WEBVTT - The US is $37 trillion in debt and there is only one solution | CJ Konstantinos

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<v Speaker 1>We have a really big problem right now with the dollar.

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<v Speaker 2>We're able to print trillions of dollars, spend it into

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<v Speaker 2>the economy, and.

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<v Speaker 1>See debt to GDP go up.

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<v Speaker 2>If we don't figure out a way to strengthen our

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<v Speaker 2>financial position, we will get to a point where people

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<v Speaker 2>will not even want to use the dollar as a

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<v Speaker 2>medium of exchange. So what the United States needs to

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<v Speaker 2>do if they want to strengthen the dollar is to

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<v Speaker 2>take some of the money that they're printing and buy bitcoins.

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<v Speaker 2>In twenty nineteen, I bought my first home, a small

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<v Speaker 2>single family home, for one hundred bitcoin, and today I

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<v Speaker 2>look at the price of bitcoin and could have twelve

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<v Speaker 2>million additional dollars on my balance sheet. Instead, I have

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<v Speaker 2>a house that I'd be lucky to get five hundred

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<v Speaker 2>thousand dollars for. It makes sense when people understand where

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<v Speaker 2>we are and the adoption curve, you do not want

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<v Speaker 2>to be giving up ownership of your bitcoin. So what

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<v Speaker 2>we need are tools that allow people to unlock their

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<v Speaker 2>purchasing power without giving up ownership, which are financial tools

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<v Speaker 2>that allow you to bar against bitcoin. What does that

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<v Speaker 2>look like, Yeah, I think, so let's.

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<v Speaker 3>Jump into it.

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<v Speaker 1>CJ.

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<v Speaker 4>So I'm gonna start off with a big question here,

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<v Speaker 4>set you up, and then we'll dig into this. So

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<v Speaker 4>you've said that we're in the final stages of this

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<v Speaker 4>currencies life cycle and we're facing a debt death spiral.

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<v Speaker 4>But yet when I look around, we see the stock

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<v Speaker 4>market as a near all time high. The official narrative

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<v Speaker 4>is basically a very strong economy. So what would you

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<v Speaker 4>say the vast majority of people, even savvy investors, are

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<v Speaker 4>completely missing right now.

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<v Speaker 1>Yeah, and that's a that's a great question mark. And

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<v Speaker 1>first of all, thanks for having me on. I'm not

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<v Speaker 1>sure you.

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<v Speaker 2>I know you don't remember because you're so popular, but

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<v Speaker 2>I actually met you at a Rebel Capitalist Live event

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<v Speaker 2>conference and it was really cool meet you. So it's

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<v Speaker 2>great to be on this side of the camera. It's

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<v Speaker 2>it's fun. But yeah, I think I think we are

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<v Speaker 2>in the middle of what would be considered a debt

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<v Speaker 2>death spiral and most investors are missing. Funny enough, the basics,

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<v Speaker 2>and the basics are come down to the difference between

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<v Speaker 2>money versus currency.

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<v Speaker 1>We don't get it taught in school.

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<v Speaker 2>If you go for accounting and finance, you'd think you'd

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<v Speaker 2>learn something like that, but you don't, So you really

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<v Speaker 2>have to do some deep digging into some alternative economics

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<v Speaker 2>before you figure out, oh wait a second, the dollar

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<v Speaker 2>is a currency, it's not a money. Okay, well, what's

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<v Speaker 2>the difference. A money is a store of value and

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<v Speaker 2>a currency is a medium of exchange. So a lot

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<v Speaker 2>of people look at bitcoin as being a competitor to

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<v Speaker 2>the dollar. A lot of people who misunderstand bitcoin investors

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<v Speaker 2>in the marketplace think bitcoin is trying to compete with

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<v Speaker 2>the dollar. I think they're complementary. And the dollar is global,

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<v Speaker 2>it's worldwide, it's the reserve asset. Why in the world

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<v Speaker 2>would you try to compete with a medium of exchange

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<v Speaker 2>technology that has already captured pretty much one hundred percent

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<v Speaker 2>of the global economy. It doesn't really make that much sense.

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<v Speaker 2>But what we know about the dollar is that it's

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<v Speaker 2>not a store of value. It's really bad store of

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<v Speaker 2>value because it can be issued at infinum and ever

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<v Speaker 2>since twenty twenty, we've seen that peak up dramatically, which

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<v Speaker 2>is waking people up to the fact that a money

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<v Speaker 2>is a store value, and to be a store value,

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<v Speaker 2>you can't increase the supply at ridiculous rates. Now we

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<v Speaker 2>have a natural money in gold, which through its cost

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<v Speaker 2>of production, limited its supply expansion. But with Bitcoin, we

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<v Speaker 2>have not just a natural money, we have an engineered money.

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<v Speaker 2>We have something that, through computer code, introduces the concept

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<v Speaker 2>of absolute digital scarcity. For the first time in human history,

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<v Speaker 2>we have a monetary asset that supply cannot be expanded.

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<v Speaker 2>That's a really hard pill to swallow, and it's really

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<v Speaker 2>hard to understand that the only way to get the

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<v Speaker 2>increase of supply and bitcoin, the only way to get

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<v Speaker 2>the circulating bitcoin to increase is to get the price

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<v Speaker 2>to go up.

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<v Speaker 1>So because of that, I believe that that was.

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<v Speaker 2>A strategic design, and therefore I call it engineered money.

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<v Speaker 2>So we have this savings technology that you can use

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<v Speaker 2>along with spending technology being the dollar, and some magic

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<v Speaker 2>happens when you do that. So I look forward to

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<v Speaker 2>getting into barring against bitcoin with dollars dollars being the

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<v Speaker 2>best way to spend your bitcoin without giving up ownership.

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<v Speaker 2>But the wild time we're moving into right now, and

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<v Speaker 2>I do think many are missing it.

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<v Speaker 4>So what you just said I think is then bitcoin

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<v Speaker 4>is this new engineered type of money that's solving a

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<v Speaker 4>different need or a different purpose than what the fiat

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<v Speaker 4>currency is doing.

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<v Speaker 3>But again, so is the FIA.

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<v Speaker 4>Currency at the end of the final stage of its

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<v Speaker 4>life cycle or it's sort of run the course and

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<v Speaker 4>now we need something else to complement it.

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<v Speaker 2>Well, I think that we were in a position to

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<v Speaker 2>where the currency itself could somewhat serve as a store

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<v Speaker 2>of value. So I do believe that if the currency

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<v Speaker 2>system wasn't abused, and the amount of dollars wasn't expanded

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<v Speaker 2>at the rapid rate that we see today at least

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<v Speaker 2>two trillion dollars in our ongoing deficit, then theoretically the

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<v Speaker 2>dollar could maintain its value. And if credit was not

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<v Speaker 2>extended at infinum and the supply of dollars declined, perhaps

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<v Speaker 2>a dollar could even gain value theoretically. So it has

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<v Speaker 2>the ability to actually function that way. But because we

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<v Speaker 2>have put ourselves in this position, because we have allowed

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<v Speaker 2>ourselves to conform to the idea that something is too

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<v Speaker 2>big to fail, we now find ourselves in this situation.

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<v Speaker 2>See with bitcoin, when we went through all of the

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<v Speaker 2>rehypothication scheme of version one of bitcoin lending, with Genesis

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<v Speaker 2>and FTX and block Fi and Celsius, and we had

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<v Speaker 2>this big rehypothecation period, and when it collapsed, we couldn't

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<v Speaker 2>print the bitcoin, so we failed. But that failure is

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<v Speaker 2>a critical part of the business cycle. And in the

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<v Speaker 2>traditional markets, we don't get that part of the business cycle.

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<v Speaker 2>We print over it because it's too big to fail.

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<v Speaker 2>And when you don't allow companies to fail, what you're

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<v Speaker 2>doing is you're creating zombie companies. And I think we've

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<v Speaker 2>gone so far now that these these zombie companies have

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<v Speaker 2>effect the economy, and we have a zombie economy, and

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<v Speaker 2>that's why we're able to print trillions of dollars, spend

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<v Speaker 2>it into the economy and still see debt to GDP

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<v Speaker 2>go up, still see our financial position become less and

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<v Speaker 2>less healthy. So we have a really big problem right

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<v Speaker 2>now with the dollar. And if we don't figure out

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<v Speaker 2>a way to strengthen our financial position, then yeah, we

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<v Speaker 2>are at the end.

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<v Speaker 1>Of our life cycle.

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<v Speaker 2>We will get to a point where people will not

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<v Speaker 2>even want to use the dollar as a medium of

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<v Speaker 2>exchange because if they don't spend it immediately, they're going

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<v Speaker 2>to be able to buy less and less stuff over time.

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<v Speaker 2>And we're seeing that ramp up since twenty twenty, and

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<v Speaker 2>people are paying attention, but we haven't gotten to that

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<v Speaker 2>hyper inflationary point. But the only difference between inflation and

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<v Speaker 2>hyper inflation is trust. So if we continue to abuse

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<v Speaker 2>the printer and abuse the trust of we the people,

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<v Speaker 2>then we will get to a point where dollars will

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<v Speaker 2>end up worthless on the street. And I don't want that,

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<v Speaker 2>and I don't think anybody in right mind really wants that.

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<v Speaker 4>So would you say that then because of this endless

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<v Speaker 4>money printing, the monetary debasement, which I agree they say

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<v Speaker 4>there's only two things and certain in life, death and taxes,

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<v Speaker 4>And I would also probably put money printing there, since

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<v Speaker 4>that is not scheduled to end anytime soon, and it's

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<v Speaker 4>pushing this to the final stages.

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<v Speaker 3>As you're saying.

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<v Speaker 4>Also, most people at this point know that they shouldn't

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<v Speaker 4>be trying to save their wealth in dollars. There with

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<v Speaker 4>that meme of Michael Saylor saying something about we have

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<v Speaker 4>a word for them, we call them poor. I think

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<v Speaker 4>it was something like that. I'm sure you thought, which

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<v Speaker 4>is why then, as I said, at the same time,

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<v Speaker 4>we see stocks making new all time highs. But I

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<v Speaker 4>think what you're saying, though, is that because the dollar

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<v Speaker 4>is being printed to infinity.

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<v Speaker 3>The debasement is continuing to go on.

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<v Speaker 4>If we continue down this path, nobody's going to want

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<v Speaker 4>to use it a loss of trust, hyperinflation. But then

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<v Speaker 4>are you saying that potentially bitcoin could help extend the

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<v Speaker 4>runway in the life of the dollar.

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<v Speaker 2>Yeah, absolutely, because what we're doing right now is we're

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<v Speaker 2>printing those dollars and we're investing them into the economy.

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<v Speaker 2>But we're printing a dollar with interest called a dollar

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<v Speaker 2>four principle being a dollar four cents being the interest,

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<v Speaker 2>and we're investing it. And the return on investment, depending

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<v Speaker 2>on the tax bracket of the vertical you're investing in,

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<v Speaker 2>is really maybe thirty to fifty percent. So we're investing

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<v Speaker 2>a dollar, we're only getting back thirty to fifty cents.

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<v Speaker 2>We need to get back more than a dollar four.

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<v Speaker 2>And because we're not getting back more than a dollar

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<v Speaker 2>four through that investment, the debt continues to grow, the

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<v Speaker 2>unfunded liabilities continue to grow, the debt to GDP continues

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<v Speaker 2>to grow. We become in a weaker and weaker position,

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<v Speaker 2>and I consider this a matter of national economic security.

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<v Speaker 2>If you look at El Salvador, they have some of

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<v Speaker 2>the best performing traditional bonds in the world. Number one

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<v Speaker 2>because Bukelly is cleaning up the country, but number two

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<v Speaker 2>because they put bitcoin on their balance sheet, and what

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<v Speaker 2>that does is it strengthens their financial position. So if

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<v Speaker 2>something were to go wrong, could tap into that twenty

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<v Speaker 2>four seven three sixty five liquid marketplace that bitcoin is

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<v Speaker 2>to fix that problem. So what the United States needs

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<v Speaker 2>to do if they want to, I think strengthen the dollar,

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<v Speaker 2>is to take some of the money that they're printing

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<v Speaker 2>and buy bitcoin. Because when you put bitcoin on the

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<v Speaker 2>balance sheet, if you take that dollar you invest it

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<v Speaker 2>into the economy, you're not getting back principle plus interest.

