WEBVTT - The Mark Moss Show Mar 30, 2022 0:00:00.680 --> 0:00:03.080 Welcome to another episode of The Mark Moss Show, where 0:00:03.080 --> 0:00:06.720 we talk about the intersection of politics, finance, and technology. 0:00:06.760 --> 0:00:09.760 We're talking about the decentralized revolution. We're talking about the 0:00:09.800 --> 0:00:12.360 way the world is changing right before our very eyes. 0:00:13.520 --> 0:00:17.560 It's full of opportunities, it's full of problems, it's full 0:00:17.600 --> 0:00:21.800 of exciting changes and developments, and it's full of scary changes, 0:00:22.079 --> 0:00:25.599 especially if you're not position to take advantage of them. 0:00:25.640 --> 0:00:27.720 But whether you see it or not, whether you like 0:00:27.840 --> 0:00:31.480 it or not, the world is changing. And so it's 0:00:31.520 --> 0:00:33.400 up to you. You can decide to either be a 0:00:33.440 --> 0:00:34.720 part of it and take advantage of it, or you 0:00:34.720 --> 0:00:37.440 can decide to get mad and ignore it. But my 0:00:37.520 --> 0:00:40.840 favorite author, well not my favorite author, one an author 0:00:40.880 --> 0:00:43.199 I like, we'll say that. Sorry, I'm talking about iron 0:00:43.240 --> 0:00:44.920 rand A Quotura all the time. She says that you 0:00:44.920 --> 0:00:47.600 can choose to ignore reality, but you cannot ignore the 0:00:47.720 --> 0:00:50.639 consequences of reality. And so the reality is the world 0:00:50.760 --> 0:00:54.000 is changing, and uh, you can keep waiting for things 0:00:54.000 --> 0:00:58.000 to go back to normal, but there ain't. There ain't there, 0:00:58.040 --> 0:01:00.120 There is no normal. There ain't going back the way 0:01:00.120 --> 0:01:03.640 they ever were, and that's because technology changes things. Um, 0:01:03.680 --> 0:01:07.520 you know, politically, socially, culturally, financially, um. Things kind of 0:01:07.560 --> 0:01:10.600 repeat over and over and over. But it's technology that changes, 0:01:11.400 --> 0:01:14.880 and it's the technology that changes the way that we work, organized, communicate, 0:01:15.000 --> 0:01:18.160 and so that we're not going back. Now. A lot 0:01:18.160 --> 0:01:23.400 of people, particularly the governments, they want to stop technology, 0:01:23.640 --> 0:01:26.280 which is amazing. Um, if you think about, you know, 0:01:26.280 --> 0:01:28.920 the whole world three years ago, pretty much the whole 0:01:28.920 --> 0:01:32.800 world was dirt. And UM. When I say dirt, I 0:01:32.840 --> 0:01:35.440 mean we you know, we didn't have structures over like 0:01:35.480 --> 0:01:38.480 two stories high, right, we had bricks two maybe two 0:01:38.600 --> 0:01:41.720 or three stories high, and that was it. Right. We 0:01:41.800 --> 0:01:44.000 didn't have any electricity, we had no we had nothing. 0:01:44.440 --> 0:01:46.880 It wasn't until the Distrial Revolution about two years ago 0:01:46.880 --> 0:01:50.080 that we started to actually get some stuff besides this 0:01:50.200 --> 0:01:52.040 living in the dirt, on the on the on the farms, 0:01:52.040 --> 0:01:55.120 in the fields. And um, in the last two years, 0:01:55.160 --> 0:01:57.600 we've had steel which allowed us build skyscrapers and bridges 0:01:57.640 --> 0:02:01.480 and electricity and all these things. And it's technology and 0:02:01.720 --> 0:02:03.760 then through that as allowed us to specialize our labor. 0:02:03.760 --> 0:02:06.360 And then we have massive improvements in science and technology 0:02:06.440 --> 0:02:10.200 and sanitation, and that's allowed our life expectancy to go 0:02:10.280 --> 0:02:14.000 up and all these amazing things. And so progress has 0:02:14.040 --> 0:02:16.600 been amazing. You know, I used to have to buy 0:02:16.639 --> 0:02:19.000 film and I could take thirty I think it was 0:02:19.000 --> 0:02:21.080 a thirty two pictures on my camera, and now I 0:02:21.080 --> 0:02:24.040 can take a million just on my phone. Right. Progress 0:02:24.080 --> 0:02:26.000 is amazing. It allows us to do all types of 0:02:26.000 --> 0:02:28.800 things like we're doing right now, work from home. But 0:02:28.960 --> 0:02:31.840 the politicians, the powers that be want to stop it 0:02:32.040 --> 0:02:34.240 because they don't like the progress. But they can't be stopped. 