WEBVTT - Eric Trump Pledges "Heart and Soul" in Bitcoin Venture 0:00:02.520 --> 0:00:08.840 Bloomberg Audio Studios, podcasts, radio news, lots of news in 0:00:08.920 --> 0:00:12.480 crypto today. Greyscale Investments filed publicly for an IPO. It's 0:00:12.520 --> 0:00:15.200 the latest crypto link company to test public markets under 0:00:15.200 --> 0:00:19.000 an administration. More open to digital assets from more on 0:00:19.040 --> 0:00:22.800 crypto and bitcoin and bitcoin mining specifically joining us now 0:00:22.840 --> 0:00:24.880 and name familiar to our audience, Eric Trump is the 0:00:24.880 --> 0:00:27.960 co founder and chief strategy officer of American Bitcoin. It's 0:00:28.000 --> 0:00:30.920 a publicly traded bitcoin mining and treasury company. It's got 0:00:30.920 --> 0:00:33.880 a market cap around four point four billion dollars. The 0:00:33.920 --> 0:00:37.080 company started trading on the NASDAC back on September third, 0:00:37.120 --> 0:00:39.639 when it merged with a microcap shares. It a high 0:00:39.680 --> 0:00:43.040 on September ninth. They're down around forty seven percent since then. Eric, 0:00:43.080 --> 0:00:46.520 of course, also the executive vice president of the Trump Organization. 0:00:46.560 --> 0:00:48.760 He joins us from Florida. Eric, good to have you 0:00:48.800 --> 0:00:51.520 on the program again. How are you God, It's great 0:00:51.520 --> 0:00:54.960 to be on. So if somebody wants exposure to bitcoin, 0:00:55.760 --> 0:00:58.920 why would they do that through American Bitcoin rather than 0:00:59.040 --> 0:01:02.200 just buying bitcoin outright on an exchange or even through 0:01:02.200 --> 0:01:02.760 an ETF. 0:01:03.680 --> 0:01:05.280 Yeah, that's a great question. 0:01:05.360 --> 0:01:06.600 I mean, if you go out and you buy bitcoin 0:01:06.640 --> 0:01:09.080 on ETF or you buy it on an exchange, you 0:01:09.160 --> 0:01:10.959 kind of have one to one bitcoin. Right. You go 0:01:11.000 --> 0:01:12.920 out and you buy one bitcoin, you're always going to 0:01:12.959 --> 0:01:17.200 have one bitcoin. Our entire ethos is increasing bitcoin per share. 0:01:17.560 --> 0:01:20.360 Right now, every day we're mining bitcoin, we're mining bitcoint 0:01:20.440 --> 0:01:23.120 at roughly fifty percent of spot prices of bitcoin, so 0:01:23.240 --> 0:01:26.240 roughly about fifty six thousand dollars per bitcoin. That's what 0:01:26.280 --> 0:01:28.039 we're able to mine at. We're able to mind because 0:01:28.040 --> 0:01:30.480 we have the best facilities anywhere on Earth. We've got 0:01:30.760 --> 0:01:33.080 some of the cheapest energy anywhere on Earth. We do 0:01:33.120 --> 0:01:35.480 it in America, we do it in West Texas. So 0:01:35.640 --> 0:01:37.480 right now, our average costs to produce a bitcoin is 0:01:37.560 --> 0:01:39.800 roughly fifty six thousand dollars and we're mining bitcoin twenty 0:01:39.800 --> 0:01:42.080 four hours a day, seven days a week. By doing that, 0:01:42.120 --> 0:01:44.440 you're able to increase bitcoin per share, right And that's 0:01:44.440 --> 0:01:47.640 the ultimate metric that we chase every single day. How 0:01:47.640 --> 0:01:50.040 do you increase the amount of bitcoin you have per 0:01:50.080 --> 0:01:52.360 share you have of stock? And I think we can 0:01:52.360 --> 0:01:53.960 do that clearly. If you go buy on a one 0:01:53.960 --> 0:01:56.440 to one basis, you don't have that ability to do 0:01:56.480 --> 0:01:58.600 And that's the one metric that we track every single day, 0:01:58.640 --> 0:02:00.440 and that's the one metric that we try and improve 0:02:00.480 --> 0:02:01.240 every single day. 0:02:01.600 --> 0:02:03.800 And we've done a healing job, guys, I mean we you. 0:02:03.840 --> 0:02:06.760 Know, this public was founded on March thirteenth, I'm sorry, 0:02:06.840 --> 0:02:09.840 March thirty first, roughly five months later, five months and 0:02:09.880 --> 0:02:11.440 three days to be exact, we were listed