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All right. 
Hey there. 

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This is from Constant and you're
listening to Bitcoin for 

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Millennials. 
Together with my guests on this 

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podcast, I go on a journey to 
discover how our current 

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financial system works, why it's
flawed, and why Bitcoin is the 

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most relevant technology that 
you, my fellow millennials, 

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should understand and adopt. 
In this episode, I'm joined by 

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Rajat Soni. 
He's a certified financial 

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advisor with 10 years of finance
industry experience dealing with

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hundreds of clients on a 
personal level. 

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As a personal finance educator 
and content creator, he 

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simplifies complicated concepts 
with weekly insights on personal

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finance, investing and Bitcoin. 
With this audience of over 

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200,000 followers across 
Instagram, X sub stack and 

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LinkedIn, I'm super excited to 
talk with him. 

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As I think people who are like 
classically schooled in finance 

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as you are, I assume you know 
who now embrace Bitcoin should 

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be applauded for, you know, this
turn around and I think we'll 

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definitely talk about that and 
I'm happy to welcome you here 

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man. 
Thank you so much. 

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I appreciate it. 
I'm a huge fan of your podcast. 

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I, I, I'm constantly listening 
to it. 

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I I haven't listened to any of 
the couple of recent episodes, 

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but I've been consistently 
listening over the last couple 

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of months or so. 
Love your. 

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Well happy happy to hear. 
Thanks for coming on. 

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Like, I love your tweets. 
So that's that's great. 

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And yeah, as mentioned like what
I what I love about Bitcoin is 

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is and especially about making a
podcast and and talking to all 

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these different types of people 
with all these different types 

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of backgrounds. 
You know, who now see Bitcoin 

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and are active in Bitcoin. 
Like I love these people who are

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like traders for 30 years on 
Wall Street, you know, who 

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really profit from a broken 
system and are now fully into 

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Bitcoin. 
Like it takes a lot of, yeah, 

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personal challenges to, you know
review your world view and then 

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see it in a different way. 
And I see that with you as well,

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right. 
Like you, you have a long, you 

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know, personal finance 
background. 

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All your tweets are about 
Bitcoin basically, which is, 

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which is amazing. 
And yeah, I just want to start 

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by asking you how, how did you 
first become interested in in 

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finance and and eventually 
Bitcoin? 

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So not too long ago, I was 
actually in a very bad financial

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position. 
I had tons of debt. 

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I didn't take care of my 
finances. 

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I was spending so much money 
just on entertainment take out. 

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I mean I didn't know what I was 
doing with my money right Maybe 

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6-7 years ago this was and then 
I started learning learning 

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about something called fire fire
financial independent retired 

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early. 
This was after I finished my the

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this was I think it was this was
during when I was doing my 

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chartered financial analyst. 
So during the, during the 

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designation, during all my 
education, I always made the 

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assumption that the US dollar 
would be the only currency, 

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right? 
You don't, you don't think of it

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from a different perspective. 
The perspective is that the US 

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dollar is the best form of 
money. 

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It will always be around. 
There's no way for it to go 

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away. 
There's no way for it to 

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collapse. 
It's always going to be here, 

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right? 
So I I've been posting about 

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personal finance, about 
investing, about stocks, about 

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real estate, all that stuff for 
about 3 years. 

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And in that time, I learned more
about money, I learned more 

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about Bitcoin, and I learned 
more about just the financial 

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system than I did during my 
entire CFA designation. 

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Like the time when I was 
studying for my CFA, right? 

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And that That's insane to think 
about, right? 

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I mean most people who do that 
CFA designation, recurring team.

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Also. 
Sorry. 

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It's a recurring team also 
across financially educated 

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people. 
Actually, yeah. 

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Yeah. 
No, that's exactly what it is, 

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right. 
I mean in in the CFA, we just 

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assume that no other asset will 
ever take over. 

