> 00:08:25,400 Speaker 1: value today is thirty, doesn't mean that's where the cap is. 170 00:08:26,040 --> 00:08:27,680 Speaker 1: That doesn't mean where it's going to go. And it 171 00:08:27,720 --> 00:08:30,400 Speaker 1: depends on obviously what time frame you're looking at. I 172 00:08:30,520 --> 00:08:32,280 Speaker 1: like to think if you're gonna hold bitcoin for at 173 00:08:32,360 --> 00:08:34,920 Speaker 1: least three years, you don't really need to worry about it. 174 00:08:34,920 --> 00:08:37,720 Speaker 1: And I say three years because there's never been a 175 00:08:37,880 --> 00:08:41,319 Speaker 1: point that you could have bought and been underwater three 176 00:08:41,400 --> 00:08:43,480 Speaker 1: years later. If you would have bought at the peak 177 00:08:43,520 --> 00:08:47,720 Speaker 1: in twenty dollars took about three years to get back 178 00:08:47,720 --> 00:08:51,400 Speaker 1: to a new new all time high. Um. But it's 179 00:08:51,440 --> 00:08:53,439 Speaker 1: not just that there's a new report here that I 180 00:08:53,520 --> 00:08:55,920 Speaker 1: want to talk about says that bitcoin is better than 181 00:08:55,960 --> 00:08:59,559 Speaker 1: the NASDAK. Now NASDAC is all the tech heavy stocks, 182 00:08:59,600 --> 00:09:03,600 Speaker 1: the fay, Facebook, Apple, Netflix, Google, et cetera. And I 183 00:09:03,640 --> 00:09:05,280 Speaker 1: want to show you that you know, bitcoin is too 184 00:09:05,320 --> 00:09:09,080 Speaker 1: volatile supposedly, but is it Is it doing better than 185 00:09:09,080 --> 00:09:11,600 Speaker 1: the fan stocks. I want to talk about that and more. 186 00:09:11,960 --> 00:09:13,640 Speaker 1: I got I got some numbers in front of me 187 00:09:13,640 --> 00:09:16,040 Speaker 1: and it is going to shock. You're gonna be blown 188 00:09:16,040 --> 00:09:18,640 Speaker 1: away here, um, and I got some stuff coming out 189 00:09:18,679 --> 00:09:20,640 Speaker 1: of the bankers and you'll be surprised what they said. 190 00:09:20,800 --> 00:09:24,040 Speaker 1: You're listening to the markma Show. We're talking about bitcoin, cryptocurrencies, 191 00:09:24,080 --> 00:09:28,200 Speaker 1: the decentralized Revolution, breaking it down for you play by 192 00:09:28,240 --> 00:09:30,400 Speaker 1: play so you can navigate this correctly and more. I'm 193 00:09:30,400 --> 00:09:31,920 Speaker 1: gonna be back with all that in a second, so 194 00:09:32,000 --> 00:09:34,400 Speaker 1: don't go away, all right, Welcome back. You are listening 195 00:09:34,400 --> 00:09:37,120 Speaker 1: to the Mark Moa Show. We're talking about bitcoin, We're 196 00:09:37,160 --> 00:09:41,520 Speaker 1: talking about the decentralized Revolution, and we are narrating it. 197 00:09:41,559 --> 00:09:44,400 Speaker 1: We're navigating it for you so you can take advantage 198 00:09:44,400 --> 00:09:46,160 Speaker 1: of it, not be left behind. Now, before the break, 199 00:09:46,160 --> 00:09:50,400 Speaker 1: I was talking about JP Morgan changing their story. You know, 200 00:09:50,400 --> 00:09:51,880 Speaker 1: if you can't beat them, join them kind of thing. 201 00:09:52,000 --> 00:09:54,280 Speaker 1: Or maybe it's the Gandhi quote which is first they 202 00:09:54,360 --> 00:09:57,320 Speaker 1: laugh at you, then they fight you, and then they 203 00:09:57,400 --> 00:09:59,439 Speaker 1: join you kind of a thing. But Jimmy Diamond JP 204 00:09:59,520 --> 00:10:03,320 Speaker 1: Morgan has been way outspoken against bitcoin, saying they would 205 00:10:03,320 --> 00:10:06,360 Speaker 1: fire anybody who even traded it. And here they are 206 00:10:06,440 --> 00:10:09,160 Speaker 1: now saying that they think it's gonna overtake gold, and 207 00:10:09,520 --> 00:10:13,560 Speaker 1: they think that there's a upside on bitcoin right now 208 00:10:13,600 --> 00:10:17,200 Speaker 1: today based off what they consider the fair market valuation, 209 00:10:17,280 --> 00:10:20,800 Speaker 1: which is pretty amazing. Um. Now that's their guidance. I 210 00:10:20,840 --> 00:10:23,160 Speaker 1: don't know if that's not necessarily my opinion. Um. Another 211 00:10:23,200 --> 00:10:26,240 Speaker 1: analyst that I follow a good friend, Nick Bottia. He's 212 00:10:26,240 --> 00:10:29,160 Speaker 1: been on the show before. UM. He put out some 213 00:10:29,160 --> 00:10:32,400 Speaker 1: some reports this week showing based off of about five 214 00:10:32,440 --> 00:10:34,560 Speaker 1: different metrics that he put out that he thinks maybe 215 00:10:34,640 --> 00:10:37,960 Speaker 1: it's more around Um, the bottom, I should say is 216 00:10:38,000 --> 00:10:41,760 Speaker 1: around twenty to twenty, about twenty two thousand and so 217 00:10:41,800 --> 00:10:43,720 Speaker 1: what do I mean by that? The bottom meaning he 218 00:10:43,760 --> 00:10:46,440 Speaker 1: thinks that if if, if it did, if it could 219 00:10:46,480 --> 00:10:48,800 Speaker 1: get pushed down that far. And I'm not saying it 220 00:10:48,840 --> 00:10:51,080 Speaker 1: will and probably not JP morgansond is gonna go up. 221 00:10:52,240 --> 00:10:53,920 Speaker 1: But even if it did, if some if some of 222 00:10:53,960 --> 00:10:57,560 Speaker 1: these hedge funds attacked it, you know, um, you know, whatever, 223 00:10:57,640 --> 00:11:01,360 Speaker 1: the markets crashed and people rush for liquidity. He thinks 224 00:11:01,360 --> 00:11:02,880 Speaker 1: that even if it got down there, that would be 225 00:11:02,880 --> 00:11:05,400 Speaker 1: the absolute bottom and people would buy it back up 226 00:11:05,440 --> 00:11:07,520 Speaker 1: from there. UM. And so you know, we'll have to 227 00:11:07,520 --> 00:11:09,880 Speaker 1: wait and see. So if the bottom is somewhere around 228 00:11:09,880 --> 00:11:13,680 Speaker 1: twenty and then the current fair market values UM forty, 229 00:11:13,880 --> 00:11:17,400 Speaker 1: that means you're risk to reward ratio is pretty good. 230 00:11:19,080 --> 00:11:21,400 Speaker 1: I think, I said, if it just overtakes gold, I 231 00:11:21,440 --> 00:11:22,959 Speaker 1: mean that's a twenty x upside. So I have a 232 00:11:23,120 --> 00:11:27,760 Speaker 1: twenty x upside with a you know, zero point two 233 00:11:27,760 --> 00:11:31,120 Speaker 1: percent downside. Like I like those odds. Those are pretty 234 00:11:31,120 --> 00:11:35,240 Speaker 1: good odds and you should too. Now, the the stock 235 00:11:35,400 --> 00:11:37,960 Speaker 1: market and really the economy United States has been driven 236 00:11:38,080 --> 00:11:41,600 Speaker 1: by the tech stocks over the last twenty years, of course, 237 00:11:41,600 --> 00:11:44,040 Speaker 1: and over the last decades specifically, it's been driven by 238 00:11:44,120 --> 00:11:49,480 Speaker 1: internet stocks. We talked about the fangs. The fangs are Facebook, Apple, Netflix, Google, Right, 239 00:11:49,520 --> 00:11:51,480 Speaker 1: those kind of lead lead it, and all the tech 240 00:11:51,480 --> 00:11:53,320 Speaker 1: stocks are are Most of these tech stocks are in 241 00:11:53,520 --> 00:11:57,320 Speaker 1: the Nasdaq INDEXI, of the SMP five, of the nasdacum 242 00:11:57,360 --> 00:11:59,520 Speaker 1: et cetera. And so the NASDAC has been the place 243 00:11:59,559 --> 00:12:02,120 Speaker 1: to be in So financial advisors they like to talk 244 00:12:02,160 --> 00:12:06,880 Speaker 1: about how, um, how bitcoin is, uh, you know, it's 245 00:12:06,920 --> 00:12:08,760 Speaker 1: a new asset. It's maybe it's like a tech stock. 