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<v Speaker 2>If you invest it into bringing out natural resources, it's

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<v Speaker 2>going to take significant investment and time to actually see

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<v Speaker 2>any revenues from that. Now, I'm pretty sure nobody wants

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<v Speaker 2>to sell Alaska to Russia. So we're limited on how

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<v Speaker 2>we can monetize the asset side of our balance sheet,

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<v Speaker 2>and we're limited on what assets we can invest in

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<v Speaker 2>to amplify the performance of the assets side of our

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<v Speaker 2>balance sheet. And then here comes this magic internet money bitcoin,

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<v Speaker 2>but it's absolutely digitally scarce, and it's engineered money, and

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<v Speaker 2>it was strategically designed to store value over space and time,

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<v Speaker 2>and when we take that dollar and invest it into bitcoin,

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<v Speaker 2>yes there will be ups and downs, but in the

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<v Speaker 2>long run, one bitcoin's five year compounding annual growth rate

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<v Speaker 2>is over sixty percent. It's ten year compounding annual growth

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<v Speaker 2>rate is over eighty percent. Where the adoption rates are

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<v Speaker 2>following that of the Internet, and we're at the very

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<v Speaker 2>beginning of it. Everything here, all the signals are telling

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<v Speaker 2>us if we print some money and buy bitcoin, or

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<v Speaker 2>if we use budget neutral strategies to accumulate bitcoin and

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<v Speaker 2>we get it on the asset side of our balance sheet,

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<v Speaker 2>for the first time in a very long time, we

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<v Speaker 2>have a chance for the asset side of our country's

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<v Speaker 2>balance sheet to outgrow, or at least the growth of

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<v Speaker 2>the asset side to outpace the growth of the liability side.

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<v Speaker 2>Right because we have over one hundred trillion dollars of

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<v Speaker 2>unfunded liabilities over the next generation, we're going to have

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<v Speaker 2>to pay those bills, We're going to have to fulfill

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<v Speaker 2>those promises. We need an asset that can keep up

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<v Speaker 2>with the spending that we've promised to do. And if

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<v Speaker 2>we don't find that, the only option is dilution. So

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<v Speaker 2>it's a catch twenty two because you know, if the

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<v Speaker 2>FED lowers interest rates, and I know Pal's got his

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<v Speaker 2>Jackson Hole meeting this weekend, I'm sure he's going to

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<v Speaker 2>have a fun time paying back Trump for visiting him

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<v Speaker 2>on his Federal Reserve construction site. So I don't think

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<v Speaker 2>anything friendly is going to be coming from this meeting

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<v Speaker 2>this weekend. I think Pal's mission is probably to get

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<v Speaker 2>bitcoin back under one hundred thousand dollars. But if he

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<v Speaker 2>lowers interest rates, there's seven trillion dollars sitting in money

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<v Speaker 2>market funds right now, of which over three trillion of

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<v Speaker 2>those dollars is retail. So just like that, retail money

0:11:28.679 --> 0:11:31.240
<v Speaker 2>and corporate money left the banks when they were getting

0:11:31.240 --> 0:11:34.840
<v Speaker 2>no interest because the banks were holding those treasury bonds

0:11:34.920 --> 0:11:37.839
<v Speaker 2>because they were forced out the risk curve from ZERP.

0:11:38.600 --> 0:11:40.199
<v Speaker 2>When they move back out of the money funds, where

0:11:40.200 --> 0:11:41.880
<v Speaker 2>are they going to go. They're going to go into bitcoin,

0:11:42.000 --> 0:11:45.400
<v Speaker 2>real estate, stocks, and other goods and services. We're going

0:11:45.480 --> 0:11:48.720
<v Speaker 2>to get an influx of demand against a limited supply

0:11:49.080 --> 0:11:51.920
<v Speaker 2>of goods and services and hard assets, and prices are

0:11:51.920 --> 0:11:54.600
<v Speaker 2>going to go up. But what if he raises interest rates, Well,

0:11:54.600 --> 0:11:56.559
<v Speaker 2>then at the same time. If you raise interest rates,

0:11:56.600 --> 0:11:59.079
<v Speaker 2>the interest expense is going to go up. And when

0:11:59.080 --> 0:12:01.560
<v Speaker 2>the interest expense go up, you have to print that

0:12:01.640 --> 0:12:04.120
<v Speaker 2>money to service the debt. So no matter which way

0:12:04.160 --> 0:12:07.040
<v Speaker 2>he pulls this, we have to print money. But when

0:12:07.080 --> 0:12:08.760
<v Speaker 2>we print that money, if we take a little bit

0:12:08.800 --> 0:12:10.480
<v Speaker 2>of it and we put it in bitcoin and we

0:12:10.520 --> 0:12:12.559
<v Speaker 2>allow bitcoin to do what it was engineered to do,

0:12:13.160 --> 0:12:15.480
<v Speaker 2>we can actually salvage the dollar at least buy some

0:12:15.559 --> 0:12:18.840
<v Speaker 2>more time to fix the real problems, to address the

0:12:18.880 --> 0:12:21.840
<v Speaker 2>problems in a truthful way, and try to move forward

0:12:21.920 --> 0:12:23.120
<v Speaker 2>rather than just kick the can.

0:12:24.120 --> 0:12:24.400
<v Speaker 3>Yeah.

0:12:24.800 --> 0:12:27.520
<v Speaker 4>So at the time of this recording, it is August twentieth,

0:12:27.559 --> 0:12:28.560
<v Speaker 4>twenty twenty five.

0:12:28.640 --> 0:12:30.680
<v Speaker 3>Just so yeah, everyone can understand what he's talking about

0:12:30.679 --> 0:12:31.640
<v Speaker 3>the upcoming meeting.

0:12:32.360 --> 0:12:35.000
<v Speaker 4>As of today, I looked earlier on the CME the

0:12:35.040 --> 0:12:37.600
<v Speaker 4>odds of a rate cut are now eighty five percent,

0:12:38.240 --> 0:12:40.120
<v Speaker 4>So by the time you're listening to it will probably

0:12:40.160 --> 0:12:41.640
<v Speaker 4>be on the side of that. So we'll see how

0:12:41.640 --> 0:12:43.760
<v Speaker 4>things shook out. But I think one way or another,

0:12:44.200 --> 0:12:46.839
<v Speaker 4>whether it's happens at this meeting or the next meeting

0:12:46.960 --> 0:12:49.760
<v Speaker 4>or not. Until Trump gets pal out and replaces him,

0:12:50.080 --> 0:12:50.959
<v Speaker 4>rates are coming down.

0:12:51.720 --> 0:12:53.400
<v Speaker 3>That is almost a certainty.

0:12:53.600 --> 0:12:56.400
<v Speaker 4>Every day we see headlines about inflation and dead and

0:12:56.520 --> 0:12:57.800
<v Speaker 4>diminishing control.

0:12:57.480 --> 0:12:58.920
<v Speaker 3>Over our own money.

0:12:59.240 --> 0:13:01.560
<v Speaker 4>That's why I always back to bitcoin because it's built

0:13:01.600 --> 0:13:05.079
<v Speaker 4>for generations, it's built for legacy. But protecting your bitcoin

0:13:05.160 --> 0:13:09.400
<v Speaker 4>legacy the right way is not always simple. It demands discipline, focus,

0:13:09.640 --> 0:13:12.160
<v Speaker 4>and the right partner. Now, that's why I personally use

0:13:12.320 --> 0:13:16.600
<v Speaker 4>Unchained Signature. It's a premium private client service for serious

0:13:16.640 --> 0:13:21.440
<v Speaker 4>bitcoin holders who want expert guidance, resilient custody, and enduring partnership.

0:13:21.679 --> 0:13:25.120
<v Speaker 4>Now Signature, you're paired with your own dedicated account manager,

0:13:25.360 --> 0:13:28.839
<v Speaker 4>someone who understands your goals helps you every step of

0:13:28.880 --> 0:13:29.160
<v Speaker 4>the way.

0:13:29.360 --> 0:13:30.319
<v Speaker 3>You're going to get white.

0:13:30.160 --> 0:13:35.120
<v Speaker 4>Glove onboarding, same day emergency support, personalized education, reduce trading fees,

0:13:35.320 --> 0:13:36.719
<v Speaker 4>and priority access.

0:13:36.480 --> 0:13:38.240
<v Speaker 3>To exclusive events and features.

0:13:38.720 --> 0:13:42.319
<v Speaker 4>Unchained collaborative custody model is designed to provide the same

0:13:42.440 --> 0:13:45.920
<v Speaker 4>security as the world's biggest bitcoin custodians.

0:13:45.520 --> 0:13:48.560
<v Speaker 3>But for those who prefer to hold their own keys.

0:13:48.800 --> 0:13:52.120
<v Speaker 4>Now, I've been using and recommending Unchained for years. I

0:13:52.200 --> 0:13:54.400
<v Speaker 4>even got my parents to set up with them. So

0:13:54.440 --> 0:13:57.040
<v Speaker 4>if you want to get set up, check out Unchained

0:13:57.080 --> 0:14:01.480
<v Speaker 4>Signature at unchained dot com. Slash Mark Moss and as

0:14:01.480 --> 0:14:03.840
<v Speaker 4>a loyal listener, I got a discount for you. Just

0:14:04.000 --> 0:14:07.000
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0:14:07.040 --> 0:14:10.520
<v Speaker 4>off your first year because your bitcoin isn't just for life,

0:14:10.960 --> 0:14:11.960
<v Speaker 4>it's for generations.

0:14:12.400 --> 0:14:16.880
<v Speaker 2>Well, let's remember they've tried to lower rates and the

0:14:16.920 --> 0:14:20.680
<v Speaker 2>market didn't necessarily agree with them. So I think one

0:14:20.720 --> 0:14:24.200
<v Speaker 2>of the biggest risks is the Fed comes out even

0:14:24.200 --> 0:14:26.440
<v Speaker 2>if Pal doesn't do it, and next May he gets

0:14:26.480 --> 0:14:29.040
<v Speaker 2>replaced by Trump's appointing, and you know that's going to

0:14:29.040 --> 0:14:31.160
<v Speaker 2>be a pro Trumper who's going to push rates down.

0:14:31.520 --> 0:14:34.240
<v Speaker 2>Even if they state the federal funds rate down, which

0:14:34.280 --> 0:14:36.840
<v Speaker 2>is the front end of the yield curve, it's really

0:14:36.880 --> 0:14:38.880
<v Speaker 2>going to be the free market on how they treat

0:14:38.920 --> 0:14:40.880
<v Speaker 2>the two year. So if the two year and the

0:14:40.920 --> 0:14:44.880
<v Speaker 2>ten year don't participate and don't get anchored down by

0:14:44.920 --> 0:14:46.920
<v Speaker 2>the stating of the front end of the yell curve,

0:14:47.000 --> 0:14:49.760
<v Speaker 2>lower all the rest of the interest rates, like your

0:14:49.800 --> 0:14:52.840
<v Speaker 2>mortgage rates are not going to follow down the federal

0:14:52.880 --> 0:14:56.160
<v Speaker 2>funds rate. It's an anchor rate, but it's an interbank

0:14:56.240 --> 0:14:59.280
<v Speaker 2>lending rate. The regular people are not banks, so we

0:14:59.280 --> 0:15:01.800
<v Speaker 2>don't have access to an inner bank lending rate. Now

0:15:02.200 --> 0:15:04.560
<v Speaker 2>it is an anchor rate, so everything's supposed to come

0:15:04.600 --> 0:15:08.320
<v Speaker 2>down because of the arbitrage opportunities that are created between

0:15:08.440 --> 0:15:12.000
<v Speaker 2>institutions and the products that they have access to at

0:15:12.080 --> 0:15:15.080
<v Speaker 2>the Federal Reserve, like the repo market. But that doesn't

0:15:15.120 --> 0:15:17.360
<v Speaker 2>mean just because they say the rate goes down that

0:15:17.400 --> 0:15:19.480
<v Speaker 2>the rate is going to come down. And if they

0:15:19.520 --> 0:15:21.760
<v Speaker 2>state the rate down and the rate doesn't come down,

0:15:22.360 --> 0:15:24.320
<v Speaker 2>they have a really big problem. I think that's why

0:15:24.360 --> 0:15:26.520
<v Speaker 2>they've been so hesitant. They'd tried the lower it a

0:15:26.560 --> 0:15:29.240
<v Speaker 2>couple times. The free market didn't agree. The free mark

0:15:29.280 --> 0:15:33.080
<v Speaker 2>is saying, look, you're diluting I'm lending you money. You're

0:15:33.080 --> 0:15:37.560
<v Speaker 2>giving me cash equivalent collateral while I'm holding this collateral.

0:15:37.840 --> 0:15:41.600
<v Speaker 2>You're printing two trillion more units of this collateral every

0:15:41.600 --> 0:15:45.640
<v Speaker 2>single year. The collateral is being diluted too fast. I

0:15:45.680 --> 0:15:48.200
<v Speaker 2>cannot lend you this money at a lower rate. I

0:15:48.240 --> 0:15:50.840
<v Speaker 2>am demanding this rate so that I can at least

0:15:50.840 --> 0:15:53.600
<v Speaker 2>break even. And I think at this point, real interest

0:15:53.640 --> 0:15:56.280
<v Speaker 2>rates are negative, So the cost of cash flow is

0:15:56.320 --> 0:15:59.320
<v Speaker 2>a negative real rate of return at this point, and

0:15:59.840 --> 0:16:04.000
<v Speaker 2>that dynamic I think, and I think sophisticated investors understand that.