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We can have real estate, we can 
have stocks, we can have all 

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that stuff. 
We can't have anything that will

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replace money, right. 
So when I when I started posting

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about personal finance but 
investing, I started getting a 

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lot of questions. 
Hey, I don't like investing in 

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stocks because this company is 
doing this or real estate is 

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almost like in my opinion. 
I mean, I've, I've grown to 

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think that real estate is almost
like exploitation, right? 

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Because you're holding 
something, you're offering it to

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someone else. 
And if they don't get it, I 

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mean, they're homeless, right? 
If you're if they're not willing

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to pay the minimum price that's 
available, they're homeless. 

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So I'm just, over time, it made 
me think, hey, do I really want 

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to be a part of this system? 
Do I really want to be thinking 

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about things this way? 
I mean, when when you start 

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diving into Bitcoin, when you 
start putting in the work to 

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understand how Bitcoin works, 
you realize that the entire 

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financial system is designed to 
take money from the people who 

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are financially illiterate, 
right? 

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If you're. 
If you don't, if you don't 

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understand how money works, if 
you keep U.S. dollars, nobody's 

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going to tell you, hey this is 
you, you're losing money, right?

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I think just now in in the time 
of social media, more people are

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realizing that this system is a 
scam. 

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Right. 
It doesn't it doesn't work the 

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way it should. 
There was there's actually a 

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book. 
I'm not I'm not sure if I can 

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mention this but this book of 
course is amazing. 

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The Fiat standard, awesome. 
It It goes through how money is 

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created in this current system. 
And then it it doesn't talk 

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about Bitcoin, but Bitcoin is 
the he had this. 

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The same author has another book
with the Bitcoin standard. 

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Both books are amazing. 
I mean they show you the flaws 

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of the current system and then 
how the the new system means to 

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fix all those flaws, right. 
So I mean in my opinion, a lot 

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of financial advisors are going 
to be coming into this. 

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A lot of financial analysts are 
going to be coming into this. 

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They're realizing it. 
If you look on Twitter, there 

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are more Cfas. 
There are more MBAs getting in 

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on this so. 
Yeah. 

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And so how is this current 
financial system then designed 

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to profit from the illiterate or
or steal from us? 

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So what most people do today, 
I've I've, I've done tons of 

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one-on-one conversations with 
people. 

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I've done tons of just meetings,
webinars, all that stuff. 

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And what most people do today is
they save in the currency 

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they're paid in, right. 
So if you think about it, what 

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that means is that they're 
getting paid in U.S. dollars or 

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they're getting paid in Canadian
dollars and they're keeping 

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those U.S. dollars and Canadian 
dollars in their bank accounts. 

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What that does over time is it 
give somebody else power over 

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you, right? 
So let's say, for example, if 

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the US government wants to 
borrow money to do something, 

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they're just going to get a 
loan, right? 

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When they get that loan, it 
seems like, OK, you're not 

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you're you're not printing money
to do so but you you you're, 

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you're adding more money to the 
to the economy right. 

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Even if it's doesn't, if it's, 
if it's a loan, it doesn't 

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matter what kind of money it is.
It's demand on goods that are 

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currently available. 
You can't print goods so you can

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print money, right. 
So when we're, when we're 

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working for a form of money that
can be printed at will and we're

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saving in that form of money, I 
I I mean, I learned more from 

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Safedine's Bitcoin, Bitcoin 
Standard about this than 

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anything else. 
If we save in a form of money 

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that's constantly diluted, 
constantly being printed, it can

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be printed at will. 
We're going to lose all of our 

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wealth, right? 
And most people are doing that. 

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They're seeing that, hey, I'm 
working so much harder. 

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I'm spending so much more time 
at work, I'm doing 3 jobs and 

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yet I still can't even make my 
ends and make ends meet because 

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my rent is going up, right? 
It doesn't matter how much I 

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save when my rent is going to go
up my the cost of living is 

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going to constantly increase my 
the price of my food is going to

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constantly increase. 
Actually went to Costco not too 

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long ago. 
The same stuff that would have 

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cost maybe 150 dollars 5-6 years
ago now cost 350. 