246 00:12:08,800 --> 00:12:11,600 Speaker 1: It's been kind of trading along with the NASTAC sort 247 00:12:11,640 --> 00:12:13,880 Speaker 1: of like it's been treated like that, and because it's 248 00:12:13,920 --> 00:12:16,000 Speaker 1: trading along with that, it's it's got a lot of 249 00:12:16,320 --> 00:12:20,160 Speaker 1: high correlation, so meaning they're correlated moving together up and down, 250 00:12:20,160 --> 00:12:22,560 Speaker 1: which they are. And I think what that demonstrates really 251 00:12:22,920 --> 00:12:26,400 Speaker 1: mostly is just that a lot of these tech investors 252 00:12:26,600 --> 00:12:28,760 Speaker 1: are also invested in the bitcoin right now, and so 253 00:12:28,800 --> 00:12:31,440 Speaker 1: they just treat it like everything else in their portfolio. Now, 254 00:12:31,480 --> 00:12:34,480 Speaker 1: everything is correlated until it's not, and so it doesn't 255 00:12:34,480 --> 00:12:37,000 Speaker 1: mean it always will be that way. But I think 256 00:12:37,040 --> 00:12:40,200 Speaker 1: that if we if we look at this, if we 257 00:12:40,400 --> 00:12:41,719 Speaker 1: if we looked at you know, a lot of a 258 00:12:41,760 --> 00:12:44,320 Speaker 1: lot of these tech investors look at bitcoin as another 259 00:12:44,480 --> 00:12:48,320 Speaker 1: tech play. So could bitcoin be like the next Amazon, 260 00:12:48,559 --> 00:12:50,680 Speaker 1: Not in a sense of what it does or the 261 00:12:50,800 --> 00:12:53,440 Speaker 1: use case of it, but just in how um the 262 00:12:53,520 --> 00:12:56,160 Speaker 1: valuation could grow? Things like that, Um could it be 263 00:12:56,200 --> 00:12:59,680 Speaker 1: the next Bitcoin? Could it be like the next Apple, Facebook, etcetera. 264 00:13:00,200 --> 00:13:02,520 Speaker 1: But I think that, um, if you look at it 265 00:13:02,600 --> 00:13:07,320 Speaker 1: that way, it's way too small, it's way too limiting. 266 00:13:07,920 --> 00:13:11,439 Speaker 1: I think a much better analogy would be to look 267 00:13:11,480 --> 00:13:16,520 Speaker 1: at um bitcoin as the nasdack. Not one of the 268 00:13:16,520 --> 00:13:19,600 Speaker 1: companies in the NASTACK, but as the NASTACK because what 269 00:13:19,640 --> 00:13:22,440 Speaker 1: we're seeing is we're seeing all of these companies now 270 00:13:22,520 --> 00:13:27,040 Speaker 1: being built on bitcoin, just like all these other companies 271 00:13:27,080 --> 00:13:30,000 Speaker 1: are on the NASDAC listed on the NASDAC. Now all 272 00:13:30,040 --> 00:13:32,400 Speaker 1: these other companies are being built on bitcoin. We're gonna 273 00:13:32,400 --> 00:13:34,680 Speaker 1: talk about some of this new technology that's being built 274 00:13:34,679 --> 00:13:37,240 Speaker 1: on bitcoin in a minute. But if we look at 275 00:13:37,280 --> 00:13:40,199 Speaker 1: this like I said, these, you know, most of the 276 00:13:40,240 --> 00:13:42,760 Speaker 1: tech investors, most of the stock investors, really most of 277 00:13:42,800 --> 00:13:44,880 Speaker 1: the wealth that's been created in the stock market has 278 00:13:44,960 --> 00:13:48,480 Speaker 1: come from this tech sector. The top seven companies in 279 00:13:48,559 --> 00:13:54,880 Speaker 1: the index are Apple, Microsoft, Google, alphabet Um, Amazon, Tesla 280 00:13:55,120 --> 00:13:58,520 Speaker 1: and Video and Facebook or Meta as it's called, which 281 00:13:58,800 --> 00:14:03,680 Speaker 1: have generated in trillion dollars worth of wealth in the 282 00:14:03,760 --> 00:14:07,480 Speaker 1: last decade alone, which is pretty big. But they're not 283 00:14:07,559 --> 00:14:10,160 Speaker 1: quite the darlings that they have always been. And so 284 00:14:10,240 --> 00:14:13,040 Speaker 1: what we've seen for a couple of things. One well 285 00:14:13,080 --> 00:14:15,800 Speaker 1: we really saw through the election process in is that 286 00:14:15,840 --> 00:14:19,640 Speaker 1: there's a lot of regulatory risk that's been coming to 287 00:14:19,960 --> 00:14:22,920 Speaker 1: these tech stocks. So um, everyone talks about we'll just 288 00:14:22,960 --> 00:14:26,600 Speaker 1: wait until they regulate bitcoin, which I would respond with, well, 289 00:14:26,680 --> 00:14:29,880 Speaker 1: bitcoin is already regulated. As a matter of fact, is 290 00:14:29,920 --> 00:14:34,920 Speaker 1: probably the most regulated asset in the world. Every financial 291 00:14:35,040 --> 00:14:38,400 Speaker 1: or every regulation is in entity in the United States 292 00:14:38,480 --> 00:14:41,840 Speaker 1: already regulates it, with the I r S, the SEC, 293 00:14:42,440 --> 00:14:45,840 Speaker 1: the c f TC, we got FNS in I mean, 294 00:14:45,880 --> 00:14:49,480 Speaker 1: you name it. Everybody has put regulations on top of bitcoin, 295 00:14:49,520 --> 00:14:51,600 Speaker 1: and they don't all chime in on other types of assets, 296 00:14:51,800 --> 00:14:53,440 Speaker 1: and so it's already there. But what we're seeing is 297 00:14:53,480 --> 00:14:57,920 Speaker 1: increased regulations against these um text stocks and so um. 298 00:14:57,960 --> 00:15:00,200 Speaker 1: You know with President Trump, you saw you get off 299 00:15:00,200 --> 00:15:02,200 Speaker 1: of Twitter, but before he got kicked off of Twitter, 300 00:15:02,240 --> 00:15:05,640 Speaker 1: they were talking about I'm repealing this protection this section 301 00:15:05,760 --> 00:15:07,800 Speaker 1: two oh three um that they have. I'm not going 302 00:15:07,880 --> 00:15:10,960 Speaker 1: to get deep into that right now, but you know, 303 00:15:11,240 --> 00:15:18,080 Speaker 1: there's allegations of monopolies being built, of manipulation alex and Tampa, Tampa, tampering, 304 00:15:18,560 --> 00:15:22,200 Speaker 1: of you know, censoring, things like that, and I think 305 00:15:22,520 --> 00:15:24,480 Speaker 1: more and more people are starting to wake up and 306 00:15:24,520 --> 00:15:28,040 Speaker 1: see this. The