0:02:34.240 --> 0:02:37.120 Technologies here no matter what. And one of the ways 0:02:37.160 --> 0:02:39.960 that the world is changing is that over the last 0:02:40.000 --> 0:02:43.320 two or fifty years, the world has been becoming centralized. Um, 0:02:43.360 --> 0:02:47.119 the the industrial revolution lad people out of the farms 0:02:47.200 --> 0:02:50.760 and fields into the cities and factories and begin it 0:02:50.840 --> 0:02:53.400 began this a whole move towards centralization. We have these 0:02:53.400 --> 0:02:55.919 giant corporations and these giant companies and all these things. 0:02:56.520 --> 0:03:00.519 And now that trend is reversing. And I've been talking 0:03:00.520 --> 0:03:02.880 about this, so I talked about the decentralized revolution, and 0:03:02.880 --> 0:03:05.280 now things are starting to reverse. And the Internet is 0:03:05.320 --> 0:03:08.320 what really enabled that to start happening. And so now 0:03:08.600 --> 0:03:12.440 you know, via zoom, people can work from anywhere and um, 0:03:12.480 --> 0:03:14.400 instead of these big giant companies, Now we have all 0:03:14.400 --> 0:03:17.480 these small companies. Need is big building with all these people. 0:03:17.560 --> 0:03:19.320 Now I just have people working remotely all over the 0:03:19.320 --> 0:03:22.160 world kind of thing. And so it's technology that's really 0:03:22.240 --> 0:03:25.480 changing that. And then of course through the through the pandemic, 0:03:25.520 --> 0:03:28.280 it really accelerated that. Right, we saw that everyone was 0:03:28.360 --> 0:03:31.520 forced to work from home. So even companies that thought 0:03:31.600 --> 0:03:33.840 no way I could ever have my workforce working from 0:03:33.840 --> 0:03:36.640 home found out, shoot, actually I can kind of works 0:03:36.640 --> 0:03:38.760 pretty good. And people that said no way I could 0:03:38.760 --> 0:03:40.880 ever work from home, Um, I need to be in 0:03:40.880 --> 0:03:43.680 the office, found out, actually, I like working from home. 0:03:44.520 --> 0:03:46.600 And so it was this massive catalyst that pushed people 0:03:46.640 --> 0:03:50.400 to do things they never would have done ordinarily. Um, 0:03:50.560 --> 0:03:52.440 once that genius out of the bottle and ain't going back. 0:03:53.160 --> 0:03:57.200 And that's exactly what we've seen. We're seeing, Uh, even 0:03:57.240 --> 0:03:59.160 though companies are able to go back to work, they 0:03:59.160 --> 0:04:02.520 don't want to. Latest this week we saw I saw 0:04:02.560 --> 0:04:05.360 on the Wall Street Journal Mark Zuckerberg from Facebook and 0:04:05.360 --> 0:04:09.720 now Meta said that they are now taking remote work 0:04:09.800 --> 0:04:13.320 to the extreme. I said, executives are scattering two locations 0:04:13.400 --> 0:04:17.320 far from Silicon Valley headquarters working from Hawaiike, cod Europe, etcetera. 0:04:17.920 --> 0:04:20.160 And so you know in the United States. You know, 0:04:20.360 --> 0:04:25.440 we have some beautiful places in the United States, Idaho, Montana, 0:04:25.839 --> 0:04:28.520 you know, Colorado, but if you really want to be successful, 0:04:28.520 --> 0:04:29.440 you had to move to the city. You had to 0:04:29.480 --> 0:04:32.240 be in San Francisco or Los Angeles or New York 0:04:32.240 --> 0:04:36.719 City something like that. Well, now people can be wherever. 0:04:36.720 --> 0:04:38.599 That's why we're seeing real estate prices go crazy in 0:04:38.640 --> 0:04:42.560 places like Idaho, Montana, Wyoming, etcetera. Uh, I don't know. 0:04:42.600 --> 0:04:46.880 Two months ago, I drove I drove well, uh, I 0:04:46.920 --> 0:04:49.400 don't know. It's not in northern California, about six hours 0:04:49.400 --> 0:04:53.120 north of where I live as a Mammoth Mountains snow 0:04:53.200 --> 0:04:57.159 ski snowboard place here in California. And we're driving back 0:04:57.200 --> 0:04:59.120 and I remember talking to my daughter and I was like, 0:05:00.000 --> 0:05:01.920 it's about six hour drive. For like the first four 