It's all going to zero against Bitcoin.
It's going up forever. You're.
Against Bitcoin, you're against freedom yo.
Welcome to Simba Bitcoin live, your number one source for the
peaceful Bitcoin revolution. Recovery can use culture.
Dramatic warfare will be your guide through the separation of
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and X. We have a ton to unpack today.
Actually, this is a topic that you guys absolutely love so we
like to cover it 'cause you guys love it when we cover it, which
is the question what is bitcoins full potential valuation and
it's really interesting because this is something that went it
you can go back all the way to Bitcoin's early days.
It is actually the legendary Hal Finney that brought this up in
one of his, you know, one of his original post on the Bitcoin
forums, that legendary website, bitcointalk.org.
And it's just interesting to see kind of this being talked about
again, today's article that we're going to cover
specifically one written by Jesse Myers when he comes to
that same conclusion, that same number as it relates to dollars,
obviously Bitcoin's going to go up forever.
But as it relates to the total addressable market, like there
is, I wouldn't say a cap supply, but there's obviously going to
be a percentage of which people are going to feel comfortable
allocating to Bitcoin too. Now it, it, it now talk about,
let's talk about all the assets for a second, right?
Bitcoin, in my opinion, superior to gold, right?
There's an inflation rate to gold.
You don't know how much gold is in the ground.
You don't know how much gold is floating in outer space.
So there's an inflation rate to gold.
Real estate, which is, you know, real estate has a premium all
over, all over the United States, all over the world, as
people try to maintain their purchasing power, they buy a
piece of real estate. But fundamentally, you still
have to pay rent to the government, right?
Even if you own your house, you still have to pay property tax,
right? Bitcoin is really the only asset
that has absolute scarcity, right?
There's there will only ever be 21 million.
That inflation rate gets cut in half every four years.
And as of now, you don't have to pay, you know, a property tax to
the government for owning Bitcoin, which I mean, I think
would be absurd. I think that's definitely
something that, you know, they might talk about in the future,
but as of now that's not the case.
Also, in other news, I really believe this is something that
we've been talking about the last three days or so.
I really believed that this fight for self custody and the
regulatory and fight in the United States was going to be a
lot tougher. I'll be honest with you.
Just all the things that the current administration was doing
in the background, the proposed 30% tax for Bitcoin miners, the
demonization of of self custody, right, the arrest of Bitcoin
privacy developers and Bitcoin O GS right.
But all of a sudden it seems like they did a 180.
And the reason that I believe that happened was because of how
unpopular that is for their political base.
And we are in an election year. So, you know, if the key
demographic doesn't really support you being quote UN quote
anti Bitcoin, that's a problem. And now that you know, the
'cause you know, in the United States the way it is, is a two
party system, right? You have the opposing a
political opponent saying, you know, actually, we're going to
be pro Bitcoin, pro crypto. That kind of creates a
situation, right? So it seems like they did a 180
and the fit 21 bill passed in the House of Representatives.
But I also have to give a shout out to the major Democratic
support that came out because it wasn't just a Republican bill
that passed. There was a a big percentage of
Democrats that went across run across the aisle and also
supported the bill as well. And after all, I really believe
Bitcoin is bipartisan. Bitcoin supports everyone.
You know, it gives people in in countries where normally they
wouldn't be able to open a bank account just because of the of
the place that they happen to be born in.
Bitcoin gives them an opportunity, right?
So, you know, in terms of equality, in terms of equity, I
think Bitcoin is the the, you know, the best tool ever, right?
So I don't think this should be a partisan issue.
It became one a little bit, but it seems like that is slowly
changing. And also you have Brad Sherman.
Brad Sherman is infamous for saying, you know, we're the US
government. We can print money, but everyone
else can't because you're not the government.
He had an absolute meltdown in Congress yesterday, kind of
saying a lot of the quiet parts out loud.
And but he was, it wasn't the own that he thinks it was, but
basically saying like, look, like we're the dollar, we have
the ability to do these things, you know, these, these, you
know, these alternative currencies or our competition to
the dollar. And like Larry Leopard commented
absolute savage saying, Yep, Congressman, that's the entire
point, like laughing. So it's, you know, it's
absolutely hilarious. But you know, this is great.
This is great news from a regulatory perspective in the
United States, 100%. And also a little bit of news
for you guys. We've we've been trying to cover
for the last couple days. We've just ran out of time is
the Julian Assange case, which of course, it's something that
you know, whole, it's very dear to us.
Because I do believe that the fight for freedom of speech is
like the front line for the fight for Bitcoin.
If, if you think that they're not, and if they're going to be
OK with you transacting freely, if, if they're not OK with you
speaking freely, then you know, I, I don't think your, I don't
think your head's in the right place.
So it's really important. And any type of news that comes,
comes up in regards to Ross Aldridge or Julian Assange, you
know, we cover it. We like to stay on top of it on
this show. So it's going to be a great
show. And also we have an incredibly
special guest, a huge fan of her work.
I've never had the honor to have her on the show before.
And of course I'm talking Anita Posh.
Did I say that?
Is that did I say that correctly?
Absolutely correctly. Hi, great to be here.
Well, thank you so much for coming on the show.
Anita is the founder of. I just had it pulled up and I
completely pulled it down and I'm.
It's an nonprofit initiative called Bitcoin for Fairness.
And could you give a little bit about, could you give like a
little elevator pitch on what that is?
OK, sure. So I started Bitcoin for
Fairness two or three years ago because in an attempt to bring
Bitcoin grassroots education and support for local groups to
African countries is because I believe that Bitcoin is actually
the only money that can give bring equality and more fairness
to the world through the fact that it's permission less and
can't be censored. And since like 55% of the global
population live in authoritarian ruled countries and most of
those people are in African countries, I thought it's the
best to begin there. And so I've been in Zimbabwe and
in the in the sub-saharan area of Africa in the last couple of
years, in total like 1 1/2 years.
And yeah, we had quite some successes, but also very
challenging situations there. And that's the the goal of
Bitcoin for Fairness is to bring Bitcoin education and awareness
to all places basically and mostly those in the global S
one. 100% And I, I fundamentally agree with you.