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Two $150.00. 
So how are people How are people

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going to make ends meet? 
Their income hasn't increased by

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4050%. 
So that's how the system is 

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broken, right? 
It constantly devalues the the 

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reward you get for labor and it 
increases the value of 

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everything else. 
Yeah, right. 

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So. 
And would you would you then 

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follow the the illustration I I 
used that before in the in the 

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podcast where you know if you 
see all the money let's say take

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all the dollars that are in 
existence, right and you view 

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that as a as a pizza. 
Every time new money is created 

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it does not mean the pizza gets 
bigger. 

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It means that the slices get 
smaller right? 

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And and if you see a slice as 
your ownership of the amount of 

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dollars, right, let's say your 
net worth is $50,000 or 

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something, then what the energy 
that that little slice is, 

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right? 
That's why the pizza analogy is 

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so good, because the pizza 
analogy has like calories, 

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right? 
So one slice A has a certain 

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amount of calories, but once it 
gets cut in half, then that one 

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slice you own, one slice you own
50K in in dollars basically. 

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But the amount of energy that 
that captures is half of the 

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previous slice basically. 
And that's why the prices of the

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things you want to buy then the 
the, you know the amount of 

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dollar units, basically they go 
up but you still buy the same 

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thing. 
Yeah, yeah, that's exactly what 

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it is. 
I mean if you if you really want

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to, if you think about it, I'm 
not sure how many of your, how 

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much of your audiences of how 
many of them are aware of stock 

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splits. 
So a stock split is basically 

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when a company share increases 
to a certain level. 

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So let's say for example Amazon,
Amazon shares were at $2000 not 

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too long ago they did a 24 one 
stock split one for 24124 one I 

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think it was. 
So basically what they did was 

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they split each share into 20 
units, right. 

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So let's say for example, if you
do that and then the value of 

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the company is going to stay the
same, right? 

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It's not like you have more, 
more value. 

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You still have the same amount 
of value. 

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The what's being created by the 
company stays the same. 

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But if you keep adding more and 
more shares and then you take 

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away, let's say for example, if 
somebody has one share of Amazon

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and if you split into 20 shares,
but then you give them 19 

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shares, they have less wealth. 
They may feel like they have 

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more. 
They may feel like, oh, I went 

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from one share to 19 shares. 
Units. 

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Amount of units, Yeah. 
Exactly. 

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That that's what it is, right. 
They think they have the same or

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they think they think they have 
more shares, but they actually 

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lost value because somebody else
took that one share. 

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That 5% is gone forever and 
they're never going to get it 

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back so. 
And they said then also, well, 

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safety talks a lot about value 
also, right, A lot of people. 

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And of course you talked a lot 
about stocks and stuff as well. 

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And I see a lot of people also 
talk about stocks on Twitter 

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etcetera. 
They say oh it's gone up in 

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value, blah blah. 
But they they use the wrong 

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words because it it went up in 
price, right, it went up in in 

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well, the units of dollars again
that you. 

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See the nominal value. 
Yeah, exactly. 

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Oh, yeah, that's that's a better
term. 

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00:10:46,480 --> 00:10:49,520
Yeah, nominal value but it's 
that does not represent the 

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value and I feel that a lot of 
people conflate those two things

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and it's also being used against
them in a sense, right, that you

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can see all the S&P 500 is doing
great because it's you know 

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number go off also there. 
But that does not represent the 

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value, right. 
I saw a great graph. 

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I think British hotels shared 
that where you had the NASDAQ, 

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00:11:14,720 --> 00:11:19,960
the NASDAQ graph from I think 
1970s or 80s or whatever the 

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introduction was until now 
denominated in dollars. 

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And you see like, well 
eventually it goes up, it's 

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almost all time high or 
something. 

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But when you denominate it in 
the M2 money supply, the amount 

227
00:11:31,320 --> 00:11:36,680
of dollars, which is the real 
value, not the price, then the 

228
00:11:36,680 --> 00:11:42,800
current point is lower than at 
the peakofthe.com bubble. 