0:05:02.000 --> 0:05:05.200 hours driving back, you don't see anything. I mean, it's 0:05:05.240 --> 0:05:08.000 just nothing, right, And then you get to the l 0:05:08.040 --> 0:05:09.480 A and then you start getting all the traffic and 0:05:09.480 --> 0:05:12.640 stuff like that, and it's like as crowded as California is, 0:05:13.040 --> 0:05:16.320 it's really not that crowded. Um, it's just people are 0:05:16.320 --> 0:05:18.560 in the cities but now people are able to move 0:05:18.560 --> 0:05:21.080 all over the place, and not just into Colorado way, 0:05:21.080 --> 0:05:22.560 I mean, I know, but they can move down to 0:05:23.200 --> 0:05:26.159 Mexico or El Salvador or whatever they want. And so 0:05:26.440 --> 0:05:28.120 we're seeing that pick up. As a matter of fact, 0:05:28.120 --> 0:05:32.200 like I said here, Facebook says um the company's management, 0:05:32.200 --> 0:05:35.479 including chief executive Mark Zuckerberg, is scattering to locations far 0:05:35.600 --> 0:05:39.960 from its Silicon Valley headquarters and extreme test of the 0:05:40.040 --> 0:05:43.480 limits of remote work. It says, quote, the past few 0:05:43.520 --> 0:05:45.960 years have brought new possibilities around the ways we connect 0:05:46.000 --> 0:05:51.160 and work, and said spokesman Tracy Clayton, um, quote we 0:05:51.240 --> 0:05:54.360 believe that how people work is far more important than 0:05:54.520 --> 0:05:59.120 where they work from. And so um, if medic can 0:05:59.160 --> 0:06:00.919 do it and all these other companies can do it, 0:06:00.960 --> 0:06:02.720 then then everyone else can. And this is a trend 0:06:02.800 --> 0:06:06.640 that's going to continue. This is part of the decentralized revolution. Now, 0:06:06.680 --> 0:06:09.039 if we're working from anywhere, then we need tools to 0:06:09.160 --> 0:06:12.080 do that. So we need obviously Zoom is a good one. 0:06:12.200 --> 0:06:14.760 Facebook is you know, they change their name to Meta. 0:06:14.839 --> 0:06:17.320 I suppose they're building out this whole metaverse, and maybe 0:06:17.320 --> 0:06:18.919 that's going to be a new way that it can work. 0:06:19.760 --> 0:06:22.400 What's cool is that you know, companies like this will 0:06:22.400 --> 0:06:24.840 be pioneering, this will be putting a bunch of money 0:06:24.920 --> 0:06:27.720 into all these new tools and ways to do this ways, 0:06:27.760 --> 0:06:30.320 like I said, the ways we communicate, organizing to communicate 0:06:30.800 --> 0:06:34.240 um and then that technology. Those things will then start 0:06:34.240 --> 0:06:38.719 trickling down to other people, like US Medicine in June 0:06:38.920 --> 0:06:42.599 that it would allow all full time employees to apply 0:06:42.760 --> 0:06:45.680 to work from home if their jobs allowed it, and 0:06:45.720 --> 0:06:48.480 says Meta has shifted to a hybrid model that allows 0:06:48.520 --> 0:06:53.000 most employees, including top executives, to work from wherever they 0:06:53.040 --> 0:06:57.080 deem best. Man, that's pretty cool. So like I could 0:06:57.080 --> 0:06:59.160 go as long as you have internet, and now like 0:06:59.200 --> 0:07:02.320 with elon usk starlink, I can get a satellite dish 0:07:02.320 --> 0:07:03.720 it's about size of a coffee table, and I could 0:07:03.760 --> 0:07:05.919 have broadband internet anywhere in the world. I can go 0:07:05.920 --> 0:07:07.719 to the South Pacific and live on a little island 0:07:07.720 --> 0:07:09.440 and they have broadband. I could work from there. Now 0:07:09.520 --> 0:07:11.520 that's pretty cool. And so this is the only going 0:07:11.560 --> 0:07:13.320 to continue, and you know, we'll see more of these 0:07:13.320 --> 0:07:16.160 tools really starting to develop, and that would, like I said, 0:07:16.160 --> 0:07:19.120 we'll trickle down to the rest of us, and we'll 0:07:19.160 --> 0:07:21.160 need tools to communicate better. So, like I said, like 0:07:21.160 --> 0:07:24.640 the zoom and whatnot, UM, but then we also need 0:07:24.720 --> 0:07:27.440 a money. We also need a money that can work 0:07:27.480 --> 0:07:29.600 like that, and so we need a money that's truly 0:07:29.600 --> 0:07:32.600 global and that can be sent. Now, the problem with 0:07:32.640 --> 0:07:36.000 the current financial system is it's UM. It's permissioned, so 0:07:36.320 --> 0:07:38.240 it takes you have to have permission to join it. 0:07:38.240 --> 0:07:41.000 That's why about two billion adults, about half the adults, 0:07:41.040 --> 0:07:43.320 more than half the adults in the world today have 0:07:43.480 --> 0:07:46.880 no access to the financial system because they don't have permission. 