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All right. 
Hey, everyone, this is Plum 

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Constan and you're listening to 
Bitcoin for Millennials. 

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Together with my guests on this 
podcast, I go on a journey to 

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discover how our current 
financial system works, why it's

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flawed, and why Bitcoin is the 
most relevant technology that 

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you should understand and adopt.
Today, I'm joined by James 

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Levitch. 
He's a reformed hedge fund 

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manager with over 25 years of 
institutional investing and risk

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management experience, having 
worked for investment banks and 

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hedge funds. 
Currently, he's the Managing 

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Partner at the Bitcoin 
Opportunity Fund, a hybrid hedge

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fund that makes investments in 
companies and assets in the 

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Bitcoin ecosystem. 
He also teaches financial 

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fundamentals and the benefits of
Bitcoin through this newsletter 

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called The Informationist, and 
as a Co founder of the 

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educational platform 
Lookingglass Education. 

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As someone without a background 
in economics and finance, your 

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content has helped me a lot in 
learning about these topics as 

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they are pivotal to 
understanding the potential of 

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Bitcoin. 
So I'm super excited to to talk 

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to you. 
Welcome James. 

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Thanks for for coming out. 
Yeah. 

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Welcome, welcome to Bitcoin, 
right. 

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So thank you for having me. 
First of all, I I I sincerely 

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appreciate it and I'm I'm glad 
to hear that my work and others 

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work has has helped you on the 
learning path that that's 

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awesome. 
Yeah. 

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Well, I I think in the past I've
also made like digital products 

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that I launched and saw how it 
reached people, like all over 

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the world, right? 
So I think, like the magic of 

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the Internet is just really 
cool, right? 

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Like when you spend your own 
time and try to help or educate 

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other people like you never know
how far it travels. 

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So I know the feeling but I 
still wanted to give it, wanted 

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to give you props for, for, for 
for teaching me. 

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So much like as we just talked 
before before I hit record like 

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you said welcome to yeah, you 
said welcome to Bitcoin. 

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Like the the topics of global 
macro understanding, finance, 

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economics, investing, like those
are eventually touch points and 

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elements you know that that you 
run into. 

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And as someone like me without a
background in this, I think I 

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actually avoided it for a long 
time, last 2-3 years, you know, 

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especially after COVID and stuff
like yeah it just really got on 

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my radar. 
And I think in general like when

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people talk about this a lot, a 
lot of the people obviously talk

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about the the US, right, because
it's the still the quote UN 

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quote best currency in the 
world, but it's actually that 

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really going so great, right and
and also the the problems in the

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US will affect other countries. 
Yeah, no question about it. 

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The thing is is and look I I say
reformed hedge fund manager 

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because I, I, I was used to that
system, have been used to the 

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system that has benefited some a
small portion of people greatly 

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over the years and yeah and so. 
When I came to Bitcoin in 

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particular, it it it helped me 
realize just how just how deeply

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flawed and broken the system 
really is and how the, you know,

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just the way that we have 
central banks manipulate the 

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currency continuously. 
It's problematic and greatly 

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problematic for for people who 
don't own assets and so. 

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Understanding why the money is 
broken is it? 

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It's essential to understanding 
Bitcoin. 

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There's just no, there's just no
way other way to put it. 

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Bitcoin isn't just something you
want to trade and make money off

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of, like you know, like a meme 
stock or one of the other crypto

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currencies. 
That this is actually something 

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that is important. 
It's incredibly important for 

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people who are especially 
outside the US. 

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Who are in countries that are 
that are bearing the burden of 

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of their own central banks 
making massive mistakes and 

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decisions that hurt them really 
been hurting them these last 

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number of years places like 
Lebanon and Venezuela and 

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Argentina that these the the 
citizens have been hurting and 

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Bitcoin is a is a way out for 
them and. 

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That's why it's so important to 
to me and other people who have 

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been kind of trying to educate 
others about why the money is 

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broken here. 
Yeah, but people there already 

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know it. 
They understand the money is 

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broken and they're looking for 
something else. 

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So yeah, very interesting. 
Like first of all, I know you 

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know Greg Foss as well, right? 
You you work together is also 

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big inspiration for me. 
But what I love that has also 

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helped me in my own kind of 
like, you know, the humility 

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that you come across when you 
learn about Bitcoin is that 

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people like Greg and also like 
you. 

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You know, you spent over 2 
decades in in in a financial 

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system that you actually were 
able to, you know, turn your 

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view around in a sense, right? 
You know, I don't. 

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I don't think that's that's easy
and it's well, especially when 

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you thought you understood 
something and and we're doing 

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something well positively, you 
know like it's interesting that 

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that you like see the other 
side. 

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And so I can also imagine I've 
talked a lot in this podcast 

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about like that teaching you or 
well studying Bitcoin takes a 

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long time It takes it's it's 
still taking me time even after 

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10 years. 
I'm learning every day, right. 

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But I think it's very admirable 
when you're a bit older and you 

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have a long like career in in 
trat fi that that you were able 

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to like turn this around, like 
what was that turning point for 

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you like what was your starting 
starting point let's. 

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Be honest, it was not easy. 
I had. 

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I had heard about Bitcoin years 
and years before. 

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In fact, my wife had been 
listening to a podcast. 

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I think it was Tim Ferriss or 
something. 

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They were talking about Bitcoin.
I can't remember. 

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It was. 
It was. 

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It was early. 
It was 2015 or 2017. 

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It was in those years I read you
dismissed it right. 

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And I dismissed it. 
I just and there was no look I I

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deeply respect my wife it wasn't
that it was just I I thought 

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yeah you know podcasts or 
talking about some you know fly 

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by night get rich quick thing. 
I'm just no, I, I I'll take care

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of the finances you know. 
And she's. 

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She's very smart. 
She's a she's an author. 

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She's a New York Times 
bestselling author. 

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She's not a dumb person. 
So but I'm like, I'll just take,

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I'll take care of the finances, 
don't worry about it. 

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And stupidly, I dismissed it. 
And then, you know, a couple 

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years later I was flash forward 
to 2019 ish and. 

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Or 20. 
Actually it was, it was a couple

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years. 
It was about 2017 and I'm 

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looking at Bitcoin thinking. 
There is. 

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I wanted to get out on the risk 
curve a little bit and and 

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invest in something that was a 
little bit riskier than the 

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things that I've been doing 
normally in in the hedge fund 

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private equity world. 
And so I I did my research on it

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by talking to the experts in my 
industry, you know the the 

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technology experts and analysts 
and portfolio managers and they 

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all dismissed it. 
So that's it's a Ponzi scheme. 

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It's worth nothing. 
You know you're going to lose 

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all your money. 
There's no underlying value. 

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And I mean everybody, every 
single professional I spoke to 

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said the same thing. 
One of them said. 

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I've got some, but I had to buy 
it for the briefcase of money 

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and I don't even know what like 
he's like, it's it's worth 

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nothing. 
I don't whatever. 

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So I ignored it and it's it's 
been the the greatest. 

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Financial mistake of my life. 
I mean I've invested things and 

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lost all my money and this is 
even bigger a mistake because 

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this is something that if I had 
done what I was considering 

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doing back then it it been life 
changing. 

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But you know we we we get the 
price of Bitcoin that you 

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deserve, right? 
So it took me humbles you from 

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the start. 
Almost it does and so, but what 

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I didn't understand about it is 
and no, none of them did is how 

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it's not just. 
I mean, at that time, Bram, I 

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didn't know the difference 
between Bitcoin, Bitcoin, cash, 

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Ethereum. 
I didn't know that these things 

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were all different. 
I was just like, they're all 

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cryptocurrencies. 
What's the difference? 

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Bitcoin's the oldest, That's 
what I always heard. 

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But we still hear that. 
We still hear that from people 

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that, oh, it's just Bitcoin's 
the oldest, it's the biggest, 

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it's the most boring because 
you're not going to get 1000 X 

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on it. 
But if I buy this other coin, 

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maybe I'll get 1000 X on it, so.
There's still a quite a bit of 

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of understanding that to be had 
out there, especially in 

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developed areas like in Europe 
and in in United States and 

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Australia because their citizens
are in a system that has worked 

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well enough for them and they're
they're the the guys of of the 

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system working for them. 
Is it it? 

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It's. 
It's thick enough that they 

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don't see behind the veil to see
exactly what's going on. 

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So but anyways, I did come 
around to it and I got it. 

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I get into it very late. 
I got into it around the same 

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time as Michael Saylor, maybe a 
few months after him. 

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So that's when I really dug in, 
listened to him listen to others

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and the breaking point. 
For me and I had been so when we

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got, when we got locked down in 
the in the in COVID, I was I I 

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was leaving my job because my 
job was in Dallas and I and I 

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had moved out to be with my wife
out in Nevada. 

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And so I was leaving and I 
wasn't sure what was going to 

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do. 
And my son who's in college. 

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He was like, hey dad, I think 
you ought to give this 

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cryptocurrency another look 
because we had talked about it 

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before and and so I dug in and 
started buying some things and 

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bought some Ethereum and Cardano
and, you know, and Bitcoin. 

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And then as I was doing my 
research, I quickly learned 

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that, oh, I I need to move 
everything into Bitcoin and get 

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out of it. 
What was that? 

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What was that the what was that,
that that realization? 

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Yeah. 
How did you get there? 

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I got there when I understood, 
when I when I first understood, 

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OK, that Bitcoin is completely 
decentralized and it wasn't 

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controlled by one party. 
Once I understood that, then I 

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moved all my investments in in 
cryptocurrency into Bitcoin. 

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I was like, I don't want one 
person to be able to do, you 

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know, it's bad enough if you 
have a board of directors, so, 

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so I did that. 
And then as I was digging in 

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deeper and this is what we this 
is what we do in Wall Street you

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call legging into a trade. 
I just you buy a little bit and 

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it forces you to go do some 
research, really do research in 

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order to build on that position.
That's basically what I was 

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doing. 
And so as I was building that 

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position, there was a there was 
a great. 

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Discussion between Jeff Booth 
and Pomp and he was explaining 

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to pomp the he was walking pomp 
through his book basically Jeff.

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So Jeff Booth wrote the book the
Price of Tomorrow fantastic book

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and and it what it does, it's 
not about Bitcoin. 

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It's about, it's about the 
broken market forces of 

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inflation versus deflation, how 
technology should be 

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deflationary and we should be 
getting the benefit of advances 

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of technology. 
Where you know where you can 

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have your iPhone now, or you can
take thousands and thousands of 

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photos and not have to have them
developed or send them off and 

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buy the paper and you know 
they're right there. 

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You can have them up on your 
computer in an in an instant. 

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That's that's the advancement of
technology and takes the price 

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of photography down to basically
zero. 

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And it's the same thing with 
music. 

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You're paying pennies on the 
dollar for when I was a kid, 

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before you were even born brown.
I was we would have to buy CDs 

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and we would have to buy 
cassette tapes on music and it 

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would cost it would cost $1415 
back then which is a lot of 

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money back then. 
Just business model also. 

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For 1099 to 12 songs, right? 
Yeah. 

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Yeah, so. 
And then if you want to tape. 

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You didn't make mix tapes and 
spread them around. 

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It was kind of like bootlegging 
them. 

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And that was and that was. 
I did that in nice school. 

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Technically but yeah so yeah so 
that's what we but that's The 

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thing is that he I was listening
to that conversation and he was 

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talking about those forces 
colliding and and how that 

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inflationary force of the 
central banks versus the 

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deflationary forces of. 
Technology and how they're 

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colliding and and that's where 
we're at right now and that's 

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why you see the central banks 
struggling and we're we're just 

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we're taking on more and more 
debt where we are printing more 

227
00:13:28,560 --> 00:13:32,640
and more money because we have 
to absolutely must have 

228
00:13:33,080 --> 00:13:38,240
inflation in order to manage 
that and and when he when he 

229
00:13:38,240 --> 00:13:41,440
walked through that. 
I finally just like, that was 

230
00:13:41,440 --> 00:13:43,200
it. 
Then I really, that took me over

231
00:13:43,200 --> 00:13:45,760
the the hump. 
And I was like, OK, I'm all in. 

232
00:13:45,760 --> 00:13:47,160
I understand it. 
I get it. 

233
00:13:47,400 --> 00:13:50,360
I understand why this is so 
important now. 

234
00:13:50,920 --> 00:13:52,560
And that's when I turned my 
attention. 

235
00:13:52,600 --> 00:13:56,240
Yeah, nice. 
I yeah, two things. 