on the 0:02:11.520 --> 0:02:15.520 Nasdaq under ABTC. We're less than three months old having 0:02:15.560 --> 0:02:18.280 been listed, and we're already well for past four thousand 0:02:18.800 --> 0:02:22.600 bitcoin that have either mined or that we've accumulated, making 0:02:22.680 --> 0:02:26.920 us the twenty fifth largest BTC public treasury company in 0:02:27.000 --> 0:02:30.000 the world, and we're a climbing that ladder very quickly 0:02:30.040 --> 0:02:32.040 every single day. So I couldn't be more proud of 0:02:32.120 --> 0:02:34.480 what we've been able to accomplish. And you know, everything 0:02:34.480 --> 0:02:35.760 that you said, I think you mentioned four and a 0:02:35.760 --> 0:02:39.400 half billion dollar market cap, and again we've been listed 0:02:39.400 --> 0:02:42.400 for less than three months and growing, you know, growing 0:02:42.440 --> 0:02:44.720 by by, you know, kind of with lightning speed. 0:02:44.919 --> 0:02:47.880 You mentioned the cheapest source of energy in mining that bitcoin. 0:02:47.960 --> 0:02:50.320 Last time we spoke back in September, we had a 0:02:50.320 --> 0:02:53.320 discussion about wind energy that that powers some of this mining. 0:02:53.880 --> 0:02:57.240 Is it still wind that's powering the mining operations for 0:02:57.240 --> 0:02:58.040 American bitcoin. 0:02:59.600 --> 0:03:00.560 There's resources. 0:03:00.560 --> 0:03:03.240 But certainly when there was a defunct wind farm, you know, 0:03:03.280 --> 0:03:05.519 the guys over a Hot eight, which is our sister company, 0:03:05.520 --> 0:03:08.480 were able to lock into incredibly cheap energy because frankly, 0:03:08.480 --> 0:03:10.440 it wasn't being utilized, because it wasn't being pumped into 0:03:10.440 --> 0:03:13.079 the grid, and lock into a very cheap contract for 0:03:13.120 --> 0:03:14.640 a very long period of time. And so we've got 0:03:14.720 --> 0:03:18.959 unbelievable renewable energy that we're using to mine our our bitcoin. 0:03:19.040 --> 0:03:20.960 But you're gonna see a lot of other energy sources. 0:03:21.040 --> 0:03:23.079 Come on. I mean, we're on the the energy revolution 0:03:23.320 --> 0:03:24.840 in this country. I think you guys know that better 0:03:24.840 --> 0:03:27.400 than anybody. Look at oil, look gas, you know the 0:03:27.400 --> 0:03:30.720 policies are working. Look at these SMRs. Look at you 0:03:30.760 --> 0:03:32.560 know kind of fusion reactions. 0:03:32.639 --> 0:03:35.520 Well well well, well well wait a minute, Eric, because SMRs, 0:03:35.680 --> 0:03:38.600 I mean, we we do know. We're on it every day. 0:03:38.880 --> 0:03:41.800 And these small modular reactors, none of them are up 0:03:41.800 --> 0:03:43.960 and running. And anybody we talk to you who understands 0:03:43.960 --> 0:03:46.520 the nuclear industry says it it will take a few 0:03:46.560 --> 0:03:47.800 years to get them up and running. 0:03:48.480 --> 0:03:51.000 Guys, absolutely, don't don't don't don't think that I'm saying 0:03:51.040 --> 0:03:52.520 that they're up and running by by any means. What 0:03:52.600 --> 0:03:55.280 I'm saying is we're in the heyday, you know of 0:03:55.640 --> 0:03:57.880 power and power exploration in this country. Right now you 0:03:57.880 --> 0:04:00.240 have an administration that's held bent on making sure or 0:04:01.120 --> 0:04:05.320 this country has incredibly cheap power. Well, no, that's really interesting. 0:04:05.400 --> 0:04:07.560 Let me just jump in there, because we've done a 0:04:07.600 --> 0:04:11.600 deep analysis into the cost of electricity in twenty twenty five. 0:04:11.640 --> 0:04:14.080 Electricity cost to pen far more on where you're located, 0:04:14.080 --> 0:04:15.840 and a lot of it has to do with the 0:04:15.920 --> 0:04:19.600 AI build out and the cost of those data centers 0:04:19.640 --> 0:04:22.120 and tapping into the networks. You talk about Texas, I'm 0:04:22.160 --> 0:04:25.320 curious what you're paying per megawat an hour in Houston 0:04:25.400 --> 0:04:28.840 right now, it's twenty five dollars. It has gone up 0:04:28.839 --> 0:04:30.880 a lot since twenty twenty. If you go back to 0:04:30.920 --> 0:04:34.280 twenty twenty, it was seventeen dollars per hour. I mean, 0:04:34.800 --> 0:04:37.040 you know, those elections. I don't want to get political, 0:04:37.080 --> 0:04:40.080 but those elections, I mean part of it was electricity 0:04:40.160 --> 0:04:42.800 prices that people Americans have had enough. 