0:07:47.800 --> 0:07:49.480 And in order to send money around the world, it's 0:07:49.560 --> 0:07:53.480 very difficult because each country has their own walled garden, 0:07:53.520 --> 0:07:56.000 if you will, UM, and so there's all these gateways 0:07:56.040 --> 0:07:57.600 that money has to go in and out, and then 0:07:57.600 --> 0:07:59.960 they want to extract all these heavy fees and depend 0:08:00.040 --> 0:08:01.440 on where you're at in the world and how much 0:08:01.480 --> 0:08:05.040 money you're sending, you can spend of the of the 0:08:05.080 --> 0:08:08.280 amount you're sending could be eaten up in fees. And 0:08:08.320 --> 0:08:12.160 so in addition to that, it makes it very inconvenient 0:08:12.320 --> 0:08:14.680 or really unprofitable to send small amounts of money. So, 0:08:14.720 --> 0:08:20.480 for example, how could you send ten cents today to 0:08:20.520 --> 0:08:24.360 somebody in another country ten cents the answers you can't, 0:08:24.880 --> 0:08:29.160 and so we need a money that's both borderless, permission less, 0:08:30.080 --> 0:08:33.240 UM and instantaneous and free. And of course bitcoin works 0:08:33.240 --> 0:08:37.560 perfectly into that decentralized revolution peace UM. And that's just 0:08:37.600 --> 0:08:39.560 one way that we're seeing that happen. Meta is kind 0:08:39.559 --> 0:08:42.480 of leading the way, UM, but that's not the only way. 0:08:42.480 --> 0:08:46.439 Like I said, with bitcoin really opening that up, we're 0:08:46.480 --> 0:08:50.040 seeing more and more UM people jumping into that. As 0:08:50.040 --> 0:08:53.640 a matter of fact, UM, one of the biggest names 0:08:53.679 --> 0:08:58.320 in finance, actually to two of the biggest names in 0:08:58.720 --> 0:09:03.520 finance announced this week that they are getting into bitcoin 0:09:03.559 --> 0:09:06.000 and cryptocurrencies. That is big news too. I mean I'm 0:09:06.040 --> 0:09:08.680 talking the biggest names. I'm gonna tell you about those. Also, 0:09:08.800 --> 0:09:11.800 there's two states that have opened it up. That's pretty amazing, 0:09:12.360 --> 0:09:14.080 big big news. I got a couple of those stories 0:09:14.080 --> 0:09:16.360 to talk about. In a minute, you're listening to the 0:09:16.400 --> 0:09:19.400 Mark ma Show talking about the decentralized revolution, talking about 0:09:19.400 --> 0:09:23.040 the intersection of politics, finance, and technology. Really trying to 0:09:23.080 --> 0:09:26.280 bring all of this into context, especially by bringing you 0:09:26.280 --> 0:09:28.000 some of the latest breaking news of the week. I 0:09:28.040 --> 0:09:30.080 got a lot more when I come back, so do 0:09:30.120 --> 0:09:32.640 not go away, I'll be back. All right, Welcome back. 0:09:32.679 --> 0:09:35.319 You're listening to The Mark Ma Show, and I am 0:09:35.440 --> 0:09:38.320 keeping you up to date with the latest breaking news 0:09:38.400 --> 0:09:41.439 on the decentralized revolution. We're talking about bitcoin, we're talking 0:09:41.440 --> 0:09:44.760 about cryptocurrencies. We're talking about the intersection of politics, finance, 0:09:44.840 --> 0:09:49.439 and technology, and again, like I said, the decentralized revolution. 0:09:49.440 --> 0:09:52.760 Before the break, I was talking about how meta Facebook 0:09:53.000 --> 0:09:55.800 announced that everyone can go work from anywhere that they 0:09:56.000 --> 0:10:00.240 deem fit now, which is pretty amazing. And it's a trend, right, 0:10:00.240 --> 0:10:01.520 This is a trend. You have to think about these 0:10:01.559 --> 0:10:02.960 things and think about where they go. And this is 0:10:02.960 --> 0:10:05.160 just going to continue to lead to the world decentralizing. 