I think in the global, in the global S specifically Bitcoin, I
would say is a necessity, right? I think a lot of us in the West,
we have the financial privilege of having relatively stable Fiat
currencies that allow us to transact, not to mention the
fact that the political situations are a little bit more
stable as well. But not that not not everyone
has that privilege. You know, I'm, I'm originally
from Venezuela myself, right? This is a country that endured,
you know, hyperinflation. Argentina, of course, the, the
nations of, you know, of many nations in Africa as well.
So is, is this something that people have to understand,
right. Bitcoin is for them, like
Bitcoin for them, It completely changes the conversation.
It allows them to save, it allows them to transact without
fear of persecution, without fear of currency debasement.
So it's an absolute game changer for for people of the global S
100% agree with you and I'm very excited to hear more about it
during the culture segment. What your initiatives have been,
what your projects have been in the global SI do want to bring
up my legendary Co host. Always optimistic giant smile on
his face today. How you doing Opti?
That was the that was the hat that we got in El Salvador
right, The Viva Bitcoin yeah, I mean I gave you the black one
and the white one. I I I don't really I don't
really wear hats, but shout out to the Viva Bitcoin guys.
They're absolutely awesome. The jerseys that you guys gave
us were dope. I man, I don't have it with me,
but we should show it off for you guys.
But but yeah man, how you doing Opti?
I'm doing wonderful man life on the Bitcoin standard.
Life is a Bitcoiner is great. It it couldn't it couldn't get
better. Well, it could probably get a
little bit better. And I think we're seeing we're
seeing that it's starting to change in our favor.
But before we go on, I I have to give a huge shout out to my
favorite politician, Brad Sherman.
He's the only politician that actually gets what's going on
and I absolutely love it when we get new sound bites from him.
So this this is great. I I get giddy when we get Brad
Sherman on the show because it's so amazing.
We need, we need an IRL with Brad Sherman.
Nico, you and Brad Sherman. That'd be amazing.
Man, I don't know if you would agree to that, but yeah, that
would be epic content, that absolute meltdown.
Anyways, guys, if you guys are enjoying the show so far, smash
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guys sit back relax. We got loads of info tons of
Bitcoin signal for you guys before we jump to it.
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the numbers. The Bitcoin numbers.
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we are just getting started. Anyways, this is what I want to
talk about during the numbers today.
Historic in terms of the regulatory environment here in
the United States, companies getting more regulatory clarity,
but it's a shame that it needed to get political in order for
these things to happen. It's a shame that, you know, a
certain political candidates started to like put their arms
up in there and say, listen, you know what?
I'm pro Bitcoin, Elizabeth Warren taking the I'm going to
build an anti, you know, crypto army.
Like what? Like why?
Like, you know, and, and, and it's such a shame too, because I
remember Elizabeth Warren was part of the whole Occupy Wall
Street movement. And like, what happened?
Like, did the, you know, did she become part of Wall Street?
Did Wall Street start paying her off?
I don't understand, because look, fundamentally we all have
to understand that like, look, Bitcoin is, is apolitical.
It supports everyone, but you know who it doesn't support?
It doesn't support tyrants, right?
So anyone who's against freedom, anyone who's against the
individual being able to hold and earn in the money that they
can't debase and confiscate easily is fundamentally against
Bitcoin, full stop. Anyways, So for audio listeners,
the name of the article is U.S. House Approves crypto fit 21
bill with wave of Democratic support.
It goes on to say the crypto industry recorded its biggest
ever. U.S. policy went on Wednesday
when the US House of Representatives approved a wide
reaching bill to establish regulations for digital asset
markets, recording a 279 to 136 vote that saw Democrats crossing
party lines to support it. The Financial Innovation and
Technology for the 21st Century Act marks the first time a major
crypto bill has cleared one of the chambers of Congress.
The issue now heads to the US Senate, where its future is much
murkier because there's no counterpart bill, support for
such an effort remains unclear and the necessary committee
committees haven't done the same level of work on crypto.
The US has fallen behind global jurisdictions in establishing
crypto regulations and despite when on Wednesday, implementing
such oversight is far from complete.
We need rules of the road, said a representative one of the
Democrats who buckled the opposition of the White House
and the ranking Democrat on the House Financial Service
Committee. Representative Maxine Waters, he
called it well reasoned, thoughtful bipartisan
legislation and argued before the vote that, quote, it's fit
to become law if we work together.
Overall, 71 Democrats and 208 Republicans voted in favor of
the bill versus 3 Republicans and 133 Democrats who voted
against it. President Joe Biden opposed the
bill with a policy statement, though he didn't say he'd veto
the bill as he had recently when the Congress sought to overturn
a Securities and Exchange Commission effort to set crypto
accounting policy. SEC Chairman Gary Genzer also
came out strongly against the legislation in a lengthy public
statement, arguing the bill wasn't needed and endangered
existing securities regulations. So it's just interesting the
change in change in tune and how it became a a a bipartisan issue
as as soon as everyone started to see that this wasn't
necessarily a winning issue from the political side of things,
especially when a major part of your demographic is extremely
pro Bitcoin. Here's Brad Sherman, the anti
Bitcoin House member, and he went absolutely off yesterday
and you know what a lot of the things that he's saying are
right, But I don't think this is the own that he thinks it is
because I don't think a lot of people, I think a lot of people
have lost faith in the institution of government.
I think a lot of people have lost faith in this idea that for
some reason the government should be the only one that has
the privilege to create money for free.
You know, and, and, and, and I think a lot of people have lost
face faith in the existing system, specifically if if
you're from the younger generations, I mean, you can't
own a house, you've been out priced of everything.
They're even telling you, you know, you'll own nothing and be
happy. So, you know, a lot of the
things that I think he thinks are and own, I think, you know,
if it's specifically if, you know, if you haven't benefited
from this system, you're kind of like, you know, I think it's
time for a change to be honest. Anyways, let's hear what he has
to say. It poses, it creates a
competitor to the US dollar, which has one advantage.
It's right in the name hidden money.
Hide your money from the IRS, from our sanctions and borders,
from every everyone involved in the US government.
And then finally, crypto declares that it wants to
partially displace the US dollar as a reserve currency if it's
successful in that. 30 a different seconds.
Third additional seconds. The gentleman's recognized.
You have to understand how important it is.
We frankly are not fiscally responsible in this House.
We don't collect near as much taxes as we spend in benefits.