0:04:44.240 --> 0:04:47.120 Caroly, you can't be serious, and honestly, I don't want 0:04:47.120 --> 0:04:47.960 to argue on Bloomberg. 0:04:48.000 --> 0:04:49.440 It's not what I came here to do. I've got 0:04:49.440 --> 0:04:51.640 plenty of things to do in my daily life. 0:04:52.160 --> 0:04:54.040 You had the last administration that had the greatest war 0:04:54.080 --> 0:04:55.760 on energy that we've ever seen in the country. 0:04:55.920 --> 0:04:56.080 Right. 0:04:56.279 --> 0:04:58.680 You had an administration that was literally shutting down boiling 0:04:58.680 --> 0:05:00.640 gas exploration daily. 0:05:01.560 --> 0:05:02.880 They were shutting it down daily. 0:05:03.279 --> 0:05:07.280 They were cutting every pipeline, they were stopping every pipeline 0:05:07.279 --> 0:05:09.680 from being built. I mean, which ones do you want 0:05:09.680 --> 0:05:11.039 me to name? I could go through a list of 0:05:11.120 --> 0:05:14.520 fifteen of them. In fact, it was Joe Biden's first 0:05:14.560 --> 0:05:18.360 executive order to shut down the Keystone pipeline. They shut 0:05:18.400 --> 0:05:21.880 down all permitting, they shut down all transmission of oil 0:05:21.880 --> 0:05:24.599 and gas. There was a war on energy in this 0:05:24.640 --> 0:05:27.840 country the lights of which you've never seen before. You know, 0:05:28.000 --> 0:05:30.480 we went from being energy independent under my father, or 0:05:30.520 --> 0:05:33.279 we're exporting energy to countries all around the world, to 0:05:33.360 --> 0:05:38.120 being energy dependent under Joe Biden. Don't even don't even 0:05:38.160 --> 0:05:41.360 try and say, you know that we're not seeking the 0:05:41.400 --> 0:05:44.280 lowest cost energies. They had power plants that they were 0:05:44.320 --> 0:05:46.520 trying to build for a fifteen year period of time, 0:05:46.600 --> 0:05:47.679 nuclear power plants. 0:05:47.960 --> 0:05:49.160 And guess what at the end of them. 0:05:49.240 --> 0:05:52.240 Joe Biden's administration would turn them down and deny them 0:05:52.240 --> 0:05:55.640 the permits for nuclear energy. Right, my father is hell 0:05:55.720 --> 0:05:58.479 bent on making this country energy And the reason, hold on, 0:05:58.520 --> 0:06:00.719 please let me finish. The reason he's hell bent on 0:06:00.760 --> 0:06:05.200 it is if you track GDP, any GDP growth around 0:06:05.240 --> 0:06:09.040 the world, and you directly correlate that with energy costs, 0:06:09.240 --> 0:06:12.799 they're one hundred percent correlated. The lower your energy costs 0:06:12.800 --> 0:06:16.720 are for production of energy, the higher your GDP costs are. 0:06:17.200 --> 0:06:19.800 We have to win the war on cryptocurrency. We have 0:06:19.920 --> 0:06:22.960 to win the war on AI. We have to win 0:06:23.000 --> 0:06:24.480 these for a national security. 0:06:24.520 --> 0:06:25.360 We have to win these. 0:06:25.400 --> 0:06:27.760 Because we're the United States of America and we're the 0:06:27.880 --> 0:06:28.960 number one superpower. 