0:10:05.160 --> 0:10:07.520 The world continue to move out of the cities, whether 0:10:07.559 --> 0:10:11.160 everyone's over over the crowded and uh, moving to places wherever, 0:10:11.160 --> 0:10:13.800 wherever they want, wherever they deem fit. It's pretty cool, um. 0:10:13.840 --> 0:10:15.760 And so that's one of the reasons why, like you know, 0:10:15.760 --> 0:10:19.199 bitcoin and cryptocurrencies, it's just inevitable. I mean, it's it's inevitable. 0:10:19.200 --> 0:10:21.320 At this point, we're past the point of no return. 0:10:22.559 --> 0:10:26.160 That's why I'm calling bitcoin the best risk adjusted investment 0:10:26.320 --> 0:10:29.640 I've ever seen. Were past that point and it's not 0:10:29.720 --> 0:10:32.080 just me that thinks that. As a matter of fact, UM, 0:10:32.320 --> 0:10:36.400 two of the biggest names. I don't I'm not saying 0:10:36.800 --> 0:10:39.240 um some of or a few of No, no, no, 0:10:39.320 --> 0:10:43.880 I'm saying to probably probably the two biggest. I'm gonna 0:10:43.920 --> 0:10:49.320 claim it that the two biggest names in finance in 0:10:49.360 --> 0:10:52.640 the world period. I'm gonna claim it like that have 0:10:52.920 --> 0:10:55.880 just made some big announcements this week. When I say 0:10:55.920 --> 0:10:58.720 two of the biggest and no, no, no, no, no, sorry, 0:10:58.800 --> 0:11:01.720 I keep going back to that two of the I'm saying, too, 0:11:02.400 --> 0:11:04.200 the two biggest. So who am I talking about? Well, 0:11:04.240 --> 0:11:07.439 first one, I'm talking about Ray Dalio. Ray Dalio his 0:11:07.760 --> 0:11:13.839 famous Bridgewater Capital UM and Bridgewater Capital is uh, the 0:11:13.840 --> 0:11:20.280 the world's largest hedge fund, period, the world's largest hedge funds. 0:11:20.280 --> 0:11:23.040 So I'm not saying some of or one of, No, no, no, 0:11:23.240 --> 0:11:28.360 the largest UM and uh. Ray Dalio's Bridgewater says that 0:11:28.400 --> 0:11:32.640 they are in investing into a crypto fund. That's what 0:11:32.679 --> 0:11:36.880 they said, UM, and that's pretty big news. Now. Ray Dalio, 0:11:37.080 --> 0:11:40.640 he's very vocal, very outspoken. He's on lots of news channel. 0:11:40.640 --> 0:11:42.719 As a matter of fact, he recently put out a 0:11:42.760 --> 0:11:46.520 new book that I'm reading right now. It's pretty good. UM, 0:11:46.640 --> 0:11:48.640 the New World Order. I think it's called I'm I 0:11:48.640 --> 0:11:50.800 don't know, four or five chapters in. Uh it's a 0:11:50.840 --> 0:11:52.360 good it's a good read if you if you want 0:11:52.360 --> 0:11:54.640 to check it out, I'd recommend it. But uh, so 0:11:54.679 --> 0:11:57.040 he's pretty prolific. He puts a lot of information out there. 0:11:57.320 --> 0:12:00.920 But Bridgewater Capital UM has now said that they are 0:12:01.120 --> 0:12:06.439 going to be investing into cryptocurrencies. And what's interesting about 0:12:06.440 --> 0:12:09.959 it is that, UM, this is a big pivot. It's 0:12:09.960 --> 0:12:12.760 a big pivot because UM, just about a year ago 0:12:13.320 --> 0:12:16.120 they said they weren't into it at all. So for 0:12:16.160 --> 0:12:17.720 them to go from a year ago like we're not 0:12:17.800 --> 0:12:20.400 into it to like, okay, now we're in officially in, 0:12:20.600 --> 0:12:23.319 it's a pretty big deal. UM. And that's why I 0:12:23.360 --> 0:12:25.959 continue to say, like, it is not going away now. UM. 0:12:26.120 --> 0:12:29.880 Ray Dalio himself, this is Bridgewater Capital, the largest, you know, 0:12:29.880 --> 0:12:32.720 the largest hedge fund of the world. But Ray Dalio 0:12:32.920 --> 0:12:36.840 himself did come out publicly and say that he added 0:12:36.840 --> 0:12:39.800 bitcoin to his portfolio. And I'd like to point out 0:12:39.840 --> 0:12:43.800 he said bitcoin, not crypto. UM. So he did personally 0:12:43.840 --> 0:12:45.760 come out and say that. But now the fund has 0:12:45.760 --> 0:12:48.720 efficiently come out and said that they are into cryptocurrency. 