We're able to do that without too much harm because of the
role of the US dollar as a as a reserve currency.
We have fiscal policies that would make Argentina blush, but
we're able to do it. The crypto Bros see the
incredible amount of money and power the US government has by
being the world's reserve currency and they say no, they
want to appropriate that from themselves.
I yield back. So I mean, here's here's Larry
Leopard responding. Yep, Congressman, that's the
entire point. Muhaha.
Here's Parman saying ha ha ha. He's comparing themselves to
Argentina. Wait to set the bar low.
But I mean, it's interesting because he did say the quiet
part out loud. He's like look like because
we're able to print this money. I also want to give a shout out
to the Super chat by Hamasito. Thank you bro for the for the
$2.00. Appreciate it.
But like, I mean, he's saying the quiet part out loud.
Like what else can I say? Like he's literally saying
because we have this ability to create money out of nothing,
because we're the world's reserve currency, we're able to
spend and pay for things even though we don't have enough
money in terms of collecting revenue through tax.
We, that's not enough to, to pay for the bill, but because we're
the world's reserve currency, we're able to, you know, have
these, these, we're able to just spend money the way that we were
doing it. We're able to have these fiscal
policies, even though we might not necessarily be able to
afford them. Like he's literally saying the
quiet part out loud and then he's saying like, you know, the
quote UN quote, crypto Bros, you know, they, they, they want that
power for themselves. That's not true, right?
What Bitcoiners are advocating for is an ecosystem where no one
has the privilege of being able to create money for free that
another fellow human being has to work for, right?
If you want to make more Bitcoin, you have to get in
line. You have to mine it like
everybody else. You have to, you have to earn
it, you have to mine it or you have to buy it, right?
There is no special privilege of a bureaucratic elite in
Washington, DC that has the ability to create money out of
thin air. And what he fails also to
acknowledge is why was Bitcoin invented?
I mean, it's literally or discovered depending on the way
that you're looking at it. It's in the genesis block.
It says Chancellor on the brink of the 2nd bailout for banks,
right? Satoshi knew that they were just
going to keep on printing money. And there are unintended
consequences of that. I'm sure that most people in DC,
they come from a place of, you know, they're good, they're
good-natured. Like they, they want what's
best. But they're unintended
consequences to the money printing.
And what are those unintended consequences?
The prices of assets go through the roof.
So if you're in the lower and middle classes and you're living
paycheck to paycheck or you don't have the means to buy
assets or save an asset, you're getting absolutely wrecked every
time they print money. And this is more, this is more
apparent, like Anita was saying earlier on in the global S,
right? This is more apparent in
countries like Argentina. This is more apparent in
countries like Venezuela. You get absolutely destroyed.
Bitcoin protects your purchasing power.
Bitcoin protects your energy in this unconfiscatable,
undebaseable wealth. That's what we want, right?
And I don't think that's a bad thing.
So, you know, I don't think that was the own that Brad Sherman
thought that was. I think that was a self own if
anything, because Larry Leopard said it best.
Like, yeah, absolutely. That's exactly what we want.
And it's not our fault that they have abused that privilege.
We the people believed in governments, right?
And they're the ones that, you know, started politicizing
money, weaponizing money, and debasing money at the expense of
the people. And it's really the lower middle
classes that get affected the most by this irresponsible
fiscal spending. It's not so much, you know, the
very wealthy, the very wealthy do have the means to save an
assets. So asset prices go up for them.
They, they benefit from that. You can even make an argument
for that. But it's really the lower and
middle classes that really get hammered.
And that's what Bitcoin is for. Bitcoin is for everyone, right?
Bitcoin is for the people. I would say Bitcoin is the
people's money. I would say the dollar is the
politician's money. Anyways, I'm going to pass it on
to Anita and then Opti. Yeah, I mean, I totally agree
with what you just said. I mean, the system is built on
Fiat money and it's built on the organizations that were
basically set up after the Second World War.
So when we had the conference in Bretton Woods, when the US was
the winner of the Second World War, they basically invited old
white men, have nothing against old white men, OK, But it was
like 60 white men who from Europe and the US who basically
decided the fate of the world for the coming 506070 or maybe
100 years. We don't know how long the
hegemony of the Petro dollar, Petro dollar is going to last,
but basically those people started international
organizations and the financial system of regulations that
basically is now excluding 2 billion people worldwide because
they can't have IDs, so they don't have papers, they can't
KYC themselves or they are too poor to to be have a bank
account. Or they the banks are not there
where they live because it's too costly to have a bank somewhere
out there in the rural region. So basically there are no banks.
And even more like most people in African countries don't want
to be in a bank. They don't want to have a bank
account because they are totally unreliable, very bureaucratic,
very expensive. And it's basically something
that happens to everyone and anyone here and there that they
close your bank account. Yeah.
And even more if you are in a basically an activists working
for freedom and against these authoritarian rulers that are
sitting or having power, holding on to power in many of these
countries for decades actually. And so that's where Bitcoin
comes in and where I see, or many of us Bitcoin, I see a
great potential, but it's also difficult because there have
been so many scams around Bitcoin.
Like all shit coiners copy Bitcoin in a way.
And in the African regions where I have been, the first question
people asking me is mostly Bitcoin.
Is it not a scam? Because everyone has been
scammed in one or the other way. And so there's a lot of
distrust. And sometimes I, I have the
feeling that people don't want to use Bitcoin because they
can't believe it's true and they rather go with what they know.
So with the problems that Fiat money is bringing them, because
they are aware of it, they already manage, you know, they,
they know their ways around and what to do.
So sometimes I'm, I'm, I'm really, to be honest, a little
bit disappointed that people don't see the advantages that
Bitcoin could bring them. And also I have to be quite
honest about that. I think because we, we think, or
when before I went to African countries, I really thought,
yeah, people are using Bitcoin. No, most of them are using USDT.
Yeah, they want stable coins. For instance, in Zimbabwe, 80%
of the people who use cryptocurrency use USDT and 20%
Bitcoin. And so that's also interesting
because people don't understand it seems that the inflation they
have on their own money is basically losing them more.
So they lose more value with the inflation than if they were to
sit out the volatility of Bitcoin.
But of course the problem is people can't save like we can.