0:06:29.000 --> 0:06:29.800 We must lead the way. 0:06:30.240 --> 0:06:33.120 We need energy generation, and my father is hell bent 0:06:33.160 --> 0:06:36.480 of getting that through every single form, whether it's natural gas, 0:06:36.640 --> 0:06:39.920 and we're drilling, remember the slow maybe drill, And we're 0:06:40.000 --> 0:06:43.680 drilling again, and we're exploring again, and nuclear power plants 0:06:43.680 --> 0:06:48.200 are getting permits again, which was not happening. So please don't, please, 0:06:48.279 --> 0:06:50.159 please don't talk to me about affordability. When you had 0:06:50.160 --> 0:06:53.640 an administration that did everything they could to crush energy prices 0:06:54.080 --> 0:06:55.640 for a four year period of time. 0:06:55.920 --> 0:06:58.800 Erica, I respect your position and opinion on this, but 0:06:58.839 --> 0:07:01.120 I also will say that the US is the largest 0:07:01.120 --> 0:07:03.880 oil producer that's out there. I want to go back 0:07:03.920 --> 0:07:08.160 to your company because on mining, we learned today that bitfarms, 0:07:08.160 --> 0:07:10.559 it's one of the largest cryptocurrency miners, set it plans 0:07:10.600 --> 0:07:12.880 to wind down those operations over the next two years 0:07:12.920 --> 0:07:18.160 focus on providing infrastructure to generate power for artificial intelligence applications. 0:07:18.160 --> 0:07:21.440 We continue to see that a growing list of bitcoin 0:07:21.480 --> 0:07:25.640 miners are pivoting to AI and high performance compute services 0:07:25.680 --> 0:07:29.040 as profit margin shrink do in part to those falling 0:07:29.080 --> 0:07:32.680 prices of the tokens are the digital tokens that are 0:07:32.720 --> 0:07:33.000 out there. 0:07:33.000 --> 0:07:33.560 Do you have any. 0:07:33.480 --> 0:07:37.200 Plans for American bitcoin to pivot away from bitcoin mining 0:07:37.240 --> 0:07:38.680 into artificial intelligence? 0:07:39.480 --> 0:07:41.400 Now the exact opposite. We're only going to ramp up. 0:07:42.240 --> 0:07:44.360 We're going to ramp up every single day. I mean, Carol, 0:07:44.400 --> 0:07:46.600 you mentioned falling prices. Let me just kind of hit 0:07:46.640 --> 0:07:49.520 on this one for you. You know, guess what bitcoin prices 0:07:49.520 --> 0:07:52.560 were exactly two years ago from today. I'll tell you 0:07:52.600 --> 0:07:54.960 because you would no, thirty six five hundred was the 0:07:55.000 --> 0:07:57.320 cost of a bitcoin two years ago we are up 0:07:57.360 --> 0:08:00.160 one hundred and eighty percent in a twenty five more 0:08:00.160 --> 0:08:04.480 a month period the spot price of BTC. It's probably 0:08:04.520 --> 0:08:07.560 the number one performing asset you know, of any asset. 0:08:07.640 --> 0:08:08.880 And this is this coming. 0:08:08.640 --> 0:08:10.800 From a guy who believes in hard assets, right. I mean, 0:08:11.200 --> 0:08:13.160 I run one of the great real estate portfolios. Awhere 0:08:13.160 --> 0:08:17.520 in the world. Cryptocurrency is absolutely on fire. Cryptocurrency is 0:08:17.560 --> 0:08:18.560 taking on the world. 0:08:18.600 --> 0:08:18.720 Well. 0:08:18.760 --> 0:08:21.240 Bitcoin is up this year by about five percent, the 0:08:21.320 --> 0:08:23.200 S and P is up fifteen percent, the Nazek one 0:08:23.280 --> 0:08:26.560 hundreds up twenty percent, Gold is up percent this year. 0:08:26.880 --> 0:08:29.120 No, I'm just do you want to reverse hold on, Carol? 0:08:29.160 --> 0:08:30.640 Do you want do you want to reverse that? I mean, 0:08:30.720 --> 0:08:31.880 do you want to go back two years? You want 0:08:31.880 --> 0:08:33.040 to go back three years? You want to go back 0:08:33.080 --> 0:08:34.319 five years, you want to go back ten years? 0:08:34.480 --> 0:08:38.000 I had a diper smartly have gone up. 0:08:37.880 --> 0:08:40.200 On average of about seventy percent a year year over 0:08:40.280 --> 0:08:42.520 year for the last ten year period of time. All 0:08:42.559 --> 0:08:45.600 I'm saying is, if you invested in BTC two years 0:08:45.640 --> 0:08:47.839 ago is probably the best investment you could have made. 0:08:47.840 --> 0:08:50.600 If you made invested in BTC five years ago, you 0:08:50.640 --> 0:08:52.000 know you're sitting on. 0:08:52.520 --> 0:08:53.640 Infinite amounts of money. 