0:12:48.800 --> 0:12:51.680 So that's big news. It's really big news. Like I said, 0:12:51.720 --> 0:12:54.240 the world's largest headphone. But he's not the only one. 0:12:54.640 --> 0:12:59.520 I said the two largest, So that's one who's the 0:12:59.559 --> 0:13:03.240 second largest, Well, they're also they're also the world's largest. 0:13:03.280 --> 0:13:06.440 In just a little different way. I'm talking about Larry Fink, 0:13:06.559 --> 0:13:09.520 the CEO of black Rock. You've probably heard of black 0:13:09.600 --> 0:13:13.080 Rock before, maybe not in a good way. Uh. Their 0:13:13.120 --> 0:13:16.320 symbol is b l K, and Larry Fink, the CEO 0:13:16.320 --> 0:13:22.559 of black Rock, has confirmed that the world's largest asset manager, 0:13:23.240 --> 0:13:27.960 the world's largest asset manager. So Bridgewater Capitals the world's 0:13:28.040 --> 0:13:31.480 largest hedge fund, and now black Rock is the world's 0:13:31.520 --> 0:13:35.120 largest asset manager. And now they're exploring how to serve 0:13:35.200 --> 0:13:40.280 clients with with with cryptocurrencies as well, and very similar 0:13:40.400 --> 0:13:44.080 to Bridgewater Capital and Ray Dalio. It's interesting is that 0:13:44.480 --> 0:13:46.800 it says here that Fink Larry Fink, he is the CEO. 0:13:47.320 --> 0:13:51.800 Fink cited increasing interest from clients around digital currencies in 0:13:51.840 --> 0:13:55.520 a letter to shareholders on Thursday. What's interesting it says 0:13:55.559 --> 0:13:59.440 that fins comments are at sharp odds with his previous 0:13:59.440 --> 0:14:03.560 assessment of client interest in crypto. In July of last year, 0:14:03.679 --> 0:14:06.520 Fink said that he has not seen much demand for 0:14:06.559 --> 0:14:10.199 digital assets. So July of last year, he was asked 0:14:10.200 --> 0:14:13.600 in an interview and he said that there was not 0:14:13.720 --> 0:14:17.760 much demand for cryptocurrencies back then July of last year, 0:14:17.840 --> 0:14:20.560 less than a year ago. But now, he said in 0:14:20.600 --> 0:14:24.080 the letter to shareholders that because of the increasing interests 0:14:24.080 --> 0:14:28.160 from clients, now they're going to jump into it. It's 0:14:28.160 --> 0:14:32.760 a pretty big deal. Now. Again, he's the world's largest 0:14:32.880 --> 0:14:39.400 asset manager, So imagine the type of clients that they have. Um, 0:14:39.440 --> 0:14:44.200 it's pretty big, right, So, Um, that's a big that's 0:14:44.200 --> 0:14:47.200 a big shifting sentiment from a year ago. No one's 0:14:47.240 --> 0:14:50.400 really into it too. Now this massive demand for it 0:14:50.440 --> 0:14:52.960 to be there and so um, these are things that 0:14:53.000 --> 0:14:54.960 you should not be sleeping on. These are things that 0:14:55.000 --> 0:14:57.720 you need to be paying attention to. The big, big, big, 0:14:57.760 --> 0:15:02.640 big deal. And it just continues on from there. Of course. Uh, 0:15:02.800 --> 0:15:05.800 like I was telling you before, the governments around the 0:15:05.800 --> 0:15:08.720 world are gonna want to stop this. They don't like it. Right. 0:15:08.960 --> 0:15:11.160 Why don't they like it? Because it builds a new 0:15:11.240 --> 0:15:14.480 system that they can't control. And so you've heard me 0:15:14.520 --> 0:15:17.520 talk many times about el Salvador um. El Salvador is 0:15:17.560 --> 0:15:20.080 the first nation in the world to make bitcoin actually 0:15:20.200 --> 0:15:23.000 legal tender. Legal tender means that you would be able 0:15:23.040 --> 0:15:26.560 to buy anything any anywhere, anyone selling anything in the 0:15:26.640 --> 0:15:29.560 in the nation of El Salvador country. El Salvador must 0:15:29.680 --> 0:15:33.640 now accept bitcoin is payment. That's what legal tender means, 0:15:33.960 --> 0:15:35.200 and so they were the first to do that. Now, 0:15:35.440 --> 0:15:36.920 a lot of people in the world don't like that. 0:15:37.040 --> 0:15:40.160 As a matter of fact, the United States doesn't seem 0:15:40.200 --> 0:15:42.200 to like it. Like, what the heck does the United 0:15:42.240 --> 0:15:45.400 States care if El Salvador uses a bitcoin or not. Right, 0:15:45.400 --> 0:15:48.360 El Salvador is like so far down. I think they're 0:15:48.400 --> 0:15:53.560 like maybe ninety two, ranked ninety two in the world, 0:15:53.640 --> 0:15:56.160 unlike GDP or something. I mean, their way down there. 