0:16:04.280 --> 0:16:07.640
<v Speaker 2>But most investors do not understand that at all, which

0:16:07.680 --> 0:16:11.080
<v Speaker 2>is exactly why we see market prices where they are today.

0:16:11.760 --> 0:16:15.920
<v Speaker 4>Yeah, certainly, so, you know, I have a bitcoin savvy audience,

0:16:15.960 --> 0:16:17.520
<v Speaker 4>most of them, most of the people here are already

0:16:17.560 --> 0:16:21.280
<v Speaker 4>probably buying bitcoin, owning bitcoin, things like that. And to

0:16:21.320 --> 0:16:23.080
<v Speaker 4>the point that you're making, I mean, bitcoin's down a

0:16:23.120 --> 0:16:24.720
<v Speaker 4>little bit off of it's all time high from just

0:16:24.720 --> 0:16:26.520
<v Speaker 4>a couple of days ago at the time of this recording.

0:16:26.840 --> 0:16:28.520
<v Speaker 4>Maybe it'll come down a little bit more, maybe it won't.

0:16:28.560 --> 0:16:30.160
<v Speaker 4>We don't know what's going to happen the next couple

0:16:30.200 --> 0:16:32.560
<v Speaker 4>of days. But to the point that you're making, we

0:16:32.680 --> 0:16:34.480
<v Speaker 4>sort of know the direction it's going over the next

0:16:34.680 --> 0:16:37.800
<v Speaker 4>months and quarters and certainly years ahead as that endless

0:16:37.800 --> 0:16:41.360
<v Speaker 4>debasement kind of continues. Regardless of which way that works out.

0:16:41.400 --> 0:16:43.320
<v Speaker 4>Like you said, damned if you damn damned if you don't,

0:16:43.360 --> 0:16:45.600
<v Speaker 4>if rates come down or they don't, either way, more

0:16:45.600 --> 0:16:48.480
<v Speaker 4>money printing is coming on the back of that. Bitcoin

0:16:48.560 --> 0:16:51.360
<v Speaker 4>is the most sensitive asset to global liquidity, and so

0:16:51.440 --> 0:16:53.400
<v Speaker 4>of course it goes up the most. Now for a

0:16:53.400 --> 0:16:54.840
<v Speaker 4>lot of my audience who's already been listening to this

0:16:54.920 --> 0:16:58.320
<v Speaker 4>for a long time, they've been dollar cost averaging into

0:16:58.360 --> 0:17:01.200
<v Speaker 4>bitcoin for a long time. Maybe they've seen, hopefully they've

0:17:01.240 --> 0:17:03.360
<v Speaker 4>seen a lot of appreciation in that bitcoin stack.

0:17:03.400 --> 0:17:06.080
<v Speaker 3>I've seen that happen a lot, But a lot of

0:17:06.080 --> 0:17:08.679
<v Speaker 3>people end up in the dilemma. Jack Malers called it

0:17:08.680 --> 0:17:12.119
<v Speaker 3>the Hoddler's dilemma. So I bought bitcoin. I did what

0:17:12.119 --> 0:17:14.680
<v Speaker 3>I was supposed to do. I held like I was

0:17:14.720 --> 0:17:15.200
<v Speaker 3>supposed to.

0:17:16.280 --> 0:17:18.960
<v Speaker 4>I have a lot of wealth, supposedly on paper, but

0:17:19.440 --> 0:17:23.760
<v Speaker 4>my life hasn't gotten any improvement. Michael Saylor says, you

0:17:23.800 --> 0:17:27.720
<v Speaker 4>never sell your bitcoin, So how does a bitcoiner solve

0:17:27.720 --> 0:17:28.400
<v Speaker 4>that problem?

0:17:28.720 --> 0:17:31.560
<v Speaker 2>Yes, well, Mark, no one knows it better than not.

0:17:31.720 --> 0:17:36.639
<v Speaker 2>Welcome to our lives right Bitcoin since twenty thirteen, and

0:17:36.680 --> 0:17:38.880
<v Speaker 2>the number on the screen keeps going up. But life

0:17:38.880 --> 0:17:41.919
<v Speaker 2>doesn't change until you can leverage that wealth, so you

0:17:41.960 --> 0:17:45.679
<v Speaker 2>can unlock that purchasing power. And that's exactly what we

0:17:45.720 --> 0:17:49.080
<v Speaker 2>do at People's Reserve. We're designing bitcoin power finance products

0:17:49.080 --> 0:17:53.199
<v Speaker 2>that enable the responsible savor of bitcoin to unlock the

0:17:53.240 --> 0:17:57.520
<v Speaker 2>purchasing power of their bitcoin without giving up ownership. And

0:17:57.560 --> 0:18:00.200
<v Speaker 2>the whole idea behind People's Reserve really started with it's

0:18:00.240 --> 0:18:03.159
<v Speaker 2>my own failure, my own mistake, and that was in

0:18:03.200 --> 0:18:06.720
<v Speaker 2>twenty nineteen. I bought my first home, a small single

0:18:06.760 --> 0:18:10.040
<v Speaker 2>family home, for one hundred bitcoin, and yes, yes, I

0:18:10.119 --> 0:18:12.280
<v Speaker 2>knew it was a bear market, but my wife was

0:18:12.320 --> 0:18:16.159
<v Speaker 2>pregnant and relative to my overall bitcoin savings, if I

0:18:16.160 --> 0:18:18.960
<v Speaker 2>didn't do it, she would kill me. So I had

0:18:19.000 --> 0:18:21.240
<v Speaker 2>to buy that house, you know. And today I look

0:18:21.240 --> 0:18:23.160
<v Speaker 2>at the price of bitcoin, and you know, I could

0:18:23.200 --> 0:18:26.200
<v Speaker 2>have twelve million additional dollars on my balance sheet. Instead,

0:18:26.200 --> 0:18:27.920
<v Speaker 2>I have a house that I'd be lucky to get

0:18:27.960 --> 0:18:31.640
<v Speaker 2>five hundred thousand dollars for. So it makes sense when

0:18:31.840 --> 0:18:34.719
<v Speaker 2>people understand where we are in the adoption curve. Right

0:18:34.760 --> 0:18:36.720
<v Speaker 2>we talk about that S curve. At adoption, we are

0:18:36.760 --> 0:18:40.280
<v Speaker 2>at the bottom of the S curve. There's an ongoing

0:18:40.320 --> 0:18:44.200
<v Speaker 2>transfer of wealth and it is about to accelerate right now.

0:18:44.240 --> 0:18:46.840
<v Speaker 2>You do not want to be giving up ownership of

0:18:46.880 --> 0:18:49.520
<v Speaker 2>your bitcoin. It is the most valuable asset on your

0:18:49.560 --> 0:18:53.760
<v Speaker 2>balance sheet by far, It has the greatest potential by far,

0:18:54.280 --> 0:18:55.679
<v Speaker 2>and if you're in a position where you have to

0:18:55.680 --> 0:18:57.200
<v Speaker 2>give it up, that could.

0:18:56.960 --> 0:18:58.879
<v Speaker 1>Cause long term pain.

0:18:59.480 --> 0:19:01.600
<v Speaker 2>In my case, you know, I could have twelve million

0:19:01.600 --> 0:19:04.679
<v Speaker 2>additional dollars that I don't have access to now. Luckily

0:19:04.720 --> 0:19:06.760
<v Speaker 2>I was a responsible saver of bitcoin for a long

0:19:06.800 --> 0:19:09.080
<v Speaker 2>time and it made sense. But not everybody's in that position.

0:19:09.520 --> 0:19:13.760
<v Speaker 2>So what we need are tools that allow people to

0:19:13.880 --> 0:19:16.600
<v Speaker 2>unlock their purchasing power without giving up ownership, which are

0:19:16.640 --> 0:19:19.720
<v Speaker 2>financial tools that allow you to bar against bitcoin. But

0:19:19.800 --> 0:19:22.600
<v Speaker 2>the biggest thing, the biggest risk in this, and again

0:19:22.640 --> 0:19:24.560
<v Speaker 2>this is from another one of my failures. So it's

0:19:24.600 --> 0:19:26.239
<v Speaker 2>funny how in life we end up learning most from

0:19:26.280 --> 0:19:28.679
<v Speaker 2>our failures. You know, and I'm sure a lot of

0:19:28.680 --> 0:19:31.280
<v Speaker 2>your listeners may have been in a similar position. But

0:19:31.440 --> 0:19:34.920
<v Speaker 2>going into twenty twenty, going into what was COVID, we

0:19:34.920 --> 0:19:37.600
<v Speaker 2>were also going into the Having. So as someone who

0:19:37.640 --> 0:19:40.240
<v Speaker 2>had been part of two cycles, I figured this is

0:19:40.240 --> 0:19:43.160
<v Speaker 2>a no brainer. So of course I'm on bitmex. I'm

0:19:43.200 --> 0:19:45.080
<v Speaker 2>levered up, baby, We're going into the having.

0:19:45.160 --> 0:19:46.159
<v Speaker 3>Let's go lever up.

0:19:46.160 --> 0:19:47.040
<v Speaker 1>This is going to be fun.

0:19:48.119 --> 0:19:50.399
<v Speaker 2>Yeah, And then we have a liquidity crisis, right, and

0:19:50.400 --> 0:19:53.200
<v Speaker 2>then we have COVID and price falls from ten to five,

0:19:53.800 --> 0:19:56.760
<v Speaker 2>and I'm getting margin calls and I'm posting a little

0:19:56.760 --> 0:19:58.320
<v Speaker 2>bit of extra margin. I don't know how much lower

0:19:58.359 --> 0:20:00.680
<v Speaker 2>can go, you know, fifty percent in such times very

0:20:00.960 --> 0:20:03.920
<v Speaker 2>is a lot, right, Bitcoin's volatile, it'll bounce back up. Well,

0:20:03.920 --> 0:20:07.239
<v Speaker 2>no overnight went below thirty eight hundred dollars, liquidating forour

0:20:07.359 --> 0:20:11.240
<v Speaker 2>er bitcoin gone. So again another experience I had where

0:20:12.000 --> 0:20:14.520
<v Speaker 2>it's just a horrible experience to see bitcoin go from

0:20:14.560 --> 0:20:17.200
<v Speaker 2>ten thousand to blow thirty eight, lose a portion of

0:20:17.240 --> 0:20:20.120
<v Speaker 2>your bitcoin that you had leveraged and borrowed against, and

0:20:20.200 --> 0:20:23.040
<v Speaker 2>then a couple months later it's right back where it was,

0:20:23.200 --> 0:20:25.879
<v Speaker 2>right back at the ten thousand point dollar point. But

0:20:26.040 --> 0:20:29.120
<v Speaker 2>it gave me the idea of for our products at

0:20:29.119 --> 0:20:33.480
<v Speaker 2>People's Reserve, specifically our bitcoin powered mortgage product, that there

0:20:33.600 --> 0:20:37.240
<v Speaker 2>is the ability, there is the chance to eliminate liquidation risk.

0:20:37.720 --> 0:20:40.720
<v Speaker 2>So in that same COVID like scenario, if you came

0:20:40.720 --> 0:20:43.360
<v Speaker 2>to People's Reserve to get a bitcoin powered mortgage, what

0:20:43.400 --> 0:20:46.399
<v Speaker 2>we do is we cross collateralize the real estate with

0:20:46.520 --> 0:20:51.360
<v Speaker 2>the bitcoin, and by doing that we can eliminate liquidation risk.

0:20:51.440 --> 0:20:54.200
<v Speaker 2>So as the price of bitcoin goes down, every ten

0:20:54.240 --> 0:20:58.480
<v Speaker 2>percent it goes down, you your interest rate goes up

0:20:58.600 --> 0:21:01.800
<v Speaker 2>fifty basis points or half of one percent. So during

0:21:01.800 --> 0:21:04.000
<v Speaker 2>the COVID example, you go from ten thousand down to

0:21:04.000 --> 0:21:07.320
<v Speaker 2>five thousand, that's five deviations or fifty percent. That's two

0:21:07.359 --> 0:21:09.600
<v Speaker 2>and a half percent. So for a couple of months,

0:21:09.600 --> 0:21:11.320
<v Speaker 2>you would have paid an interest rate that was two

0:21:11.320 --> 0:21:13.919
<v Speaker 2>and a half percent higher than your starting rate. But

0:21:14.119 --> 0:21:17.800
<v Speaker 2>as bitcoin recovered and rebounded, for every ten percent price gain,

0:21:18.200 --> 0:21:20.199
<v Speaker 2>you get those points back. So by the time you

0:21:20.200 --> 0:21:23.160
<v Speaker 2>know two months later, your rate back at your original terms,

0:21:23.400 --> 0:21:24.240
<v Speaker 2>plus you.

0:21:24.240 --> 0:21:25.480
<v Speaker 1>Had no liquidation risk.