regulators are, the politicians are starting to 307 00:15:28,040 --> 00:15:30,600 Speaker 1: see this as well, and there's there's a lot of 308 00:15:30,640 --> 00:15:34,640 Speaker 1: regulatory risk there and I think the future of tech 309 00:15:34,680 --> 00:15:37,080 Speaker 1: stocks is greatly diminished because of that. I think we've 310 00:15:37,120 --> 00:15:40,320 Speaker 1: seen all this growth, but in this environment that we're 311 00:15:40,360 --> 00:15:42,920 Speaker 1: in all the money in the markets is rotating from 312 00:15:43,200 --> 00:15:47,040 Speaker 1: tech and growth and moving into value commodities, things like 313 00:15:47,080 --> 00:15:51,120 Speaker 1: that UM with less liquidity, without the ability to borrow 314 00:15:51,120 --> 00:15:53,080 Speaker 1: a bunch of money, it's gonna make it harder for 315 00:15:53,160 --> 00:15:55,480 Speaker 1: them to grow. And I don't see them repeating the 316 00:15:55,480 --> 00:15:59,400 Speaker 1: tech X return over the next decade. That's where bitcoin 317 00:15:59,520 --> 00:16:01,560 Speaker 1: comes in. I think bitcoin can outperform that. Now. A 318 00:16:01,640 --> 00:16:03,840 Speaker 1: lot of people say that bitcoin is two volatile. It's 319 00:16:03,880 --> 00:16:06,960 Speaker 1: two volatil. Right, let's take a look at that. So 320 00:16:07,120 --> 00:16:10,960 Speaker 1: year to date from January one to today, Bitcoin is 321 00:16:11,000 --> 00:16:13,880 Speaker 1: down thirty seven it's a big drop. I'm not gonna 322 00:16:13,960 --> 00:16:16,200 Speaker 1: lie seven percent. But you know else is down thirty 323 00:16:16,240 --> 00:16:19,440 Speaker 1: percent year to date. Tesla. Tesla's down thirty seven percent 324 00:16:19,520 --> 00:16:22,400 Speaker 1: year to date. Amazon It's down thirty four percent year 325 00:16:22,400 --> 00:16:26,400 Speaker 1: to date, about the same. Netflix is down sixty eight 326 00:16:26,600 --> 00:16:31,240 Speaker 1: percent year to date, almost double whipitcoins down. Shopify is 327 00:16:31,280 --> 00:16:36,880 Speaker 1: down seventy five percent year to date. Meta Facebook is 328 00:16:36,920 --> 00:16:40,360 Speaker 1: down forty four percent. So when you look at the 329 00:16:40,400 --> 00:16:47,800 Speaker 1: tech stocks Tesla, Amazon, Netflix, Shopify, Facebook, Bitcoin is doing better. So, yes, 330 00:16:47,800 --> 00:16:49,960 Speaker 1: it's down, I'm not gonna say it's not. I'm not 331 00:16:50,000 --> 00:16:52,520 Speaker 1: gonna lie to you it's down, but not as much 332 00:16:52,520 --> 00:16:58,240 Speaker 1: as Tesla, Amazon, Netflix, Shopify, Meta, Googles down. So not 333 00:16:58,320 --> 00:17:01,560 Speaker 1: quite as bad and so big. As I said, bitcoin 334 00:17:01,640 --> 00:17:03,800 Speaker 1: is is being looked at as like a tech stock. 335 00:17:03,840 --> 00:17:06,760 Speaker 1: It's trading along with the NASDAC. There's a high correlation 336 00:17:06,800 --> 00:17:09,800 Speaker 1: there now. Doesn't mean there will always be there, but 337 00:17:09,840 --> 00:17:12,719 Speaker 1: it is there now. But it seems to be holding 338 00:17:12,800 --> 00:17:17,159 Speaker 1: up better than Tesla, Amazon, Netflix, Shopify, and Facebook Meta. 339 00:17:17,440 --> 00:17:20,800 Speaker 1: So is it too volatile? Well, if you think that's 340 00:17:20,800 --> 00:17:22,919 Speaker 1: too volatile, then you also have to think all of 341 00:17:22,960 --> 00:17:27,680 Speaker 1: those are too volatile as well. Now, volatility is also 342 00:17:27,720 --> 00:17:29,720 Speaker 1: a good thing, right. Volatility works both ways. It goes 343 00:17:29,800 --> 00:17:32,040 Speaker 1: up and down. How does an asset like bitcoin go 344 00:17:32,119 --> 00:17:36,600 Speaker 1: from zero to being worth thirty thousand dollars today without volatility? 345 00:17:37,280 --> 00:17:39,600 Speaker 1: The answer is it doesn't. If it wasn't volatile at 346 00:17:39,640 --> 00:17:42,800 Speaker 1: alogyy stuck at zero forever. And so you want volatility, 347 00:17:43,560 --> 00:17:46,480 Speaker 1: you want prices to go up and down, and that's 348 00:17:46,480 --> 00:17:49,080 Speaker 1: what's happening. Now you're listening to the Markmas show. We're 349 00:17:49,080 --> 00:17:52,200 Speaker 1: talking about, of course bitcoin, we're talking about um this 350 00:17:52,400 --> 00:17:54,720 Speaker 1: decentralized revolution that the world is going through, and we 351 00:17:54,760 --> 00:17:57,320 Speaker 1: do that by looking at finance which we're doing right now. 352 00:17:57,359 --> 00:17:59,880 Speaker 1: Of course we do that through looking at politics, which 353 00:18:00,000 --> 00:18:03,840 Speaker 1: affects the finance, and of course how technology reshapes the world. 354 00:18:04,440 --> 00:18:05,879 Speaker 1: I have a lot more to cover. I want to 355 00:18:05,920 --> 00:18:08,720 Speaker 1: talk about what some of these people at World That 356 00:18:08,880 --> 00:18:11,080 Speaker 1: Comic Forms said about Swift. I want to talk about 357 00:18:11,119 --> 00:18:13,439 Speaker 1: the FED chair, talking about cb d c S, I 358 00:18:13,440 --> 00:18:15,760 Speaker 1: want to talk about what's happening with the central bankers, 359 00:18:15,920 --> 00:18:18,600 Speaker 1: and so much more. Don't go away, all right, welcome back. 360 00:18:18,600 --> 00:18:20,639 Speaker 1: You are listening to the Mark Moa show where we 361 00:18:20,680 --> 00:18:23,280 Speaker 1: talk about bitcoin. We talked about cryptocurrencies, and we talk 362 00:18:23,359 --> 00:18:27,640 Speaker 1: about the decentralized revolution, and I was talking about before 363 00:18:27,640 --> 00:18:30,760 Speaker 1: the break, how we're seeing this massive shift going on 364 00:18:30,840 --> 00:18:33,000 Speaker 1: right before our very eyes. Of course in more ways 365 00:18:33,040 --> 00:18:35,400 Speaker 1: than we can count, one of which is a capitulation 366 00:18:35,480 --> 00:18:38,160 Speaker 1: by some of these Wall Street banker types. I'm talking 367 00:18:38,160 --> 00:18:39,960 Speaker 1: about Jamie Diamond, head of the biggest bank in the 368 00:18:40,000 --> 00:18:43,959 Speaker 1: United States, maybe the world. JP Morgan, and how he 369 00:18:44,000 --> 00:18:48,000 Speaker 1: went from Bitcoin's the biggest fraud scam thing in the 370 00:18:48,040 --> 00:18:50,679 Speaker 1: world to um and if anybody at JP Morgan ever 371 00:18:50,680 --> 00:18:54,040 Speaker 1: traded it on fire, him too. Now JP Morgan putting 372 00:18:54,040 --> 00:18:56,720 Speaker 1: out guidance saying it's gonna overtake bitcoin and how they 373 00:18:56,720 --> 00:19:00,840 Speaker 1: think it's um has upside today from where they consider 374 00:19:00,840 --> 00:19:05,760 