236
00:13:56,240 --> 00:13:58,200
I would love to talk about the 
depth spiral with you. 

237
00:13:58,200 --> 00:14:01,640
But before I think the CDs are 
actually a great example, right,

238
00:14:01,640 --> 00:14:05,960
Because actually what you're 
saying is like true and and also

239
00:14:05,960 --> 00:14:08,960
what Jeff is saying in the boot 
right book, right, like true the

240
00:14:08,960 --> 00:14:13,760
advancement of technology, 
current players in the market 

241
00:14:13,760 --> 00:14:18,200
who chose another technology 
that was best at another time 

242
00:14:18,720 --> 00:14:23,120
right to to run their business. 
So they chose the, the CDs right

243
00:14:23,120 --> 00:14:26,840
through digital technology and 
phones and MP3 S and whatever, 

244
00:14:27,120 --> 00:14:30,720
you know they're the competition
started to rise for the CDs, 

245
00:14:30,720 --> 00:14:32,720
right. 
And I thought a long time about 

246
00:14:32,720 --> 00:14:34,680
it A. 
Long time you know, if you, if 

247
00:14:34,680 --> 00:14:37,280
you look at what is it the 
Spotify documentary or The 

248
00:14:37,280 --> 00:14:40,040
Pirate Bay documentary and all 
that stuff like that and that. 

249
00:14:40,360 --> 00:14:42,920
Makes the same stuff, yeah, same
stuff actually. 

250
00:14:42,920 --> 00:14:46,520
Yeah, well, they solved their 
own struggle, right, by going 

251
00:14:46,520 --> 00:14:49,880
digital. 
But but what is actually 

252
00:14:50,800 --> 00:14:53,040
proposed here is right like 
through the advancement of 

253
00:14:53,040 --> 00:14:56,400
technology you you are 
automatically challenged as a 

254
00:14:56,400 --> 00:14:59,640
player in whatever markets right
to adapt to that technology. 

255
00:15:00,000 --> 00:15:03,040
But when you say like the 
central bank is is battling the 

256
00:15:03,040 --> 00:15:05,880
advancement that technology 
brings is basically they're 

257
00:15:05,880 --> 00:15:12,640
trying to stall it or something 
before the technology makes them

258
00:15:13,200 --> 00:15:17,200
obsolete or exposes their their,
their scheme basically. 

259
00:15:17,400 --> 00:15:19,400
Yeah. 
Or it Yeah, it's it's it's 

260
00:15:19,400 --> 00:15:24,080
extraordinarily disruptive these
types of advancements in 

261
00:15:24,080 --> 00:15:26,720
technology. 
And so when, when, and that was 

262
00:15:26,720 --> 00:15:30,040
what it came down to is I 
understood that how Bitcoin is 

263
00:15:30,040 --> 00:15:34,240
really disruptive it it's 
disruptive as a as a base layer.

264
00:15:34,480 --> 00:15:40,240
It's disruptive from all the way
from individual transactions up 

265
00:15:40,240 --> 00:15:44,600
to banks up to central banks 
and. 

266
00:15:45,080 --> 00:15:48,760
It disrupts the entire business 
model and that's the and that's 

267
00:15:48,760 --> 00:15:54,000
really the crux of it and but 
understanding that and 

268
00:15:54,000 --> 00:15:58,080
understanding how integrated 
that all is and why it's so 

269
00:15:58,080 --> 00:16:01,400
different. 
This is why when you know when I

270
00:16:01,400 --> 00:16:04,080
talk to somebody and they ask me
what I do and I tell them I'm a 

271
00:16:04,080 --> 00:16:05,240
I'm a hedge fund manager. 
I've. 

272
00:16:05,280 --> 00:16:09,080
I've got a Bitcoin opportunity 
fund and I educate people on 

273
00:16:09,080 --> 00:16:12,120
finance, well they they ask 
about Bitcoin. 

274
00:16:12,120 --> 00:16:13,480
They're like yeah, this Bitcoin 
thing. 

275
00:16:13,480 --> 00:16:16,400
So. 
Is that you do you expect it to 

276
00:16:16,560 --> 00:16:19,960
really you expect to really make
a lot of money out of that And 

277
00:16:20,560 --> 00:16:25,440
and my answer is always, well, 
yes, I do expect that it will, 

278
00:16:25,600 --> 00:16:30,040
that people will make fortunes 
with it, but not just off the 

279
00:16:30,040 --> 00:16:33,160
Bitcoin price. 
It's because the dollars maybe, 

280
00:16:33,720 --> 00:16:35,080
right? 
Not a value, but. 

281
00:16:35,120 --> 00:16:37,800
That's a good point. 
Yeah, exactly. 

282
00:16:37,800 --> 00:16:42,360
And so, and the and my and I and
I walk through how the money is 

283
00:16:42,360 --> 00:16:45,880
really broken. 
And why it's so important and 

284
00:16:45,880 --> 00:16:49,560
then it begins to click, but 
there's there's a tremendous 

285
00:16:49,640 --> 00:16:55,160
amount of resistance of of 
mental and emotional resistance 

286
00:16:55,280 --> 00:16:59,840
to that truth from and so 
especially from my, from my old 

287
00:16:59,840 --> 00:17:03,200
industry, from the traditional 
banking, traditional investment 

288
00:17:03,200 --> 00:17:07,400
world, there is a tremendous 
amount of resistance to that 

289
00:17:07,400 --> 00:17:10,400
because they just can't wrap 
their heads around how the 

290
00:17:10,400 --> 00:17:13,440
system could be broken. 
When it's benefited them so 

291
00:17:13,440 --> 00:17:17,520
greatly to now it is done. 
They've done so well with this 

292
00:17:17,520 --> 00:17:19,520
system, why would they want to 
change? 

293
00:17:19,800 --> 00:17:23,480
That's why you hear people like 
Jamie Dimon and Warren Buffett. 

294
00:17:24,160 --> 00:17:27,960
And even Elizabeth Krugman. 
Or is that Krugman? 

295
00:17:27,960 --> 00:17:29,960
Yeah. 
Krugman Well, he's a yeah, he's 

296
00:17:29,960 --> 00:17:33,720
a yeah, he's a Well a still. 
Mouthpiece for the Yeah, the 

297
00:17:33,720 --> 00:17:34,440
White House. 
But. 

298
00:17:34,760 --> 00:17:36,680
And that's right. 
And that's and that's the point 

299
00:17:36,680 --> 00:17:40,480
is that they they're they 
they've benefited tremendously 

300
00:17:40,480 --> 00:17:43,760
from this system and even even 
Fed governors say it. 

301
00:17:43,760 --> 00:17:48,920
Even Fed presidents say it. 
Like Mary Daly said, well, I 

302
00:17:48,920 --> 00:17:51,080
don't feel inflation. 
It doesn't touch me because I 

303
00:17:51,080 --> 00:17:53,560
have enough money. 
And that's one of our that's 

304
00:17:53,560 --> 00:17:56,720
that's one of the people who is 
who's who's deciding policy for 

305
00:17:56,720 --> 00:18:00,840
this nation and arguably for a 
lot of the world. 

306
00:18:01,520 --> 00:18:06,240
I mean that's just it makes you 
realize that there's there's a 

307
00:18:06,320 --> 00:18:11,360
there's a there's a club and as 
close as you you can get to it 

308
00:18:11,440 --> 00:18:13,240
you're you're you're really not 
in it. 

309
00:18:13,680 --> 00:18:16,560
And so and that's why they're 
fighting it. 

310
00:18:16,920 --> 00:18:21,000
They're fighting it because. 
They know the how disruptive it 

311
00:18:21,000 --> 00:18:27,320
is so that your point of CDs 
versus cassette tapes versus and

312
00:18:27,320 --> 00:18:32,960
then Spotify versus CDs, Spotify
versus CDs and Apple Music and 

313
00:18:32,960 --> 00:18:38,760
all that that was so 
tremendously disruptive it and 

314
00:18:38,920 --> 00:18:43,560
and you can see how those 
industries the there there's 

315
00:18:43,560 --> 00:18:47,240
certain areas the middle men 
collapsed out of that. 

316
00:18:47,720 --> 00:18:49,600
Right. 
And so that's the that's the 

317
00:18:49,680 --> 00:18:52,400
point is that the middle men 
collapse out. 

318
00:18:53,160 --> 00:18:58,240
But do you think it's an do you 
think it's harder for this topic

319
00:18:58,240 --> 00:19:01,840
because money is like what makes
the world go around and the 

320
00:19:01,840 --> 00:19:05,920
technology that we use to to 
exchange information and value 

321
00:19:05,920 --> 00:19:08,760
with each other? 
Like is this the the biggest 

322
00:19:08,760 --> 00:19:13,000
fight in a sense that could be 
picked by by a technology then? 

323
00:19:13,480 --> 00:19:16,520
I would, I would, I would say 
yes because there's no, there's 

324
00:19:16,600 --> 00:19:18,680
there's no hiding from it. 
That's a good point. 

325
00:19:18,680 --> 00:19:21,720
And so and it's a very intimate 
thing, right? 

326
00:19:21,720 --> 00:19:23,800
Money is a very intimate thing. 
We don't talk about how much we 

327
00:19:23,800 --> 00:19:26,520
make with each other. 
It's just, you know, often 

328
00:19:26,520 --> 00:19:30,880
parents even tell their kids how
much they make And so it's 

329
00:19:30,880 --> 00:19:33,720
almost taboo. 
You don't talk about it, but you

330
00:19:33,720 --> 00:19:36,800
deal with it. 
And the crazy thing is, is that 

331
00:19:37,280 --> 00:19:40,120
you make money. 
And if you're lucky enough, if 

332
00:19:40,120 --> 00:19:42,480
you're fortunate enough to make 
enough that you can that you 

333
00:19:42,480 --> 00:19:45,760
have some leftover, you can't 
just put that in the bank and 

334
00:19:45,760 --> 00:19:49,040
let it sit there and wait for 
you to decide when you want to 

335
00:19:49,040 --> 00:19:50,840
use it. 
You can't just accumulate it. 

336
00:19:51,040 --> 00:19:54,920
If you get every minute and it 
sits there, it is getting eaten 

337
00:19:54,920 --> 00:19:58,160
away by inflation. 
And so the system forces you to 

338
00:19:58,160 --> 00:20:03,440
take risk in order to keep what 
you have built so by. 

339
00:20:03,440 --> 00:20:05,440
Taking risk by the way, by. 
Taking risk? 

340
00:20:05,440 --> 00:20:07,400
Exactly. 
So imagine that you you build a 

341
00:20:07,400 --> 00:20:11,360
house. 
And every day it, the weather 

342
00:20:11,360 --> 00:20:14,440
eats it away. 
Every single day, every single 

343
00:20:14,440 --> 00:20:17,880
day. 
Unless you do things that that 

344
00:20:17,880 --> 00:20:22,040
shored up and you, you know you,
you have to protect it. 

345
00:20:22,040 --> 00:20:24,080
But the difference is here, you 
it. 

346
00:20:24,080 --> 00:20:27,280
It's not that you're just you're
spending your you literally have

347
00:20:27,280 --> 00:20:32,560
to take risk in the market in 
order to protect what you've 

348
00:20:32,720 --> 00:20:37,680
created and for the first time 
in history. 

349
00:20:38,560 --> 00:20:43,880
That's not the case because you 
have something that that can't 

350
00:20:43,880 --> 00:20:46,480
that that that is anti 
inflationary. 

351
00:20:47,000 --> 00:20:50,800
And so when when I explained it 
to people that way the difficult

352
00:20:50,800 --> 00:20:52,640
part though is promise. 
They don't. 

353
00:20:53,440 --> 00:20:57,080
They people typically have a 
very they have a very difficult 

354
00:20:57,080 --> 00:21:02,160
time making that mental leap of 
this is actually this. 

355
00:21:02,160 --> 00:21:07,560
This is not just a Tulip. 
It it's it's not something that.

356
00:21:07,960 --> 00:21:15,720
Is you know it's not just a a 
fad it it's not just the the 

357
00:21:15,720 --> 00:21:18,880
next thing that is going to 
that's going to collapse. 

358
00:21:18,960 --> 00:21:27,680
And so the trust is a difficult 
thing to get over, especially as

359
00:21:27,680 --> 00:21:31,680
they turn on the TV and every 
single day they see, they see 

360
00:21:31,680 --> 00:21:33,320
people saying, oh, it's going to
0. 