0:21:25.720 --> 0:21:28.119
<v Speaker 2>You bought your new home, and you can actually sleep

0:21:28.200 --> 0:21:29.720
<v Speaker 2>in your new home because you don't.

0:21:29.560 --> 0:21:31.000
<v Speaker 1>Have to worry about getting liquidated.

0:21:31.240 --> 0:21:33.199
<v Speaker 2>This is something that we're really excited to offer to

0:21:33.240 --> 0:21:34.680
<v Speaker 2>the marketplace and to innovate with.

0:21:35.840 --> 0:21:38.720
<v Speaker 4>So I have bitcoin, I've been holding bitcoin. I have

0:21:38.880 --> 0:21:40.919
<v Speaker 4>option A, which is to sell my bitcoin and buy

0:21:40.960 --> 0:21:46.639
<v Speaker 4>the house, which, by the way, you know, lost opportunity

0:21:46.640 --> 0:21:49.240
<v Speaker 4>costs is what it is. And to your point, you

0:21:49.240 --> 0:21:50.840
<v Speaker 4>could have had twelve million dollars study of half a

0:21:50.880 --> 0:21:54.359
<v Speaker 4>million dollar house. That being said, what you have is

0:21:54.400 --> 0:21:56.480
<v Speaker 4>you've had a house for your family for the last

0:21:56.480 --> 0:21:59.199
<v Speaker 4>however many years, and it's priceless. Right at the end

0:21:59.240 --> 0:22:00.919
<v Speaker 4>of the day, I just want to just lay this

0:22:00.960 --> 0:22:02.880
<v Speaker 4>out for everybody. At the end of the day, we

0:22:02.960 --> 0:22:06.359
<v Speaker 4>don't want money. We don't want money, we want the

0:22:06.400 --> 0:22:10.080
<v Speaker 4>goods and services that money buys us. And so if

0:22:10.080 --> 0:22:12.080
<v Speaker 4>you have a family, you got kids, you want to

0:22:12.080 --> 0:22:15.400
<v Speaker 4>support them. I mean, it's worth more than than the bitcoin.

0:22:16.680 --> 0:22:18.480
<v Speaker 4>The last last couple of years, I built the beach

0:22:18.520 --> 0:22:19.440
<v Speaker 4>house down in Mexico.

0:22:19.680 --> 0:22:21.879
<v Speaker 3>We've dreamed about it forever, my wife and my kids,

0:22:21.880 --> 0:22:22.399
<v Speaker 3>and my kids.

0:22:22.280 --> 0:22:25.200
<v Speaker 4>Are getting older, and we built the We built the house,

0:22:25.240 --> 0:22:26.359
<v Speaker 4>and I had to pay cash for the house, and

0:22:26.359 --> 0:22:29.040
<v Speaker 4>it was very expensive, and so many bitcorners are like,

0:22:29.080 --> 0:22:30.840
<v Speaker 4>why would you put all that cash into a house.

0:22:30.880 --> 0:22:32.560
<v Speaker 4>Don't you know how in five years how much that

0:22:32.560 --> 0:22:34.480
<v Speaker 4>bitcoin will be worth? And I'm like why, So one

0:22:34.520 --> 0:22:37.960
<v Speaker 4>day I can buy a beach house, right, So I

0:22:38.160 --> 0:22:40.280
<v Speaker 4>do just want to kind of put this into people's minds,

0:22:40.320 --> 0:22:42.760
<v Speaker 4>like we want money to get things.

0:22:43.119 --> 0:22:44.280
<v Speaker 3>It's a means, not an end.

0:22:44.720 --> 0:22:46.359
<v Speaker 4>But that being said, so let's talk about how this

0:22:46.400 --> 0:22:50.119
<v Speaker 4>works for you. So you, uh, we're in.

0:22:50.320 --> 0:22:51.560
<v Speaker 3>We're in. We're in this scenario.

0:22:51.560 --> 0:22:54.640
<v Speaker 4>Today, we have the bitcoin. We think that it could

0:22:54.720 --> 0:22:58.160
<v Speaker 4>run to five hundred thousand million dollars in the next

0:22:58.160 --> 0:23:00.280
<v Speaker 4>five years. I don't want to sell right now at

0:23:00.320 --> 0:23:02.960
<v Speaker 4>one hundred thousand, one hundred and ten twelve whatever it

0:23:03.040 --> 0:23:04.679
<v Speaker 4>is and then miss out on that but I want

0:23:04.720 --> 0:23:08.040
<v Speaker 4>to buy the house. Now you're saying that you could

0:23:08.040 --> 0:23:11.240
<v Speaker 4>give me a loan against the bitcoin to buy the house,

0:23:11.400 --> 0:23:13.600
<v Speaker 4>or you give me the house against the bitcoin.

0:23:14.600 --> 0:23:15.480
<v Speaker 3>But the interest rate is.

0:23:15.520 --> 0:23:18.760
<v Speaker 4>Variable based off of where the collateralization is, what the

0:23:18.760 --> 0:23:19.520
<v Speaker 4>loan to value is.

0:23:20.320 --> 0:23:23.800
<v Speaker 2>Yes, that's correct, and what we do is we don't

0:23:24.280 --> 0:23:28.159
<v Speaker 2>count the house is actually serving as collateral to. So

0:23:28.200 --> 0:23:31.440
<v Speaker 2>the loan is secured by the property and by the bitcoin,

0:23:31.840 --> 0:23:35.520
<v Speaker 2>and the rate is adjustable based on the value of bitcoin.

0:23:35.880 --> 0:23:37.440
<v Speaker 1>So if you.

0:23:37.400 --> 0:23:40.159
<v Speaker 2>Get into a scenario where you default on your payment,

0:23:40.200 --> 0:23:43.040
<v Speaker 2>because you can't get liquidated based on price volatility, but

0:23:43.119 --> 0:23:45.600
<v Speaker 2>if you default on your payment, the goal of us

0:23:45.640 --> 0:23:48.440
<v Speaker 2>would be instead of going through a foreclosure and eviction process,

0:23:48.480 --> 0:23:50.879
<v Speaker 2>which could add up to over a year and a

0:23:50.880 --> 0:23:53.359
<v Speaker 2>lot of costs from the lender side, we'd rather just

0:23:53.400 --> 0:23:56.080
<v Speaker 2>give you a call and say, hey, we've liquidated the

0:23:56.080 --> 0:23:59.520
<v Speaker 2>portion of your bitcoin to close your loan. Congratulations, you

0:23:59.560 --> 0:24:02.080
<v Speaker 2>now own your home free and clear. And what you

0:24:02.080 --> 0:24:05.360
<v Speaker 2>said earlier I absolutely agree with. I raised my family

0:24:05.600 --> 0:24:07.520
<v Speaker 2>in that home. I went from one kids to having

0:24:07.560 --> 0:24:09.120
<v Speaker 2>four kids in that home. So I have a lot

0:24:09.160 --> 0:24:11.800
<v Speaker 2>of great memories in that home, and I wouldn't trade

0:24:11.800 --> 0:24:15.200
<v Speaker 2>it for anything, So it is important for your listeners

0:24:15.200 --> 0:24:18.400
<v Speaker 2>to understand that. But at the same time, for those

0:24:18.400 --> 0:24:21.000
<v Speaker 2>who haven't been involved in the marketplace for a very

0:24:21.040 --> 0:24:24.720
<v Speaker 2>long time and are just now starting to experience the

0:24:24.720 --> 0:24:30.960
<v Speaker 2>benefit of bitcoin's price appreciation and getting the opportunity to

0:24:31.000 --> 0:24:35.119
<v Speaker 2>deploy that purchasing power using a product like this, I

0:24:35.119 --> 0:24:38.080
<v Speaker 2>think makes a lot of sense because we've taken all

0:24:38.080 --> 0:24:40.480
<v Speaker 2>the steps that we can to learn from the failures

0:24:40.600 --> 0:24:45.280
<v Speaker 2>of version one of bitcoin lending, So no rehypothication. We

0:24:45.400 --> 0:24:49.840
<v Speaker 2>actually have a self custody option. If you do custody

0:24:49.880 --> 0:24:52.440
<v Speaker 2>it with us, it's held in our fund, which serves

0:24:52.440 --> 0:24:55.159
<v Speaker 2>as a special purpose vehicle. So the bitcoin is not

0:24:55.240 --> 0:24:58.760
<v Speaker 2>on people's reserves balance sheet. It's separate, so there's no

0:24:58.800 --> 0:25:01.000
<v Speaker 2>way that we can hold it. There's no way that

0:25:01.040 --> 0:25:05.080
<v Speaker 2>we can leverage it or rehypothecate it. Just little things

0:25:05.160 --> 0:25:07.280
<v Speaker 2>like this that we've learned over time. A lot of

0:25:07.280 --> 0:25:11.160
<v Speaker 2>these fiat finance mechanics don't really work in bitcoin, but.

0:25:11.160 --> 0:25:12.000
<v Speaker 1>At people's reserve.

0:25:12.320 --> 0:25:14.840
<v Speaker 2>You know, I say that we're bitcoin maxis building for

0:25:14.880 --> 0:25:18.160
<v Speaker 2>Bitcoin maxis, which means we want to self custody our bitcoin.

0:25:18.440 --> 0:25:22.120
<v Speaker 2>We want proof of reserves, we want guarantees of no rehypothecation,

0:25:22.680 --> 0:25:27.000
<v Speaker 2>and we want low interest rates. It does not make

0:25:27.080 --> 0:25:30.639
<v Speaker 2>sense to me and to people's reserve that a bitcoiner

0:25:30.640 --> 0:25:32.840
<v Speaker 2>who holds the most pristine form of collateral in the

0:25:32.880 --> 0:25:37.400
<v Speaker 2>world and who and many times is over collateralized. Right,

0:25:37.440 --> 0:25:38.959
<v Speaker 2>Like in one of our loans, if you're gonna buy

0:25:38.960 --> 0:25:41.640
<v Speaker 2>a five hundred thousand dollars house, you have to put

0:25:41.720 --> 0:25:44.600
<v Speaker 2>up at minimum five hundred thousand dollars of bitcoin, While

0:25:44.640 --> 0:25:47.040
<v Speaker 2>with other lenders you'd like to shoot for a fifty

0:25:47.040 --> 0:25:49.200
<v Speaker 2>percent LTV, you're gonna put up a million dollars of

0:25:49.240 --> 0:25:50.960
<v Speaker 2>bitcoin to get that five hundred thousand.

0:25:51.000 --> 0:25:53.120
<v Speaker 4>So you're saying you might do one hundred percent LTV.

0:25:52.960 --> 0:25:56.560
<v Speaker 2>Loan, absolutely, because it's cross collateralized with the real estate.

0:25:56.960 --> 0:25:59.720
<v Speaker 2>So the value of the home is securitizing the loan

0:25:59.800 --> 0:26:01.520
<v Speaker 2>as well, and that gives them.

0:26:01.320 --> 0:26:04.000
<v Speaker 4>How would the rate be set and how does that vary?

0:26:04.160 --> 0:26:07.720
<v Speaker 4>Because typically you look at you know, nobody buys the house.

0:26:07.800 --> 0:26:09.640
<v Speaker 4>They don't buy five hundred thousand dollars house. They buy

0:26:09.640 --> 0:26:12.800
<v Speaker 4>a monthly payment, and that monthly payment is typically from

0:26:12.880 --> 0:26:16.680
<v Speaker 4>the credit worthiness of their monthly income. And so a

0:26:16.720 --> 0:26:19.520
<v Speaker 4>lot of times most people are probably maxing out what

0:26:19.560 --> 0:26:21.520
<v Speaker 4>they can afford on a monthly basis, so that if

0:26:21.560 --> 0:26:23.840
<v Speaker 4>that payment jumps a couple points, it could be detrimental.

0:26:24.359 --> 0:26:26.400
<v Speaker 4>So I'm curious, like, how do you set that rate

0:26:26.520 --> 0:26:28.480
<v Speaker 4>on the low end? And then is there caps on

0:26:28.520 --> 0:26:29.760
<v Speaker 4>how high or how low it can go?

0:26:30.640 --> 0:26:33.159
<v Speaker 2>Yeah, So we are a US based company, so the

0:26:33.320 --> 0:26:36.879
<v Speaker 2>usury rates are our caps. We cannot commit usury against

0:26:36.960 --> 0:26:41.760
<v Speaker 2>our borrowers. But our whole thesis is that bitcoin, as

0:26:41.800 --> 0:26:45.760
<v Speaker 2>pristine collateral, is the lowest risk collateral. So when you

0:26:45.840 --> 0:26:48.760
<v Speaker 2>work with us, we actually don't care about your credit score,

0:26:48.800 --> 0:26:51.040
<v Speaker 2>we don't care about your income. As long as you

0:26:51.040 --> 0:26:54.080
<v Speaker 2>can post the bitcoin, you can get the financing. Also

0:26:54.160 --> 0:26:57.560
<v Speaker 2>worked into our contract is a grace period, so if

0:26:57.600 --> 0:27:00.119
<v Speaker 2>you default on your payment, depending on what state you're in,

0:27:00.480 --> 0:27:02.760
<v Speaker 2>you have somewhere between ninety and one hundred and twenty

0:27:02.880 --> 0:27:06.080
<v Speaker 2>days to cure your default. So it's not an immediate liquidation.