Speaker 1: its fair market value. Pretty amazing, pretty big about face 375 00:19:05,880 --> 00:19:09,120 Speaker 1: if you will, UM. And we're seeing it all over 376 00:19:09,119 --> 00:19:11,239 Speaker 1: the place. I mean it, it is, it's all over 377 00:19:11,280 --> 00:19:14,399 Speaker 1: the place. We saw this week that at the Federal 378 00:19:14,440 --> 00:19:19,480 Speaker 1: Reserve UM the FED Vice chair Lele Brainerd. She was 379 00:19:19,760 --> 00:19:24,280 Speaker 1: being questioned by the House Committee on Financial Services asking 380 00:19:24,320 --> 00:19:28,280 Speaker 1: about um C b d C s UM, which stands 381 00:19:28,280 --> 00:19:31,880 Speaker 1: for central bank digital Currencies, and being asked specifically if 382 00:19:31,920 --> 00:19:36,480 Speaker 1: a cb d C could coexist with stable coins? So 383 00:19:36,600 --> 00:19:38,119 Speaker 1: what does that mean? And what does that have to 384 00:19:38,160 --> 00:19:39,840 Speaker 1: do with bitcoin? What does that do with the financial system? 385 00:19:39,840 --> 00:19:42,240 Speaker 1: Well a lot, so, the US Federal Reserved Vice Chair 386 00:19:42,280 --> 00:19:44,520 Speaker 1: Litle Brainard said that a central bank digital currency s 387 00:19:44,520 --> 00:19:49,000 Speaker 1: CBDC could, in fact, it could exist alongside stable coins 388 00:19:49,080 --> 00:19:53,080 Speaker 1: and provide a measure of safety. Why would it exist 389 00:19:53,440 --> 00:19:57,600 Speaker 1: provide a measure of safety? Well, let's talk about that. So, 390 00:19:57,880 --> 00:20:01,479 Speaker 1: she says, CBDCs could coexist with be complementary to stable 391 00:20:01,520 --> 00:20:05,840 Speaker 1: coins and commercial bank money by providing a safe central 392 00:20:05,880 --> 00:20:10,320 Speaker 1: bank liability in the digital financial ecosystem, much like cash 393 00:20:10,600 --> 00:20:15,639 Speaker 1: currently coexists with commercial bank money. So currently we have 394 00:20:15,640 --> 00:20:17,320 Speaker 1: stable coins. If you're not aware of what they are, 395 00:20:17,640 --> 00:20:21,200 Speaker 1: a stable coin is basically a token that represents a dollar. 396 00:20:21,320 --> 00:20:23,280 Speaker 1: So if I give you a dollar, if I give 397 00:20:23,320 --> 00:20:25,880 Speaker 1: a company a dollar, they give me back a token 398 00:20:26,440 --> 00:20:30,160 Speaker 1: that represents that dollar, and it's stable. It's a stable coin. 399 00:20:30,200 --> 00:20:33,520 Speaker 1: It's stable with a dollar. That token is always supposed 400 00:20:33,520 --> 00:20:36,920 Speaker 1: to be worth a dollar. And and it really got 401 00:20:37,040 --> 00:20:40,040 Speaker 1: um popular and famous, with a tether being the first one, 402 00:20:40,320 --> 00:20:43,320 Speaker 1: because it made it very easy to trade bitcoin and 403 00:20:43,359 --> 00:20:46,119 Speaker 1: other cryptocurrencies to go in and out of dollars because 404 00:20:46,400 --> 00:20:50,720 Speaker 1: in the beginning days, UH crypto exchanges didn't accept any 405 00:20:50,720 --> 00:20:52,800 Speaker 1: form of dollars, and so if I wanted to get 406 00:20:52,800 --> 00:20:55,120 Speaker 1: out of my position, I could go to a stable 407 00:20:55,160 --> 00:20:58,440 Speaker 1: coin token um whereas today a lot of exchanges now 408 00:20:58,560 --> 00:21:00,840 Speaker 1: do operate in US dollars, so that's kind of taken 409 00:21:00,880 --> 00:21:03,359 Speaker 1: away some of that. But we have all these stable coins, 410 00:21:03,359 --> 00:21:05,000 Speaker 1: and there's lots of them out there now and they're 411 00:21:05,000 --> 00:21:07,879 Speaker 1: really getting out around the world, which, um, you know, 412 00:21:07,920 --> 00:21:11,440 Speaker 1: from a central bank, especially from a Federal Reserve US 413 00:21:11,720 --> 00:21:13,960 Speaker 1: centric viewpoint of central bank, that's a good thing because 414 00:21:14,000 --> 00:21:15,960 Speaker 1: there's more dollars going out to the rest of the world. 415 00:21:16,040 --> 00:21:20,399 Speaker 1: More people are using dollars now, I've I think it 416 00:21:20,440 --> 00:21:21,840 Speaker 1: was a week or two ago I was talking about 417 00:21:21,840 --> 00:21:25,160 Speaker 1: this whole meltdown of this Luna Tera stable coin token. 418 00:21:25,200 --> 00:21:27,640 Speaker 1: I don't want to go super deep into that again, um, 419 00:21:27,680 --> 00:21:30,840 Speaker 1: but that was one form of a stable coin, and 420 00:21:30,960 --> 00:21:34,399 Speaker 1: that was this algorithmically controlled stable coin where they were 421 00:21:34,400 --> 00:21:39,200 Speaker 1: trying to create this fancy complicated algorithm that the stable coin, 422 00:21:39,240 --> 00:21:42,399 Speaker 1: when you give him the dollar, that dollar token that 423 00:21:42,440 --> 00:21:44,800 Speaker 1: you now received would be redeemable not for a dollar, 424 00:21:45,200 --> 00:21:49,480 Speaker 1: but redeemable for a token that a Terra Luna token, 425 00:21:49,560 --> 00:21:53,000 Speaker 1: that you would get a dollar's worth of it. But 426 00:21:53,080 --> 00:21:56,520 Speaker 1: what happened was the valuation of those Tera Luna tokens 427 00:21:56,520 --> 00:22:01,080 Speaker 1: went from about fifty billion down to zero, so there 428 00:22:01,160 --> 00:22:04,320 Speaker 1: was no dollars worth of those tokens left to get. 429 00:22:04,359 --> 00:22:06,000 Speaker 1: So that's a big problem. I broke all that down 430 00:22:06,000 --> 00:22:07,840 Speaker 1: for you. So when you're looking at stable coins, you 431 00:22:07,840 --> 00:22:11,000 Speaker 1: have a couple of different ones. And so what I warned, 432 00:22:11,040 --> 00:22:12,919 Speaker 1: and I would continue to pound the table on warning, 433 00:22:13,040 --> 00:22:18,439 Speaker 1: is that any stable coin token that's not backed or 434 00:22:18,520 --> 00:22:22,280 Speaker 1: I should say fully reserved with dollars is going to 435 00:22:22,280 --> 00:22:24,720 Speaker 1: be a problem. And why do why do I say 436 00:22:24,720 --> 00:22:27,119 Speaker 1: with dollars. Well, what a lot of these stable coins 437 00:22:27,160 --> 00:22:30,359 Speaker 1: like Tether have done is they say they're quote fully reserved, 438 00:22:31,280 --> 00:22:35,560 Speaker 1: But what are they reserved with. That's the question. If 439 00:22:35,560 --> 00:22:39,400 Speaker 1: they're reserved with terror Luna tokens that become worthless, then 440 00:22:39,440 --> 00:22:42,840 Speaker 1: there is no there's no reserve, right, there's no value there. 