361
00:21:34,080 --> 00:21:35,840
Oh, these people are crazy. 
They're going to lose all their 

362
00:21:35,840 --> 00:21:39,600
money and and the fear mongering
is the hard part to get over 

363
00:21:39,600 --> 00:21:43,280
often. 
Yeah, yeah, lots of things I 

364
00:21:43,280 --> 00:21:44,640
would love to touch upon. 
Like what? 

365
00:21:44,720 --> 00:21:46,760
What you said. 
They turn on the TV and they see

366
00:21:46,760 --> 00:21:50,840
everything is a OK, you know, 
no, go back to go back to go 

367
00:21:50,840 --> 00:21:52,440
back to sleep. 
It's all well. 

368
00:21:53,440 --> 00:21:55,880
But I wanted to touch upon what 
you said about, you know, your, 

369
00:21:55,880 --> 00:21:59,560
your your generational peers and
also career peers. 

370
00:21:59,560 --> 00:22:04,520
Like they have a hard time 
because they built a career in 

371
00:22:05,080 --> 00:22:07,560
in a system that's basically 
broken. 

372
00:22:07,560 --> 00:22:09,320
They are. 
We're lucky enough to benefit 

373
00:22:09,320 --> 00:22:11,400
from it, right? 
What? 

374
00:22:11,400 --> 00:22:13,400
How? 
How did that make you feel? 

375
00:22:13,400 --> 00:22:17,600
Like, what was your fight there 
in a sense? 

376
00:22:17,960 --> 00:22:20,720
It's the same thing I I didn't. 
I didn't believe in it. 

377
00:22:20,720 --> 00:22:23,320
I didn't believe it was real. 
I didn't believe there was 

378
00:22:23,320 --> 00:22:28,120
actually anything to it. 
I I thought it's a speculative 

379
00:22:28,120 --> 00:22:32,200
asset, just like a just like 
tulips were. 

380
00:22:32,640 --> 00:22:37,520
You know, and I thought or 
Beanie Babies or whatever, and I

381
00:22:37,520 --> 00:22:40,640
thought there's nothing to this.
So what if it's digital? 

382
00:22:41,200 --> 00:22:46,120
It's just a bunch of, you know, 
computer nerds that are trading 

383
00:22:46,120 --> 00:22:48,880
around this, this so-called 
coin. 

384
00:22:48,880 --> 00:22:50,320
They're probably using it in 
games. 

385
00:22:50,320 --> 00:22:54,440
And of course, at the time it 
was all over the news about it 

386
00:22:54,440 --> 00:22:58,920
being used for illicit activity,
for smuggling, for human 

387
00:22:58,920 --> 00:23:01,480
smuggling, for drug smuggling, 
for and so. 

388
00:23:02,040 --> 00:23:06,000
I thought that's not something I
want to get mixed up in and it's

389
00:23:06,000 --> 00:23:08,320
not really it it it's just a 
fad. 

390
00:23:08,320 --> 00:23:11,480
It's going to fade because it I 
I couldn't believe that was 

391
00:23:11,480 --> 00:23:14,920
real. 
Now, every single day that it 

392
00:23:14,920 --> 00:23:18,520
doesn't have to go from here to 
100,000 this year, every single 

393
00:23:18,520 --> 00:23:22,480
day that Bitcoin is here and 
there's and it's talked about, 

394
00:23:22,480 --> 00:23:28,440
it solidifies its place in the 
in the choices of assets around 

395
00:23:28,440 --> 00:23:32,480
the world, because I can use it.
You can use it. 

396
00:23:32,560 --> 00:23:34,360
Someone down in Argentina can 
use it. 

397
00:23:34,760 --> 00:23:38,760
We could, we could send, I could
send you some Bitcoin. 

398
00:23:38,760 --> 00:23:41,200
You could send it to somebody in
Lebanon who sends somebody in 

399
00:23:41,200 --> 00:23:44,720
Argentina, send to somebody in 
Venezuela who sends it to 

400
00:23:44,720 --> 00:23:49,400
somebody in Japan. 
All within, you know, if we do 

401
00:23:49,400 --> 00:23:54,040
it block to block within an 
hour, which is just crazy to 

402
00:23:54,040 --> 00:23:56,880
think about. 
Try doing that with a bank, 

403
00:23:56,920 --> 00:24:00,760
right So or gold. 
Or gold. 

404
00:24:00,800 --> 00:24:04,280
You can't do it. 
You can't do how I love how when

405
00:24:04,320 --> 00:24:08,080
when you start to talk about 
Bitcoin, you already, oh, we're 

406
00:24:08,080 --> 00:24:10,920
talking for 20 minutes. 
Like you, you touch upon so many

407
00:24:10,920 --> 00:24:15,040
different subjects, right. 
And that's also why, or like I'd

408
00:24:15,040 --> 00:24:17,560
say like the dimensions 
basically of Bitcoin, right? 

409
00:24:17,560 --> 00:24:20,360
Like, it's technology, it's 
finance, it's economics, It's 

410
00:24:21,040 --> 00:24:23,640
personal development in a sense,
right? 

411
00:24:24,000 --> 00:24:27,400
I find it super interesting that
there's that, that Bitcoin is 

412
00:24:27,680 --> 00:24:30,760
not about intelligence, right? 
I think it's more about. 

413
00:24:31,800 --> 00:24:34,880
I'm not the smartest one. 
Well, no, me neither. 

414
00:24:34,880 --> 00:24:37,040
Definitely not. 
But I think it's more about like

415
00:24:37,880 --> 00:24:41,280
some sort of intellectual 
curiosity and and honesty in a 

416
00:24:41,280 --> 00:24:43,360
sense, right. 
That also that you that you now 

417
00:24:43,360 --> 00:24:46,960
can recognize that you were 
perhaps a bit dishonest. 

418
00:24:47,200 --> 00:24:49,000
Right. 
Because of your ego at a certain

419
00:24:49,000 --> 00:24:51,600
moment but that later on you 
realize Oh yeah that was the 

420
00:24:51,600 --> 00:24:56,160
journey that I I I went through 
that's also yeah Bitcoin is just

421
00:24:56,360 --> 00:25:00,480
it it's it takes time to 
understand and it's hard and I I

422
00:25:00,520 --> 00:25:03,560
I think it's great where you 
start with you know the money is

423
00:25:03,560 --> 00:25:05,840
broken. 
I love I I also really follow 

424
00:25:05,840 --> 00:25:09,280
this analogy of you know, you 
take risk with a job or a 

425
00:25:09,280 --> 00:25:14,760
venture to to to to do, to give 
away physical energy and mental 

426
00:25:14,760 --> 00:25:18,080
energy, and you earn energy in 
return. 

427
00:25:18,520 --> 00:25:20,680
That's what we call money now, 
right? 

428
00:25:20,800 --> 00:25:23,680
And if you don't want to buy 
anything right now or spend it 

429
00:25:23,680 --> 00:25:25,560
on something, or maybe you want 
to save for your kid. 

430
00:25:25,560 --> 00:25:30,760
And you would expect in a 
logical world, maybe you know 

431
00:25:30,760 --> 00:25:33,880
that that same, that that energy
would be worth the same when 

432
00:25:33,880 --> 00:25:37,480
your kid goes to college. 
But when you're actually part of

433
00:25:37,480 --> 00:25:42,800
a system that's purposefully 
debases that energy, then you're

434
00:25:42,800 --> 00:25:46,480
also kind of, yeah, intruded in 
your freedom in a sense, because

435
00:25:46,480 --> 00:25:51,680
you have to go out there and 
mitigate, well, 2% on paper the 

436
00:25:51,680 --> 00:25:52,800
risk, right. 
Yeah. 

437
00:25:52,880 --> 00:25:54,720
And that's. 
Another point, Yeah, that's 

438
00:25:54,720 --> 00:25:56,480
another point. 
Absolutely. 

439
00:25:56,480 --> 00:25:59,320
That's right. 
So you you expend that energy to

440
00:25:59,400 --> 00:26:02,240
then create enough that you have
an abundance of it. 

441
00:26:02,240 --> 00:26:07,000
Store some of it to keep for. 
Later use or for your children 

442
00:26:07,000 --> 00:26:13,960
or whatever and yeah and that's 
exactly right and so but the the

443
00:26:14,200 --> 00:26:17,880
and that and that's the thing 
about about Bitcoin is that when

444
00:26:17,880 --> 00:26:24,880
people start to understand that 
look it's not about I mean we 

445
00:26:24,880 --> 00:26:29,400
could easily make it about 
number go up technology because 

446
00:26:29,400 --> 00:26:32,160
it's it it's it's up over 100% 
you know. 

447
00:26:33,480 --> 00:26:38,320
This year it's it's up thousands
of percent over the course of a 

448
00:26:38,320 --> 00:26:41,120
few years. 
Like, it's easy to look at it 

449
00:26:41,120 --> 00:26:45,800
that way, but rather than that, 
it's the IT. 

450
00:26:46,320 --> 00:26:49,560
When you look at all the facets 
that we've already touched on, 

451
00:26:50,360 --> 00:26:55,240
it just makes it the the the 
soundest form. 

452
00:26:55,480 --> 00:26:57,520
Of money that's ever been 
created. 

453
00:26:57,520 --> 00:27:02,000
And that's the point, right? 
So yeah, And which means, you 

454
00:27:02,000 --> 00:27:07,640
know, the money that is the 
least if influence able. 

455
00:27:07,720 --> 00:27:10,480
Is that the word for like, yeah,
that's just corruptible in a 

456
00:27:10,480 --> 00:27:12,600
sense. 
Is corruptible, that's right. 

457
00:27:13,280 --> 00:27:15,280
Yeah. 
And and that's the point. 

458
00:27:15,280 --> 00:27:17,520
So when people start to 
understand that it's not about 

459
00:27:17,520 --> 00:27:19,440
the technology, it's not about 
number go up. 

460
00:27:19,440 --> 00:27:23,920
It's not about just inflation. 
It's not about just being able 

461
00:27:24,200 --> 00:27:29,440
to to hold on to, it's about it 
being actual store value and an 

462
00:27:29,480 --> 00:27:32,640
actual form of money that is not
is not corruptible. 

463
00:27:32,960 --> 00:27:36,440
And when people start to 
understand that, but it's 

464
00:27:36,440 --> 00:27:40,760
difficult, that is a very high 
bar for for people to understand

465
00:27:40,760 --> 00:27:43,000
and get to. 
And so everybody has to do their

466
00:27:43,000 --> 00:27:45,640
own homework to understand it, 
yeah. 

467
00:27:45,880 --> 00:27:48,160
Why? 
I mean, why does the world use 

468
00:27:48,160 --> 00:27:50,320
the US dollar? 
Why? 

469
00:27:51,040 --> 00:27:55,120
It's simple. 
They trust that I I can take AUS

470
00:27:55,120 --> 00:27:59,280
dollar and bring it to Europe 
and and and exchange it for 

471
00:27:59,280 --> 00:28:01,600
goods and services there. 
I can take it. 

472
00:28:01,840 --> 00:28:06,560
To Thailand and and exchange it 
for goods and services in in 

473
00:28:06,560 --> 00:28:11,960
Taiwan or in China or even in 
Russia, you can take a dollar 

474
00:28:11,960 --> 00:28:13,400
and they want it. 
Why? 

475
00:28:13,400 --> 00:28:17,320
Because it it's the most it's 
it's it's the most trustworthy 

476
00:28:18,720 --> 00:28:21,360
money out there currency out 
there, right. 

477
00:28:21,360 --> 00:28:26,360
And so Bitcoin doesn't have that
yet. 

478
00:28:27,040 --> 00:28:30,280
And actually the dollars also 
this is a whole nother 

479
00:28:30,280 --> 00:28:32,200
direction. 
I don't think we want to go 

480
00:28:32,200 --> 00:28:33,840
there. 
But what I like about the energy

481
00:28:33,840 --> 00:28:40,320
analogy actually is that if you 
want to store your energy in our

482
00:28:40,320 --> 00:28:44,520
money, shouldn't the money also 
be backed by energy, right. 

483
00:28:44,720 --> 00:28:48,960
So because then you can match 
it, you know, it's almost as as 

484
00:28:48,960 --> 00:28:52,000
like the calories or KJ or 
whatever. 

485
00:28:52,000 --> 00:28:54,960
So, so can you, can you match it
in a sense and and also I think 

486
00:28:55,800 --> 00:29:00,160
and I think the dollar is 
actually the only Fiat currency 

487
00:29:00,160 --> 00:29:05,120
that is somewhat or was somewhat
backed by energy, right, because

488
00:29:05,120 --> 00:29:10,480
it was connected to to the oil 
that that was kind of like the 

489
00:29:10,480 --> 00:29:14,080
trick, right, how it became the 
world's, the world currency. 