0:27:06.119 --> 0:27:08.359
<v Speaker 2>It's not DeFi like a smart contract where it's like, oh,

0:27:08.440 --> 0:27:10.879
<v Speaker 2>this number was breached and boop, it automatically happened, then

0:27:10.880 --> 0:27:14.080
<v Speaker 2>you're done. No, it's a contractual agreement. It's a handshake.

0:27:14.119 --> 0:27:15.480
<v Speaker 2>We're going to look you in the eyes and shake

0:27:15.520 --> 0:27:17.359
<v Speaker 2>your hand and give you the best chance that you

0:27:17.440 --> 0:27:19.920
<v Speaker 2>can have to benefit. The other thing is is maybe

0:27:19.920 --> 0:27:21.960
<v Speaker 2>you lose your job. Maybe you have a good income,

0:27:21.960 --> 0:27:23.640
<v Speaker 2>but you lose your job, you're going through a tough period,

0:27:23.720 --> 0:27:26.520
<v Speaker 2>or you're relocating, you got to find a new job. Well,

0:27:26.600 --> 0:27:29.680
<v Speaker 2>you can pay your monthly payment from your bitcoin collateral,

0:27:30.040 --> 0:27:33.000
<v Speaker 2>and since you're initiating the loan with a one to

0:27:33.000 --> 0:27:36.120
<v Speaker 2>one ratio, you can pay quite a bit of payments.

0:27:36.119 --> 0:27:37.919
<v Speaker 2>You can make almost all of the payments as long

0:27:37.960 --> 0:27:41.399
<v Speaker 2>as the price of bitcoin stays stable without having to

0:27:41.440 --> 0:27:43.879
<v Speaker 2>produce any cashflow to make those payments, and that allows

0:27:43.920 --> 0:27:47.679
<v Speaker 2>bitcoin to compound its value over time and at the

0:27:47.760 --> 0:27:49.760
<v Speaker 2>end of it, even if you make from those payments,

0:27:50.080 --> 0:27:53.639
<v Speaker 2>with bitcoin's compounding annual growth rate being so high sixty

0:27:53.640 --> 0:27:56.480
<v Speaker 2>over sixty percent in a five year period, if even

0:27:56.560 --> 0:27:58.800
<v Speaker 2>that gets cut in half to thirty percent or even

0:27:58.800 --> 0:28:01.760
<v Speaker 2>more down the fifteen percent, the rate at which that

0:28:01.960 --> 0:28:04.600
<v Speaker 2>bitcoin equity will grow over the life of the loan

0:28:04.880 --> 0:28:07.359
<v Speaker 2>will allow you to make the payment from the collateral

0:28:07.600 --> 0:28:10.520
<v Speaker 2>and then still have leftovers at the end of the loan.

0:28:10.680 --> 0:28:12.840
<v Speaker 2>We would and recommend that that because the goal is

0:28:12.880 --> 0:28:14.359
<v Speaker 2>to hold as much bitcoin as you can, right, but

0:28:14.400 --> 0:28:16.040
<v Speaker 2>if you're in a tough spot, there's no reason the

0:28:16.080 --> 0:28:18.600
<v Speaker 2>default make a small payment from your existing collateral.

0:28:19.800 --> 0:28:21.760
<v Speaker 3>I love that. That's a good idea. What about where

0:28:21.760 --> 0:28:23.439
<v Speaker 3>does the rate get set? I mean, are you going out?

0:28:23.480 --> 0:28:25.040
<v Speaker 4>You talked earlier about the FED set in the rate

0:28:25.080 --> 0:28:27.680
<v Speaker 4>and then people market in that episode is at prime plus.

0:28:27.520 --> 0:28:28.280
<v Speaker 3>A couple points.

0:28:28.760 --> 0:28:31.640
<v Speaker 4>And then you said, you know it goes up if

0:28:31.720 --> 0:28:33.520
<v Speaker 4>I think you said if the LTV comes down, then

0:28:33.520 --> 0:28:35.600
<v Speaker 4>the rate goes up and it oscillates.

0:28:35.600 --> 0:28:38.800
<v Speaker 3>So where does it start? What are you measuring off of?

0:28:38.840 --> 0:28:40.160
<v Speaker 3>How high does it go, how to load does it go,

0:28:40.160 --> 0:28:40.560
<v Speaker 3>et cetera.

0:28:41.120 --> 0:28:42.680
<v Speaker 1>Yeah, and fantastic question.

0:28:42.720 --> 0:28:44.120
<v Speaker 2>And this is one of the things we're most excited

0:28:44.160 --> 0:28:46.840
<v Speaker 2>about because we're going to offer the best rates in

0:28:46.880 --> 0:28:52.200
<v Speaker 2>the industry. I believe Bitcoin Power Finance will redefine the

0:28:52.360 --> 0:28:56.800
<v Speaker 2>risk free rate and redefine the risk free borrower. It

0:28:56.880 --> 0:29:00.239
<v Speaker 2>is no longer going to be the entity who has

0:29:00.280 --> 0:29:02.680
<v Speaker 2>the power of the printer who is known as the

0:29:02.760 --> 0:29:05.000
<v Speaker 2>risk free borrower. Just because you can print more of

0:29:05.040 --> 0:29:08.080
<v Speaker 2>that collateral and pay it doesn't mean it's a pristine collateral.

0:29:08.480 --> 0:29:12.840
<v Speaker 2>So because of that, we are using multiple strategies, including

0:29:12.840 --> 0:29:16.120
<v Speaker 2>a fund LP strategy to where we are not partnered

0:29:17.360 --> 0:29:21.320
<v Speaker 2>with people who practice fractional reserves. So what that means

0:29:21.320 --> 0:29:23.760
<v Speaker 2>for us is that we do not have to marry

0:29:23.800 --> 0:29:26.680
<v Speaker 2>our business model to the traditional yield curve. And what

0:29:26.680 --> 0:29:30.240
<v Speaker 2>you see in traditional bitcoin lending is that the lender

0:29:30.280 --> 0:29:33.040
<v Speaker 2>will be partnered with a banking partner, they will have

0:29:33.080 --> 0:29:35.920
<v Speaker 2>a line of credit at a certain rate, and therefore,

0:29:36.000 --> 0:29:38.440
<v Speaker 2>in order for the business to be profitable, they will

0:29:38.440 --> 0:29:41.640
<v Speaker 2>have to arbitrage the difference between their borrow rate and

0:29:41.680 --> 0:29:44.760
<v Speaker 2>their customer's borrow rate. So if you're prime rate now

0:29:44.800 --> 0:29:47.040
<v Speaker 2>is seven and a half, if you're at prime plus

0:29:47.120 --> 0:29:49.960
<v Speaker 2>fifty basis points, because you have a good relationship and

0:29:49.960 --> 0:29:52.000
<v Speaker 2>you're at eight percent, you have to turn around to

0:29:52.040 --> 0:29:54.880
<v Speaker 2>the bitcoiner and say, I'll let you borrow at ten percent,

0:29:54.960 --> 0:29:57.479
<v Speaker 2>twelve percent, fifteen percent. In order to make any profit

0:29:57.960 --> 0:30:01.360
<v Speaker 2>with people's reserve. Our cost of capital is zero because

0:30:01.360 --> 0:30:04.360
<v Speaker 2>we've sourced it from LPs who understand that it's time

0:30:04.400 --> 0:30:07.760
<v Speaker 2>to get some diversification within your lending portfolio. Yes, you

0:30:07.760 --> 0:30:10.800
<v Speaker 2>can lend to the government for risk free borrowing. You're

0:30:10.800 --> 0:30:13.000
<v Speaker 2>going to get your capital back. Yes you can lend

0:30:13.040 --> 0:30:16.280
<v Speaker 2>to the municipalities to generate risk free cash flow. But

0:30:17.040 --> 0:30:20.640
<v Speaker 2>you have systemic risk, you need systemic diversification. You should

0:30:20.680 --> 0:30:23.280
<v Speaker 2>lend to bitcoiners. And the light bulbs going off because

0:30:23.280 --> 0:30:25.640
<v Speaker 2>of the abuse that we've seen since twenty twenty. Now

0:30:25.680 --> 0:30:28.640
<v Speaker 2>I say all that to say this, we don't want

0:30:28.640 --> 0:30:33.040
<v Speaker 2>to be as a longtime bitcoiner and free money maximalists.

0:30:34.040 --> 0:30:36.600
<v Speaker 2>You can't have free market money when there's a small

0:30:36.600 --> 0:30:39.080
<v Speaker 2>group of men who tell you the price of the money.

0:30:39.960 --> 0:30:42.640
<v Speaker 2>It goes against free market concepts. A free market money

0:30:42.680 --> 0:30:44.880
<v Speaker 2>means that you need free market price of money. And

0:30:44.880 --> 0:30:46.680
<v Speaker 2>the price of money is the interest rate. So the

0:30:46.680 --> 0:30:49.320
<v Speaker 2>interest rate should be determined by the supply of money,

0:30:49.320 --> 0:30:52.640
<v Speaker 2>the demand for loans, and the counterparty risk. That's how

0:30:52.640 --> 0:30:56.240
<v Speaker 2>you price money. Stating the rate and anchoring the rate

0:30:56.360 --> 0:31:01.520
<v Speaker 2>and doing federal Open market committee exercises and executions to

0:31:01.920 --> 0:31:03.600
<v Speaker 2>balance a rate or to force a rate like you

0:31:03.640 --> 0:31:06.240
<v Speaker 2>see what ye'l curve control in Japan is not free

0:31:06.320 --> 0:31:09.880
<v Speaker 2>market money. So at people's reserve the starting interest rate.

0:31:09.920 --> 0:31:11.720
<v Speaker 2>To finally answer your question, sorry about that, but to

0:31:11.760 --> 0:31:14.560
<v Speaker 2>finally answer your question, the starting interest rate a people

0:31:14.600 --> 0:31:16.920
<v Speaker 2>deserve is ten and a half percent and what we

0:31:16.960 --> 0:31:20.360
<v Speaker 2>allow you to do is either through the appreciation of

0:31:20.360 --> 0:31:23.680
<v Speaker 2>bitcoin going up in those ten percent increments.

0:31:23.520 --> 0:31:25.080
<v Speaker 1>Or by over collateralizing.

0:31:25.240 --> 0:31:27.840
<v Speaker 2>So if you borrow five hundred thousand, you can max

0:31:27.920 --> 0:31:30.719
<v Speaker 2>over collateralized by two hundred percent, which means you're going

0:31:30.760 --> 0:31:32.880
<v Speaker 2>to post one point five million dollars worth of bitcoin.

0:31:33.640 --> 0:31:36.920
<v Speaker 2>And we allow you to buy back percentage points, so

0:31:36.960 --> 0:31:39.280
<v Speaker 2>you can knock off a total of four percentage points

0:31:39.320 --> 0:31:41.600
<v Speaker 2>from that ten and a half percent starting rate, and

0:31:41.640 --> 0:31:43.680
<v Speaker 2>you can get a six and a half percent rate

0:31:43.880 --> 0:31:48.080
<v Speaker 2>with a bitcoin power mortgage. That's Prime minus one right now.

0:31:48.240 --> 0:31:51.360
<v Speaker 2>So that's the best rate in the bitcoin industry, and

0:31:51.560 --> 0:31:54.920
<v Speaker 2>it's a very competitive rate when you consider where the

0:31:54.960 --> 0:31:57.920
<v Speaker 2>trap fi market is. But mark that is at our

0:31:57.960 --> 0:32:01.239
<v Speaker 2>basic loyalty level. We have different loyalty levels through our

0:32:01.280 --> 0:32:04.200
<v Speaker 2>loyalty token, and if you qualify for our Diamond level,

0:32:04.400 --> 0:32:07.440
<v Speaker 2>which means you own ten percent in our loyalty token

0:32:07.520 --> 0:32:09.000
<v Speaker 2>of your loan value. So if you have a five

0:32:09.040 --> 0:32:11.280
<v Speaker 2>hundred thousand dollars loan to buy your home, you're going

0:32:11.360 --> 0:32:14.160
<v Speaker 2>to own fifty thousand dollars of our peering loyalty token.

0:32:14.400 --> 0:32:16.680
<v Speaker 2>Your starting rate is actually seven and a half percent,

0:32:17.040 --> 0:32:19.400
<v Speaker 2>and then if you over collateralize and knock off that

0:32:19.480 --> 0:32:22.280
<v Speaker 2>same four percentage points, you're going to borrow at three

0:32:22.280 --> 0:32:24.320
<v Speaker 2>and a half percent. That means you're going to have

0:32:24.440 --> 0:32:28.160
<v Speaker 2>access to the lowest cheapest cost of capital for any

0:32:28.200 --> 0:32:32.360
<v Speaker 2>home buyer in the world. You're actually accessing capital for

0:32:32.480 --> 0:32:35.680
<v Speaker 2>cheaper than the government. And we're able to beat that

0:32:35.800 --> 0:32:39.360
<v Speaker 2>sofa rate because we're not partnered.