229
00:11:43,680 --> 00:11:47,120
Which is so interesting because 
you could easily argue that we 

230
00:11:47,120 --> 00:11:50,680
are way further along technology
wise and that the companies that

231
00:11:50,680 --> 00:11:54,960
came afterthe.com bubble 
provided way more value within, 

232
00:11:55,120 --> 00:11:59,320
you know, the technology sector.
But even their value, although 

233
00:11:59,320 --> 00:12:03,360
it's provably better, got 
devalued because there is way 

234
00:12:03,360 --> 00:12:06,960
more, way more money than in in 
2000, basically. 

235
00:12:07,480 --> 00:12:10,560
And yeah, that always struck me 
as a great illustration, But 

236
00:12:10,560 --> 00:12:14,840
nobody looks at it in that way. 
Yeah, all you see is the nominal

237
00:12:14,840 --> 00:12:16,800
value, right? 
I, I, I like to think of it as 

238
00:12:17,120 --> 00:12:20,240
with Bitcoin, your nominal value
is going to decrease over time, 

239
00:12:20,680 --> 00:12:22,280
but you're buying power will 
increase, right? 

240
00:12:22,280 --> 00:12:26,080
So if you have, let's say for 
example, over 10 years, you hold

241
00:12:26,080 --> 00:12:29,600
one Bitcoin, you spend half a 
Bitcoin during that time, you'll

242
00:12:29,600 --> 00:12:32,920
probably end up with higher 
buying more buying power at the 

243
00:12:32,920 --> 00:12:35,360
end of that 10 year period. 
Then you started with even 

244
00:12:35,360 --> 00:12:37,120
though you spent half of your 
Bitcoin, right? 

245
00:12:37,360 --> 00:12:40,480
With real estate, with stocks, 
you can keep your real estate. 

246
00:12:40,480 --> 00:12:44,000
You can keep your stocks, you 
can keep getting your three 4% 

247
00:12:44,000 --> 00:12:47,680
cash flow, but you're going to 
end up with a lot less real 

248
00:12:47,680 --> 00:12:49,560
value than you begin with, 
right? 

249
00:12:50,120 --> 00:12:52,320
The real value is what you're 
referring to when when you say 

250
00:12:52,320 --> 00:12:55,280
M2 money supply, when you when 
you have those stocks in real 

251
00:12:55,280 --> 00:12:57,480
estate, you're losing value. 
I actually spoke with somebody 

252
00:12:58,080 --> 00:13:02,320
yesterday, he was saying he's in
Pakistan, so he was, he invested

253
00:13:02,320 --> 00:13:06,120
in real estate in Pakistan. 
He was saying how the value of 

254
00:13:06,120 --> 00:13:10,440
his house dropped 30% in terms 
of U.S. dollars, even though it 

255
00:13:10,440 --> 00:13:13,040
went up in nominal. 
In nominal figures, right, it 

256
00:13:13,040 --> 00:13:16,320
went up from 5 million to 
something like 13 million or 

257
00:13:16,480 --> 00:13:19,160
11,000,000. 
But for him to break even, it 

258
00:13:19,160 --> 00:13:21,320
would have had to go to 13 or 
14,000,000. 

259
00:13:21,440 --> 00:13:24,800
So he lost, he lost value. 
His nominal value went up the 

260
00:13:24,800 --> 00:13:28,040
price that he could sell it for.
But what's the value of that? 

261
00:13:28,280 --> 00:13:31,440
The the nominal currency? 
When you can't spend it on 

262
00:13:31,440 --> 00:13:32,840
anything, you can't buy anything
with it. 

263
00:13:33,240 --> 00:13:36,160
Yeah, exactly. 
So sometimes people joke, right?

264
00:13:36,160 --> 00:13:40,200
Like, oh, in the 1960s a bread 
was $0.10 and now it's $4.00. 

265
00:13:40,200 --> 00:13:44,200
But that's kind of where the 
joke always ends, you know, The 

266
00:13:44,320 --> 00:13:46,600
conversation never continues 
after that. 

267
00:13:46,600 --> 00:13:50,040
There's nobody who's like, well,
that doesn't really make sense. 