490
00:29:14,080 --> 00:29:18,280
So in that sense, it's 
interesting to see that people 

491
00:29:18,560 --> 00:29:24,880
already pick the money currently
with the most energetic 

492
00:29:24,880 --> 00:29:26,760
potential or something right 
like that. 

493
00:29:26,760 --> 00:29:30,840
It that that already is 
happening without them even 

494
00:29:31,200 --> 00:29:33,360
understanding Bitcoin, 
obviously, but it's interesting 

495
00:29:33,360 --> 00:29:37,160
to see that that is the human. 
Well, they knew it they that 

496
00:29:37,160 --> 00:29:42,440
right And back in the 1971 when 
Richard Nixon took us off the 

497
00:29:42,440 --> 00:29:47,600
gold standard for good and and 
had an agreement with Saudi 

498
00:29:47,600 --> 00:29:51,440
Arabia to basically only 
transact. 

499
00:29:51,840 --> 00:29:55,800
In in U.S. dollars for for oil 
trade, that's when they they 

500
00:29:55,800 --> 00:29:58,840
knew it. 
But in reality, going back to 

501
00:29:58,840 --> 00:30:05,680
your inflation comment, which is
the 2% inflation, we know it's 

502
00:30:05,680 --> 00:30:09,480
not 2% or 3% or 4%. 
We know it's not 4%. 

503
00:30:09,480 --> 00:30:12,160
Go and do some grocery shopping 
and tell me that the grocery's 

504
00:30:12,160 --> 00:30:15,760
only up 4% from last year. 
Inflation on TikTok? 

505
00:30:17,600 --> 00:30:21,320
Absolutely. 
But they they also know that 

506
00:30:21,320 --> 00:30:23,360
they can only get away with so 
much. 

507
00:30:24,080 --> 00:30:26,760
They keep. 
We have this thing now in media 

508
00:30:26,760 --> 00:30:31,360
which in this is a whole nother 
problem where if if you say it, 

509
00:30:31,360 --> 00:30:35,440
it's true, until it's and until 
it's proven untrue and and if 

510
00:30:35,440 --> 00:30:38,480
you say it enough times, people 
just believe it, you know. 

511
00:30:38,480 --> 00:30:42,160
And so that's one of the major 
problems that we have. 

512
00:30:43,080 --> 00:30:46,560
Is that you've got mainstream 
media, you've got the White 

513
00:30:46,560 --> 00:30:49,840
House and and both parties. 
This is not, this is not 

514
00:30:49,840 --> 00:30:53,080
Democratic or Republican. 
Both parties are complicit in 

515
00:30:53,080 --> 00:30:55,440
this. 
The entire system is complicit 

516
00:30:55,440 --> 00:31:01,000
in this, where they just 
gaslight the American public and

517
00:31:01,000 --> 00:31:04,440
Europe is doing the same thing 
as bad or if not worse. 

518
00:31:05,040 --> 00:31:09,320
Gaslighting the people about the
reality of inflation, The 

519
00:31:09,320 --> 00:31:14,760
reality of the of the money and 
just how much is it has expanded

520
00:31:14,760 --> 00:31:19,240
and just how badly this Cantown 
effect has taken place. 

521
00:31:19,240 --> 00:31:25,000
Where the the whoever's closest 
to the spigot, the the the 

522
00:31:25,000 --> 00:31:28,080
faucet of money, whoever's the 
closest gets the biggest 

523
00:31:28,080 --> 00:31:29,960
benefit. 
And of course those are the 

524
00:31:29,960 --> 00:31:32,240
large, those are the large, 
they're the politicians and 

525
00:31:32,240 --> 00:31:34,520
large banks. 
That's the way it is. 

526
00:31:35,000 --> 00:31:37,120
And but they don't want you to 
know that. 

527
00:31:37,120 --> 00:31:40,960
So they hide that by telling you
that inflation is lower than it 

528
00:31:40,960 --> 00:31:44,920
really is. 
And they and so it is, it's 

529
00:31:44,920 --> 00:31:49,560
systematic to manipulate those 
numbers because it's what they 

530
00:31:49,560 --> 00:31:52,360
believe they can get away with 
because they know that they 

531
00:31:52,360 --> 00:31:56,080
can't say, well, you know what, 
in this nation, in this world 

532
00:31:56,080 --> 00:32:00,960
now we think that 4 or 5% 
inflation is OK because people 

533
00:32:00,960 --> 00:32:04,400
wake up and go, wait a minute, 
5% inflation, you know. 

534
00:32:04,880 --> 00:32:10,160
That means in in 10 years my, my
money's worth even less than 50%

535
00:32:10,160 --> 00:32:14,000
of what it what it was. 
That's not fair, you know, and 

536
00:32:14,000 --> 00:32:17,880
so they they they know that they
can't get away with that. 

537
00:32:18,160 --> 00:32:23,920
And so that's why there's this 
big, you know, this big, I want 

538
00:32:23,920 --> 00:32:28,280
to say it's a charade, but it is
a bit of a charade in in public 

539
00:32:28,280 --> 00:32:31,120
about getting the inflation rate
down and. 

540
00:32:31,800 --> 00:32:33,280
We'll see. 
We'll see exactly what it 

541
00:32:33,280 --> 00:32:34,760
settles out to be. 
Yeah. 

542
00:32:35,040 --> 00:32:36,440
Well, we'll get to that in a 
minute. 

543
00:32:36,440 --> 00:32:39,760
Because once the people know 
they would want their money, 

544
00:32:40,280 --> 00:32:42,480
right. 
But but the money is not in the 

545
00:32:42,480 --> 00:32:44,080
banks. 
But we'll get to that in a 

546
00:32:44,080 --> 00:32:48,280
second, I think. 
And and also to, you know why we

547
00:32:48,280 --> 00:32:50,240
think Bitcoin is, is the 
solution. 

548
00:32:50,240 --> 00:32:54,040
I think and I agree, like the 
people should understand the 

549
00:32:54,040 --> 00:32:55,920
problem first, right. 
And especially in Western 

550
00:32:55,920 --> 00:32:58,440
countries like I'm also from a 
Western, Western country and I 

551
00:32:58,680 --> 00:33:01,800
talked about this a lot already 
like there's no problem. 

552
00:33:01,920 --> 00:33:04,120
We don't have a problem. 
We have a very luxurious life 

553
00:33:04,120 --> 00:33:07,800
and everything is there and we 
have a a roof and food and water

554
00:33:07,800 --> 00:33:12,560
and kids go to school and you 
know we don't have 100% or what 

555
00:33:12,560 --> 00:33:16,200
was it 100% inflation in 
Lebanon, I think it was 

556
00:33:16,200 --> 00:33:20,360
overnight 11 nice, it just got 
valued in half, right. 

557
00:33:20,360 --> 00:33:24,080
So we we don't have that. 
We haven't had that in very long

558
00:33:24,080 --> 00:33:26,720
time, right. 
So it's also it it I think it 

559
00:33:26,720 --> 00:33:29,400
also feels very far away for 
people right. 

560
00:33:29,400 --> 00:33:32,840
Even if you have all the 
rationale and all the all the 

561
00:33:33,320 --> 00:33:36,720
all the explainers it still 
feels like yeah that's that's 

562
00:33:36,720 --> 00:33:40,200
what happens in you know for a 
third tier countries or 

563
00:33:40,200 --> 00:33:43,440
something. 
But in the US currently and and 

564
00:33:43,440 --> 00:33:47,440
you talk a lot about this about 
the debt spiral. 

565
00:33:48,480 --> 00:33:53,000
Can you explain in a bit more 
layman terms like what that is 

566
00:33:53,000 --> 00:33:54,840
and and why people should pay 
attention? 

567
00:33:54,840 --> 00:33:59,000
And this of course also ties 
into like how a government gets 

568
00:33:59,400 --> 00:34:03,920
its funding, what the rates of 
those fundings, what the, what 

569
00:34:03,920 --> 00:34:06,240
the rate of that funding is, and
how attractive it is for other 

570
00:34:06,240 --> 00:34:09,560
countries to buy debt from from 
countries. 

571
00:34:10,239 --> 00:34:13,520
Absolutely. 
So basically in in a nutshell, 

572
00:34:13,520 --> 00:34:18,000
very simply, if the if, if the 
United States will just look at 

573
00:34:18,000 --> 00:34:20,520
the United States because it's 
supposedly the best one. 

574
00:34:20,960 --> 00:34:21,920
OK. 
Yeah. 

575
00:34:22,440 --> 00:34:25,239
If the United States was a 
company lists on the on the 

576
00:34:25,239 --> 00:34:27,000
floor of the New York Stock 
Exchange, we would call the 

577
00:34:27,000 --> 00:34:28,639
zombie company. 
Why? 

578
00:34:29,280 --> 00:34:32,600
The reason is that it doesn't. 
It doesn't generate enough 

579
00:34:32,719 --> 00:34:42,080
income to cover its its interest
burden on its debt and so 

580
00:34:42,880 --> 00:34:45,719
thinking through like if, if we 
just break it apart. 

581
00:34:46,239 --> 00:34:50,000
And I'll use numbers for people 
to to grab on to but if you 

582
00:34:50,000 --> 00:34:52,880
figure that the the United 
States if if we're looking at 

583
00:34:53,159 --> 00:34:56,800
what these are the actual 
estimates from from the 

584
00:34:56,800 --> 00:35:00,200
Congressional Budget Office if 
the if the United States expects

585
00:35:00,200 --> 00:35:06,360
to take in $4.4 trillion this 
year by income right. 

586
00:35:06,400 --> 00:35:08,800
What's that in income. 
In income. 

587
00:35:09,200 --> 00:35:12,760
And we also expect to spend $6.1
trillion. 

588
00:35:13,680 --> 00:35:16,440
So that so the income is 
revenues, it's it's it's a 

589
00:35:16,480 --> 00:35:20,720
taxes, it's tax revenues and so 
it's it's it's taxes off of our 

590
00:35:20,720 --> 00:35:25,360
productivity, that's what it is.
But the problem is we have, we 

591
00:35:25,360 --> 00:35:28,080
have a lot of entitlements, and 
these entitlements are things 

592
00:35:28,080 --> 00:35:31,760
like Social Security, Medicare, 
Medicaid and the social 

593
00:35:31,760 --> 00:35:33,760
programs, unemployment, stuff 
like that. 

594
00:35:34,360 --> 00:35:37,880
And and those all add up to over
$4 trillion. 

595
00:35:37,880 --> 00:35:41,360
So let's call $4.2 trillion. 
Then we've got a military 

596
00:35:41,360 --> 00:35:43,680
expense because we're in war 
everywhere. 

597
00:35:43,680 --> 00:35:46,280
So we've got $800 billion of 
military expense. 

598
00:35:46,600 --> 00:35:50,560
But the entitlements, that first
layer, the entitlement layer 

599
00:35:50,960 --> 00:35:54,160
that's those are those are 
expenses that are mandatory, 

600
00:35:54,560 --> 00:35:58,360
they're signed into legislation 
and in order to not pay them. 

601
00:35:58,760 --> 00:36:00,520
You have to sign them out of the
legislation. 

602
00:36:00,520 --> 00:36:02,600
You have to remove them from the
legislation. 

603
00:36:02,600 --> 00:36:04,920
You have to have a new bill 
passed that does not include 

604
00:36:04,920 --> 00:36:07,800
that. 
So those have to be paid. 

605
00:36:07,920 --> 00:36:11,160
If we don't pay those, we 
default basically because that's

606
00:36:11,160 --> 00:36:14,400
first that the the taking it out
of the legislation is never 

607
00:36:14,400 --> 00:36:15,720
going to happen. 
It's never going to happen. 

608
00:36:15,720 --> 00:36:19,720
Like that's a that's a revolt. 
It's basically suicide, right. 

609
00:36:19,840 --> 00:36:20,720
Exactly. 
I agree. 

610
00:36:21,160 --> 00:36:23,880
So. 
The the military that's not, 

611
00:36:24,000 --> 00:36:27,480
it's not mandatory but in this 
country it seems to be mandatory

612
00:36:27,480 --> 00:36:31,760
#1, #2 if these are long term 
contracts that with with defense

613
00:36:31,760 --> 00:36:34,680
contractors that they're they're
going to pay those. 