0:15:56.160 --> 0:15:58.200 What the heck does the United States care? Well? They do. 0:15:58.320 --> 0:16:00.480 The U. S. Senate is now considering a new bill 0:16:00.600 --> 0:16:06.280 to examine El Salvador's bitcoin experiment, which is crazy. It 0:16:06.320 --> 0:16:08.240 says the U. S. Senate will vote on a bill 0:16:08.320 --> 0:16:13.160 looking to mitigate the risks to the US financial system 0:16:13.200 --> 0:16:18.480 from El Salvador's adoption of bitcoin as legal tender. Mm hmm. 0:16:19.080 --> 0:16:21.280 They want to mitigate the risks of the U S 0:16:21.320 --> 0:16:24.200 financial system from El Salvador's adoption of bitcoin. What kind 0:16:24.200 --> 0:16:27.920 of risks El s Avador is tiny? El Savador is 0:16:28.000 --> 0:16:30.920 a little, tiny, little spec for the United States. What 0:16:31.080 --> 0:16:34.560 potential risk could there be? That says the you'll love 0:16:34.600 --> 0:16:37.840 this The ACES Act, Oh, what a good name. The 0:16:37.880 --> 0:16:44.520 ACES Act, the Accountability for Cryptocurrency in El Salvador A c. E. S. 0:16:45.080 --> 0:16:48.320 The ACES Act was introduced by Senator Senators James Rish 0:16:48.360 --> 0:16:51.920 of Idaho, Bob Mendez of New Jersey, and Bill Cassidy 0:16:52.000 --> 0:16:55.000 and Louisiana Um. And it says, quote, as El Salvador 0:16:55.040 --> 0:16:57.720 has adopted bitcoin is legal tender, it's important we understand 0:16:57.880 --> 0:17:03.000 and mitigate potential risk of the US financial system. Um 0:17:03.080 --> 0:17:05.720 He had that legislation would require the State and Treasury Departments, 0:17:05.720 --> 0:17:08.480 among other federal agencies, to mitigate risks such as potential 0:17:08.600 --> 0:17:15.800 empowerment of China. Oh man, I mean, I always go 0:17:15.840 --> 0:17:19.879 back to this quote that Christina the Garden said, which was, um, 0:17:20.080 --> 0:17:25.920 innovation threatens financial stability. So it does. It does threaten 0:17:25.960 --> 0:17:29.160 financial stability. It threatned it threatens the financial system that 0:17:29.200 --> 0:17:32.800 they have a monopoly on. But they can't do it 0:17:32.840 --> 0:17:37.000 by not by stopping um progress and change. Things change 0:17:37.080 --> 0:17:40.760 because they're better. We only give up something. We'll only 0:17:40.800 --> 0:17:42.080 give up an old way to go to a new 0:17:42.080 --> 0:17:43.800 way when the new way is better, or when you're 0:17:43.800 --> 0:17:46.959 forced at gunpoint, which is what the government's trying to do. UM. 0:17:47.040 --> 0:17:49.119 But either way, there's a quote that I love. I 0:17:49.160 --> 0:17:51.480 forget who says it, but it says that you a 0:17:51.560 --> 0:17:54.959 standing army is no I has no match for a 0:17:55.000 --> 0:17:58.600 good idea whose time has come. That's exactly what we're 0:17:58.600 --> 0:18:00.200 looking at here. I mean, when when you have something 0:18:00.200 --> 0:18:03.000 that's a thousand times better like bitcoin is, there's just 0:18:03.040 --> 0:18:04.720 no way they can stop it. You're listening to the 0:18:04.720 --> 0:18:07.520 Mark Moa Show. We're talking about bitcoin, the decentralized revolution, 0:18:07.840 --> 0:18:11.480 the intersection of tech, politics and finance. I got a 0:18:11.560 --> 0:18:14.640 lot more to come back about when I come back, 0:18:14.880 --> 0:18:18.160 So do not go away, everyone, Welcome back. You are 0:18:18.240 --> 0:18:22.520 listening to the markma Show where we discuss the decentralized 0:18:22.560 --> 0:18:24.520 revolution that the world is going through right now. We're 0:18:24.520 --> 0:18:27.720 talking about the intersection of politics finance, but really it's 0:18:27.720 --> 0:18:30.679 all driven by technology. Of course, we're talking about bitcoin 0:18:30.720 --> 0:18:33.879 and cryptocurrencies and what that's doing to the world, and 0:18:33.920 --> 0:18:37.959 it's disrupting everything that we as we know it, right, 0:18:38.000 --> 0:18:41.080 that's what technology is doing. And um, as I've made 0:18:41.119 --> 0:18:44.720 the case many times, UM, as it disrupts these things, 0:18:44.760 --> 0:18:47.920 as it changes things, and it changes it for the better. UM. 0:18:48.000 --> 0:18:49.879 If it wasn't better, it wouldn't change. But as it 0:18:49.960 --> 0:18:53.639 changes things for the better. UM, it just creates fireworks. 