0:32:39.160 --> 0:32:42.600
<v Speaker 1>With money printers. We have sourced our capital.

0:32:42.640 --> 0:32:46.200
<v Speaker 2>We have sourced through LPs who are looking through that diversification,

0:32:46.440 --> 0:32:49.440
<v Speaker 2>understand the cracks that we see within the system, and

0:32:49.520 --> 0:32:52.680
<v Speaker 2>they want systemic diversification. And the best part about it

0:32:52.720 --> 0:32:55.200
<v Speaker 2>is if something goes wrong in our product, you're not

0:32:55.240 --> 0:32:58.200
<v Speaker 2>getting back printed dollars and then rushing in to an

0:32:58.240 --> 0:33:00.880
<v Speaker 2>asset that you're going to buy a smaller home, crappier car,

0:33:01.240 --> 0:33:05.080
<v Speaker 2>less stock or equity. You're actually defaulting into bitcoin and

0:33:05.160 --> 0:33:07.120
<v Speaker 2>real estate, the two assets that you really want.

0:33:07.680 --> 0:33:08.360
<v Speaker 3>Yeah.

0:33:08.480 --> 0:33:11.080
<v Speaker 4>I was having a conversation with an investor buddy this morning,

0:33:11.120 --> 0:33:13.920
<v Speaker 4>and we were talking about this exact sort of conversation,

0:33:14.000 --> 0:33:15.960
<v Speaker 4>which is what is the free what is the free

0:33:16.000 --> 0:33:20.160
<v Speaker 4>market price of money right now? And he was trying

0:33:20.200 --> 0:33:22.360
<v Speaker 4>to explain to me how his home should be token eyes,

0:33:22.440 --> 0:33:24.360
<v Speaker 4>and real estate should be token eyes, and they get

0:33:24.360 --> 0:33:26.640
<v Speaker 4>greater liquidity and then loan pools and this that, and

0:33:27.080 --> 0:33:30.400
<v Speaker 4>I disagreed with that, but he's like, Mark, you don't understand, Like,

0:33:30.640 --> 0:33:32.040
<v Speaker 4>you know, I have this home on the beach and

0:33:32.040 --> 0:33:35.080
<v Speaker 4>it's worth millions of dollars, and you know I can't

0:33:35.120 --> 0:33:36.960
<v Speaker 4>get an equity line of credit because I run my

0:33:36.960 --> 0:33:37.440
<v Speaker 4>own business.

0:33:37.480 --> 0:33:39.120
<v Speaker 3>And da da da da, I said.

0:33:39.240 --> 0:33:42.520
<v Speaker 4>I said, look, there's hundreds of hard money lenders that

0:33:42.560 --> 0:33:45.280
<v Speaker 4>will give you a loan against the equity asset based loan.

0:33:45.720 --> 0:33:47.160
<v Speaker 3>I'm not going to pay those rates.

0:33:47.160 --> 0:33:48.640
<v Speaker 4>And you know what the loans are, and da da

0:33:48.720 --> 0:33:51.680
<v Speaker 4>da da, I said. I said, listen, that's the free

0:33:51.760 --> 0:33:54.480
<v Speaker 4>market rate of money. Though you have to understand, like

0:33:54.600 --> 0:33:58.240
<v Speaker 4>mortgages and auto loans are both basically manipulated or subsidized

0:33:58.280 --> 0:34:00.640
<v Speaker 4>by the government or the automakers, which is by the government, right,

0:34:00.680 --> 0:34:04.000
<v Speaker 4>So it's like auto loans and mortgages are basically subsidized.

0:34:04.160 --> 0:34:06.720
<v Speaker 4>So hard money is the rate at the market.

0:34:07.280 --> 0:34:08.440
<v Speaker 3>And I said, I have this question.

0:34:08.480 --> 0:34:09.920
<v Speaker 4>You know, this question come up all the time with

0:34:09.960 --> 0:34:11.560
<v Speaker 4>people borrowing against bitcoin, where they're.

0:34:11.400 --> 0:34:13.799
<v Speaker 3>Like twelve percent, fifteen percent. Are you out of your mind.

0:34:13.840 --> 0:34:16.520
<v Speaker 4>But it's like, that's the cost of free market capital

0:34:16.640 --> 0:34:19.680
<v Speaker 4>right now. And I said, what the flip side Again,

0:34:19.719 --> 0:34:21.800
<v Speaker 4>he's a wealthy investor. I said, how much would you

0:34:21.880 --> 0:34:25.080
<v Speaker 4>loan me cash for? You're going to want minimum ten

0:34:25.160 --> 0:34:29.200
<v Speaker 4>or twelve percent? Right, And so I think I think

0:34:29.239 --> 0:34:31.319
<v Speaker 4>it is important for people to sort of understand that

0:34:32.000 --> 0:34:34.000
<v Speaker 4>we are in this world, as you said, where the

0:34:34.040 --> 0:34:36.680
<v Speaker 4>price of money is set by the government, and so

0:34:36.800 --> 0:34:42.160
<v Speaker 4>government backed subsidized push loans like autos and residential mortgages

0:34:42.360 --> 0:34:45.240
<v Speaker 4>sort of they're manipulated, and so it sort of distorts

0:34:45.280 --> 0:34:47.480
<v Speaker 4>our view of what the fair market price of money is.

0:34:48.200 --> 0:34:52.960
<v Speaker 2>But the existing hard money is tied to that yield curve,

0:34:53.400 --> 0:34:54.960
<v Speaker 2>and that's the problem.

0:34:54.600 --> 0:34:56.239
<v Speaker 3>Because it's tied to the yield curve.

0:34:56.280 --> 0:34:58.520
<v Speaker 4>But it's also based off of demand. So a lot

0:34:58.520 --> 0:35:01.040
<v Speaker 4>of hard money that's going out to asset back loans

0:35:01.160 --> 0:35:01.960
<v Speaker 4>is private money.

0:35:02.040 --> 0:35:03.480
<v Speaker 3>I used to be involved in that industry.

0:35:03.480 --> 0:35:06.680
<v Speaker 4>I was for it and risk and risk and risk certainly,

0:35:06.760 --> 0:35:08.759
<v Speaker 4>but it's also demand, like I want to get the

0:35:08.760 --> 0:35:09.879
<v Speaker 4>most the market will bear.

0:35:11.160 --> 0:35:12.759
<v Speaker 3>So hey, you'll you'll loan the.

0:35:12.719 --> 0:35:14.760
<v Speaker 4>Guy at twelve percent, all right, I'll give you eleven

0:35:14.760 --> 0:35:16.880
<v Speaker 4>point five I'll knock off a point, right, And so

0:35:16.920 --> 0:35:19.080
<v Speaker 4>it's it's whatever the market will bear, plus what I'm

0:35:19.120 --> 0:35:20.680
<v Speaker 4>willing to put it out there, the risk and willing

0:35:20.680 --> 0:35:21.560
<v Speaker 4>to take, et cetera.

0:35:22.960 --> 0:35:23.520
<v Speaker 1>Anyway.

0:35:23.640 --> 0:35:26.960
<v Speaker 2>And the advent of bitcoin as pristine collateral, I would

0:35:27.040 --> 0:35:30.279
<v Speaker 2>I would posit it is negative risk. And and and

0:35:30.520 --> 0:35:32.879
<v Speaker 2>so when you post bitcoin as collateral, because it has

0:35:33.160 --> 0:35:37.600
<v Speaker 2>because it's engineered money that was strategically designed to accumulate

0:35:37.680 --> 0:35:40.759
<v Speaker 2>value over time, when you post it as collateral, you

0:35:40.840 --> 0:35:42.000
<v Speaker 2>become de leveraged.

0:35:42.280 --> 0:35:42.440
<v Speaker 1>Right.

0:35:42.480 --> 0:35:44.839
<v Speaker 2>So when you when you buy your car and you

0:35:44.920 --> 0:35:47.759
<v Speaker 2>drive it off the lot, it loses value. And the

0:35:47.760 --> 0:35:49.440
<v Speaker 2>more you drive it, the more wear and tear it

0:35:49.480 --> 0:35:52.279
<v Speaker 2>loses value. This is why it needs to be subsidized,

0:35:52.400 --> 0:35:54.760
<v Speaker 2>much like a home, because there's a fifty.

0:35:54.560 --> 0:35:56.080
<v Speaker 4>Thousand dollars loan on the car, but the car is

0:35:56.120 --> 0:35:57.960
<v Speaker 4>only worth forty thousand now.

0:35:58.080 --> 0:36:01.040
<v Speaker 2>Yeah, and it becomes more and more risky alone over time.

0:36:01.400 --> 0:36:05.319
<v Speaker 2>The opposite is true with bitcoin, and that's only with

0:36:05.400 --> 0:36:10.600
<v Speaker 2>bitcoin over bitcoin, because of its engineer design, it auto

0:36:10.760 --> 0:36:14.920
<v Speaker 2>de leverages the borrower. It is the advent of negative risk.

0:36:15.160 --> 0:36:18.600
<v Speaker 2>You cannot plug negative risk into trap fi risk models.

0:36:18.640 --> 0:36:21.920
<v Speaker 2>It's like going into a power Excel sheet and putting

0:36:21.960 --> 0:36:24.480
<v Speaker 2>in the wrong information. All the error codes come up,

0:36:24.520 --> 0:36:27.359
<v Speaker 2>like you mess something up somewhere, something in some cell

0:36:27.480 --> 0:36:27.759
<v Speaker 2>is wrong.

0:36:27.800 --> 0:36:28.799
<v Speaker 1>I can't calculate this.

0:36:29.160 --> 0:36:31.399
<v Speaker 2>That's what happens when you try to plug negative risk

0:36:32.040 --> 0:36:34.920
<v Speaker 2>into trap fi credit models. Bitcoin is the advent of

0:36:35.000 --> 0:36:38.160
<v Speaker 2>negative risk, and therefore we're going to be able to

0:36:38.320 --> 0:36:41.880
<v Speaker 2>beat the interest rate in any marketplace because of.

0:36:41.760 --> 0:36:43.320
<v Speaker 1>The lack of risk.

0:36:43.800 --> 0:36:47.360
<v Speaker 2>Risk is the factor that has been mitigated through subsidies,

0:36:47.400 --> 0:36:50.279
<v Speaker 2>subsidies through the government. But in the free market, how

0:36:50.280 --> 0:36:53.799
<v Speaker 2>do you mitigate risk by the quality of the collateral?

0:36:54.840 --> 0:36:58.120
<v Speaker 4>Right now, I've heard you talk about sal pain in

0:36:58.120 --> 0:37:01.359
<v Speaker 4>a future based on how Finny's vision. How Finnie being

0:37:01.400 --> 0:37:03.560
<v Speaker 4>one of the originators, one of the first couple people

0:37:03.560 --> 0:37:06.360
<v Speaker 4>that help work on the Bitcoin protocol, we're entities like

0:37:06.400 --> 0:37:09.520
<v Speaker 4>micro Strategy become a central bank of the Internet economy.

0:37:11.000 --> 0:37:12.400
<v Speaker 3>Fast forward like ten years.

0:37:12.400 --> 0:37:13.080
<v Speaker 4>What does that mean?

0:37:13.080 --> 0:37:13.880
<v Speaker 3>What does that look like?

0:37:14.960 --> 0:37:19.000
<v Speaker 2>Yeah, I think that there's going to be two competing

0:37:19.080 --> 0:37:23.600
<v Speaker 2>systems as we transition into the future of finance. And

0:37:24.080 --> 0:37:26.680
<v Speaker 2>you know, one system will be the stated and anchored

0:37:26.719 --> 0:37:30.600
<v Speaker 2>system where the rate is controlled by central banks, and

0:37:30.640 --> 0:37:33.160
<v Speaker 2>the other system will be more of a free market system.

0:37:33.400 --> 0:37:35.879
<v Speaker 2>I like to call it the Internet economy, as you said,

0:37:35.920 --> 0:37:38.719
<v Speaker 2>because it's the only economy in the world that is

0:37:38.760 --> 0:37:39.360
<v Speaker 2>debt free.

0:37:39.600 --> 0:37:40.719
<v Speaker 1>It's the only economy in.