614
00:36:35,040 --> 00:36:38,520
And then the third thing is 
interest expense, OK, so 

615
00:36:38,720 --> 00:36:41,800
military is $800 billion. 
The interest expense, when you 

616
00:36:41,800 --> 00:36:44,480
net it out between what we're 
paying on interest and what 

617
00:36:44,480 --> 00:36:46,640
we're receiving back at the 
Treasury because they have 

618
00:36:47,040 --> 00:36:52,000
internal measures there. 
It's about $700 billion of net 

619
00:36:52,000 --> 00:36:57,160
interest expense. 
So now add up all of that and 

620
00:36:57,160 --> 00:37:00,360
then the other expenses which 
come up to be about $400 billion

621
00:37:00,680 --> 00:37:06,360
and add back the the accounting 
gimmick that they use because of

622
00:37:06,360 --> 00:37:09,560
the student loan debt 
forgiveness of last year, they 

623
00:37:09,560 --> 00:37:13,160
added back this year. 
Well, you actually get to about 

624
00:37:13,160 --> 00:37:18,520
$6.4 trillion of spending, which
gives us a. $2 trillion deficit.

625
00:37:18,720 --> 00:37:22,880
That's $2 trillion that we're 
spending over what we're taking 

626
00:37:22,880 --> 00:37:26,400
in on tax revenue. 
So what? 

627
00:37:26,480 --> 00:37:29,720
So what can we do? 
Well, you can either cut 

628
00:37:29,720 --> 00:37:33,160
spending, which is austerity. 
We saw what happened with Greece

629
00:37:33,160 --> 00:37:35,240
and and we've seen Italy try to 
do that before. 

630
00:37:35,240 --> 00:37:38,000
It does not work. 
Number one is political suicide.

631
00:37:38,000 --> 00:37:43,080
Nobody's going to do it here. #2
you could do, you could raise 

632
00:37:43,080 --> 00:37:45,120
your taxes. 
We hear this all the time. 

633
00:37:45,120 --> 00:37:46,720
Raise the taxes, Raise the 
taxes. 

634
00:37:47,120 --> 00:37:49,680
Well, that doesn't really work 
either, because it ends up 

635
00:37:50,440 --> 00:37:55,800
disincentivizing and disabling 
the ability for companies to add

636
00:37:55,800 --> 00:38:00,840
to productivity, do research, 
research and development, build 

637
00:38:00,840 --> 00:38:04,560
out production lines on certain 
products and services, hire more

638
00:38:04,560 --> 00:38:07,320
people, and so they wind up 
being less productive. 

639
00:38:07,800 --> 00:38:10,400
And so even higher taxes on less
productivity, you get to the 

640
00:38:10,400 --> 00:38:12,040
same spot. 
It doesn't really same gap, 

641
00:38:12,240 --> 00:38:13,000
right? 
Yeah. 

642
00:38:13,160 --> 00:38:14,040
Exactly. 
OK. 

643
00:38:14,560 --> 00:38:17,160
And then the third thing you 
could do is just issue more 

644
00:38:17,160 --> 00:38:20,080
debt. 
If you just borrow more than you

645
00:38:20,080 --> 00:38:26,320
can borrow more pay off pay off,
pay off the the the that now 

646
00:38:26,320 --> 00:38:29,960
listen remember you you not only
do you have that that spending 

647
00:38:29,960 --> 00:38:33,480
gap but you also have bonds that
are that are maturing that 

648
00:38:33,480 --> 00:38:36,560
you've got to pay for as well. 
So that like that all that. 

649
00:38:37,000 --> 00:38:39,440
Ends up you have to issue more 
debt. 

650
00:38:39,960 --> 00:38:42,160
It's the easiest thing to do. 
You just borrow more. 

651
00:38:42,160 --> 00:38:44,080
You raise the debt ceiling. 
You raise the debt ceiling. 

652
00:38:44,080 --> 00:38:45,920
You raise the debt ceiling. 
You just keep borrowing more, 

653
00:38:45,920 --> 00:38:50,480
borrowing more, borrowing more 
and so you and but the issue 

654
00:38:50,480 --> 00:38:53,160
there is from when you get 
especially when you get into 

655
00:38:53,160 --> 00:38:56,800
situations now where we printed 
a lot of money during the the 

656
00:38:56,800 --> 00:39:02,480
COVID downturn and we flooded 
the the banks and the system 

657
00:39:02,480 --> 00:39:08,040
with. 5.5 almost $6 trillion 
worth of of of extra money. 

658
00:39:08,520 --> 00:39:11,640
Well then we have inflation. 
Well then we have to raise 

659
00:39:11,640 --> 00:39:13,520
interest rates to battle that 
inflation. 

660
00:39:13,760 --> 00:39:18,080
So as the as the the central 
bank as the Fed raises interest 

661
00:39:18,080 --> 00:39:21,400
rates, what does that do? 
Well, the Treasuries out there 

662
00:39:21,400 --> 00:39:24,400
issuing bonds now, they're 
issuing bonds at a higher 

663
00:39:24,400 --> 00:39:27,760
interest rate than they were 
just two years ago, And so as 

664
00:39:27,760 --> 00:39:31,360
these bonds mature. 
And they have to issue bonds at 

665
00:39:31,360 --> 00:39:33,520
a higher interest rate. 
Well, now their interest expense

666
00:39:33,520 --> 00:39:35,480
goes up. 
So the interest expense last 

667
00:39:35,480 --> 00:39:40,520
year was under a trillion 
dollars and now it's it, it was,

668
00:39:40,720 --> 00:39:47,240
it was maybe $300 billion net 
350, now it's about $700 billion

669
00:39:47,720 --> 00:39:49,960
net. 
So like the the analogy, there's

670
00:39:50,160 --> 00:39:52,640
of course if you have a credit 
card, so you take another credit

671
00:39:52,640 --> 00:39:55,240
card, pay off the other, and you
go on and on and on, you're 

672
00:39:55,240 --> 00:39:58,480
basically the the subject of 
your own Ponzi in a. 

673
00:39:58,760 --> 00:40:01,160
In a sense, that's right. 
So if you're. 

674
00:40:01,200 --> 00:40:04,080
Yeah, if you're a yeah, if 
you're a single parent and 

675
00:40:04,080 --> 00:40:07,080
you're trying to make it through
and you've got your your 

676
00:40:07,080 --> 00:40:09,880
mandatory expenses of your 
mortgage and your car payment 

677
00:40:09,880 --> 00:40:12,240
and your you've got to pay for 
gas and food, you've got kids, 

678
00:40:12,240 --> 00:40:13,520
you got to put clothes on their 
back. 

679
00:40:13,960 --> 00:40:17,120
And so those are mandatory. 
And if you're if you're if 

680
00:40:17,120 --> 00:40:20,080
you're not able to make enough 
money to pay for all that you 

681
00:40:20,080 --> 00:40:23,440
have to you, you do whatever you
do you you can do, you take out 

682
00:40:23,440 --> 00:40:27,760
a credit card, then you wind up.
You, you wind up filling up that

683
00:40:27,760 --> 00:40:29,840
credit card, maxing it out, and 
then you have to take out 

684
00:40:29,840 --> 00:40:32,080
another credit card and then you
actually take out another card 

685
00:40:32,080 --> 00:40:35,640
and the interest expense gets so
big that now all of your income 

686
00:40:35,640 --> 00:40:38,000
is going towards the interest 
expense and you're in this debt 

687
00:40:38,000 --> 00:40:39,800
spiral. 
And that's where we are. 

688
00:40:40,000 --> 00:40:45,360
We're mathematically there in 
the United States where our debt

689
00:40:45,400 --> 00:40:50,320
has gone up from 31 1/2 trillion
dollars last year to 33.7 

690
00:40:50,320 --> 00:40:52,520
trillion. 
Actually, it's only it's it's in

691
00:40:52,520 --> 00:40:54,160
just a few months, like 5 
months. 

692
00:40:54,160 --> 00:40:58,200
It's gone up over 2.2 trillion, 
$2.3 trillion in just four or 

693
00:40:58,200 --> 00:40:59,800
five months. 
So. 

694
00:41:02,000 --> 00:41:05,680
Amounts, right. 
Like how it's unfathomable how 

695
00:41:05,680 --> 00:41:09,240
much that is. 
So people say, yeah, yeah, but 

696
00:41:09,240 --> 00:41:11,840
our GDP is going up. 
Well, yes, our GDP is going up 

697
00:41:11,840 --> 00:41:14,880
because of inflation. 
Our tax revenue is not going. 

698
00:41:14,880 --> 00:41:16,760
To that's a good point. 
Sorry to interrupt, but that's a

699
00:41:16,760 --> 00:41:19,160
good point, right, because in 
the beginning we set prices and 

700
00:41:19,160 --> 00:41:22,800
value and so, so the GDP goes up
in the numbers you see. 

701
00:41:23,360 --> 00:41:27,760
But if all the numbers go up, 
then that's right. 

702
00:41:28,240 --> 00:41:30,720
That doesn't really. 
Matter, right this The gap is 

703
00:41:30,720 --> 00:41:33,440
still growing. 
The debt is still growing faster

704
00:41:33,440 --> 00:41:35,880
than than our GDP and tax 
revenue. 

705
00:41:35,880 --> 00:41:39,520
And so the issue there is that 
as it grows more and more, it's 

706
00:41:39,520 --> 00:41:41,640
unsustainable. 
I don't know when it breaks. 

707
00:41:41,640 --> 00:41:45,000
Not tomorrow, not next year not 
the year after. 

708
00:41:45,000 --> 00:41:48,360
But it it eventually is just 
gets to the debt burden gets to 

709
00:41:48,360 --> 00:41:50,720
be too big. 
And so going back to what we 

710
00:41:50,720 --> 00:41:55,080
talked about at the beginning of
our conversation was then people

711
00:41:55,080 --> 00:41:58,080
start to lose confidence in the 
dollar at some point. 

712
00:41:58,080 --> 00:42:00,520
I'm not saying that's happening 
today or tomorrow because the 

713
00:42:00,520 --> 00:42:02,840
dollar is still going to swallow
other currencies. 

714
00:42:03,080 --> 00:42:09,640
We're watching happen last night
you know you had you had a yeah 

715
00:42:09,640 --> 00:42:14,960
in Argentina you got to win the 
Argentinian election and now is 

716
00:42:14,960 --> 00:42:21,120
saying that he wants to abolish 
the central bank and and fix 

717
00:42:21,120 --> 00:42:26,600
their finances and and go on the
US dollar as their as their 

718
00:42:26,720 --> 00:42:28,920
currency, as their reserve 
currency. 

719
00:42:28,920 --> 00:42:32,960
Well, the issue there is it's 
going to be very painful for 

720
00:42:32,960 --> 00:42:35,840
them. 
But the dollar that basically 

721
00:42:35,840 --> 00:42:39,920
just swallowed Argentina then 
and this is going to, this is 

722
00:42:39,920 --> 00:42:42,560
going to happen over and over 
and over again. 

723
00:42:43,120 --> 00:42:46,560
And so the dollar will continue 
to to to exist. 

724
00:42:46,600 --> 00:42:49,480
But you can see how this game is
just going to continue. 

725
00:42:49,800 --> 00:42:50,560
OK. 
Yeah. 

726
00:42:51,160 --> 00:42:53,200
But so this is, I think, two 
things. 

727
00:42:53,200 --> 00:42:56,920
Like he wants the dollar because
it's less worse than the 

728
00:42:57,200 --> 00:43:00,760
Argentinian peso, right? 
I also read something about, you

729
00:43:00,840 --> 00:43:02,760
know, this is a different 
conversation, but how about you?

730
00:43:02,760 --> 00:43:05,560
Can he? 
He could dollarize before he de 

731
00:43:05,560 --> 00:43:07,600
dollarizes again or something 
like that, right? 

732
00:43:07,600 --> 00:43:12,920
Just to fail or or make sure 
that the the the damage of the 

733
00:43:12,920 --> 00:43:17,000
peso, the Argentinian peso is 
not, you know, going to be more 

734
00:43:17,480 --> 00:43:19,280
what you just said about the 
depth spiral, right? 

735
00:43:19,280 --> 00:43:23,720
It's like you want to have more 
depth so you can stay afloat 

736
00:43:23,800 --> 00:43:27,800
basically. 
But there's two things, I think 

737
00:43:27,800 --> 00:43:30,680
if we go back to the analogy of 
the credit card, you slowly see 

738
00:43:30,680 --> 00:43:33,240
that not everyone wants to give 
you a credit card anymore, 

739
00:43:33,240 --> 00:43:35,040
right? 
Or it becomes harder to get a 

740
00:43:35,040 --> 00:43:38,120
credit card. 
So you need different, different

741
00:43:38,120 --> 00:43:41,000
rates, right, to actually get a 
new credit card to pay off the 

742
00:43:41,040 --> 00:43:42,960
old stuff. 
But also what you mentioned is 

743
00:43:44,120 --> 00:43:47,720
if. 
I don't know, like the the 

744
00:43:47,720 --> 00:43:49,840
points on the credit card would 
be a currency. 