So they need to spend immediately or they can't risk
losing any value because they don't have a lot.
So there are many, many opportunities and but still the
system that the US and European countries have built basically
built on rules that favour them. And also like exactly what Alex
Gladstein is also always saying, it's a hidden repression with
all these credit and and loans that the internationally
Monetary Fund, etcetera, that they are giving to Zambia or
Zimbabwe or all these countries, they're basically indebting
those countries. And that's a circular, a deadly
spiral in a way I would say. And, and on the other hand, I, I
always say, yeah, but with Bitcoin, those countries, they
can use their vast natural resources to mine Bitcoin and
and build their self sovereign monetary bases.
But I don't think that these governments like in Zimbabwe for
instance, that they want that because then they would, they
wouldn't have their own system anymore, the Fiat system with
which they make their money. So I believe a lot of people
also in these areas of authoritarian leaderships, they
use Bitcoin, I'm quite sure about that, but they don't want
their people to use it, of course.
Yeah, of course. They actually, Alex Gladstein
wrote an incredible piece, which is Bitcoin is the Trojan horse
for freedom. And he was making that that the
case that, you know, a lot of these authoritarians, they want
to benefit from number go up technology, but they don't want
the freedom enabling technology that comes with it.
But they don't realize that it's inextricably linked.
You cannot disconnect the two. So yeah, I 100% agree.
But anyways, let's let's move on to the news Opti.
We're we're already at the 30 way we can.
I can I just say that I just absolutely love Brad Sherman.
He's my favorite politician. He's the only politician,
whether he knows it or not, that actually, you know, exposes the
game at hand. And I, even though he's trying
to own us, I, I love when he's cell phones.
He's my favorite. He's my favorite.
Yeah, no, me too, but hold on by by Mr. Brad Sherman.
But anyways, guys, before we move on to the news segment, I
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All right everybody, let's hit the news.
Lots to talk about the Daily News.
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All right, today's topic for the news is what is Bitcoin's full
potential valuation? Now, it's really interesting
because how Finney originally wrote about this many, many
years ago. This was dated January 11th,
2009. I think the Bitcoin price was
like a dollar back then. But this was the original post,
which we'll get to in a second. But first, let's read Jesse
Meyer's updated version of it, I guess you could say.
And the question is, how high can it go?
Where is the ceiling of Bitcoin? And he kind of breaks down the
thought process and like where how he got to these conclusions.
But first, it's important to give a little bit of context.
So what market is Bitcoin competing in?
Most people think Bitcoin has a currency.
While this is true, it causes confusion because Bitcoin is
more than a currency that is a store of value asset like gold.
In truth, Bitcoin is digital gold designed to improve on gold
strengths and solve for gold's weaknesses.
This means that Bitcoin is competing against gold and other
store value assets that its market value itself goes on to
say Bitcoin is competing with store value assets.
That means gold, but also bonds, real estate, and equities.
In truth, it means that Bitcoin is competing with all assets
because all assets serve as store value assets.
Different assets have different ceilings, meaning the percentage
of the global asset pie they could ever be, they could ever
realistically be. This is because the valuation of
each asset category is constrained by key variables in
their respective valuation equations.
The value of a company is determined by two major inputs.
It's expected future cash flows and the discount rate for those
cash. Cash flows.
For real estate, it's a similar story.
Global real estate value is constrained by expected future
cash flows, mortgage rates, and the amount of new supply being
created. Commodities are different in the
sense that interest rates are not a primary input that helps
to establish a ceiling for valuations.
Instead, commodity valuations are primarily constrained by new
supply. For instance, with gold, global
mining efforts collectively add 2% per year to above ground
supply. The steady 2% annual supply
growth has been true for the last century as the low hanging
fruits of gold deposits have been plucked.
Technology has unlocked has unlocked access to previously
unreachable deposits. At 12 trillion in total above
ground gold, that means the global market cap must absorb
240 billion and new supply every year.
This downward pressure on gold's price acts like the force of
gravity, keeping gold's value constraint by the realities of
supply and demand. What makes Bitcoin so different
is that the market has to absorb half as much new supply from
mining every four years. In 2016, that was 3.6% annual
supply growth, Today 1.8%. In 2024, we're currently here
.9%, in 2028.45%. And nobody on earth can alter
that relentless March either. Metaphorically speaking, gravity
gets cut in half every four years for Bitcoin.
Therefore, the variable that typically constraints the
valuation of commodities shrinks to zero over time, goes on to
say, to put it simply, there's a fixed supply of them and they're
getting more and more scarce. So you guys have seen this for
audio listeners, here's a graph, right?
It shows the Bitcoin subsidy and then over time that subsidy
keeps getting cut in half. That is absolute scarcity.
Not only absolute scarcity, but also increasing scarcity.
Here's a quote from Satoshi Nakamoto.
He goes on to say as the number of users grow, the value per
coin increases. It has the potential for a
positive feedback loop. As users increase, the value
goes up, which could attract more users to take advantage of
the increasing value. Satoshi Nakamoto February 18th
2009 goes on to say there's a lot of wealth out there.
All of it is sitting in assets of one kind or another.
But what does the full picture of the global asset landscape
look like? Incredibly, there doesn't seem
to be a simple high level view of this anywhere.
So I spent the day researching and gathering data in 2021 and
have updated that analysis for 20/23.
Here's the result. Obviously the Bitcoin market cap
is currently sitting at 1.341 point 3-4 trillion.
Gold is currently sitting at 15 trillion, but it's roughly the
same. Art is 18 trillion, collectibles
16 trillion, equities 115 trillion, real estate 330
trillion, bonds 300 trillion, money 120 trillion.
Now, very common sense observation here.
I think Bitcoin is better than gold.
I think Bitcoin is better than real estate.
Obviously everyone needs a roof over their head.
But in terms of using real estate as a store of value, I
think Bitcoin is superior. Bitcoin, I think is obviously
superior to bonds in every which way.
That doesn't need an explanation.
And obviously Bitcoin is the best money the world has ever
seen. So do a little bit of simple
math, everyone, right? And so if the Bitcoin market cap
is sitting roughly at 1.34 trillion and there's 900
trillion in total total global assets, I mean, you can just
make do some quick math in your head and see where this is
going. Anyways, Bitcoin's total
addressable market is the world's balance sheet.