0:37:40.680 --> 0:37:43.600
<v Speaker 2>The world that can't be outcompeted by any one economy

0:37:43.600 --> 0:37:46.320
<v Speaker 2>because it's an aggregated economy of everybody, and it's the

0:37:46.320 --> 0:37:48.440
<v Speaker 2>only economy in the world that can't be controlled by

0:37:48.480 --> 0:37:52.200
<v Speaker 2>any one person or power. And because of that, this

0:37:52.239 --> 0:37:56.040
<v Speaker 2>is where decentralized finance has really flourished. And this is

0:37:56.040 --> 0:37:59.800
<v Speaker 2>why a lot of capital you see black rock rushing

0:37:59.840 --> 0:38:03.640
<v Speaker 2>in too, stable coins, you see stable coin legislation going through.

0:38:04.120 --> 0:38:07.600
<v Speaker 2>A lot of that is getting access to the opportunity

0:38:07.600 --> 0:38:09.879
<v Speaker 2>in DeFi where we actually have a free market rate.

0:38:10.080 --> 0:38:13.000
<v Speaker 2>When you look at funding rates within the Internet economy,

0:38:13.040 --> 0:38:16.120
<v Speaker 2>where people are using leverage just to make bets on bitcoin,

0:38:17.160 --> 0:38:20.720
<v Speaker 2>the annualized rate on that could be anywhere between depending

0:38:20.760 --> 0:38:23.000
<v Speaker 2>on how hot or cold the market is, between ten

0:38:23.080 --> 0:38:25.320
<v Speaker 2>and upwards of thirty and forty percent.

0:38:25.640 --> 0:38:26.359
<v Speaker 1>You can't get that.

0:38:26.360 --> 0:38:29.200
<v Speaker 2>Kind of rate of return in anything that you would

0:38:29.239 --> 0:38:32.480
<v Speaker 2>see in travify without significant risk. You can get that

0:38:32.520 --> 0:38:35.759
<v Speaker 2>with a delta neutral position in the Internet economy. So

0:38:36.120 --> 0:38:40.359
<v Speaker 2>what we're seeing here is a move from I bought

0:38:40.360 --> 0:38:42.799
<v Speaker 2>a cash equivalent, I bought a treasury I'm holding on

0:38:42.840 --> 0:38:46.000
<v Speaker 2>my balance sheet. I'm earning four percent. Yeah, but you

0:38:46.000 --> 0:38:49.120
<v Speaker 2>know what, Now I can create a liability in the

0:38:49.120 --> 0:38:52.000
<v Speaker 2>form of a stable coin. I can deploy that stable

0:38:52.040 --> 0:38:56.120
<v Speaker 2>coin into decentralized finance, and then I can compound my earnings.

0:38:56.160 --> 0:38:58.160
<v Speaker 2>I'm still getting paid the four and a half percent

0:38:58.239 --> 0:39:01.440
<v Speaker 2>on my cash equivalent, I'm earning an additional four or

0:39:01.480 --> 0:39:05.560
<v Speaker 2>five percent by providing stable coin liquidity in the Internet economy.

0:39:05.880 --> 0:39:11.040
<v Speaker 2>And that Internet economy, that alternative system is growing and

0:39:11.080 --> 0:39:14.080
<v Speaker 2>it's flourishing, and the Genius Act and other things I

0:39:14.120 --> 0:39:16.839
<v Speaker 2>think are going to accelerate that growth that we see.

0:39:16.880 --> 0:39:20.120
<v Speaker 2>And micro strategy plays a big role, and I think

0:39:20.160 --> 0:39:22.719
<v Speaker 2>even people's reserve will play a big role in the

0:39:22.719 --> 0:39:27.400
<v Speaker 2>long term because we hold the reserve asset of the

0:39:27.440 --> 0:39:30.880
<v Speaker 2>Internet economy. The United States is the most important global

0:39:30.880 --> 0:39:34.840
<v Speaker 2>financial leader because it's their currency that is actually the

0:39:34.880 --> 0:39:38.279
<v Speaker 2>reserve currency of the world. Well, the reserve currency, or

0:39:38.280 --> 0:39:40.680
<v Speaker 2>I should say the reserve money. The reserve asset of

0:39:40.719 --> 0:39:44.040
<v Speaker 2>the Internet economy is bitcoin, and the entities that hold

0:39:44.080 --> 0:39:47.440
<v Speaker 2>bitcoin will be the futureal central banks, and I think

0:39:47.719 --> 0:39:50.440
<v Speaker 2>for most of your listeners, central banks as it should

0:39:50.600 --> 0:39:54.480
<v Speaker 2>probably has a derogatory meaning behind it. But in the future,

0:39:54.680 --> 0:39:57.840
<v Speaker 2>I think bitcoin bankers who are more free market oriented

0:39:58.400 --> 0:40:01.759
<v Speaker 2>maybe can salvage the reputation of what it means to

0:40:01.880 --> 0:40:05.280
<v Speaker 2>be somebody who's playing a role in discovering the price

0:40:05.280 --> 0:40:08.480
<v Speaker 2>of money. The rate at which people's reserve borrows from

0:40:08.600 --> 0:40:12.120
<v Speaker 2>micro strategy on an overnight basis will be the rate

0:40:12.520 --> 0:40:15.120
<v Speaker 2>that is equivalent to the current federal funds rate or

0:40:15.120 --> 0:40:17.760
<v Speaker 2>the front end of the yield curve. Then bitcoin powered

0:40:17.800 --> 0:40:21.120
<v Speaker 2>financial products like a five year bitcoin powered mortgage or

0:40:21.160 --> 0:40:23.320
<v Speaker 2>a five year bitcoin bond all the way out the

0:40:23.360 --> 0:40:26.000
<v Speaker 2>yeld curve to ten and twenty years, those will be

0:40:26.160 --> 0:40:28.840
<v Speaker 2>the instruments that the free market looks at to understand

0:40:28.880 --> 0:40:33.160
<v Speaker 2>the price of money in the free market internet economy. Meanwhile,

0:40:33.280 --> 0:40:34.759
<v Speaker 2>you're still going to have to wake up and check

0:40:34.800 --> 0:40:36.880
<v Speaker 2>the two year and the ten year to understand the

0:40:36.880 --> 0:40:40.680
<v Speaker 2>price of money in the traditional finance world. So we're

0:40:40.680 --> 0:40:43.360
<v Speaker 2>splitting into two worlds, and there's going to be different

0:40:43.480 --> 0:40:47.239
<v Speaker 2>entities who control the reserve assets of those worlds who

0:40:47.360 --> 0:40:52.880
<v Speaker 2>rise to the top and have extreme influence in the prices.

0:40:52.680 --> 0:40:55.520
<v Speaker 4>We're split into two worlds, but then at the same

0:40:55.520 --> 0:40:58.719
<v Speaker 4>time they're crossing and converging and overlapping at the same time.

0:40:58.800 --> 0:41:02.240
<v Speaker 4>So you mentioned Blackrock earlier. They've taken a US Treasury,

0:41:02.960 --> 0:41:05.280
<v Speaker 4>which is the bedrock of the global financial system today.

0:41:05.520 --> 0:41:08.120
<v Speaker 4>TRADFI taking the US Treasury put into a fund and

0:41:08.120 --> 0:41:12.440
<v Speaker 4>then tokenize the fund buildle and then those tokens of

0:41:12.480 --> 0:41:14.759
<v Speaker 4>that fund are now trading on crypto dot com and

0:41:14.840 --> 0:41:19.000
<v Speaker 4>dare a bit in the cryptoeconomy, so tokenize US treasuries.

0:41:19.080 --> 0:41:22.080
<v Speaker 4>But then on the other side you have micro Strategy,

0:41:22.120 --> 0:41:24.480
<v Speaker 4>which has now created the preferred chairs. The latest one

0:41:24.480 --> 0:41:28.319
<v Speaker 4>they've created, which is called stretch STRC, is basically a

0:41:28.360 --> 0:41:31.799
<v Speaker 4>stable coin. It's like a central bank stable coin that

0:41:31.880 --> 0:41:35.560
<v Speaker 4>they try to keep pegged around one hundred dollars par

0:41:36.160 --> 0:41:40.200
<v Speaker 4>and then they increase or decrease the rate to keep

0:41:40.239 --> 0:41:41.920
<v Speaker 4>the price stable, sort of like what.

0:41:41.880 --> 0:41:44.160
<v Speaker 3>The FED does, raising and lower in the rates to

0:41:44.200 --> 0:41:44.960
<v Speaker 3>keep the price stable.

0:41:45.000 --> 0:41:48.080
<v Speaker 4>So you have sort of like the bitcoin cryptoeconomy doing

0:41:48.080 --> 0:41:50.520
<v Speaker 4>this that's crossing the TRADFI and TRADFI crossing over, and

0:41:50.600 --> 0:41:53.239
<v Speaker 4>so it's pretty interesting to see sort of how these

0:41:54.000 --> 0:41:58.480
<v Speaker 4>separate systems parallel systems will eventually merge and we'll kind

0:41:58.480 --> 0:41:59.920
<v Speaker 4>of see that convergence happening there.

0:42:00.160 --> 0:42:03.279
<v Speaker 2>And I think you know what really drives that convergence

0:42:04.000 --> 0:42:07.440
<v Speaker 2>is the fact that you know, and I love Michael Sailor,

0:42:07.480 --> 0:42:10.920
<v Speaker 2>he's opened the Pandora's box to financial engineering. Even at

0:42:10.920 --> 0:42:13.440
<v Speaker 2>People's Reserve, we're building on top of his shoulders, and

0:42:13.760 --> 0:42:16.200
<v Speaker 2>you know, we've taken notes from a very long time

0:42:16.239 --> 0:42:19.800
<v Speaker 2>ago watching what he's done. But what it really boils

0:42:19.840 --> 0:42:25.480
<v Speaker 2>down to is problem solution. There's a real world problem,

0:42:25.560 --> 0:42:28.040
<v Speaker 2>and that problem is that real interest rates are negative.

0:42:28.400 --> 0:42:32.640
<v Speaker 2>So a nine percent rate backed by billions of dollars

0:42:32.680 --> 0:42:36.839
<v Speaker 2>of bitcoin equity is a really important tool because when

0:42:36.880 --> 0:42:38.800
<v Speaker 2>you can only get four and a half from the government,

0:42:38.880 --> 0:42:41.280
<v Speaker 2>or four from the government, or in the near future

0:42:41.560 --> 0:42:44.640
<v Speaker 2>one or two from the government, yet the rate of

0:42:44.960 --> 0:42:49.000
<v Speaker 2>inflation or the increase in prices is going up at six, seven,

0:42:49.080 --> 0:42:53.160
<v Speaker 2>even ten percent, you can't eat that negative return, right,

0:42:53.200 --> 0:42:55.600
<v Speaker 2>You can't have a real rate of negative return. That's

0:42:55.640 --> 0:43:00.080
<v Speaker 2>a big problem, especially for businesses. So you need a solution.

0:43:00.640 --> 0:43:03.080
<v Speaker 2>And what we're seeing right now, this is what all

0:43:03.200 --> 0:43:06.319
<v Speaker 2>engineering is. Engineering is creating a solution to a real

0:43:06.360 --> 0:43:09.680
<v Speaker 2>world problem, and because of the cracks within the traditional system,

0:43:10.040 --> 0:43:13.840
<v Speaker 2>these problems are becoming bigger and bigger, and bitcoin is

0:43:13.840 --> 0:43:16.600
<v Speaker 2>providing a way to solve that problem. And whether it's

0:43:16.600 --> 0:43:19.880
<v Speaker 2>micro strategy or people's reserve, we are taking bitcoin and

0:43:19.920 --> 0:43:23.080
<v Speaker 2>we are fusing it into financial tools in order to

0:43:23.160 --> 0:43:26.600
<v Speaker 2>solve these real world problems. And by solving people's problems,

0:43:26.719 --> 0:43:29.520
<v Speaker 2>you deliver value. And that's what bitcoin's all about. It's

0:43:29.520 --> 0:43:33.279
<v Speaker 2>about value delivery instead of a fiat mindset which is

0:43:33.320 --> 0:43:37.520
<v Speaker 2>based on value extraction. And these value extraction schemes have

0:43:37.640 --> 0:43:41.360
<v Speaker 2>created such big problems that we now need a foundational

0:43:41.440 --> 0:43:44.640
<v Speaker 2>layer built on equity rather than debt in order to

0:43:44.680 --> 0:43:47.640
<v Speaker 2>solve these problems. And as you said, it's very interesting

0:43:47.640 --> 0:43:50.360
<v Speaker 2>to see how fast these worlds are coming together. I

0:43:50.440 --> 0:43:54.280
<v Speaker 2>do not think investors anticipated that we would see bitcoin

0:43:54.360 --> 0:43:56.839
<v Speaker 2>working in tandem with the dollar to create cash flow

0:43:56.920 --> 0:44:00.800
<v Speaker 2>products to solve interest rate issues issues.

0:44:00.880 --> 0:44:01.680
<v Speaker 1>But here we are.

0:44:01.560 --> 0:44:04.320
<v Speaker 2>Today with brand new products the world has never seen

0:44:04.400 --> 0:44:06.719
<v Speaker 2>before that are now solving these problems.