745
00:43:49,840 --> 00:43:52,840
Then there's also people who 
don't want to pay with that 

746
00:43:52,840 --> 00:43:55,720
currency anymore, right. 
So there's basically 22 problems

747
00:43:55,720 --> 00:43:58,280
where in Argentina, well, they 
would want the dollar because 

748
00:43:58,280 --> 00:44:03,280
the peso is way, way, way worse.
But in BRICS area, I just read 

749
00:44:03,280 --> 00:44:07,600
something about, I think China 
and Saudi Arabia or something 

750
00:44:07,600 --> 00:44:10,360
like they're going to exchange 
trades, which is not in the 

751
00:44:10,360 --> 00:44:12,880
dollar, so they are. 
So the dollar is being ditched 

752
00:44:12,880 --> 00:44:16,480
in some places as. 
The tradable currency, but 

753
00:44:16,480 --> 00:44:22,040
there's also less trust in the 
paying off of the debt. 

754
00:44:22,360 --> 00:44:26,600
And the reason for that is that 
we look, this is all 

755
00:44:26,600 --> 00:44:31,400
geopolitical stuff and so 
they're BRICS knows they're not 

756
00:44:31,400 --> 00:44:33,880
going to create a currency 
tomorrow that rivals the dollar.

757
00:44:33,880 --> 00:44:36,120
That's not the point. 
They just want to minimize the 

758
00:44:36,120 --> 00:44:40,160
amount of treasuries they have 
to own while they while when 

759
00:44:40,160 --> 00:44:43,040
they have to make across border 
trade. 

760
00:44:43,040 --> 00:44:46,280
So if they don't have to do 
their non energy trade in 

761
00:44:46,280 --> 00:44:50,920
dollars that helps them because 
they don't have to go buy U.S. 

762
00:44:50,920 --> 00:44:53,880
Treasuries and why do they not 
want to buy treasuries. 

763
00:44:53,880 --> 00:44:57,160
They're looking at our our 
balance sheet growing and 

764
00:44:57,160 --> 00:45:00,360
they're seeing this the the the 
amount of debt that's just 

765
00:45:00,360 --> 00:45:03,480
expanding so rapidly that they 
don't they don't want to be 

766
00:45:03,480 --> 00:45:07,440
sitting on something they know. 
So going back to the the debt 

767
00:45:07,440 --> 00:45:10,360
spiral, there's the fourth 
option. 

768
00:45:10,960 --> 00:45:17,040
After you issue more debt, what 
you do, you introduce inflation.

769
00:45:17,040 --> 00:45:21,360
You allow inflation. 
You actually want to you, you, 

770
00:45:21,480 --> 00:45:25,520
you want to have inflation. 
You want to create inflation. 

771
00:45:26,000 --> 00:45:29,120
Because then you create those 
nominal dollars. 

772
00:45:29,280 --> 00:45:34,200
Like you just said, it's fake. 
GDPGDP goes up, but it's fake. 

773
00:45:34,200 --> 00:45:36,640
It's in dollars that are worth 
way less than when you issue 

774
00:45:36,760 --> 00:45:39,560
that debt. 
So this is what we saw happen 

775
00:45:40,360 --> 00:45:46,280
out in Greece, right. 
So eventually the, the people 

776
00:45:46,280 --> 00:45:51,040
who own Greek debt, they they 
they when they when Greece 

777
00:45:51,040 --> 00:45:53,400
wanted to issue more debt, it 
was at a higher interest rate 

778
00:45:53,400 --> 00:45:55,160
and then a higher interest rate 
and a higher interest rate 

779
00:45:55,160 --> 00:45:57,520
because people just stopped 
trusting it. 

780
00:45:57,960 --> 00:46:01,120
And so eventually they had to, 
you know, they had to have an 

781
00:46:01,120 --> 00:46:04,080
austerity program, they had to 
reset and it was ugly. 

782
00:46:04,880 --> 00:46:09,600
And so people lost life savings 
banks took money from them. 

783
00:46:10,080 --> 00:46:12,560
A lot of their deposits they 
just seized their deposits and 

784
00:46:12,560 --> 00:46:15,200
it was so it was it was ugly and
those are the things that 

785
00:46:15,200 --> 00:46:20,520
happened and so but that and 
that is the ultimately the issue

786
00:46:20,840 --> 00:46:25,920
exactly where the confidence is 
lost when that happens in the 

787
00:46:25,920 --> 00:46:28,520
United States. 
Again I don't know but it is 

788
00:46:28,520 --> 00:46:32,440
that is a big red flag what you 
just mentioned that the BRICS 

789
00:46:32,720 --> 00:46:37,640
nations are trying to trade with
each other and and I I I think 

790
00:46:37,640 --> 00:46:40,240
what I saw and I haven't read 
the article yet, it's been a 

791
00:46:40,240 --> 00:46:43,360
busy day but I think what I saw 
was that they're doing about a 

792
00:46:43,360 --> 00:46:46,880
$6 billion transaction in not. 
One of main goods, right. 

793
00:46:48,120 --> 00:46:50,960
And so that makes sense that 
Saudi Arabia's not going to 

794
00:46:50,960 --> 00:46:55,160
cause an uproar doing you know 
oil trades and agreed to do oil 

795
00:46:55,160 --> 00:47:00,280
trades in in non-us dollar that 
that would be it would it would 

796
00:47:00,280 --> 00:47:05,920
cause a lot of tension but doing
minimizing the amount of of 

797
00:47:05,920 --> 00:47:07,400
treasuries they have to hold 
makes sense. 

798
00:47:07,680 --> 00:47:10,920
There's another reason for it. 
I mean when you're when you're a

799
00:47:11,040 --> 00:47:18,000
non ally close ally of the 
United States and you hold 

800
00:47:18,000 --> 00:47:22,800
treasuries you're not sure if we
don't just seize those or stop 

801
00:47:22,800 --> 00:47:26,200
you being able to make payments 
on on the SWIFT network because 

802
00:47:26,200 --> 00:47:29,200
we decide that well you've done 
something we don't agree with. 

803
00:47:29,880 --> 00:47:32,800
And of course in invading 
Ukraine and killing people 

804
00:47:32,800 --> 00:47:36,920
that's that's off there's no 
there's no way to to frame that 

805
00:47:36,920 --> 00:47:39,680
positively. 
But when you have this essential

806
00:47:39,680 --> 00:47:44,880
bank says that we're going to 
freeze your assets, then it it 

807
00:47:45,440 --> 00:47:50,440
the unfortunately in game 
theory, it makes countries who 

808
00:47:50,440 --> 00:47:54,000
are not our close allies. 
Yeah, they don't wanna play. 

809
00:47:54,760 --> 00:47:58,920
Think twice about accumulating 
treasuries, which is quite, 

810
00:47:58,920 --> 00:48:02,280
quite the reason that China is 
not out there accumulating 

811
00:48:02,280 --> 00:48:05,400
treasuries anymore. 
It's a big reason for that. 

812
00:48:06,040 --> 00:48:10,360
So, yeah, so that's that's kind 
of where we're at. 

813
00:48:10,640 --> 00:48:12,720
But yeah, it's very. 
Big. 

814
00:48:13,520 --> 00:48:16,960
It's a very so you go from this 
little thing of Bitcoin to you 

815
00:48:17,320 --> 00:48:21,320
understand like, wow, this. 
The system is really is is 

816
00:48:21,320 --> 00:48:24,320
perverse. 
It's damaged, it's manipulated 

817
00:48:24,600 --> 00:48:28,080
and it benefits just a few 
people at the top and it's and 

818
00:48:28,080 --> 00:48:32,280
it's it's all about control. 
And and yeah, would you say it 

819
00:48:32,320 --> 00:48:36,880
also became? 
Worse, after America went off 

820
00:48:36,880 --> 00:48:40,320
this gold standard, because also
gold right is made through 

821
00:48:40,320 --> 00:48:44,000
energy in the ground by the 
nature's forces, right? 

822
00:48:44,000 --> 00:48:47,840
So in some way and you've got to
go spend money to go mine it and

823
00:48:47,840 --> 00:48:49,400
get it out. 
Exactly. 

824
00:48:49,400 --> 00:48:51,480
So the the proof of work. 
And that's right. 

825
00:48:51,840 --> 00:48:54,760
Like is is this where we are 
now? 

826
00:48:54,760 --> 00:49:00,560
Is this the result of that? 
Or is that too, too too simple 

827
00:49:00,560 --> 00:49:04,280
to say that oh. 
We're introduction of the Fiat 

828
00:49:04,280 --> 00:49:06,640
money. 
It's absolutely that it's it's 

829
00:49:06,640 --> 00:49:12,240
caused by the the the US coming 
off the gold standard and 

830
00:49:12,240 --> 00:49:14,760
allowing the central bank to 
manipulate currency the way it 

831
00:49:14,760 --> 00:49:17,160
has. 
We shouldn't have such drastic 

832
00:49:18,400 --> 00:49:23,080
recessions and expansions, but 
we do because of the 

833
00:49:23,080 --> 00:49:25,960
manipulation of interest rates 
and and availability of capital.

834
00:49:26,440 --> 00:49:30,560
And so and so as we continue to 
have that, it only gets worse 

835
00:49:30,560 --> 00:49:32,760
and worse. 
And you see these contractions 

836
00:49:32,760 --> 00:49:37,160
and expansions, they they they 
get almost violent and so 

837
00:49:38,400 --> 00:49:40,720
absolutely. 
And that's and that's kind of 

838
00:49:40,720 --> 00:49:43,440
where we're at. 
So when when you look at 

839
00:49:43,440 --> 00:49:51,440
Bitcoin, my belief is that 
Bitcoin first becomes like 

840
00:49:51,440 --> 00:49:54,000
digital gold. 
That's the first step. 

841
00:49:54,200 --> 00:49:58,440
We it doesn't go to the step of 
OK, now it's the reserve asset 

842
00:49:58,480 --> 00:50:02,040
money it's it's perfect money 
it's it's got multiple layers 

843
00:50:02,040 --> 00:50:05,440
and lightning that it it doesn't
just happen overnight. 

844
00:50:05,720 --> 00:50:08,960
The first thing that has to 
happen is for people to broadly 

845
00:50:08,960 --> 00:50:12,400
understand it in the investment 
community, not just on the 

846
00:50:12,400 --> 00:50:14,680
ground in places where they're 
trying to protect their money 

847
00:50:15,600 --> 00:50:19,680
like the the countries that 
we've listed the the small, the 

848
00:50:19,800 --> 00:50:23,120
the Lebanon's and the 
Venezuelans and and you know the

849
00:50:24,200 --> 00:50:26,560
went. 
Once you get to the point where 

850
00:50:27,320 --> 00:50:31,760
in my belief is that once you 
get to the point where you have 

851
00:50:32,280 --> 00:50:38,480
broad, broad understanding in 
institutions all the way down to

852
00:50:38,480 --> 00:50:41,400
individuals, that's where it 
becomes digital gold. 

853
00:50:41,480 --> 00:50:45,480
And that's the major first step.
And when it has enough, it has 

854
00:50:45,480 --> 00:50:49,280
enough value in it. 
The the, the market value of 

855
00:50:49,280 --> 00:50:53,880
Bitcoin, of the network, It has 
enough money in it to to dampen 

856
00:50:53,880 --> 00:50:56,560
that volatility. 
That's when it becomes a true 

857
00:50:56,560 --> 00:51:00,320
store value and then it. 
Then it can really grow from 

858
00:51:00,320 --> 00:51:03,040
there. 
Yeah, before we talk about that 

859
00:51:03,040 --> 00:51:05,280
further, I had one one question 
to ask you about like the 

860
00:51:05,440 --> 00:51:07,920
current situation. 
Also one of the things why I 

861
00:51:08,320 --> 00:51:11,160
actually moved more of what I 
had into Bitcoin. 