0:08:53.720 --> 0:08:57.920 Right, BTC has been probably the highest performing asset of 0:08:58.000 --> 0:09:01.600 the last decade. Right. And now also with BTC comes volatility, 0:09:01.640 --> 0:09:03.080 With crypto comes volatility. 0:09:03.160 --> 0:09:04.280 Volatility is our friend. 0:09:04.400 --> 0:09:07.200 Volatility is something that should be harnessed, right, and so 0:09:07.280 --> 0:09:10.640 I think bitcoin is going to continue to massively overperform 0:09:10.679 --> 0:09:13.439 the markets. Of course, you're going to have draw downs, right, 0:09:13.520 --> 0:09:15.880 I mean every cycle has draw downs. You're seeing you 0:09:15.880 --> 0:09:19.720 were talking about Navidia, you know in the intro clip 0:09:19.800 --> 0:09:22.199 to introducing me today, and how they're down four percent 0:09:22.240 --> 0:09:23.839 to this one large companies on Earth, if not the 0:09:23.960 --> 0:09:26.560 largest company on Earth, right, I mean that's down four percent. 0:09:26.640 --> 0:09:28.280 You're going to have draw downs and things. 0:09:28.080 --> 0:09:32.079 That's life. Now, look at the historical performance of an asset, 0:09:32.160 --> 0:09:34.800 and nothing has compared to the Bitcoin. 0:09:35.080 --> 0:09:38.240 Totally understand markets the ups and downs, and sometimes the 0:09:38.320 --> 0:09:42.480 downs are an indication of either even moving down further. Hey, 0:09:42.480 --> 0:09:43.679 one thing I want to ask you is I think 0:09:43.679 --> 0:09:46.240 you're on with Bloomberg. Back in September, you owned about 0:09:46.240 --> 0:09:48.240 seven and a half percent of the company. Has that 0:09:48.360 --> 0:09:51.040 number change because it sounds I can hear your conviction. 0:09:51.720 --> 0:09:54.240 It sounds like it's a long term conviction. When it 0:09:54.240 --> 0:09:57.840 comes to the digital world and bitcoin in particular. So 0:09:57.880 --> 0:10:00.720 are you buying more shares that. 0:10:00.679 --> 0:10:02.880 That number has not changed at all. 0:10:02.920 --> 0:10:05.960 I have every share that that I started this company with, 0:10:06.000 --> 0:10:09.360 and I plan to for you know, a long time 0:10:09.360 --> 0:10:11.480 to come. I love it, I believe in it. I 0:10:11.480 --> 0:10:13.120 think the people that we're doing it with are the 0:10:13.120 --> 0:10:14.439 smartest people in the world. We've got some of the 0:10:14.440 --> 0:10:19.320 greatest energy contracts, We've got the most sophisticated facilities, and guys, 0:10:19.320 --> 0:10:20.599 what I'll tell you is, you know, I spend a 0:10:20.600 --> 0:10:21.880 lot of time all over the world. I think you 0:10:21.920 --> 0:10:24.160 know that from our real estate, you know, projects everywhere. 0:10:24.679 --> 0:10:28.960 Everybody wants cryptocurrency. Everybody believes in cryptocurrency. Everybody's tremendously worried 0:10:29.000 --> 0:10:32.000 about their respective governments. Everybody's tremendously worried about their respective 0:10:32.040 --> 0:10:35.240 financial systems, especially when you leave the United States. You know, 0:10:35.440 --> 0:10:38.040 people in so many countries around the world, they get paid, 0:10:38.160 --> 0:10:40.040 you know, they may as well burn that paycheck because 0:10:40.040 --> 0:10:40.560 of inflation. 0:10:40.800 --> 0:10:41.920 It absolutely kills. 0:10:41.679 --> 0:10:43.360 Them all of a sudden, you know, kind of you know, 0:10:43.400 --> 0:10:46.840 Bitcoin is digital gold. People believe in it. It's great asset. 0:10:47.320 --> 0:10:49.760 It's an asset that can't be inflated. It's an asset. 0:10:49.800 --> 0:10:52.800 They'll only have twenty one million coins. Ever, you know, 0:10:52.920 --> 0:10:54.679 the price of gold ever went to forty thousand bucks 0:10:54.679 --> 0:10:56.360 an ounce. Guys, I would tear down this building and 0:10:56.360 --> 0:10:58.920 I would find gold in the columns. I'd find gold 0:10:58.520 --> 0:11:01.160 in the concrete. Right, you're gonna you're gonna, you know, 0:11:01.280 --> 0:11:03.079 you're gonna dig deeper, and you're going to go farther, 0:11:03.120 --> 0:11:05.000 and you're gonna spend more money, you know, So you're 0:11:05.040 --> 0:11:06.680 never going to actually have caps supply. 