0:18:53.920 --> 0:18:57.120 And UM we see financial markets get reset. UM. It's 0:18:57.119 --> 0:19:00.159 good and bad for different actors, different players. But one 0:19:00.200 --> 0:19:01.560 of the things that typic comes out of this as 0:19:01.600 --> 0:19:06.840 war unfortunately, and war then creates its own set of problems, 0:19:06.880 --> 0:19:10.520 but it also helps to be the catalyst and and 0:19:10.560 --> 0:19:15.359 really accelerate this change that's happening now. One thing that 0:19:15.560 --> 0:19:18.480 I've talked about extensively if you've been tuning in, is 0:19:18.560 --> 0:19:23.000 how the financial system is changing. UM specifically because of 0:19:23.040 --> 0:19:25.280 a loss of trust in the financial system. And that's 0:19:25.280 --> 0:19:29.000 specifically because of well, we can't trust people. The United 0:19:29.000 --> 0:19:33.040 States has continued to torpedo their own financial system and 0:19:33.080 --> 0:19:36.840 in trying to slap all these sanctions on Russia. UM, 0:19:36.920 --> 0:19:41.320 because of this war situation, it's only sped up. The 0:19:41.400 --> 0:19:45.320 inevitable switch will collapse and then switch to this new 0:19:45.359 --> 0:19:48.119 financial system. We saw this week, which which was pretty 0:19:48.160 --> 0:19:51.960 interesting is um is Russia has continued to try to 0:19:52.280 --> 0:19:55.840 respond to the sanctions that have happened to them. And 0:19:56.000 --> 0:19:58.919 as we've talked about before, if you're if you're just 0:19:58.960 --> 0:20:01.520 tuning in, I'm trying to it's yup here. But UM, 0:20:01.560 --> 0:20:04.359 you know, obviously you know about the word Russia. You 0:20:04.480 --> 0:20:06.960 understand that the whole world is trying to sanction them, 0:20:06.960 --> 0:20:09.400 trying to prevent people from doing business with them, helping 0:20:09.440 --> 0:20:12.120 them move their money. But the one thing, the main 0:20:12.240 --> 0:20:15.000 thing that Russia really supplies the world with his energy, 0:20:15.200 --> 0:20:18.880 talking about oil and gas and so, um, the US 0:20:18.960 --> 0:20:20.960 can say, hey, you can't deal with US dollars anymore. 0:20:20.960 --> 0:20:22.600 As a matter of fact, they seized all their dollars, 0:20:22.640 --> 0:20:26.239 their treasuries and Whatnotum, but Russia still has a lot 0:20:26.240 --> 0:20:28.639 of energy to produce. Well, they could say, well, you 0:20:28.720 --> 0:20:31.520 can't sell that for dollars anymore because you're not allowed 0:20:31.520 --> 0:20:34.480 to use our financial system anymore. And so we saw 0:20:35.080 --> 0:20:38.240 this week big news came out of Russia that um 0:20:38.240 --> 0:20:41.880 Putin said that they will now start selling their energy, 0:20:41.920 --> 0:20:45.720 e their oil and gas in rubles um that's their 0:20:45.760 --> 0:20:49.840 local currency. So that's pretty interesting in turn of events, Like, 0:20:49.920 --> 0:20:52.600 all of these things have an equal and opposite reaction, Right, 0:20:52.640 --> 0:20:55.640 So if the US says, hey, you can't use US 0:20:55.680 --> 0:20:58.080 dollars anymore, what what what happens? I mean, you don't 0:20:58.119 --> 0:21:00.560 just go away and die. You don't have to figure 0:21:00.600 --> 0:21:05.440 out another thing to do. And Russia has goods and services. 0:21:05.600 --> 0:21:09.520 They have oil and gas that the world desperately needs. 0:21:10.400 --> 0:21:14.479 The world desperately needs it. If if if if Russia 0:21:14.520 --> 0:21:18.400 shut it off or the world couldn't buy it from Russia, 0:21:18.920 --> 0:21:22.480 we would go into a severe depression. We the world 0:21:22.680 --> 0:21:27.720 needs the oil and gas they produce, and so because 0:21:27.720 --> 0:21:30.159 we need it, we're kind of in the in in 0:21:30.960 --> 0:21:34.520