862
00:51:11,160 --> 00:51:13,560
You you. 
I saw an article of you that 

863
00:51:13,560 --> 00:51:17,320
talked about. 
How the bank deposits are 

864
00:51:17,320 --> 00:51:20,920
decreasing. 
And one of the topics I talk a 

865
00:51:20,920 --> 00:51:23,960
lot about with people is that 
the money in the bank is not 

866
00:51:23,960 --> 00:51:25,560
yours. 
That's what I learned when I was

867
00:51:25,600 --> 00:51:28,360
30 and had a mortgage and was 
working at a bank actually. 

868
00:51:28,480 --> 00:51:31,760
And a colleague told me and 
explained to me how how the 

869
00:51:31,760 --> 00:51:34,280
fractional reserve banking 
works, Right. 

870
00:51:34,320 --> 00:51:37,240
And so the money in the bank is 
not even yours. 

871
00:51:37,640 --> 00:51:40,560
If you have money in the bank 
and you believe that they have 

872
00:51:40,560 --> 00:51:42,920
it, it's probably not even 
there. 

873
00:51:43,400 --> 00:51:47,640
Which is. 
Even crazier, I'd say, and I saw

874
00:51:47,640 --> 00:51:51,800
your article and I wanted to ask
you, why are the bank deposits 

875
00:51:51,800 --> 00:51:56,760
decreasing and what does it mean
for, you know, this podcast is 

876
00:51:56,760 --> 00:52:00,160
geared toward my, my millennial 
peers, you know, who want to 

877
00:52:00,160 --> 00:52:04,040
invest and save. 
How does this impact them? 

878
00:52:04,040 --> 00:52:07,320
And also then perhaps like how 
does it correlate to what we 

879
00:52:07,320 --> 00:52:13,000
just talked about with the, 
yeah, the recent drawdown in in 

880
00:52:13,320 --> 00:52:16,040
bank deposits is pretty simple. 
People are taking money out of 

881
00:52:16,040 --> 00:52:19,520
the bank and they're putting 
them in into money markets and 

882
00:52:19,520 --> 00:52:23,640
CDs where they're investing in 
money in in treasury basically 

883
00:52:23,640 --> 00:52:26,400
or T-bills. 
And so they're they come out of 

884
00:52:26,400 --> 00:52:29,560
there, they go into investment 
accounts that that are that are 

885
00:52:29,560 --> 00:52:31,840
generating an interest. 
Why are they doing that? 

886
00:52:32,360 --> 00:52:36,560
Because the banks are being 
piggy and they're refusing to to

887
00:52:36,560 --> 00:52:38,360
raise the interest rate on 
deposits. 

888
00:52:38,960 --> 00:52:42,960
So remember, the banks borrow 
from the short end and lend on 

889
00:52:42,960 --> 00:52:46,880
the long end of the curve. 
And So what we have seen is that

890
00:52:46,880 --> 00:52:50,400
the long end of the curve has 
been lower than the short end, 

891
00:52:50,880 --> 00:52:58,320
but the banks have been refusing
to move the deposit rates up in 

892
00:52:58,320 --> 00:53:01,000
line with Fed funds. 
So it used to. 

893
00:53:01,000 --> 00:53:02,880
Be the interest that consumers 
get. 

894
00:53:02,880 --> 00:53:04,240
You mean? 
Yeah, exactly. 

895
00:53:04,240 --> 00:53:07,120
So you put money in a bank and 
you you get your paycheck. 

896
00:53:07,760 --> 00:53:10,720
You loan it to the bank. 
You you you loan it to the bank.

897
00:53:10,720 --> 00:53:13,000
You put it, you put it, it gets 
deposited into the. 

898
00:53:13,000 --> 00:53:15,160
You don't even get to see it. 
Your your company sends it to 

899
00:53:15,160 --> 00:53:17,360
the bank and puts on the deposit
in the bank. 

900
00:53:17,920 --> 00:53:21,400
And you know, let's say it's 
$10,000. 

901
00:53:21,400 --> 00:53:23,320
Well, there's a few things that 
go on here. 

902
00:53:23,320 --> 00:53:26,520
First of all, assume that's 
$10,000 after taxes. 

903
00:53:27,040 --> 00:53:30,960
If you get that paycheck it goes
in, there's $10,000 after taxes.

904
00:53:31,440 --> 00:53:34,000
If you want that money, will 
you? 

905
00:53:34,120 --> 00:53:37,040
The bank has to notify the 
government that you took you're 

906
00:53:37,040 --> 00:53:40,200
$10,000 from the bank. 
OK, that's. 

907
00:53:41,080 --> 00:53:44,280
Start with your risk taking and 
energy expenditure. 

908
00:53:44,760 --> 00:53:47,480
They have a clear, they have a 
clear, you know, line. 

909
00:53:48,720 --> 00:53:50,920
Yeah, exactly. 
Of transaction. 

910
00:53:50,920 --> 00:53:53,840
And do you want that money? 
They have to first they have to 

911
00:53:53,840 --> 00:53:56,920
tell the US government that why?
And then they'll ask you a bunch

912
00:53:56,960 --> 00:53:58,840
of like, why do you need this 
money, what are you doing with 

913
00:53:58,840 --> 00:54:01,200
it, you know? 
And so that's that. 

914
00:54:01,520 --> 00:54:05,760
And then the second thing is 
that money goes in there and 

915
00:54:05,760 --> 00:54:08,400
you're you should be making an 
interest on that because you're 

916
00:54:08,400 --> 00:54:10,920
loaning it to the bank, you're 
loaning that money to the bank 

917
00:54:10,920 --> 00:54:12,600
and they're going to use it for 
their purposes. 

918
00:54:12,600 --> 00:54:15,800
So but they're paying more. 
Exactly. 

919
00:54:15,800 --> 00:54:20,520
They're not even paying you like
half a percent on that like .2% 

920
00:54:20,520 --> 00:54:23,120
or something on the on the like.
It's it's abysmal. 

921
00:54:23,120 --> 00:54:26,400
It's it's almost criminal. 
And so if you're not 

922
00:54:26,400 --> 00:54:28,920
understanding that and you just 
have money sitting in the bank 

923
00:54:28,920 --> 00:54:33,080
and you don't think about this, 
you're being robbed and you 

924
00:54:33,080 --> 00:54:36,240
didn't even realize it. 
So, but people are waking up. 

925
00:54:36,840 --> 00:54:39,920
I think this is the biggest 
thing people need to understand 

926
00:54:39,920 --> 00:54:43,800
now. 
Like the the they wake me up few

927
00:54:43,800 --> 00:54:45,600
ways. 
They don't want their money in 

928
00:54:45,600 --> 00:54:49,320
the bank because they saw what 
happened in Silicon Valley. 

929
00:54:49,320 --> 00:54:53,440
So you saw Bitcoin really rise 
in value when Silicon Valley 

930
00:54:53,440 --> 00:54:57,040
bank went under and you there 
was a lot of talk of other banks

931
00:54:57,040 --> 00:54:59,920
going under. 
So you saw Bitcoin go up and 

932
00:54:59,960 --> 00:55:01,720
people were taking money out of 
the bank and putting it in 

933
00:55:01,720 --> 00:55:04,640
Bitcoin and saying I don't care 
if it's volatile, at least I 

934
00:55:04,640 --> 00:55:06,360
know. 
That's also how I view it. 

935
00:55:06,360 --> 00:55:09,200
Moving the wealth, not. 
You're not buying Bitcoin, 

936
00:55:09,200 --> 00:55:12,080
you're taking what you own from 
system A, storing it. 

937
00:55:12,080 --> 00:55:14,880
Else for system B, yes, exactly.
You're storing it elsewhere and 

938
00:55:14,880 --> 00:55:17,920
yes, it's volatile to get in and
out, but at least it's not going

939
00:55:17,920 --> 00:55:20,920
to 0 in my belief. 
Yeah. 

940
00:55:20,920 --> 00:55:23,560
And then the second thing is 
the, the deposits are being 

941
00:55:23,560 --> 00:55:25,600
drawn down with people who want 
to stay in the traditional 

942
00:55:25,600 --> 00:55:30,200
system and being moved into into
treasuries via the money market 

943
00:55:30,200 --> 00:55:31,120
accounts. 
Yeah. 

944
00:55:31,120 --> 00:55:34,560
So that's why the US Treasury is
borrowing on the on the short 

945
00:55:34,560 --> 00:55:35,800
end of the curve. 
They're borrowing and borrowing 

946
00:55:35,800 --> 00:55:38,560
and borrowing and using T-bills.
They're they're auctioning off 

947
00:55:38,560 --> 00:55:42,160
T-bills because they can use 
that money for T-bills basically

948
00:55:42,160 --> 00:55:46,200
in the money markets. 
Yeah, and so yeah, yeah, this 

949
00:55:46,200 --> 00:55:49,080
topic, I'm very adamant about 
it, like this specific part, 

950
00:55:49,080 --> 00:55:53,520
because I try to not talk about 
Bitcoin then, but just share 

951
00:55:53,520 --> 00:55:55,880
this exact. 
Part what we just talked about 

952
00:55:55,880 --> 00:55:58,120
right like the money in a bank 
is not yours. 

953
00:55:58,200 --> 00:56:02,360
If you want what you think you 
own, they will ask you questions

954
00:56:02,360 --> 00:56:05,120
like what do you think about 
that you know? 

955
00:56:05,160 --> 00:56:08,560
And I've talked to friends also 
said this a few times on the 

956
00:56:08,560 --> 00:56:11,560
podcast like I have some friends
who have a lot of money. 

957
00:56:11,560 --> 00:56:15,400
They are not bitcoiners and they
don't see a problem that I don't

958
00:56:15,440 --> 00:56:18,000
know if they want to take 100K 
cash from the bank. 

959
00:56:18,000 --> 00:56:20,680
I had that as an example right? 
And I said like, well, if you 

960
00:56:20,680 --> 00:56:23,240
would want to do that, like. 
Do you think you would get it? 

961
00:56:23,240 --> 00:56:25,680
And then my friend said, well, 
maybe I have to wait two days, 

962
00:56:25,680 --> 00:56:27,920
but that's more like a nuisance 
or something. 

963
00:56:27,960 --> 00:56:31,240
And it's just so like he's very 
smart and I admire him, you 

964
00:56:31,240 --> 00:56:33,920
know, And it's just he just sees
it as a nuisance. 

965
00:56:33,920 --> 00:56:36,480
And then I just kind of say 
like, well, if you see it as a 

966
00:56:36,480 --> 00:56:39,760
nuisance, then there's not much 
else we can talk about, right? 

967
00:56:39,760 --> 00:56:43,600
Like for me, it's kind of like 
the first step of the of the 

968
00:56:43,600 --> 00:56:47,400
bigger problem that you actually
experienced experience and see 

969
00:56:47,400 --> 00:56:52,120
that a third party has control 
over that what you earned. 

970
00:56:52,560 --> 00:56:55,720
That's right. 
And that you've conceded control

971
00:56:55,720 --> 00:56:57,600
of that? 
Exactly, Yeah. 

972
00:56:57,760 --> 00:57:00,600
So you're not a sovereign 
individual anymore and and all 

973
00:57:00,600 --> 00:57:03,840
these things and that doesn't 
even talk about Bitcoin. 

974
00:57:03,840 --> 00:57:08,600
That's just trying to understand
like how the current system 

975
00:57:08,960 --> 00:57:10,800
works. 
But again, you know if. 

976
00:57:12,400 --> 00:57:15,800
On paper you see it and if you 
want to send me 100K you can do 

977
00:57:15,800 --> 00:57:17,320
it. 
You you will by the way still 

978
00:57:17,320 --> 00:57:19,720
get a call probably. 
Why are you doing that, you know

979
00:57:19,720 --> 00:57:24,400
so it still works like it's not 
really it's not really broken in

980
00:57:24,400 --> 00:57:26,440
that sense for them. 
So I I find that like an 

981
00:57:26,440 --> 00:57:30,480
interesting like topic to to 
start talking about and see you 

982
00:57:30,480 --> 00:57:32,560
know how that resonates with 
with people. 

983
00:57:32,960 --> 00:57:36,160
So if we talked about this, how 
do we transition to Bitcoin? 

984
00:57:36,160 --> 00:57:40,200
Like how does Bitcoin offer a 
solution for how that current 

985
00:57:40,200 --> 00:57:44,840
system works? 
Well, long, long, long term it 

986
00:57:44,840 --> 00:57:51,480
offers a a reserve asset that 
currencies can be pegged against

987
00:57:52,000 --> 00:57:54,800
and that can be can be 
transferred for. 

988
00:57:55,320 --> 00:58:01,360
So you can redeem your your 
money certificates for that for 

989
00:58:01,560 --> 00:58:05,080
Bitcoin rather than just another
currency. 