0:11:07.200 --> 0:11:08.840 With bitcoin, you have cap supply. 0:11:08.960 --> 0:11:10.920 And I can tell you whether it's Asia, whether it's 0:11:10.920 --> 0:11:13.400 Middle East, whether it's South America. You know, there is 0:11:13.440 --> 0:11:16.680 a longingness you know, to treasury bitcoin, and you're seeing 0:11:16.720 --> 0:11:18.839 that from even some of the very biggest companies in 0:11:18.880 --> 0:11:21.240 the United States. They're putting it on their balance sheets 0:11:21.400 --> 0:11:23.439 in ways that they've never done before because they believe 0:11:23.480 --> 0:11:26.600 in digital assets and and they you know, they believe 0:11:26.640 --> 0:11:28.920 in the attributes of them, right, you know, And again, 0:11:28.960 --> 0:11:29.839 I'm a real estate guy. 0:11:30.120 --> 0:11:31.160 I love assets. 0:11:31.600 --> 0:11:33.880 But think about something that's you know, transferable twenty four 0:11:33.920 --> 0:11:35.520 hours a day, seven days a week. Think about something 0:11:35.559 --> 0:11:38.000 that's global. Think about something that's easier to transport. 0:11:38.720 --> 0:11:41.000 You do love assets, and you guys, your family is 0:11:41.000 --> 0:11:43.040 so entrenched obviously in real estate. You think Trump, you 0:11:43.040 --> 0:11:45.160 think real estate. But I'm just curious if you had 0:11:45.200 --> 0:11:48.679 to choose between owning real estate or bitcoin. 0:11:48.240 --> 0:11:50.480 What would it be both? Both? No? 0:11:50.480 --> 0:11:54.160 No, no, you have to choose. Come on, Eric, you're smart. 0:11:55.200 --> 0:11:56.440 I grew up. I grew up when I was eleven 0:11:56.520 --> 0:11:57.600 years old on construction sites. 0:11:57.679 --> 0:12:00.920 Right. I clearly love tangible assets and I believe in them, 0:12:00.920 --> 0:12:03.720 and I think bitcoin is is the greatest hedge towards 0:12:03.720 --> 0:12:06.400 those tangible assets. You know that there is what I 0:12:06.440 --> 0:12:08.400 will tell you is, in any place other than the 0:12:08.440 --> 0:12:11.640 United States, I would probably take cryptocurrency. I mean, imagine 0:12:11.640 --> 0:12:13.800 if you lived in one of various South American countries 0:12:13.920 --> 0:12:16.120 or one of you know, various you know African kind 0:12:16.160 --> 0:12:19.240 of countries that that have instability where government can come 0:12:19.240 --> 0:12:21.200 in at any time and steal your house, steal your 0:12:21.200 --> 0:12:24.040 piece of property, steal your hotel. Right, you don't have 0:12:24.080 --> 0:12:26.240 a chance, you know, you don't. You don't have that 0:12:26.320 --> 0:12:28.840 problem with bitcoin. You don't have that asset problem with 0:12:29.240 --> 0:12:32.520 the assets that's you know, that's that's literally qualified on 0:12:32.600 --> 0:12:35.400 Ledger twenty four hours a day. So there's there's a 0:12:35.440 --> 0:12:37.480 real need for this asset class around the world. And 0:12:37.480 --> 0:12:39.320 by the way, even in the United States, I mean, guys, 0:12:39.360 --> 0:12:41.280 I became one of the most debanked persons, you know people, 0:12:41.400 --> 0:12:43.800 you know American history, for having never done anything wrong, 0:12:44.240 --> 0:12:47.280 you know, operating great golf courses, operating great residential buildings, 0:12:47.320 --> 0:12:50.720 condominium associations, hotels, right and and and all of that 0:12:50.760 --> 0:12:52.600 got pulled out from under me because my father happened 0:12:52.600 --> 0:12:54.280 to wear a hat. I wasn't a politician, I've never 0:12:54.320 --> 0:12:56.520 been politician. I've never worked for the government. For wearing 0:12:56.520 --> 0:12:58.160 a hat that said make America great again, all of 0:12:58.160 --> 0:13:00.480 a sudden, I started getting canceled left and right. You 0:13:00.559 --> 0:13:03.360 know the interesting thing about crypto, you know, technology, blockchain, 0:13:04.000 --> 0:13:08.000 pain technology, digital assets, digital wallets, can't cancel them. You 0:13:08.000 --> 0:13:10.800 can't take them away, right, And that's a few little thing. 