441 00:22:43,320 --> 00:22:45,800 Speaker 1: And what happens is it creates these runs on the bank. 442 00:22:45,840 --> 00:22:48,399 Speaker 1: So if if I'm holding these tokens, you're holding these tokens, 443 00:22:48,400 --> 00:22:50,200 Speaker 1: and we start to think that maybe there's a chance 444 00:22:50,200 --> 00:22:52,679 Speaker 1: we don't get our money back, then we'll all quickly 445 00:22:52,720 --> 00:22:55,320 Speaker 1: go to redeem those tokens and there won't be enough 446 00:22:55,359 --> 00:22:58,320 Speaker 1: money left because they're fractionally reserved. They don't have all 447 00:22:58,320 --> 00:23:00,959 Speaker 1: the reserves. So I think it's important understand that. And 448 00:23:01,720 --> 00:23:04,000 Speaker 1: as far as I know, there's two different stable coins 449 00:23:04,000 --> 00:23:07,200 Speaker 1: that are fully reserved with dollars. That's U s d 450 00:23:07,400 --> 00:23:10,920 Speaker 1: C and that's U g U s D So those 451 00:23:10,920 --> 00:23:12,560 Speaker 1: are only two that are fully reserved. The other ones 452 00:23:12,840 --> 00:23:15,280 Speaker 1: I'd be watching out for. But she's talking about and 453 00:23:15,320 --> 00:23:17,520 Speaker 1: so okay. So then um I made the case in 454 00:23:17,520 --> 00:23:21,880 Speaker 1: this other radio show podcast, is that these stable coin 455 00:23:21,920 --> 00:23:23,600 Speaker 1: companies that are doing this like Tera Loot and all 456 00:23:23,600 --> 00:23:26,040 Speaker 1: these other ones. It's sort of like this free banking 457 00:23:26,080 --> 00:23:27,800 Speaker 1: period that the United States had back in the late 458 00:23:27,840 --> 00:23:31,080 Speaker 1: eighteen hundreds, where a bank would open up, they'd create 459 00:23:31,119 --> 00:23:33,760 Speaker 1: their own currency, and they all have their own different 460 00:23:33,800 --> 00:23:35,800 Speaker 1: risks and rewards and paid out their own interest, and 461 00:23:35,880 --> 00:23:39,320 Speaker 1: many of them blew up. This was the reason why 462 00:23:39,359 --> 00:23:42,080 Speaker 1: they gave us for creation of the Central Bank. And 463 00:23:42,119 --> 00:23:44,520 Speaker 1: they said, all these banks are blowing up, and all 464 00:23:44,520 --> 00:23:47,080 Speaker 1: these people are losing their life savings, and so we 465 00:23:47,119 --> 00:23:51,800 Speaker 1: should create a central bank, the Federal Reserve, to backstop 466 00:23:52,000 --> 00:23:54,600 Speaker 1: all of these other banks. And so if one of 467 00:23:54,640 --> 00:23:57,520 Speaker 1: these banks fails, then we'll put the money in so 468 00:23:57,640 --> 00:24:00,200 Speaker 1: the people don't lose their deposits. Which you know, sounds 469 00:24:00,200 --> 00:24:03,159 Speaker 1: like a pretty good idea right off the bat. A 470 00:24:03,200 --> 00:24:06,200 Speaker 1: couple of things that are wrong with that one um 471 00:24:06,240 --> 00:24:10,960 Speaker 1: that takes away competition. So banks should survive and fail 472 00:24:11,359 --> 00:24:14,000 Speaker 1: based off of how good they are, the decisions they make, etcetera. 473 00:24:14,359 --> 00:24:17,000 Speaker 1: I have the choice, like with stable coins, I could 474 00:24:17,080 --> 00:24:19,359 Speaker 1: choose to use terror Luna and I could stake it 475 00:24:19,400 --> 00:24:22,720 Speaker 1: to earn, but I have to know that there's enormous 476 00:24:22,840 --> 00:24:24,480 Speaker 1: risk with that, and I could choose to take that 477 00:24:24,600 --> 00:24:27,400 Speaker 1: risk if I want, or I could choose to use 478 00:24:27,400 --> 00:24:29,280 Speaker 1: one that are fully reserved like us d C or 479 00:24:29,320 --> 00:24:32,680 Speaker 1: g U s D that offer no yield, and then 480 00:24:32,880 --> 00:24:34,840 Speaker 1: I would say, well, that is no risk and there's 481 00:24:34,840 --> 00:24:36,359 Speaker 1: no yield. Or I can take twenty yield and I 482 00:24:36,359 --> 00:24:38,600 Speaker 1: can take the risk and it's up to me, and 483 00:24:38,640 --> 00:24:41,120 Speaker 1: if that fails, that's on me. I took the risk. 484 00:24:41,200 --> 00:24:43,720 Speaker 1: But what it does it allows competition, It allows innovation, 485 00:24:43,760 --> 00:24:45,800 Speaker 1: allows new things to be tried, That allows me to 486 00:24:45,880 --> 00:24:48,680 Speaker 1: choose what I want to do UM. But what what 487 00:24:48,800 --> 00:24:50,920 Speaker 1: she's talking about here is creating the central bank digital 488 00:24:51,000 --> 00:24:57,280 Speaker 1: currency that could then backstop these UM stable coins. That's 489 00:24:57,280 --> 00:25:00,280 Speaker 1: what you're saying. They could protect them, which is no mobile. 490 00:25:00,680 --> 00:25:02,960 Speaker 1: But the problem is that it leads to the central 491 00:25:02,960 --> 00:25:04,760 Speaker 1: banks creating a bunch of money, and when they create 492 00:25:04,760 --> 00:25:07,040 Speaker 1: a bunch of money, they create lots of problems and 493 00:25:07,080 --> 00:25:10,840 Speaker 1: distortions in there UM. She also wrote that thoughtful regulation 494 00:25:11,080 --> 00:25:15,159 Speaker 1: is necessary given the recent collapse of Terra, USD and Luna. 495 00:25:15,480 --> 00:25:18,119 Speaker 1: The rapid ongoing evolution of the digital financial system at 496 00:25:18,119 --> 00:25:20,639 Speaker 1: the national, international level should lead us to frame the 497 00:25:20,760 --> 00:25:24,000 Speaker 1: question not as whether there is a need for essential 498 00:25:24,000 --> 00:25:27,600 Speaker 1: bank issue digital dollar today, but rather whether there may 499 00:25:27,640 --> 00:25:30,720 Speaker 1: be conditions in the future that may give rise to 500 00:25:30,960 --> 00:25:36,159 Speaker 1: such a need. So she's basically saying, look, um, we 501 00:25:36,200 --> 00:25:39,199 Speaker 1: need thoughtful regulation because look like this Terra Luna, it 502 00:25:39,240 --> 00:25:42,159 Speaker 1: blew up, and um, there may be more problems in 503 00:25:42,200 --> 00:25:45,000 Speaker 1: the future, and so we should probably build this out 504 00:25:45,040 --> 00:25:47,639 Speaker 1: now so that when these problems do come in the future, 505 00:25:47,720 --> 00:25:50,280 Speaker 1: we're able to handle that. And what I would say 506 00:25:50,359 --> 00:25:52,399 Speaker 1: is back to actually what I said before, which is 507 00:25:53,000 --> 00:25:56,240 Speaker 1: these companies should be allowed to innovate. These companies should 508 00:25:56,240 --> 00:25:58,439 Speaker 1: be allowed to try new things, and it should be 509 00:25:58,560 --> 00:26:01,280 Speaker 1: up to me to decide if I want to work 510 00:26:01,320 --> 00:26:04,680 Speaker 1: with them or not. Now, what I might like to see, 511 00:26:04,720 --> 00:26:07,320 Speaker 1: and I was interviewed about this, uh just earlier, what 