990
00:58:05,760 --> 00:58:10,120
And so that's the. 
Money certificate and that's the

991
00:58:10,120 --> 00:58:13,040
point right. 
So that's it you could it's that

992
00:58:13,040 --> 00:58:17,280
certificate you can take and say
I want my I want Bitcoin and 

993
00:58:17,280 --> 00:58:21,880
they you know and so and that's 
and that's really the that's the

994
00:58:21,880 --> 00:58:26,040
ultimate I think that's the 
ultimate end game where it 

995
00:58:26,040 --> 00:58:31,360
becomes Bitcoin becomes the 
global reserve asset and it it 

996
00:58:31,360 --> 00:58:33,880
it, it won't be gold. 
Gold is is too difficult to 

997
00:58:33,880 --> 00:58:35,560
transfer it's too difficult to 
audit. 

998
00:58:35,560 --> 00:58:40,400
It's too difficult to trust that
that you know a a bank, a 

999
00:58:40,400 --> 00:58:44,400
central bank has the right 
amount of gold in its vaults 

1000
00:58:44,840 --> 00:58:48,360
that it's not counterfeit. 
It's just hard where is Bitcoin?

1001
00:58:48,360 --> 00:58:52,120
You can see the transactions, 
the the addresses. 

1002
00:58:52,120 --> 00:58:56,360
You can see everything in the 
wallets and you'd know and so 

1003
00:58:56,800 --> 00:59:02,800
that that makes it ultimately 
the the I, I believe in the 

1004
00:59:02,800 --> 00:59:06,160
future and the global reserve 
asset when we get there, it's 

1005
00:59:06,160 --> 00:59:07,960
going to be a long time. 
It's going to be a very long 

1006
00:59:07,960 --> 00:59:09,600
time. 
I don't think we get there in 10

1007
00:59:09,600 --> 00:59:12,040
years or 15 years. 
It's going to be decades. 

1008
00:59:12,040 --> 00:59:18,200
But you may see it, you know, I 
may see it, I may see it it it's

1009
00:59:18,200 --> 00:59:21,680
possible. 
But but between now and then I 

1010
00:59:21,680 --> 00:59:25,200
still do believe that that's the
the ultimate, the the the 

1011
00:59:25,200 --> 00:59:31,920
ultimate next step is going to 
be the the digital gold step and

1012
00:59:31,920 --> 00:59:34,560
people believing in it. 
But once you have that belief, 

1013
00:59:35,360 --> 00:59:40,200
then then it can. 
It can start expanding and and 

1014
00:59:40,200 --> 00:59:42,440
becoming a much more than than 
just that. 

1015
00:59:43,160 --> 00:59:47,800
Well the step to trading, 
trading it as a money will be 

1016
00:59:48,360 --> 00:59:53,160
way smaller I think. 
Like if people are start to view

1017
00:59:53,160 --> 00:59:57,960
it as not storing my wealth in 
system A but I'm storing it in. 

1018
00:59:58,480 --> 01:00:02,960
In this new system that is 
provably more, yeah, easier to 

1019
01:00:02,960 --> 01:00:05,960
use, more transparent, 
ultimately transparent, I would 

1020
01:00:05,960 --> 01:00:11,440
say 24/7, 365, audible, all all 
these things that this other 

1021
01:00:11,440 --> 01:00:14,120
system is not right, 
permissionless what we just 

1022
01:00:14,120 --> 01:00:17,200
talked about, right where 
someone else asks you why are 

1023
01:00:17,200 --> 01:00:22,960
you coming to use this money. 
It's just do you still find it 

1024
01:00:23,360 --> 01:00:25,240
difficult? 
Like I find it difficult in some

1025
01:00:25,240 --> 01:00:26,920
sense. 
Like I see all these things. 

1026
01:00:27,880 --> 01:00:31,240
But I still want to teach it and
share it with other other people

1027
01:00:31,240 --> 01:00:36,560
and still challenge myself to 
like, OK, how do I word this? 

1028
01:00:36,560 --> 01:00:40,320
Like how do I say this? 
How do I explain it so that I 

1029
01:00:40,320 --> 01:00:43,560
can kind of like retrace my own 
steps and hopefully touch 

1030
01:00:43,560 --> 01:00:46,960
someone at some point, right 
where they start pulling that 

1031
01:00:46,960 --> 01:00:50,080
thread on whatever they whatever
dimension they run into. 

1032
01:00:50,080 --> 01:00:53,680
Like how, how's that for you? 
You are in education. 

1033
01:00:53,680 --> 01:00:55,400
You have your newsletter and 
company. 

1034
01:00:55,400 --> 01:00:57,200
Like what? 
What's your biggest challenge 

1035
01:00:57,200 --> 01:01:01,720
there? 
Well, I for me, I like, like I 

1036
01:01:01,720 --> 01:01:06,200
said, I always start with the 
money and just they can't 

1037
01:01:06,200 --> 01:01:07,880
understand. 
You can't understand Bitcoin if 

1038
01:01:07,880 --> 01:01:09,800
you don't understand the money 
and how it's broken. 

1039
01:01:09,800 --> 01:01:14,600
And so for me when we sit around
and talk about the things that 

1040
01:01:14,600 --> 01:01:17,680
could be fixed with Bitcoin that
that helps. 

1041
01:01:19,080 --> 01:01:23,680
And so those are that's that's 
really what it comes down to for

1042
01:01:23,680 --> 01:01:26,840
me and when, you know, teaching 
my kids. 

1043
01:01:27,560 --> 01:01:34,320
How the system is is is not 
working for them and how it's 

1044
01:01:34,320 --> 01:01:37,960
working for some other people 
that that really opens their 

1045
01:01:38,000 --> 01:01:41,880
their mind up to understanding. 
Oh OK I understand. 

1046
01:01:42,160 --> 01:01:50,360
So the Fiat system is for the 
those old people in charge and. 

1047
01:01:51,560 --> 01:01:55,000
And Bitcoin is really for the 
next generation and that's and 

1048
01:01:55,000 --> 01:01:57,720
that's kind of the way that I 
frame it and that's it's for the

1049
01:01:57,720 --> 01:02:02,200
next generation of of wealth. 
If you view it like that and you

1050
01:02:02,200 --> 01:02:04,600
teach your kids, then I think 
you're definitely gonna see it 

1051
01:02:04,600 --> 01:02:07,600
in your lifetime. 
And I mean like they are gonna 

1052
01:02:07,600 --> 01:02:10,080
work for Fiat and they're gonna 
save in Bitcoin. 

1053
01:02:10,440 --> 01:02:11,800
That's right. 
If you taught them the right 

1054
01:02:11,800 --> 01:02:12,280
way. 
Right. 

1055
01:02:12,280 --> 01:02:14,640
So I think you will definitely 
see it. 

1056
01:02:14,640 --> 01:02:16,480
And I think that's actually 
great. 

1057
01:02:16,680 --> 01:02:19,360
You know, to go back to what we 
talked about with the different 

1058
01:02:19,360 --> 01:02:23,720
generations. 
Like your generation has the 

1059
01:02:23,720 --> 01:02:26,520
insights to already educate 
their children, right. 

1060
01:02:26,520 --> 01:02:31,320
And so your, your generation's 
children will start that, that 

1061
01:02:31,320 --> 01:02:36,560
wave I think of saving in in 
another system, which is first 

1062
01:02:36,560 --> 01:02:37,800
time I thought about that, 
actually. 

1063
01:02:37,800 --> 01:02:39,800
Very cool, yeah. 
Yeah. 

1064
01:02:39,800 --> 01:02:43,360
Since I'm Gen. 
X, my generation is like we 

1065
01:02:43,360 --> 01:02:46,400
didn't, we don't have the 
benefits that the boomers got 

1066
01:02:46,440 --> 01:02:50,880
from the Fiat system. 
So we do understand how it's 

1067
01:02:50,880 --> 01:02:53,680
broken and we're we're trying, 
we're scrambling to make sure 

1068
01:02:53,680 --> 01:02:59,640
that we retain our savings and 
and protect our wealth because 

1069
01:02:59,640 --> 01:03:03,760
it's not so much that that we 
can just sit on it and spend it 

1070
01:03:03,760 --> 01:03:05,760
until we die like the boomers, 
but. 

1071
01:03:06,880 --> 01:03:09,160
We understand that we're not 
going to have Social Security. 

1072
01:03:09,240 --> 01:03:12,120
We're not going to have the that
safety net those benefits we're 

1073
01:03:12,120 --> 01:03:14,640
we're going to have to really 
figure out a way to save. 

1074
01:03:14,640 --> 01:03:17,160
And so it means it, it means 
something to us. 

1075
01:03:17,680 --> 01:03:19,880
It it really means something to 
us. 

1076
01:03:20,240 --> 01:03:23,080
And so we're the first 
generation for to to to need it.

1077
01:03:23,600 --> 01:03:27,080
And then we're teaching the 
millennials who need it 

1078
01:03:27,080 --> 01:03:30,720
desperately, and we're teaching 
our kids, the Gen. 

1079
01:03:30,720 --> 01:03:33,560
ZS that. 
OK, you guys really need to 

1080
01:03:33,560 --> 01:03:36,600
understand how the money's 
broken and where, where, where 

1081
01:03:36,600 --> 01:03:39,320
the future is. 
So love that. 

1082
01:03:39,440 --> 01:03:41,920
All right, to end this 
conversation, the last question 

1083
01:03:41,920 --> 01:03:45,720
that I asked everyone what's a 
core belief that you will never 

1084
01:03:45,720 --> 01:03:50,440
let go? 
My core belief that I will never

1085
01:03:50,440 --> 01:03:56,720
let go, truly, it's that you can
achieve anything you set your 

1086
01:03:56,720 --> 01:04:02,720
mind to and that's. 
You know that I I've, I've 

1087
01:04:02,720 --> 01:04:06,640
always believed that and and 
though I have not achieved 

1088
01:04:06,640 --> 01:04:11,800
everything that I that I have 
set my goals on, I've gotten way

1089
01:04:11,800 --> 01:04:13,200
further than I ever thought I 
would. 

1090
01:04:13,520 --> 01:04:17,640
And so anybody who wants to do 
something, just if you put your 

1091
01:04:17,640 --> 01:04:21,680
mind to it and you do the work, 
you can get there. 

1092
01:04:22,640 --> 01:04:23,840
Awesome. 
Love that. 

1093
01:04:23,920 --> 01:04:25,640
Well, thanks so much for this 
conversation. 

1094
01:04:25,640 --> 01:04:30,360
Thanks again for coming on and I
will link to everything you do 

1095
01:04:30,360 --> 01:04:34,440
and your social accounts in the 
in the show notes so people can 

1096
01:04:34,640 --> 01:04:36,920
learn more from you. 
Just like as I learned a lot 

1097
01:04:36,920 --> 01:04:38,400
from you. 
Yeah. 

1098
01:04:38,400 --> 01:04:40,520
So thanks again and I hope to 
stay in touch. 

1099
01:04:41,480 --> 01:04:42,840
Yeah. 
Thank you so much, Brahma. 

1100
01:04:42,840 --> 01:04:45,000
It's great to be here. 
And I look forward to our next 

1101
01:04:45,000 --> 01:04:46,840
conversation. 
Cheers. 

1102
01:04:46,920 --> 01:04:50,320
Likewise, I hope you enjoyed 
this episode. 

1103
01:04:50,320 --> 01:04:53,320
If you did, it would be amazing 
if you could rate, review and 

1104
01:04:53,320 --> 01:04:55,880
subscribe on the podcast 
platform of your choice. 

1105
01:04:56,280 --> 01:04:58,840
It will help us educate more 
millennials on the importance of

1106
01:04:58,840 --> 01:05:00,840
Bitcoin. 
You can follow and connect with 

1107
01:05:00,840 --> 01:05:04,160
me on Twitter. 
I'm Brom K that's at Bramk. 

1108
01:05:04,720 --> 01:05:06,880
And if you are or know someone 
who has an interesting 

1109
01:05:06,880 --> 01:05:09,320
perspective on Bitcoin that's 
worth sharing, hit me up. 

1110
01:05:09,680 --> 01:05:11,440
I read and reply to every single
message. 

1111
01:05:11,720 --> 01:05:14,200
I appreciate your support and 
hope you'll be here for the next

1112
01:05:14,200 --> 01:05:15,680
episode. 
Thanks for listening. 

1113
01:05:15,960 --> 01:05:16,200
Bye.