0:13:10.960 --> 0:13:13.480 And there there's a flight to safety. There's a flight 0:13:13.520 --> 0:13:16.400 to safety that a lot of people in America have 0:13:16.480 --> 0:13:19.160 a harder time appreciating. Albeit when people see what happened 0:13:19.200 --> 0:13:21.079 to us, they can appreciate more. But a lot of 0:13:21.080 --> 0:13:23.080 people around the world can really appreciate. I think if 0:13:23.080 --> 0:13:24.680 you lived in a lot of the Asian countries, you'd 0:13:24.679 --> 0:13:26.440 appreciate it. I think if you live lived in a 0:13:26.440 --> 0:13:28.160 lot of places, and let me ask you, just say 0:13:28.200 --> 0:13:30.120 here in Africa, you probably appreciate that. 0:13:30.240 --> 0:13:34.080 No, I understand what you're saying. And I think, you know, 0:13:34.120 --> 0:13:36.320 we've been talking about cryptocurrencies for a long time here 0:13:36.360 --> 0:13:39.640 at Bloomberg, and I think time will tell whether or not. Uh, 0:13:39.640 --> 0:13:42.360 this is something that becomes well entrenched within our financial 0:13:42.400 --> 0:13:44.600 system because at this point people are still buying things 0:13:44.600 --> 0:13:45.559 like stocks and bonds. 0:13:46.000 --> 0:13:46.839 Uh, and believe it? 0:13:46.960 --> 0:13:48.520 Do you believe it? 0:13:48.920 --> 0:13:49.280 I do? 0:13:49.400 --> 0:13:51.360 But what I wanted to ask you is, and I 0:13:51.360 --> 0:13:53.040 think it's something that we talked about in our planning 0:13:53.040 --> 0:13:55.000 called do you do you feel like you know? Tim 0:13:55.040 --> 0:13:58.160 asked about, you know, maybe the advantage of you know, 0:13:58.240 --> 0:14:01.360 buying into your company vers is maybe a micro strategy 0:14:01.440 --> 0:14:04.040 or something else. Do you feel like you guys do 0:14:04.120 --> 0:14:07.760 have an advantage because of your proximity to the White House? 0:14:07.800 --> 0:14:10.439 And I asked this full disclosure. When we talk about 0:14:10.440 --> 0:14:13.080 Paramount's guidance, we say the same thing because we know 0:14:13.600 --> 0:14:17.960 that David Ellison certainly is looked upon favorably by the 0:14:17.960 --> 0:14:20.359 White House when it comes to maybe doing another acquisition. 0:14:20.400 --> 0:14:21.600 So do you think you have a little bit of 0:14:21.640 --> 0:14:24.080 an advantage? 0:14:25.040 --> 0:14:27.600 Yeah, Carol, it's such a frustrating question. 0:14:27.800 --> 0:14:29.880 Now, you know, my advantage is our our advantage with 0:14:29.920 --> 0:14:32.120 American Bitcoin is we can mine bigcoin and fifty cents 0:14:32.120 --> 0:14:35.040 on the dollar roughly, you know, and we're mining bitcoin 0:14:35.080 --> 0:14:37.640 every single day any other And by the way, Michael 0:14:37.680 --> 0:14:39.080 is a very close friend of mine, and there's no 0:14:39.160 --> 0:14:41.880 person in the world you know virtually that I respect more. 0:14:41.920 --> 0:14:45.360 He's an amazing human being, an incredible visionary and everything 0:14:45.360 --> 0:14:49.040 he's accomplished. Our advantage to mining bitcoin is every single 0:14:49.120 --> 0:14:50.320 day we mind a lot of bitcoin. 0:14:50.760 --> 0:14:52.120 We do so for fifty cents on the dollar. 0:14:52.120 --> 0:14:55.040 Go wen't evenother commodity you can do that with right 0:14:55.200 --> 0:14:57.560 every other treasury company virtually out there, they have to 0:14:57.640 --> 0:15:00.520 go buy bitcoin at the spot price at bitcoin that debt. 0:15:00.920 --> 0:15:03.480 I can effectively go out right now and mine bitcoin 0:15:03.640 --> 0:15:06.160 at fifty percent of that number. I can also go 0:15:06.240 --> 0:15:08.920 out and I can acquire bitcoin, and American Bitcoin can 0:15:09.000 --> 0:15:10.520 go out and acquire bitcoin. 