512 00:26:07,359 --> 00:26:09,919 Speaker 1: I would like to see is maybe a requirement for 513 00:26:10,040 --> 00:26:13,119 Speaker 1: more transparency. What I would like to see is, you know, 514 00:26:13,280 --> 00:26:16,160 Speaker 1: more transparency so I can make informed decisions. But again 515 00:26:16,200 --> 00:26:19,119 Speaker 1: that's on me. So I was recently meeting with some 516 00:26:19,200 --> 00:26:20,719 Speaker 1: of the people. I'm not going to name the name 517 00:26:20,720 --> 00:26:22,520 Speaker 1: of the company, but I told them straight up, I said, look, 518 00:26:22,600 --> 00:26:25,360 Speaker 1: you need to have more transparency, because for me, I 519 00:26:25,400 --> 00:26:28,080 Speaker 1: can't work with your company because without that transparency I 520 00:26:28,119 --> 00:26:30,560 Speaker 1: don't know what my risk is and if I don't, 521 00:26:30,600 --> 00:26:32,800 Speaker 1: if I can't quantify my risk, I can't move forward 522 00:26:32,800 --> 00:26:35,040 Speaker 1: with you. And so UM, I think the market will 523 00:26:35,080 --> 00:26:36,880 Speaker 1: demand that. I would like to see that. I mean, 524 00:26:36,920 --> 00:26:39,439 Speaker 1: if if the regulators want to demand and regulate, they 525 00:26:39,440 --> 00:26:41,040 Speaker 1: come up with more transparency, I think they could be 526 00:26:41,080 --> 00:26:42,560 Speaker 1: a good thing. But I don't think they should take 527 00:26:42,600 --> 00:26:45,720 Speaker 1: away their ability to innovate. I want to continue to 528 00:26:45,760 --> 00:26:49,040 Speaker 1: see innovation. I want to continue to see UM people 529 00:26:49,080 --> 00:26:52,359 Speaker 1: trying new things, progress, et cetera. And I understand it's 530 00:26:52,400 --> 00:26:54,560 Speaker 1: gonna be risky, but it's up to me to decide 531 00:26:54,560 --> 00:26:56,280 Speaker 1: if I want to do that now smooth. He has 532 00:26:56,320 --> 00:26:59,040 Speaker 1: never made a skilled sailor, so if I lose my money, 533 00:26:59,560 --> 00:27:01,800 Speaker 1: that's on me. And guess what, I probably won't do 534 00:27:01,840 --> 00:27:03,639 Speaker 1: that again. And if I do do it again, then 535 00:27:03,680 --> 00:27:05,440 Speaker 1: I probably shouldn't have the money in the first place. 536 00:27:05,440 --> 00:27:07,840 Speaker 1: And I know that's a harsh reality, but that is 537 00:27:07,880 --> 00:27:10,000 Speaker 1: the truth. That's the way it goes. You're listening to 538 00:27:10,000 --> 00:27:13,360 Speaker 1: the Marks Show. We're talking about bitcoin and cryptocurrencies, UM 539 00:27:13,440 --> 00:27:18,240 Speaker 1: and so much more because it is so exciting. UM 540 00:27:18,280 --> 00:27:20,840 Speaker 1: and bitcoin is is the fastest growing asset over the 541 00:27:20,880 --> 00:27:23,560 Speaker 1: last twelve years, and JP Morgan says it is an 542 00:27:23,680 --> 00:27:28,600 Speaker 1: undervalued asset by about just now today you listen to 543 00:27:28,680 --> 00:27:31,520 Speaker 1: the Mark Moa Show talking about bitcoin and cryptocurrencies. We'll 544 00:27:31,520 --> 00:27:34,560 Speaker 1: be back with a lot more. So don't go away, 545 00:27:34,920 --> 00:27:36,720 Speaker 1: all right, welcome back. You are listening to the Mark 546 00:27:36,800 --> 00:27:40,760 Speaker 1: Moa Show. We're talking about bitcoin, We're talking about cryptocurrencies 547 00:27:40,760 --> 00:27:46,200 Speaker 1: and the decentralized revolution, and we were talking about um 548 00:27:46,400 --> 00:27:53,640 Speaker 1: stable coins CBDCs. How the Federal Reserve chair Lele Brainerd 549 00:27:53,720 --> 00:27:56,240 Speaker 1: says that they think that they should have CBDCs to 550 00:27:56,840 --> 00:28:01,040 Speaker 1: backstop stable coins. Pretty interesting. But talking about central banks, 551 00:28:02,000 --> 00:28:04,639 Speaker 1: we also saw this week something really big, which was 552 00:28:04,840 --> 00:28:07,800 Speaker 1: a convention of central bankers. And it's not the first 553 00:28:07,800 --> 00:28:10,359 Speaker 1: time this happened. We have these central bankers that get together. 554 00:28:10,800 --> 00:28:14,320 Speaker 1: Of course, um, almost not every but almost every nation 555 00:28:14,720 --> 00:28:16,680 Speaker 1: has their own central bank. Of course, the United States, 556 00:28:16,680 --> 00:28:19,640 Speaker 1: that's the Federal Reserve. In Europe it's the ECB European 557 00:28:19,680 --> 00:28:22,560 Speaker 1: Central Bank. In Japan it is the Bank of Japan 558 00:28:22,600 --> 00:28:26,360 Speaker 1: boj etcetera. And of course smaller nations have their own 559 00:28:26,359 --> 00:28:29,480 Speaker 1: central banks as well. Now fun fact um in the 560 00:28:29,760 --> 00:28:34,040 Speaker 1: Communist Manifesto written by Karl Marx in the late eighteen hundreds. 561 00:28:35,520 --> 00:28:38,880 Speaker 1: He gave a ten ten points of what needs to 562 00:28:38,920 --> 00:28:42,440 Speaker 1: happen in order to get this Marxism, the socialism communism 563 00:28:42,440 --> 00:28:46,600 Speaker 1: into play. Point number five is that each nation should 564 00:28:47,120 --> 00:28:51,880 Speaker 1: establish a central bank. So central banks are part of 565 00:28:51,880 --> 00:28:55,960 Speaker 1: the Marxist plan. Central banks are communists in Nature's number 566 00:28:55,960 --> 00:28:58,800 Speaker 1: five in this ten point plan. Now, also fun fact, 567 00:28:58,920 --> 00:29:03,200 Speaker 1: I wrote a book called the Uncommunist Manifesto, which basically 568 00:29:03,240 --> 00:29:06,480 Speaker 1: took the same format, same four chapter, same length, and 569 00:29:06,520 --> 00:29:08,560 Speaker 1: I just rewrote it, and I gave my own ten points. 570 00:29:09,040 --> 00:29:11,920 Speaker 1: And of course I said that we should abolish all 571 00:29:12,000 --> 00:29:15,520 Speaker 1: central banks. I'm not a big fan, because nobody should 572 00:29:15,520 --> 00:29:18,880 Speaker 1: be creating money from thin air, forcing us to use 573 00:29:18,920 --> 00:29:21,240 Speaker 1: it and enriching themselves. Nobody should do that. It's not 574 00:29:21,280 --> 00:29:23,120 Speaker 1: about taking it from one group of people that are 575 00:29:23,120 --> 00:29:24,560 Speaker 1: bad and given it to another group of people that 576 00:29:24,600 --> 00:29:27,360 Speaker 1: are good. It's about nobody should be able to control it. 577 00:29:27,400 --> 00:29:30,800 Speaker 1: But anyway, back to the conversation here, and so these uh, 578 00:29:31,000 --> 00:29:36,520 Speaker 1: these forty four different countries, set representatives from thirty two 579 00:29:36,520 --> 00:29:40,320 Speaker 1: central banks and twelve other financial institutions, and they all 580 00:29:40,360 --> 00:29:46,640 Speaker 1: got together in El Salvador to learn strategies about financial inclusion. 