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Speaker 1: This episode is brought to you by P and C Bank.

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Speaker 1: A lot of people think podcasts about work are boring,

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Speaker 1: and sure they definitely can be, but understanding a professionals

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Speaker 1: routine shows us how they achieve their success little by little,

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Speaker 1: day after day. It's like banking with P and C Bank.

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Speaker 1: It might seem boring to safe plan and make calculated

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Speaker 1: decisions with your bank, but keeping your money boring is

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Speaker 1: what helps you live or more happily fulfilled life. P

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Speaker 1: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly

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Speaker 1: Boring since eighteen sixty five is a service mark of

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Speaker 1: the PNC Financial Service Group, Inc. P and C Bank

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Speaker 1: National Association Member FDIC erness What's Up? You ever walk

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Speaker 1: into a small business and everything just works like the

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Speaker 1: checkout is fast, the receipts are digital, tipping is a breeze,

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Speaker 1: and you're out the door before the line even builds.

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Speaker 1: Odds are they're using Square? We love supporting business that

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Speaker 1: run on Square because it just feels seamless. Whether it's

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Speaker 1: a local coffee shop, a vendor at a pop up market,

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Speaker 1: or even one of our merch partners. Square makes it

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Speaker 1: easy for them to take payments, manage inventory, and run

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Speaker 1: their business with confidence, all from one simple system. If

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Speaker 1: you're a business owner or even just thinking about launching

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Speaker 1: something soon, Square is hands down one of the best

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Speaker 1: tools out there to help you start, run, and grow.

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Speaker 1: It's not just about payments, it's about giving you time

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Speaker 1: back so you can focus on what matters most ready.

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Speaker 1: To see how Square can transform your business, visit Square

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Speaker 1: dot com backslash, go backslash eyl to learn more that

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Speaker 1: Square dot com backslash, go backslash eyl. Don't wait, don't hesitate.

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Speaker 1: Let's Square handle the back end so you can keep

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Speaker 1: pushing your vision forward.

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Speaker 2: The thing about bitcoin, when it was created by Satoshi Nakamoto,

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Speaker 2: whoever that entity is, it has a limited supply. If

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Speaker 2: you go back and you read that way paper, you

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Speaker 2: read it on your own time. The way that Satoshi

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Speaker 2: whoever Satoshi was, set it up was that there will

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Speaker 2: only ever be twenty one million bitcoins to be mined.

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Speaker 2: And when I say mind, you might be thinking of

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Speaker 2: like gold mining, like literally going underground and picks and

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Speaker 2: shovels and digging into the earth to extract gold. It's

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Speaker 2: like that, but it's actually done with software. And it's

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Speaker 2: done with computing power, and it takes a lot of energy.

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Speaker 2: You may have heard stories about how much it costs

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Speaker 2: to have produced just one bitcoin. In terms of energy,

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Speaker 2: you could power a small city, right. A lot of

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Speaker 2: that's true, but it's getting a little bit easier to

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Speaker 2: that the energy use is not as intense as it

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Speaker 2: used to be. But because there's only twenty one million

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Speaker 2: bitcoin that will ever be mined, that's a limited supply,

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Speaker 2: and that's one of the attractive features of bitcoin, especially

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Speaker 2: as we see it at these very high prices. We're

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Speaker 2: at about nineteen point eight million that have already been mined.

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Speaker 2: There are not that many more bitcoin to be mine.

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Speaker 2: The thing about bitcoin though, because you have to mine

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Speaker 2: it solving a software equation or a math equation with software,

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Speaker 2: it gets harder and harder for programmers to solve it.

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Speaker 2: It takes a lot of computing power, it takes a

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Speaker 2: lot of smarts, and it takes a lot of time.

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Speaker 2: So as we get closer to twenty one million and

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Speaker 2: worre about nineteen point eight million, it gets harder and

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Speaker 2: harder to mind these things, which kind of raises the value.

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Speaker 2: Tighter supply, more difficult to produce that's helping boost the price,

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Speaker 2: along with a bunch of other factors. Right again, it's

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Speaker 2: a supply demand issue. We're here right now, and well

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Speaker 2: we're here a little bit further in twenty twenty four.

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Speaker 2: Not that many more bitcoin to be mined. A lot

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Speaker 2: of it's already out there. It's just more difficult to mind.

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Speaker 2: And it has a scarcity issue. When you have a

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Speaker 2: scarce resource that a lot of people are interested in,

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Speaker 2: prices go up. I don't care if we're talking about

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Speaker 2: air Force ones. I don't care if we're talking about,

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Speaker 2: you know, a brand new special iPhone. You know, Scarcity

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Speaker 2: of a product that people want and are interested in

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Speaker 2: always drives price. It's supply demand and its manias and

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Speaker 2: its hype, and bitcoin has all of these aspects associated

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Speaker 2: with it. Right. So, in terms of an asset something

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Speaker 2: you can buy and trade and invest in, well, bitcoin

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Speaker 2: has ruled the roost in the capital markets for the

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Speaker 2: past ten years really, but in the past five years alone.

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Speaker 2: Just look at the price appreciation of bitcoin. It just

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Speaker 2: blows out all these other things. I'm gonna read it.