0:15:10.760 --> 0:15:11.840 At spot prices. 0:15:12.080 --> 0:15:13.720 And guess what, as I do that, I can also 0:15:13.760 --> 0:15:16.520 yield manage down pricing, you know, based on the bitcoin 0:15:16.600 --> 0:15:18.200 that that we mind each and every day. Obviously, the 0:15:18.240 --> 0:15:21.280 amount that you can mine is somewhat finite, even though 0:15:21.280 --> 0:15:24.720 our mining operations are growing on a daily basis. But 0:15:24.720 --> 0:15:27.320 that's a great advantage that I believe we have. We 0:15:27.360 --> 0:15:30.160 can increase the amount of bitcoin for share of our shareholders, 0:15:30.840 --> 0:15:33.440 and we do, and that's why we're growing as quickly 0:15:33.560 --> 0:15:36.359 as we are. So I clearly believe in our strategy. 0:15:36.640 --> 0:15:37.880 I'm really really proud that do. 0:15:37.840 --> 0:15:38.760 You understand why? 0:15:38.880 --> 0:15:39.080 You do? 0:15:39.240 --> 0:15:40.280 Understand why we ask it? 0:15:40.400 --> 0:15:40.560 Right? 0:15:40.600 --> 0:15:42.440 I mean full disclosure like we try to be as 0:15:42.520 --> 0:15:43.160 I mean, Caroll. 0:15:44.280 --> 0:15:47.360 So many of the questions here I've just been. I 0:15:47.480 --> 0:15:50.560 understand clearly where you stand, right, but you know it's 0:15:50.600 --> 0:15:53.280 not snow shock to me. I understand why you're asking 0:15:53.320 --> 0:15:56.080 the question. I also understand that I have absolutely nothing 0:15:56.080 --> 0:15:57.720 to do with the federal government. I want nothing to 0:15:57.760 --> 0:16:00.640 do with the federal government. I have no interaction with 0:16:00.680 --> 0:16:04.160 the federal government when it comes to crypto policy. I 0:16:04.240 --> 0:16:06.640 stay in my own damn lane, and my lane is 0:16:06.840 --> 0:16:10.600 operating the greatest hospitality company on Earth, and operating company 0:16:10.600 --> 0:16:12.600 that I truly believe in with every ounce of my 0:16:12.640 --> 0:16:15.320 heart and soul, which is what we're doing with Bitcoin, 0:16:15.400 --> 0:16:18.160 which again historically has been an incredible asset. Hey, Eric, 0:16:19.000 --> 0:16:22.520 So when I hear questions about how you know somebody 0:16:22.520 --> 0:16:25.240 could possibly argue that that Biden had better energy policies 0:16:25.280 --> 0:16:28.360 for the United States than the Donald Trump, like like, 0:16:28.360 --> 0:16:30.160 give me a give me a I. 0:16:30.040 --> 0:16:32.040 Didn't argue that. I just you know, we are we 0:16:32.120 --> 0:16:34.640 are a data driven company, and so I look at data. 0:16:34.800 --> 0:16:37.000 Give me data so perfect, Give me, give me the data. 0:16:37.040 --> 0:16:40.000 Give me one quantifiable metric where Joe Biden was a 0:16:40.000 --> 0:16:42.480 better energy president. Donald Trump, you. 0:16:42.400 --> 0:16:44.040 Can't, well they just can't. 0:16:44.360 --> 0:16:48.480 When you president on the on the first day of 0:16:48.520 --> 0:16:52.440 his term, cancel every pipeline, including the Keystone Xcel pipeline, 0:16:52.640 --> 0:16:54.800 which is why every gas pump in the United States 0:16:54.800 --> 0:16:56.960 of America had a little sticker on us saying I 0:16:57.040 --> 0:17:00.080 did that, And there's a picture of Joe Biden pointing 0:17:00.120 --> 0:17:03.720 to the price of gas. Please spare me this conversation. 0:17:04.040 --> 0:17:05.919 You've got some of the lowest gas prices in the 0:17:05.960 --> 0:17:08.440 history of our country. They're coming down every single day. 0:17:08.760 --> 0:17:11.159 You've got an administration that are putting through permits for 0:17:11.320 --> 0:17:15.080 nuclear reactors like their pays, because we need it if 0:17:15.080 --> 0:17:16.359 we're going to be successful. 0:17:16.440 --> 0:17:17.920