268
00:13:50,040 --> 00:13:55,200
I I give, you know, in in I give
another amount of units to buy a

269
00:13:55,200 --> 00:13:59,040
bread. 
Well, OK, or something like 

270
00:13:59,520 --> 00:14:02,000
this. 
This illiteracy are also, you 

271
00:14:02,000 --> 00:14:05,840
know, it's not on purpose, of 
course by the people. 

272
00:14:05,840 --> 00:14:10,680
I mean, I took me a very long 
time to realize that all of the 

273
00:14:10,680 --> 00:14:13,920
stuff that I think I knew about 
money was was totally wrong. 

274
00:14:13,920 --> 00:14:16,720
Like how, Where? 
Where does this come from, you 

275
00:14:16,720 --> 00:14:20,880
think? 
I I I think it's intentional. 

276
00:14:20,880 --> 00:14:24,120
I feel like when if people 
started, it starts at the school

277
00:14:24,120 --> 00:14:26,840
level, right? 
If How many personal finance 

278
00:14:26,840 --> 00:14:29,880
classes did you take in your 
entire school and career? 

279
00:14:30,280 --> 00:14:31,640
0. 
Right. 

280
00:14:32,160 --> 00:14:34,600
Why? 
Why is that it? 

281
00:14:34,600 --> 00:14:36,640
It's to keep you uninformed, 
right? 

282
00:14:36,640 --> 00:14:40,400
I mean, if you start, let's say 
for example, if you start that, 

283
00:14:40,400 --> 00:14:42,920
this is what happened over the 
last few years, over the 

284
00:14:42,920 --> 00:14:45,680
pandemic, more people started 
thinking about personal finance 

285
00:14:46,200 --> 00:14:49,120
and everything started 
skyrocketing in price because 

286
00:14:49,120 --> 00:14:51,160
more people started buying 
rental properties because they 

287
00:14:51,160 --> 00:14:53,920
thought, hey, I want to build 
wealth for the future too. 

288
00:14:54,560 --> 00:14:57,080
My cash is doing nothing for me.
So the entire system is 

289
00:14:57,080 --> 00:15:00,200
collapsing because of that. 
When too many people start, when

290
00:15:00,200 --> 00:15:04,600
too many people start building 
wealth, when too many of the, I 

291
00:15:04,600 --> 00:15:08,280
guess the the people at the 
bottom start trying to get to 

292
00:15:08,280 --> 00:15:11,480
the top, the entire system 
starts falling apart, right? 

293
00:15:11,480 --> 00:15:12,960
That that's what. 
That's what we're seeing right 

294
00:15:12,960 --> 00:15:15,200
now. 
Because too many people started 

295
00:15:16,360 --> 00:15:21,680
buying houses, buying stocks, 
too many people started getting 

296
00:15:21,680 --> 00:15:25,360
out of the workforce. 
They started being able to just 

297
00:15:25,360 --> 00:15:28,360
live a passive life without have
without being able to produce 

298
00:15:28,360 --> 00:15:30,520
anything. 
So and then they can keep their 

299
00:15:30,520 --> 00:15:32,200
real estate forever if they want
to, right? 

300
00:15:32,200 --> 00:15:34,320
They can technically just keep 
that real estate. 

301
00:15:34,320 --> 00:15:36,840
They can hold on to it until 
they're 6070. 

302
00:15:36,840 --> 00:15:39,120
They can pass it on for 
generations, right? 

303
00:15:39,120 --> 00:15:41,560
They don't have to spend their 
Bitcoin or, sorry, their their 

304
00:15:41,560 --> 00:15:42,880
real estate. 
They don't have to spend it. 

305
00:15:42,880 --> 00:15:44,560
They can keep it. 
Yeah. 

306
00:15:45,040 --> 00:15:50,040
But now you, you turn around 
obviously after some time and so

307
00:15:50,040 --> 00:15:54,680
like why are so I also know a 
lot of people want to invest 

308
00:15:54,680 --> 00:15:56,720
etcetera. 
I have a friend who just bought 

309
00:15:56,800 --> 00:16:00,880
a store with an apartment above 
it, which I don't know. 