581 00:29:47,480 --> 00:29:50,600 Speaker 1: Participants in this financial form are members of the Alliance 582 00:29:50,720 --> 00:29:54,840 Speaker 1: for Financial Inclusion or a FI, an organization that promotes 583 00:29:54,880 --> 00:29:58,120 Speaker 1: and develops economic policies to help improve the lives of 584 00:29:58,240 --> 00:30:05,720 Speaker 1: poor and unbanged populations. So Alliance for Financial Inclusion. If 585 00:30:05,880 --> 00:30:09,160 Speaker 1: I now, why why do they need an Alliance for 586 00:30:09,280 --> 00:30:14,400 Speaker 1: Financial Inclusion? Think about this for a second. Now, I 587 00:30:14,440 --> 00:30:16,960 Speaker 1: believe that this, uh, this smartphone I have in my 588 00:30:17,000 --> 00:30:20,640 Speaker 1: hand right here is the great equalizer. With this phone, 589 00:30:21,000 --> 00:30:23,200 Speaker 1: I could learn anything. I can go on YouTube, I 590 00:30:23,200 --> 00:30:26,720 Speaker 1: can learn anything, I could meet anybody on social media. 591 00:30:26,920 --> 00:30:30,280 Speaker 1: I could do almost anything with this. You have kids, 592 00:30:30,760 --> 00:30:33,240 Speaker 1: teenagers anywhere in the world with Instagram account that could 593 00:30:33,280 --> 00:30:36,720 Speaker 1: make a hundred thousand dollars a year or more. It's 594 00:30:36,760 --> 00:30:41,800 Speaker 1: a great equalizer, except what if I'm not allowed to 595 00:30:41,840 --> 00:30:44,480 Speaker 1: be in the financial system? So how could I earn 596 00:30:44,520 --> 00:30:49,000 Speaker 1: a hundred thousand dollars? Now you might say, well, what 597 00:30:49,040 --> 00:30:51,080 Speaker 1: do you mean who's not able to be in the 598 00:30:51,080 --> 00:30:56,240 Speaker 1: financial system? And I would say that over two billion adults, 599 00:30:56,240 --> 00:31:00,640 Speaker 1: about half the adults in the world today are not 600 00:31:00,960 --> 00:31:06,680 Speaker 1: in the financial system. Why why do they have this 601 00:31:06,840 --> 00:31:09,680 Speaker 1: a f I financial inclusion? Why about half of the 602 00:31:09,680 --> 00:31:13,680 Speaker 1: adults in the world today don't have access. The answer 603 00:31:14,600 --> 00:31:18,840 Speaker 1: is mostly permission. They don't have permission. So if I'm 604 00:31:18,880 --> 00:31:21,520 Speaker 1: a fifteen year old kid growing up in Iran, for example, 605 00:31:22,600 --> 00:31:25,440 Speaker 1: I'm not allowed to join the financial system that don't 606 00:31:25,440 --> 00:31:29,080 Speaker 1: allow me. I don't have permission. Also, it's a cost prohibitive. 607 00:31:29,120 --> 00:31:31,840 Speaker 1: So if you're an al Savador, for example, it might 608 00:31:31,880 --> 00:31:34,960 Speaker 1: cost you fifty a month to have a bank account, 609 00:31:35,360 --> 00:31:36,800 Speaker 1: but when you only make a couple hundred bucks a 610 00:31:36,800 --> 00:31:38,360 Speaker 1: month and you can't afford fifty bucks a month for 611 00:31:38,360 --> 00:31:41,360 Speaker 1: a bank account, so they don't have them. Um, if 612 00:31:41,400 --> 00:31:44,800 Speaker 1: I run a small little roadside stand selling papoosas or 613 00:31:44,840 --> 00:31:48,160 Speaker 1: some food or coconuts or whatever, well I need about 614 00:31:48,480 --> 00:31:51,880 Speaker 1: you know, twenty dollars a month of revenue in order 615 00:31:51,920 --> 00:31:54,840 Speaker 1: to afford a merchant account of credit card processor. But 616 00:31:54,920 --> 00:31:56,520 Speaker 1: if I don't do that much revenue, which they don't, 617 00:31:56,800 --> 00:31:59,160 Speaker 1: I can't do that, so I have to take cash. 618 00:31:59,240 --> 00:32:01,560 Speaker 1: I can't be in the financial systems and system So 619 00:32:01,840 --> 00:32:05,080 Speaker 1: there's this inclusion that's not they're mostly because of permission, 620 00:32:05,080 --> 00:32:09,200 Speaker 1: which of course bitcoin is permission lists, meaning anybody can 621 00:32:09,240 --> 00:32:12,320 Speaker 1: grab their smartphone, whether you're here in the United States, 622 00:32:12,520 --> 00:32:15,120 Speaker 1: Developed world, or any of these third world countries. You 623 00:32:15,160 --> 00:32:18,920 Speaker 1: can download an app, a bitcoin app, and you can 624 00:32:19,040 --> 00:32:21,240 Speaker 1: have your own bank account in your own pocket, and 625 00:32:21,240 --> 00:32:24,480 Speaker 1: you can instantly be in the global financial system, where 626 00:32:25,120 --> 00:32:27,600 Speaker 1: me sitting here in the United States can instantly send 627 00:32:27,600 --> 00:32:30,680 Speaker 1: money to somebody in Al Savador in literally like a 628 00:32:30,720 --> 00:32:34,000 Speaker 1: fraction of a second for almost free. But anyway, so 629 00:32:34,040 --> 00:32:37,000 Speaker 1: they all met here um UM it's an organization that 630 00:32:37,040 --> 00:32:40,640 Speaker 1: promotes and develops economic policies that help improve the lives 631 00:32:40,680 --> 00:32:46,120 Speaker 1: of poor and unbanked populations, which sounds great again, how 632 00:32:46,160 --> 00:32:49,560 Speaker 1: can we have equality if people aren't allowed to join 633 00:32:49,560 --> 00:32:54,320 Speaker 1: the financial system? Now UM Al Savadre has been a 634 00:32:54,400 --> 00:32:56,800 Speaker 1: member since two thousand twelve. They've been hosting the latest 635 00:32:56,880 --> 00:32:58,920 Speaker 1: rounds of meetings for a f I S Digital Finance 636 00:32:58,960 --> 00:33:03,480 Speaker 1: Services working Group and the Small Medium Enterprise Services Working 637 00:33:03,520 --> 00:33:08,760 Speaker 1: Group and according to El Salvador's president, Naya Bukeley Um, 638 00:33:08,800 --> 00:33:14,360 Speaker 1: he said, the gathering focused on financial inclusion, digital economy, banking, 639 00:33:14,400 --> 00:33:18,240 Speaker 1: the end banked, the big end, and the bitcoin rollout 640 00:33:18,320 --> 00:33:22,200 Speaker 1: and its benefits. Now, this was not a bitcoin conference. 641 00:33:22,400 --> 00:33:24,240 Speaker 1: This is just the bankers around the world. This a 642 00:33:24,360 --> 00:33:26,720 Speaker 1: f I for Financial Inclusion getting together. Now, they did 643 00:33:26,760 --> 00:33:29,280 Speaker 1: happen to get together in El Salvador, which, in case 644 00:33:29,280 --> 00:33:32,160 Speaker 1: you've been living under a rock, then you already know 645 00:33:32,200 --> 00:33:33,840 Speaker 1: that El Salvador was the first nation in the world 646 00:33:33,880 --> 00:33:37,480 Speaker 1: to make bitcoin legal tender. They have it on their books, 647 00:33:37,520 --> 00:33:40,120 Speaker 1: on the reserves, and they're working on rolling out a bond, 648 00:33:40,280 --> 00:33:45,080 Speaker 1: a bitcoin bond as well. But it is UH. It's 649 00:33:45,080 --> 00:33:48,920 Speaker 1: specifically mentioned here that this was not a bitcoin conference. 