All 900 trillion of it. Any of the store, any of the
value stored in some particular asset could theoretically be
reallocated to Bitcoin. Instead, all it takes is for
individuals to decide that Bitcoin is a better asset to
hold than what they are currently holding.
With that in mind, we have to ask ourselves an important
question. When Bitcoin's mechanics
continue to play out, will more than .05% of the of the world's
capital eventually realize it it wants to be in an asset like
that? I think the only logical
conclusion is yes. What is Bitcoin's full price
potential? Bitcoin enthusiasts often make
the mistake of concluding that Bitcoin's potential valuation is
infinite. This is true in dollar terms,
since there is no limit to the amount of dollar debasement that
could occur into the future, but it is unrealistic in real terms
relative to other assets. The truth is that Bitcoin stands
in relative competition with other store value assets, all of
which have unique value propositions.
A wealthy individual is not very likely to sell their mansion or
their prize Rembrandt to buy Bitcoin, but is instead more
likely to sell some of their bond portfolio because they
believe Bitcoin better fulfils the intended purpose of holding
bonds. By addressing each store of
value asset bucket, it's possible to estimate what
percentage of the value stored in each will be reallocated to
Bitcoin. Once the world collectively
understands Bitcoin's unparalleled properties, the
exercise ultimately yields a full potential valuation of for
Bitcoin in today's dollars. Here's what I think is a
reasonable, even conservative estimate of Bitcoin's full
potential, Right. So out of the 900 trillion here
Jesse Myers is making the argument that he believes that
Bitcoin could potentially capture 200 trillion of that 900
trillion, and that would put the price of Bitcoin at roughly $10
million per coin. So he goes on to say my
conservative estimate suggested an outrageous full potential for
bitcoins price, $10 million per Bitcoin in today's dollars.
To put this in another way, I believe Bitcoin's full potential
is to eat 25% of the world's value.
Now what's really interesting also is that how Finney was
talking about this many, many, many years ago, and he goes on
to say, as an amusing thought experiment, imagine that Bitcoin
is successful and becomes the dominant payment system in use
throughout the world. Then the total value of the
currency should be equal to the total value of all the wealth in
the world. Current estimates of total
worldwide household wealth that I have found range from 100
trillion to 300 trillion. With 20 million coins, that
gives each coin a value of about 10 million.
Now here's like a simple thing that I did very, very quickly,
right? And let's let's say it doesn't
reach those hundreds of trillions of dollars, Mark,
let's say just reaches the market cap of gold roughly
Bitcoin market cap right now is 100.
I kind of messed this around. Let's just say to round it up,
even though the math might be wrong 'cause I had to change the
the Bitcoin market cap 'cause it fluctuated anyways.
So Bitcoin's market cap is 1.34 trillion, Gold's market cap is
15 trillion. Just if Bitcoin reaches the gold
market cap, that would put the price of Bitcoin at roughly
$750,000 per Bitcoin. So I mean, what is that more
than a 10X from here? I think that's still an
incredible opportunity. And I think that's literally why
it makes it one of the best savings technology the world has
ever seen. But anyways, it's kind of like
an interesting conversation, especially from house
perspective. Man, back in 2000, 2009, when he
was saying that a 2011, the price of Bitcoin wasn't even at
a dollar. It was like barely at a dollar.
And you know, he was saying these astronomical type of
predictions and types of things that where he believed it was
going definitely before his time.
But I love how Jesse kind of broke down what the thought
process was behind this, broke down all the different assets,
broke down, you know, all the different kind of stores of
value that a lot of wealthy people are using just to
maintain their purchasing power. But what's really interesting to
me is once again, the once again is I think Bitcoin's superior to
real estate. I think Bitcoin's superior to to
any of the world's currencies. I think Bitcoin is superior to
gold, you know, like I think it's just a better store of
value. So I think it's just a matter of
time before the rest of the world realizes that.
And I think the this process is already playing out.
Why do I say that? You have Wells Fargo, you have
JP Morgan, all, you know, getting exposure to the Bitcoin
spot, Bitcoin ETF. Of course, you have the
Wisconsin pension fund, you know, purchasing.
There we go XX. Thank you, $783,000 per coin.
Thank you XX. And you have the Wisconsin
pension fund getting exposure to Bitcoin.
You have Michael Saylor proving that his Bitcoin strategy is
beating the S&P 500. It's beating, you know, the all
the tech stocks. So clearly the Bitcoin strategy
is the best strategy. And you know, these numbers
sound absolutely crazy, but at the same time, if I told you
that Bitcoin was going to be sitting at 67,000 dollars back
when Hal Finney was writing this piece, when Bitcoin was like 100
a dollar, $100, you would have laughed me out of the room.
You would have thought I was absolutely crazy.
So yeah, that's my take on all this.
I know this is a topic that you guys really enjoy 'cause you
guys really enjoy every time we do an episode on this.
So I want to get Anita. Anita, what are your thoughts on
this? Does it even matter?
What are your thoughts? Yeah, we all live on opium,
don't we? I mean, of course, that's a
great thing to have. You know, I mean, the hope that
Bitcoin will go to those valuations.
But for me, it's also very, very, very important that it's a
perfect medium of exchange. And this brings into play all
these billions of people who are disadvantaged at the moment
because their countries don't allow them, for instance, to
send money freely in and out of the country.
And that's not only in authoritarian settings, that's
also in our countries. It's not so easy to move your
wealth to another country. If you want to exit your own
home country or something, go to a brighter place if you found
one and especially like as an example, in Zimbabwe and all
other countries like Nigeria or Ghana, you have weekly and
monthly limits how much you are allowed to pay from your bank
account via digital money or mobile money or your banking
online banking account. You have limits on how much you
are allowed to withdraw in cash. In Zimbabwe.
You very often have ATMs that are empty.
And so if you send money on a regular basis out of the
country, out of Zimbabwe to maybe you have a freelancer in
Kenya or in Nigeria and you want to send them money, it's very
difficult because no one wants the local currency.
The now it's called the Zimbabwe gold.
Before it was the Zimbabwean dollar because of the high
inflation, but then also you mostly don't have ULS dollar
bank accounts. And because Zimbabwe is
sanctioned, as soon as you want to have a bank account or a
crypto exchange account somewhere and they see you're
from Zimbabwe, you're kicked out of the system.