310
00:16:00,880 --> 00:16:03,480
I didn't tell him I thought it 
was a bad idea, but I think it 

311
00:16:03,480 --> 00:16:04,640
is. 
You know why? 

312
00:16:05,240 --> 00:16:08,840
Why are real estate in stocks 
not a good way to build wealth 

313
00:16:09,280 --> 00:16:12,240
anymore? 
I would like to say I think some

314
00:16:12,240 --> 00:16:14,480
people got rich with that. 
You know, I think a lot of 

315
00:16:14,480 --> 00:16:18,320
people, especially millennials, 
who are looking for ways to 

316
00:16:18,320 --> 00:16:21,040
build wealth end up with these 
options. 

317
00:16:21,040 --> 00:16:23,640
But I see you talk a lot about 
it on Twitter. 

318
00:16:23,640 --> 00:16:26,880
Like why is this not a good 
option than anymore? 

319
00:16:28,040 --> 00:16:31,000
I mean, I think, I think if 
you're it depends on your 

320
00:16:31,000 --> 00:16:33,400
perspective, right. 
If you're if you don't look at 

321
00:16:33,400 --> 00:16:35,200
it from the perspective of 
Bitcoin. 

322
00:16:35,880 --> 00:16:38,680
Stocks in real estate are always
going to be great, right? 

323
00:16:38,680 --> 00:16:40,840
If you don't, if you don't know 
about Bitcoin, if you don't know

324
00:16:40,840 --> 00:16:43,640
Bitcoin exists, stock and stocks
in real estate are always going 

325
00:16:43,640 --> 00:16:45,480
to be the best, right. 
They're always going to keep 

326
00:16:45,480 --> 00:16:48,760
returning more than you then you
would get in a savings account. 

327
00:16:48,760 --> 00:16:52,600
They'll always return more than 
inflation in general. 

328
00:16:54,080 --> 00:16:56,400
I think once you once you 
actually wrap your head around 

329
00:16:56,400 --> 00:16:59,680
Bitcoin, though, you realize 
that stocks in real estate are 

330
00:16:59,680 --> 00:17:03,960
not, they're not the they're not
the primary asset, right? 

331
00:17:03,960 --> 00:17:04,760
They're not. 
They're not. 

332
00:17:05,000 --> 00:17:07,000
Prime real estate may be 
something that's going to 

333
00:17:07,000 --> 00:17:09,800
continue to increase in value. 
But because that's scarce, of 

334
00:17:09,800 --> 00:17:12,160
course. 
Yeah, except that's the scarcity

335
00:17:12,160 --> 00:17:15,200
is what factors in, right. 
I think if you even speak to 

336
00:17:15,200 --> 00:17:18,560
most real estate investors I've,
I've actually mentioned this 

337
00:17:18,560 --> 00:17:21,079
multiple times, real estate is 
going to decrease in value in 

338
00:17:21,079 --> 00:17:24,440
terms of Bitcoin forever, right?
When you speak to a lot of real 

339
00:17:24,440 --> 00:17:27,480
estate investors, they don't 
realize that the reason why they

340
00:17:27,480 --> 00:17:29,880
even own real estate is to store
value. 

341
00:17:30,440 --> 00:17:32,320
They don't, They don't get it, 
right. 

342
00:17:32,320 --> 00:17:33,280
They they don't, they don't get 
it. 

343
00:17:33,280 --> 00:17:34,360
They don't even think of it that
way. 

344
00:17:34,400 --> 00:17:37,760
They just think of it as, oh, I 
need my cash flow, right? 

345
00:17:38,320 --> 00:17:40,840
Saying that, oh, I'm not going 
to invest in Bitcoin because it 

346
00:17:40,840 --> 00:17:42,840
doesn't have cash flow is 
probably one of the stupidest 

347
00:17:42,840 --> 00:17:47,040
reasons to not buy Bitcoin. 
I I and trust me, I've had that 

348
00:17:47,040 --> 00:17:48,800
conversation with so many 
people. 

349
00:17:49,720 --> 00:17:51,920
It's something that people are 
going to regret. 