0:44:07.520 --> 0:44:09.799
<v Speaker 4>Yeah, and it certainly makes me think about the quote

0:44:09.800 --> 0:44:12.279
<v Speaker 4>from Bill Gates saying, you know, most people underestimate or

0:44:12.360 --> 0:44:14.680
<v Speaker 4>overestimate what they can do in a year. But underestimate

0:44:14.680 --> 0:44:16.400
<v Speaker 4>what they can do in a decade. And to your point, like,

0:44:16.680 --> 0:44:20.000
<v Speaker 4>on one hand, these things seem to be moving extremely fast,

0:44:20.440 --> 0:44:22.560
<v Speaker 4>but then so many people are like, but bitcoin's down

0:44:22.560 --> 0:44:23.040
<v Speaker 4>this week.

0:44:23.520 --> 0:44:24.799
<v Speaker 3>It's like, stop.

0:44:24.560 --> 0:44:26.719
<v Speaker 4>Anticipating what's going to happen this week and think about

0:44:26.760 --> 0:44:28.839
<v Speaker 4>what's gonna happen over the next couple of years. I mean,

0:44:28.840 --> 0:44:31.000
<v Speaker 4>the entire world is literally shifting, but you kind of

0:44:31.000 --> 0:44:31.719
<v Speaker 4>have to zoom out.

0:44:31.600 --> 0:44:34.239
<v Speaker 3>A little bit to get a different perspective. Let's wrap

0:44:34.280 --> 0:44:34.480
<v Speaker 3>it up.

0:44:34.520 --> 0:44:35.800
<v Speaker 4>I got a big question for you to kind of

0:44:35.800 --> 0:44:37.920
<v Speaker 4>wrap this up. You've talked about like the fiat mindset

0:44:37.960 --> 0:44:42.319
<v Speaker 4>you just said that right now, and sort of how

0:44:42.400 --> 0:44:44.960
<v Speaker 4>bitcoin sort of has changed some of that thinking from

0:44:45.000 --> 0:44:47.360
<v Speaker 4>a fiat mindset, a debt based mindset, to an equity

0:44:47.360 --> 0:44:51.960
<v Speaker 4>based mindset. What would you say, beyond the finance and technology,

0:44:52.719 --> 0:44:56.279
<v Speaker 4>what's the single most profound change that occurs in a

0:44:56.280 --> 0:44:58.880
<v Speaker 4>person when they shift their unit of account from a

0:44:59.360 --> 0:45:01.920
<v Speaker 4>debt instrument to bitcoin an equity instrument.

0:45:03.000 --> 0:45:06.680
<v Speaker 2>Yeah, that's I love that question because they have that

0:45:06.719 --> 0:45:10.720
<v Speaker 2>famous saying you don't change bitcoin. Bitcoin changes you. Well,

0:45:11.200 --> 0:45:14.920
<v Speaker 2>governments don't change bitcoin. Bitcoin changes governments and business doesn't

0:45:14.960 --> 0:45:18.000
<v Speaker 2>change bitcoin. Bitcoin changes business, and that's what I'm most

0:45:18.040 --> 0:45:21.600
<v Speaker 2>excited about moving into the future because those changes are

0:45:21.640 --> 0:45:26.839
<v Speaker 2>based on an extraction mechanism versus a value delivery mechanism.

0:45:26.920 --> 0:45:29.640
<v Speaker 2>And I think the biggest change you see in bitcoiners

0:45:29.680 --> 0:45:32.680
<v Speaker 2>who have been responsible savers of it and benefactors of

0:45:32.760 --> 0:45:37.360
<v Speaker 2>increased purchasing power, is that once you remove the financial

0:45:37.400 --> 0:45:43.080
<v Speaker 2>stress that the current system exudes on almost everybody except

0:45:43.160 --> 0:45:47.600
<v Speaker 2>the very one percent who have a large, disproportionate amount

0:45:47.640 --> 0:45:52.839
<v Speaker 2>of the wealth, you're how do I say this, your

0:45:54.400 --> 0:45:58.880
<v Speaker 2>motivations change. I think a good example is here in Florida.

0:45:59.560 --> 0:46:01.600
<v Speaker 2>We have a big services industry. Right We have a

0:46:01.640 --> 0:46:03.680
<v Speaker 2>lot of vacationers who come here and we have a

0:46:03.680 --> 0:46:05.560
<v Speaker 2>big services industry. As a matter of fact, the whole

0:46:05.560 --> 0:46:09.279
<v Speaker 2>country has a big services industry. But I went out

0:46:09.280 --> 0:46:12.520
<v Speaker 2>to dinner the other night with my family and I

0:46:12.680 --> 0:46:15.319
<v Speaker 2>got bad service and it was just I was I

0:46:15.360 --> 0:46:16.719
<v Speaker 2>was thinking to myself and I was and I told

0:46:16.719 --> 0:46:17.960
<v Speaker 2>my wife on the way home, I'm like, you know,

0:46:18.600 --> 0:46:21.560
<v Speaker 2>you can't blame them because they're serving and they're they're

0:46:21.600 --> 0:46:24.480
<v Speaker 2>getting you know, they're making more money, but they're doing

0:46:24.560 --> 0:46:28.800
<v Speaker 2>less stuff. So these people are trapped within this inflationary

0:46:28.840 --> 0:46:33.160
<v Speaker 2>problem where the rate of dilution of the dollar is

0:46:33.239 --> 0:46:37.680
<v Speaker 2>so fast and the slowness of the increase in wages,

0:46:38.239 --> 0:46:41.000
<v Speaker 2>it creates frustration. And for any listener that's in that

0:46:41.040 --> 0:46:45.319
<v Speaker 2>situation right now, keep working hard, keep delivering value to

0:46:45.360 --> 0:46:47.800
<v Speaker 2>the economy, and do it with a smile on your face.

0:46:48.080 --> 0:46:52.760
<v Speaker 2>And save in bitcoin. Utilize bitcoin savings technology to get ahead,

0:46:52.800 --> 0:46:56.040
<v Speaker 2>because when that stress is released from you, when you

0:46:56.080 --> 0:46:59.080
<v Speaker 2>when you have financial freedom, how you look at the

0:46:59.080 --> 0:47:01.359
<v Speaker 2>person next to you, how you treat the person next

0:47:01.360 --> 0:47:04.920
<v Speaker 2>to you changes, and when it's like the butterfly effect,

0:47:05.120 --> 0:47:07.840
<v Speaker 2>if you do one thing nice thing for one person,

0:47:08.280 --> 0:47:10.319
<v Speaker 2>they might turn around do a nice thing for another person,

0:47:10.320 --> 0:47:12.400
<v Speaker 2>who might do a nice thing for another person, and

0:47:12.440 --> 0:47:15.600
<v Speaker 2>that nice thing might save that next person's life. But

0:47:15.760 --> 0:47:20.040
<v Speaker 2>in the FIAT world, you know who cares. I got

0:47:20.080 --> 0:47:22.040
<v Speaker 2>I got my own problems. I gotta worry about me

0:47:22.160 --> 0:47:24.480
<v Speaker 2>first before I can serve you. Right, you're here on

0:47:24.520 --> 0:47:27.000
<v Speaker 2>the airplane, put your own mask on first, before you

0:47:27.040 --> 0:47:28.680
<v Speaker 2>put your kids mask on, because if you don't put

0:47:28.719 --> 0:47:30.760
<v Speaker 2>your mask on, you might not be able to breathe,

0:47:30.760 --> 0:47:33.080
<v Speaker 2>and put their mask on and you both die. And

0:47:33.200 --> 0:47:36.759
<v Speaker 2>FIAT forces you to look at yourself first before you

0:47:36.800 --> 0:47:39.239
<v Speaker 2>look to others. But when you embrace bitcoin and you

0:47:39.280 --> 0:47:42.720
<v Speaker 2>have financial freedom, you're able to look at others first,

0:47:42.920 --> 0:47:46.000
<v Speaker 2>and you're able to serve others. And it's it's very

0:47:46.080 --> 0:47:48.920
<v Speaker 2>it's a Christian mindset, I believe you know, Jesus came

0:47:48.960 --> 0:47:51.280
<v Speaker 2>here as the king of kings and lord of lords.

0:47:51.560 --> 0:47:54.759
<v Speaker 2>But he washed his disciples feet and Peter said, Lord,

0:47:54.760 --> 0:47:56.160
<v Speaker 2>I'm not going to wash your feet. And he said,

0:47:56.160 --> 0:47:58.400
<v Speaker 2>if you don't wash my feet, if I don't, if

0:47:58.400 --> 0:48:00.239
<v Speaker 2>you don't let me wash your feet, you have no

0:48:00.280 --> 0:48:02.600
<v Speaker 2>part in my kingdom. And he said, then please go ahead.

0:48:02.920 --> 0:48:04.960
<v Speaker 2>But in this world we flip that upside down. We

0:48:05.040 --> 0:48:07.040
<v Speaker 2>want to be the served, we want to be the king,

0:48:07.080 --> 0:48:09.920
<v Speaker 2>we want to be in charge. And that's a fiat mindset.

0:48:09.960 --> 0:48:13.640
<v Speaker 2>Bitcoin comes in, gives you that financial freedom and says, wow,

0:48:13.680 --> 0:48:16.360
<v Speaker 2>you know, life is great, this is amazing, this is

0:48:16.400 --> 0:48:19.000
<v Speaker 2>a miracle. This is what we want. We want the

0:48:19.120 --> 0:48:21.879
<v Speaker 2>goods and service and services in exchange for the money.

0:48:21.880 --> 0:48:24.239
<v Speaker 2>We want the experiences, and we want to take these

0:48:24.280 --> 0:48:28.040
<v Speaker 2>experiences and leverage them to bless others and give them

0:48:28.040 --> 0:48:31.760
<v Speaker 2>good experiences. And that's really the most powerful thing about

0:48:31.760 --> 0:48:33.440
<v Speaker 2>bitcoin and I think we're going to see it not

0:48:33.520 --> 0:48:37.319
<v Speaker 2>only in personal and business and government, but it could

0:48:37.360 --> 0:48:41.920
<v Speaker 2>change the whole dynamic of human relationship. That's how important

0:48:41.960 --> 0:48:43.600
<v Speaker 2>money is at a foundational level.

0:48:44.400 --> 0:48:48.640
<v Speaker 4>Wow, that's big and I see it as you said, right,

0:48:49.120 --> 0:48:53.320
<v Speaker 4>it changes everything everyone and I love the biblical reference

0:48:53.600 --> 0:48:57.400
<v Speaker 4>to serve and not be served. That's the purpose. But unfortunately,

0:48:58.200 --> 0:49:00.560
<v Speaker 4>you know Maslow's hierarchy of needs. We care of those

0:49:00.600 --> 0:49:03.719
<v Speaker 4>base layer of needs and bitcoin allows most people to

0:49:03.760 --> 0:49:03.960
<v Speaker 4>do that.

0:49:04.000 --> 0:49:05.080
<v Speaker 3>If you take advantage of it.

0:49:05.360 --> 0:49:07.160
<v Speaker 4>You don't have to wait for the government to add

0:49:07.200 --> 0:49:08.840
<v Speaker 4>a strategic Bitcoin reserve as.

0:49:08.760 --> 0:49:10.240
<v Speaker 3>You kind of alluded to in the beginning.

0:49:10.640 --> 0:49:14.040
<v Speaker 4>You can just adopt it as a reserve today and

0:49:14.080 --> 0:49:15.759
<v Speaker 4>so you can take care of those base level needs,

0:49:15.800 --> 0:49:18.200
<v Speaker 4>so then you can be more of a servant in

0:49:18.239 --> 0:49:21.160
<v Speaker 4>a good way, not a bad way. Awesome, man, so

0:49:21.200 --> 0:49:22.880
<v Speaker 4>much good stuff here. I appreciate taking the time to

0:49:22.880 --> 0:49:25.520
<v Speaker 4>come talk to me today. What should people to be

0:49:26.200 --> 0:49:28.360
<v Speaker 4>you know, watching following to kind of pay attention to

0:49:28.400 --> 0:49:28.839
<v Speaker 4>what you're doing.

0:49:29.360 --> 0:49:30.880
<v Speaker 1>Well, thank you so much for having me mark. It

0:49:30.960 --> 0:49:32.040
<v Speaker 1>is an absolute pleasure.

0:49:32.640 --> 0:49:34.480
<v Speaker 2>And you can just go to People's Reserve dot com

0:49:34.520 --> 0:49:36.719
<v Speaker 2>to learn more about People's reserve. Of course, follow us

0:49:36.760 --> 0:49:39.480
<v Speaker 2>on x at People's Reserve, and if you want my

0:49:40.239 --> 0:49:44.280
<v Speaker 2>macro input, you can follow me on x at CJ. Constantino's.

0:49:44.320 --> 0:49:46.440
<v Speaker 2>And thanks again for having me. It's been great.

0:49:47.080 --> 0:49:47.960
<v Speaker 3>Yeah, thank you so much,