650 00:33:48,920 --> 00:33:50,840 Speaker 1: So we saw in an interview with the Salvador and 651 00:33:50,880 --> 00:33:54,640 Speaker 1: State News Media Bongi Malabo, a representative from the zam 652 00:33:54,960 --> 00:33:59,200 Speaker 1: Zambian delegation in Africa um AND, in reference to the 653 00:33:59,200 --> 00:34:01,680 Speaker 1: adoption of bitcoin, he said, quote, it's a progressive move. 654 00:34:01,720 --> 00:34:04,160 Speaker 1: It's the evolution of money and the rest of us 655 00:34:04,280 --> 00:34:07,360 Speaker 1: need to catch up. So he sees it. He sees 656 00:34:07,360 --> 00:34:10,800 Speaker 1: it's happening. UM. Of course, the UM Central Republic of 657 00:34:10,840 --> 00:34:12,960 Speaker 1: Africa just made it legal tender as well, so it's 658 00:34:12,960 --> 00:34:15,239 Speaker 1: over in Africa. UM, we're starting to see that. But 659 00:34:15,280 --> 00:34:17,200 Speaker 1: it says some countries are just not ready for bitcoin, 660 00:34:18,000 --> 00:34:22,040 Speaker 1: um and, so Paraguay Central Bank UM released a statement 661 00:34:22,080 --> 00:34:25,360 Speaker 1: saying the country's population, UM, we're not about the adoption 662 00:34:25,400 --> 00:34:29,800 Speaker 1: of cryptocurrencies. Um and has said that right now because 663 00:34:29,840 --> 00:34:34,759 Speaker 1: the central bank doesn't issue them that they're not legal tender. Um, 664 00:34:34,920 --> 00:34:37,080 Speaker 1: so it wasn't a bitcoin conference. But they're there for 665 00:34:37,120 --> 00:34:39,279 Speaker 1: financial inclusion, and of course they're in El Salvador where 666 00:34:39,280 --> 00:34:42,799 Speaker 1: they're using bitcoin for financial inclusion, and I'm sure they're 667 00:34:42,840 --> 00:34:45,440 Speaker 1: all taking notice, which is why they're there. They went 668 00:34:45,480 --> 00:34:48,399 Speaker 1: on to say that quote the majority of attendees are 669 00:34:48,440 --> 00:34:52,640 Speaker 1: not low level bureaucrats. So the attendees were not just 670 00:34:52,680 --> 00:34:55,520 Speaker 1: a bunch of low level people, but they were central 671 00:34:55,640 --> 00:35:00,520 Speaker 1: bankers and decision makers and their decisions will impact their 672 00:35:00,560 --> 00:35:04,480 Speaker 1: home countries, which is pretty big. So El Salvador is 673 00:35:04,480 --> 00:35:07,920 Speaker 1: the bitcoin model. Eight months ago they you know, they 674 00:35:07,920 --> 00:35:10,279 Speaker 1: adopted it. They made it legal tender. Like I said, 675 00:35:10,280 --> 00:35:12,879 Speaker 1: they've put on their books. What they've seen is that 676 00:35:14,200 --> 00:35:15,440 Speaker 1: I didn't look up this number of the top of 677 00:35:15,440 --> 00:35:18,320 Speaker 1: my head. I think it was the amount of capital 678 00:35:18,560 --> 00:35:22,120 Speaker 1: that's flowed into El Salvador since they announced this is 679 00:35:22,160 --> 00:35:25,719 Speaker 1: like up, I want to say, And so what do 680 00:35:25,800 --> 00:35:28,719 Speaker 1: other countries notice where they go? Will shoot? If they 681 00:35:28,800 --> 00:35:33,160 Speaker 1: got more investment into their country, then maybe I could 682 00:35:33,160 --> 00:35:37,560 Speaker 1: adopt it and I could also get investment into my country. Right, 683 00:35:38,080 --> 00:35:40,360 Speaker 1: so they see what happened. They see what the result 684 00:35:40,440 --> 00:35:43,359 Speaker 1: is and they want more of that. They see that again, 685 00:35:43,400 --> 00:35:46,240 Speaker 1: this financial inclusion. So all these people in El Salvadore 686 00:35:46,280 --> 00:35:48,759 Speaker 1: that haven't been able to get a bank account. If 687 00:35:48,800 --> 00:35:51,040 Speaker 1: I want to send somebody money in El Salvador, I 688 00:35:51,080 --> 00:35:53,080 Speaker 1: have to go to Western Union. They have to get 689 00:35:53,080 --> 00:35:55,520 Speaker 1: on a bus, go to San Salvador or wherever they're 690 00:35:55,520 --> 00:35:57,680 Speaker 1: app go to right a bus an hour or two, 691 00:35:57,960 --> 00:35:59,719 Speaker 1: get the cash right back on the bus an hour 692 00:35:59,760 --> 00:36:02,279 Speaker 1: or two. Maybe get robbed, you know, hopefully not um 693 00:36:02,320 --> 00:36:04,480 Speaker 1: and they lose depends on the amount because it's like 694 00:36:04,480 --> 00:36:07,240 Speaker 1: a dollar percentage, but maybe they lose up to thirty 695 00:36:07,280 --> 00:36:12,360 Speaker 1: percent of their money gets taken up in fees. I 696 00:36:12,400 --> 00:36:13,799 Speaker 1: don't remember all the numbers off the top of my head. 697 00:36:13,840 --> 00:36:16,640 Speaker 1: Up Ben del salvad are working with them, but um, 698 00:36:16,800 --> 00:36:20,360 Speaker 1: imagine if they could get money sent to them instantly 699 00:36:20,680 --> 00:36:22,720 Speaker 1: and free, If I could send it from my bedroom 700 00:36:22,719 --> 00:36:24,440 Speaker 1: in my underwear, they could get in their bedroom and 701 00:36:24,480 --> 00:36:30,279 Speaker 1: their underwear and that taken in fees aren't taken Imagine 702 00:36:30,400 --> 00:36:33,000 Speaker 1: if all that I think it was, I don't know 703 00:36:34,000 --> 00:36:36,520 Speaker 1: of their gdp AS remittances. Forgive me if I'm wrong 704 00:36:36,520 --> 00:36:40,759 Speaker 1: on that number. But imagine if other GDP they could 705 00:36:40,760 --> 00:36:43,080 Speaker 1: increase it by thirty percent, because that's what we can 706 00:36:43,160 --> 00:36:45,799 Speaker 1: getting eaten by fees. And that's exactly what's happening. And 707 00:36:45,840 --> 00:36:47,759 Speaker 1: now that money can be used to be spent in 708 00:36:47,800 --> 00:36:50,200 Speaker 1: the nation on other more productive things instead of going 709 00:36:50,239 --> 00:36:53,920 Speaker 1: to someone like m Western Union. UM, it's amazing what's happening. Now. 710 00:36:53,960 --> 00:36:56,799 Speaker 1: There's a lot more to talk about, UM, but that 711 00:36:56,960 --> 00:37:00,799 Speaker 1: is the big news. UM, it's changing and it's changing fast. 712 00:37:00,880 --> 00:37:02,719 Speaker 1: Don't be sleeping on this information. You're listening to the 713 00:37:02,760 --> 00:37:06,200 Speaker 1: Markma Show talking about bitcoin and cryptocurrencies and the decentralized revolution. 714 00:37:06,719 --> 00:37:07,480 Speaker 1: Thanks for listening.