So you try to send your money in a way I don't know how.
Yeah, definitely not with PayPal to Ghana or Kenya.
And when you do that more often, the police Bureau, so basically
the the Stasi of Zimbabwe comes to you and says, why are you
sending money out of the country that often?
That's very unpatriotic. You shouldn't do that.
So you don't have any freedom of, of exchange, our freedom of
transaction there. And that's the reason why
Bitcoin is such a great tool, because no one can stop it.
No, no government, no dictator can stop you from using it.
And that's also the reason why I fear, I mean, we have a lot of
attacks on Bitcoin onto cryptocurrencies in the US, you
know, better than I do, but also in the European Union at the
moment. And also regarding the price of
Bitcoin, if more people use Bitcoin as a medium of exchange
to spend it so that others can earn it, we will all also have
more adoption from that side, which will also make the price
go up. And that's why I think it's very
important to spend also, I mean spend and replace, you know,
your stack. And so Speaking of African
adoption, I think it's very interesting that in Nigeria, for
instance, Nigeria has the highest share of Bitcoin
transactions from the total cryptocurrency volume.
It's higher than in North America.
That's very interesting. And so a lot of people in
Nigeria looking to to hedge against inflation and, and to be
able to freely transact with Bitcoin.
And so now the government in Nigeria has basically again
banned Bitcoin peer-to-peer usage.
I don't know how they really want to ban it.
And they said the ban is because cryptocurrency is a national
security threat exactly because of that.
What your senator also said, they say it's because the
peer-to-peer market influences the price of the local currency,
the naira downwards. So they blame it on
cryptocurrencies, which is a joke.
They just don't want it because they know that people exit their
corrupted system via Bitcoin and other cryptocurrencies and they
go to that, that they, I don't know, I guess you know that in
March they asked to finance managers to come to Nigeria to
discuss because Nigeria doesn't want finance in the country
anymore. And so those two managers came
to Nigeria and to discuss with authorities and they were
immediately detained. So one of those managers was
able to flee, but the other one is still hailed in Nigeria.
And so they really wanna, they basically kidnapped him to to
bring finance to do what they want.
Yeah. And so countries and, and not
only those countries, but also in Europe, I see a lot of
appointment against Bitcoin and especially privacy.
Yeah, which is actually a human right.
But we don't have that anymore it seems.
And that varies me a lot. So I really do hope that like
regulators or or we, we the people protest against those
developments. But sometimes I'm a little
pessimistic, to be honest. Yeah.
And and that's a really good point and especially the the
Nigeria one because it's something that we've been
covering on simply which is like the they rolled out a central
bank digital currency, it was not popular and then they
started, you know, increasing the capital controls and they
blamed finance basically is finance.
You guys are the reason why, you know, you know why the, the, the
naira is, you know, inflating. It's something actually very
similar to what you see all over the world where governments
blame everyone and anything but themselves for inflation, even
though they're the sole cause because they're the ones that
are printing, that are debasing the currency.
I really see Nigeria as kind of like this foreshadowing of what
could potentially happen for the rest of the world, you know, as
governments get more trapped into a corner and, and like the,
the hubris of, of, of Brad Sherman when he was talking
about that, you know, and then there's very famous videos of
him earlier on basically saying like, you know what, like they
think they can print money. We can print money because we're
the US government. He's just so sure of himself.
He's just so confident himself. But again, you know, in the US,
OK, when, you know, things got bad, we hit 9% inflation, 8%
inflation. But in these countries, you're
talking about double digit inflation on a monthly basis.
People cannot live with that level of, of currency
debasement. People start saving and
alternative things. Like I know in Venezuela, one of
the things that they, that people do is that they would buy
dishwashers and, and washing machines and they would store
them or cars because the car, which is a depreciating asset
would hold more value than, you know, the inflating local
currency. So 100% agree with you, Anita
and and I, and I want to hear more about it specifically
during the culture segment. But before we get to that Opti,
you have some quick thoughts. Then we'll go on to to to the
ads, the transition and then back to Anita.
Yeah, well, my, my favorite part about the how Finney post,
especially the first one in 2009, is just how bullish how
Finney was. You know, like Bitcoin didn't
even have a price set. And he's like, yeah, we're going
to $10 million. Like this is my price
prediction. Here's my math behind it.
And it really reminds me of what CK always says, like we're not
bullish enough. Be like how guys, stay bullish,
stay stupidly bullish. This is the way, but kind of
going back to what Jesse was saying, I'm I'm kind of getting
turned off by the digital gold meme.
You know, I think it's a good way to kind of wrap your head
around what Bitcoin is. But as Anita was saying, it's
like Bitcoin is the best money, period.
And the function of money is of course, three-part, like one is
the store value, another is to be used as a medium exchange,
and the third one is as a unit of account.
And Bitcoin is all of these things.
And so I think using these mechanisms to try to wrap your
head around what Bitcoin is, it's, it's kind of a good
stepping stone. But after a certain point, you
realize, like Bitcoin is the best money period.
And yes, of course, you know, I think the numbers now that that
Jesse was using, and we've been using for a while, it's like
$900 trillion of total assets in the world.
And if Bitcoin takes a small portion of that and, and as a
Bitcoiner, of course, we think that it'll take a large portion
of that, then of course the price is going to go up forever,
as the meme goes. But I think, you know,
simplifying this is and of course ADIQ Bitcoiner, Bitcoin
has no ceiling because Fiat has no floor.
Like it's Infinity divided by 21 million.
Always remember that, that they will continue to print money as
long as they're capable of. And once people wake up, they'll
go into Bitcoin. And like Anita was saying, once
more people adopt Bitcoin, then the price will continue to go
up. And I think one of my favorite
things when we talk about this is the idea, and I think a lot
of people miss this, is that yes, the global wealth pie right
now might be 900 trillion, but it that's, that pie is not going
to stay stagnant. As we create new technology, as
more value is created, the pie will get bigger.
So that's even more bullish for Bitcoin because Bitcoin will
take a portion of the global pie as it's expanding and the
Bitcoin price in the Bitcoin market cap.
Well, of course, increase with that as well.