350
00:17:51,920 --> 00:17:55,920
They're willing to give up on a 
hundred, 5000% returns because 

351
00:17:55,920 --> 00:17:57,480
of two or three percent cash 
flow. 

352
00:17:57,760 --> 00:18:00,000
I mean, even if you think about 
it, the returns don't matter. 

353
00:18:00,920 --> 00:18:04,640
Once you kind of do a deep dive 
into how money works, how 

354
00:18:04,640 --> 00:18:07,320
Bitcoin works, you realize that 
this is going to fix a lot of 

355
00:18:07,320 --> 00:18:10,000
things that that we are 
currently dealing with, right? 

356
00:18:10,000 --> 00:18:11,880
And it's the people who are at 
the bottom. 

357
00:18:12,480 --> 00:18:14,040
A lot of the people at the 
bottom are the ones that are 

358
00:18:14,040 --> 00:18:16,240
rejecting it, but they're the 
ones who are going to benefit 

359
00:18:16,240 --> 00:18:18,880
the most. 
Yeah, well, what if I'd 

360
00:18:18,880 --> 00:18:21,640
interesting is that when you 
talk about this like and that's 

361
00:18:21,640 --> 00:18:26,360
also why I think that Bitcoin is
a long journey to understand 

362
00:18:26,360 --> 00:18:31,080
because when you say like people
don't even understand why they 

363
00:18:31,080 --> 00:18:34,480
have real estate, they think 
they need the cash flow, right? 

364
00:18:34,480 --> 00:18:36,440
And they say, oh, Bitcoin 
doesn't have any cash flow. 

365
00:18:36,440 --> 00:18:41,040
So it's not interesting. 
But when you have real estate, 

366
00:18:41,040 --> 00:18:46,840
you have occupied mental space, 
you have all your costs, you 

367
00:18:46,840 --> 00:18:49,120
need to deal with your tenants 
and stuff like that. 

368
00:18:49,120 --> 00:18:51,920
You know, maintenance cost, 
taxes, all the all the all these

369
00:18:51,920 --> 00:18:55,120
things. 
And so it's not, it's not a it's

370
00:18:55,120 --> 00:19:00,000
not an easy way to create or 
earn money right with with the 

371
00:19:00,000 --> 00:19:03,120
cash flow of course. 
And so I agree that the 

372
00:19:03,120 --> 00:19:07,840
arguments of Bitcoin doesn't 
have any cash flow is flawed 

373
00:19:07,840 --> 00:19:10,360
because, well, when you have 
Bitcoin, you don't have to do 

374
00:19:10,360 --> 00:19:11,920
anything. 
You don't have to think about 

375
00:19:11,920 --> 00:19:14,640
your tenants, There's no cost, 
there's no maintenance, no 

376
00:19:14,640 --> 00:19:21,320
property taxes, no threat of 
someone disowning you or the 

377
00:19:21,400 --> 00:19:25,120
place where the real estate is 
turning into a ghetto or 

378
00:19:25,120 --> 00:19:28,120
whatever, right. 
But once you, you know, start 

379
00:19:28,120 --> 00:19:30,800
going in this direction, then 
you automatically get to like, 

380
00:19:31,160 --> 00:19:33,920
yeah, that's why I said mental 
space or your time preference, 

381
00:19:33,920 --> 00:19:37,840
like safety talks about, right. 
It's it's way more, it's less 

382
00:19:37,840 --> 00:19:40,720
about earning money or investing
or building wealth. 

383
00:19:40,720 --> 00:19:46,080
It's more about, yeah, almost 
your mental, your your mental 

384
00:19:46,080 --> 00:19:47,880
state, right. 
The fact that freedom. 

385
00:19:48,600 --> 00:19:50,040
Yeah, exactly. 
Because. 

386
00:19:51,080 --> 00:19:53,720
I mean, any if you, if you 
didn't think about it, how many 

387
00:19:53,720 --> 00:19:57,280
people are managing real estate 
properties full time when they 

388
00:19:57,280 --> 00:19:59,480
could be doing something else, 
right? 