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Speaker 2: If you can't get if you can't see it close enough,

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Speaker 2: Bitcoin's up about one thousand, two hundred and ninety percent

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Speaker 2: in the past five years. Right, the S and P

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Speaker 2: five hundred our stock market, the five hundred biggest companies

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Speaker 2: in America, is up ninety one percent in the past

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Speaker 2: five years. Guys, that's outstanding, right, Those are great returns

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Speaker 2: for stocks. But when you look at bitcoin, it doesn't

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Speaker 2: even compare the Dow Jones industrials. They are not all industrials.

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Speaker 2: That's up fifty six percent. Gold and I use the

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Speaker 2: ETF as the proxy is up about seventy eight percent

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Speaker 2: in the past five years, and the dollar is up

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Speaker 2: about ten percent. So Bitcoin in terms of an investment,

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Speaker 2: has returned a lot more or generated a lot more

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Speaker 2: what we call alpha in our business because of this scarcity,

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Speaker 2: because of the interest in it, and a lot of

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Speaker 2: that has come in different waves. Rare Shad mentioned he

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Speaker 2: first got introduced to it in twenty sixteen. Twenty seventeen,

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Speaker 2: bitcoin had already been around. I remember back in twenty

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Speaker 2: fourteen when it was two bucks, and no, I didn't

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Speaker 2: buy it because I didn't understand it. But the more

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Speaker 2: scarce it gets, the more interest there is and the

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Speaker 2: more adoption there is by both investors like us individual

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Speaker 2: investors or institutional investors like the Fidelities of the world,

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Speaker 2: the Black Rocks of the world, the Goldman Sachses of

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Speaker 2: the world, and yes they're interested, and yes they're mining

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Speaker 2: their own bitcoin. Well, that's just going to drive price

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Speaker 2: even higher. So in the past five years it has

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Speaker 2: blown out stocks by a long shot. But let me

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Speaker 2: take you back five more years beyond that. Ten thousand

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Speaker 2: dollars invested in bitcoin ten years ago, that's where two

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Speaker 2: point nine million dollars today. Now we want to talk

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Speaker 2: about fear missing out or you know, I wish, you know,

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Speaker 2: somebody would have told me about this and I just

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Speaker 2: would have put a thousand. Well, we can think about

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Speaker 2: that with everything. Bitcoin is super unique, with returns like

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Speaker 2: this ten thousand, ten years ago worth two point nine

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Speaker 2: million dollars today. We have never seen anything like it

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Speaker 2: in the capital markets. And I've been doing this for

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Speaker 2: a very long time, so we could talk about why

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Speaker 2: that's happened. But still, even with that massive price appreciation,

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Speaker 2: bitcoin is still much bigger than that. It's about a

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Speaker 2: trillion and a half now, but it's very small compared

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Speaker 2: to the market capitalizations of big assets that are already

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Speaker 2: traded in our capital markets, real estate being the biggest

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Speaker 2: worldwide to three hundred and thirty trillion dollar market. Global debt,

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Speaker 2: we're talking about the bond market. We're talking about US debt,

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Speaker 2: Chinese debt, Japanese debt, European country debt. That's a three

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Speaker 2: hundred and fifteen trillion dollar market. FIAC currency we're talking

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Speaker 2: about dollars, euros, YenS, right, that's one hundred and twenty

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Speaker 2: trillion dollar market. Bitcoin is a trillion and a half

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Speaker 2: dollar market. It's come a long way in fourteen years,

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Speaker 2: but it is still a very small asset class comparatively speaking,

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Speaker 2: and given the hype that it gets, barely anybody owns it,

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Speaker 2: but the people that own it own a lot of it,

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Speaker 2: especially some of the bigger companies. So we'll get into

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Speaker 2: that in a second. Just keep that in mind though,

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Speaker 2: when Rashad mentioned that eighty five percent of people's surveyed

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Speaker 2: say they don't own it, Well, you know, it's still

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Speaker 2: pretty young, and it's still pretty small, and it wasn't

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Speaker 2: until like the last year or two where it really

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Speaker 2: became available for us to put into our retirement accounts,

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Speaker 2: to buy like an exchange traded fund, like we would

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Speaker 2: buy in exchange traded fund that tracks the Nasdaq. Right,

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Speaker 2: it is still kind of a I wouldn't call it

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Speaker 2: a baby, but I may call it like an eight

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Speaker 2: year old or like a fourteen year old, because that's

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Speaker 2: actually what it is.

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Speaker 3: An illegal alien from Guatemala charged with raping a child

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Speaker 3: in Massachusetts. An MS thirteen gang member from El Salvador

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Speaker 3: accused of murdering a Texas man of Venezuelan charged with

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Speaker 3: filming and selling child pornography in Michigan. These are just

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Speaker 3: some of the heinous migrant criminals caught because of present

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Speaker 3: sident Donald J. Trump's leadership. I'm Christy Noman, the United

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Speaker 3: States Secretary of Homeland Security. Under President Trump, attempted illegal

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Speaker 3: border crossings are at the lowest levels ever recorded, and

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Speaker 3: over one hundred thousand illegal aliens have been arrested. If

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Speaker 3: you are here illegally, your next you will be fine

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Speaker 3: nearly one thousand dollars a day, imprisoned and deported. You

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Speaker 3: will never return. But if you register using our CBP

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Speaker 3: home app and leave now, you could be allowed to

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Speaker 3: return legally. Do what's right. Leave now. Under President Trump

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Speaker 3: America's laws, border and families

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Speaker 2: Will be Protected sponsored by the United States Department of

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Speaker 2: Homeland Security,