So I think it's very important for everyone and I know you you
might get you might get some Flack from people like you're
too bullish, but I think you need to maintain being extremely
bullish on Bitcoin, not just for the price, but just for a more
hopeful future. Bitcoin will improve society.
It will improve every aspect of society.
As we always say, fix the money, fix the world.
So as we move into the future, Bitcoin price of course will go
up, but things will get better. And if that doesn't make you
bullish on Bitcoin, if that doesn't make you bullish on what
we're doing here, then you got to go back to your fundamentals
and and you know, study a little bit of what actually is going to
happen with Bitcoin. So of course, as the chat always
says to us and always trolls us is the true value of Bitcoin is
Infinity dollars per SAT because it's going up forever, because
they'll continue to print more money.
But kind of going down the thread that Jesse was was going
down. I think it's very important to
remind people if that is the framework that they want to use,
that Bitcoin is the best performing asset of the last 15
years. And I think it will continue to
be the best performing asset moving forward.
So it's very important for people to get off 0 to, to save
in Bitcoin because if you are an average person, you're trying to
save in in dollars like you're getting absolutely decimated.
And this is what it's all about. It's protecting yourself.
They cannot debase Bitcoin. They're constantly debasing your
favorite way to store value as an average person.
And this is about self preservation at the very end of
the day, Yes, it's about censorship resistant money,
permissionless money, but it's also about saving your wealth so
that it doesn't get the base, so you're not holding melting ice
cubes. And I think we're seeing this
start to catch on. So the frameworks, what what's
that meme? All your models are destroyed.
So like the frameworks get you through the door so that you can
start to wrap your head around what's going on.
But once you really understand Bitcoin, it's, I think it's
extremely difficult to not stay bullish about where we're going
as Bitcoiners and where the world's going on a big Bitcoin
standard or as Bitcoin being a store of value.
And that I think that is the best way to spread this message
to people is just like, I am optimistic about the future
while everyone else is pessimistic about the future.
This is how you spread the signal as being like, look, in
the face of all this crazy stuff, the world will get
better. And it starts with fixing the
money because that's how we fix the world.
Absolutely. All right everybody, before we
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OK. So Anita, super glad to have you
and and I want to kind of circle back to the conversation we were
just having and you did kind of mention a few things that I
wanted to talk about. And one is the attack on privacy
at large and of course on Bitcoin privacy in general.
But you did do a really great documentary last year about how
Bitcoin enforces human rights. So can we kind of mash these two
ideas together and talk about the attacks on privacy and how
Bitcoin is really a human rights issue?
And I know you, this is going to be right up your alley.
Absolutely. Thanks for that.
So I just made a new talk because I'm in Anheim at the
moment at adopting Bitcoin Anheim.
Next week I'm at the Oslo Freedom Forum and then at PTC
Prague talking about how Bitcoin enforces human rights and also
doing workshops with human rights activists from all over
the world to show them how Bitcoin can help them to receive
money to fund their nonprofit organizations, to fight against
authoritarianism and other fight for for their rights.
Yeah. And to party maybe.
So there, there are like 30 articles in the United Nations
Human Rights List, and I identified that for 11 of those,
Bitcoin can be a tool that enforces it or supports that
human right. And we were just speaking about
the right to privacy, which is an article in the Human Rights
Convention list. And also there is the
presumption of innocence. And I want to talk about the
presumption of innocence as a human right and how we don't
have that anymore in today's world.
Together with that we don't have any privacy anymore because and
also the goal of it seems every government in the world is to
basically have a complete picture of all what we do.
Like with all the KYC regulation and the anti money laundering
rules and regulations. It's now the time that we as
people who want to use some form of money or some form of
financial account and even Bitcoin, we need to identify
ourselves upfront. So basically we're not innocent
anymore. We have to show that we we have
to give them our identity so that we can prove our innocence
all the time. So it's not anymore that they go
for criminals who might do some illegal stuff before they use
money or after they used it and have to prove that they made
something which is illegal. No, now it's us who have to
prove ourselves upfront. And also recently there was this
court case in the Netherlands last week where the software
developer of Tornado Cash has been convicted to more than five
years of imprisonment. And one of the explainers of the
judge why that happened was that they said that the developer
basically made some decisions to work on that code and in the
knowledge that maybe also people who are doing illegal things can
use or will use his software. So basically it's like a knife
manufacturer, for instance, is selling a knife and someone is
killing someone with that knife. I never heard that a knife
manufacturer or a gun manufacturer was imprisoned for
because they also know that someone can kill someone with
it. Yeah.
So this is very, very varying to me, as I said before, because it
also takes the freedom of speech from us, which then takes
freedom of association. Because if I can't express my,
my will or my opinions through money, because if I donate to a
'cause I express my opinion. And if I can't express my
opinion with money, I can also not associate and get together
with others to demonstrate or protest against untrust,
something that's untrust or against police brutality.
Like it happened in Nigeria where Bitcoin was then really
used like with PTC pay server, the feminist Coalition was able
to receive donations from abroad again to support the protests
against police brutality. After that, the fact that the
when they first started to using the banking system, the central
bank immediately shut their banking account.
So they remembered there's something like Bitcoin and set
up their own PTC pay server. So Bitcoin enforces a lot of
human rights also, like freedom of movement.
Yeah, that's also you said Bitcoin is superior to real
estate. I agree for me, because with
Bitcoin, I'm very mobile. You can take your Bitcoin
anywhere and you only need to remember 12 words if, if it's
hard on hard and you need to move fast because maybe there's
a war or some sort of catastrophe in your country and,
and you need to leave. So Bitcoin is really, how should
I say it's the backbone of of or the embodiment of human rights.
You can't do that with any other cryptocurrency because all those
other cryptocurrencies in a way centralized, they can be shut
down and and only Bitcoin can't be.
And so it's our only defense tool actually.
And regarding privacy, yes, we need more privacy on chain.
We need more possibilities to to hide our traces.
And this is not because we want to hide something from our
society and from from the government in that sense, you
know, I mean, I see the government and authorities in my
country as these are, they are here to the service of the
people, not the other way around.
And if they do a good service to my country and to my living
standards, then I pay taxes. I can also pay them in Bitcoin,
but I don't see why I need to pay a capital gains tax and a
tax on my income with the same currency, which you have to do
now in in in Austria, for instance.
Yeah. So, yeah, there's a lot of
things to be said about that. And it's right that, like you
Will Harare, the author, recently said that Bitcoin shows
basically, in my words, I would say it shows that people have
lost trust in their governments, which is actually true.
And but it gives us hope. And we don't need to trust the
Bitcoin system because it has its own rules and no human
interaction can change them to their own good.
And that's the great thing about Bitcoin.
And I think it's something that so many people still can't
grasp. And I know that a lot of people
are also very scared. So interestingly enough, if I
talk to people about Bitcoin in Europe, most people, the first
thing they say is it scares me. I I don't know how it works.
That's the first thing. And the next thing is what
happens to our to our society, to our society, society,
societal contract. Yeah.
So people are afraid of the new. They justify the system that
they have at the moment because actually they arrange themselves
with it. And so I think people who are
already in Bitcoin, in self custody Bitcoin are those who
who like Andreas Antonopoulos once said Bitcoin is park.
Yeah. So we are still the parks.
It's still very early and I hope that people more and more
realize that Bitcoin is for anyone and it doesn't favor the
crypto pros. The crypto pros are in shit
coins in shit queen land, and that's something different than
Bitcoin from my perspective. Amen to that.
I do want to before I pass it back up to Opti, I do want to
give a shout out to John. Thank you so much for the Super
shot the $20 Appreciate it bro. He says fix the money fix the
world. Thanks to all you hard working
folks keep up streaming and stay strong.
Thank you John. Appreciate John.
I hope I pronounced it correctly.
Appreciate the the the Super chat.
Anyways, back to you Opti. Yeah, I love it.
Well, Anita, couldn't agree more.
I I totally agree. And let's let's talk about
Bitcoin for fairness. I'm I'm gonna pull up the, the
website and I really enjoyed the stories you were telling us
early. So maybe for people that are
joining late, can you talk about the, the on ground response to
Bitcoin with your work at Bitcoin for fairness?
Did we lose her? Do we lose me?
No, I'm still here. It looks like Anita's frozen.
Yeah, it looks like we've lost Anita for a second.
No. All right, All right.
Oh, she dropped out. All right, So let's let's keep
let's keep talking for a second. We'll give Anita some time to
see if she can she can join back.
But it seems like we are doing this live, ladies and gentlemen,
anyways. Well, we got most of the culture
in. Yeah, we got most of the culture
in. I do want to give a shout out to
Anita for joining us. Check out her her website
Bitcoin for. Fairness BFF BTC org.
Yeah, absolutely. Go check it out.
I want to give a very special thanks for Anita.
Join us on Simply Bitcoin Live Today.
Dude, today's show was packed with news.
Oh, we got an issue back. There we go.
OK, we were. We were about to.
Sorry. Could you hear Chris?
Anita or am I not back? Your audio's back.
Your audio is back. Your audio's back.
OK, so. Before we go.
Off connection. It's all right, Beef.
It happened before. Before we roll this out, can you
talk about Bitcoin for fairness and then and then we'll wrap
today's show up apparently. Yeah, thank you.
So yeah, Bitcoin for fairness, our project at the moment is
correct the Orange where we have a online course program with a
12 months membership for new Bitcoin educators and community
builders in African countries. So our goal is to educate 100
Bitcoin educators a year so that they can share Bitcoin education
in their own areas, local groups and countries that we started
that because from my travels, I did a lot of workshops and talks
and it was great to be there on the ground to build trust and
and to talk about Bitcoin. But then, you know, people need
a local meet up, they need Bitcoin us there where they can
connect with and ask questions. And that's why we want to build
this Bitcoin educators and community builders and help with
education. Correct.
The orange on the other hand is also a program for everyone,
anyone all around the world who is new to Bitcoin.
It explains the how and also the why of Bitcoin.
Why self custody important, How does it work?
How do you store your C trays the best way most safely?
What is the lightning network, which wallets to use with wallet
tutorials and things like that. So it's a holistic program and
at the end of the year, I'm will I go back to to African
countries, to Zimbabwe and also I think to Kenya to the third
Afro Bitcoin conference, which is a great place to be because
African countries, especially South Africa, for instance, are
very innovative in Cape Town and in South Africa, you can pave
with lightning in over 2000 supermarket stores all over the
country. And that's a great thing to to
have. And yeah, that's that's what we
do basically like Bitcoin for fairness is a nonprofit
initiative based in Uganda. And yeah, if if you know any
aspiring Bitcoin educators in African countries or in the
global S, tell them about the scholarship opportunity for
Crack the orange. If you want to bring your mom or
your dad to Bitcoin, then you can send them to my course.
And yeah, that's what we do. And if you just like to support
the work that Bitcoin for Fairness has been doing, we now
have a Bitcoin for Fairness group in Zambia, for instance.
They are doing their own meetups.
We have someone in Zimbabwe mining Bitcoin with solar.
I connected critless with Bondo in Malawi a, a, a water power
station where they now mine Bitcoin and things like that.
So we are also doing a lot of work to connect Bitcoiners in in
on the continent. So if you want to support our
work, please do so. We don't have any sponsors or
something. You can support it by donating
Bitcoin or Lightning, and that would be great if you did that.
Awesome, love it Absolutely, guys, guys, check out Anita
Push's work. You can go follow her on Twitter
at Anita Push and guys go check out her initiatives, check out
what she's doing. Definitely doing Satoshi's worth
Satoshi's work and the continent of Africa really pushing, you
know, the the, the benefits of the benefits of Bitcoin, the,
the, the, the, the, the empowerment that Bitcoin can
give you to communities that need it the most, right.
So definitely support Anita, what she's doing, donate and
help the cause. And I also want to thank her so
much for coming on the show today.
Huge fan of her work, like I said, and guys, you know the
deal. If you guys enjoyed the show,
you know what to do smash the like button.
Consider subscribing if you feel like we provided you value, but
the number one thing you can do to help push the peaceful
Bitcoin revolution. Share Bitcoin content, share
Bitcoin. You know, share stuff like what
Anita is working on and that's really how we really move the
envelope. We went over the hearts and
minds of individuals all over the world.
Anyways, love you all and we'll see you guys tomorrow for a
brand new episode of Simply Bitcoin Live.
Episode was brought to you by bitcoinwell.com on a mission to
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