389
00:19:59,920 --> 00:20:04,760
How much energy is being wasted?
How much how much labor hours, 

390
00:20:04,760 --> 00:20:06,840
How many labor hours are being 
wasted, right? 

391
00:20:07,080 --> 00:20:08,960
And when when those labor hours 
could be going for? 

392
00:20:08,960 --> 00:20:12,640
It's something that's a lot more
productive, a lot more useful to

393
00:20:12,640 --> 00:20:16,000
society. 
Maybe maybe we wouldn't be 

394
00:20:16,000 --> 00:20:20,840
relying on people working three 
or four jobs to make ends meet 

395
00:20:20,840 --> 00:20:24,440
while other people can just sit 
at home and do nothing, right? 

396
00:20:24,440 --> 00:20:25,760
Maybe that wouldn't be the case 
anymore. 

397
00:20:26,800 --> 00:20:29,760
Yeah, yeah, 100% agree. 
But that's also where you kind 

398
00:20:29,760 --> 00:20:33,440
of end up when you end up at at 
what you mentioned in the 

399
00:20:33,440 --> 00:20:38,440
beginning that this, this 
owning, owning houses, renting 

400
00:20:38,440 --> 00:20:41,240
them out, it's kind of, I don't 
know which words you use, but 

401
00:20:41,240 --> 00:20:43,520
it's, it's predatory in a sense,
right? 

402
00:20:43,520 --> 00:20:47,600
Just because I have more than 
you and I can provide you with a

403
00:20:47,600 --> 00:20:52,840
house where the utility value of
a house did not change in the 

404
00:20:52,840 --> 00:20:55,520
past two 3-4 hundred years, 
right? 

405
00:20:55,520 --> 00:21:00,440
The room roof above your head 
and walls for security and 

406
00:21:00,440 --> 00:21:03,920
warmth. 
You know, the fact that it got 

407
00:21:03,920 --> 00:21:08,400
financialized is of course a big
symptom of of the brokenness of 

408
00:21:08,400 --> 00:21:10,800
the money. 
Yeah, so I said it was 

409
00:21:10,800 --> 00:21:14,480
exploitation actually had. 
Exploitation, Yeah, that's. 

410
00:21:14,640 --> 00:21:17,680
Bad I had. 
I had a lot of had a lot of. 

411
00:21:17,840 --> 00:21:20,480
I guess economists retweet me 
when I said that. 

412
00:21:21,720 --> 00:21:23,720
And it was really funny because 
they were saying that, oh, I'm a

413
00:21:23,720 --> 00:21:25,240
socialist. 
No, I'm not. 

414
00:21:25,400 --> 00:21:29,920
I don't, I don't care. 
I don't care about governments 

415
00:21:29,920 --> 00:21:31,760
redistributing our wealth. 
I don't care about all that 

416
00:21:31,760 --> 00:21:34,160
stuff. 
What I what I care about is 

417
00:21:34,640 --> 00:21:36,960
telling people about the asset 
that's going to outperform 

418
00:21:36,960 --> 00:21:38,760
everything else. 
The reason why I say that real 

419
00:21:38,760 --> 00:21:41,480
estate is exploitative is 
because one group of people owns

420
00:21:41,480 --> 00:21:43,080
it. 
Like let's say OK, so if you 

421
00:21:43,080 --> 00:21:46,360
think about it, my wife and I, 
we bought a pre construction 

422
00:21:46,360 --> 00:21:51,600
house in 2018. 
Since 2018, the house value has 

423
00:21:51,600 --> 00:21:53,960
increased a certain amount. 
And now we can. 

424
00:21:53,960 --> 00:21:57,600
If we wanted to, we could take 
the equity from the house and we

425
00:21:57,600 --> 00:22:01,240
can use it to buy two more 
houses, right? 

426
00:22:01,240 --> 00:22:02,840
We could put them. 
Down and you did what? 

427
00:22:03,600 --> 00:22:05,440
We didn't do that right. 
I I. 

428
00:22:05,760 --> 00:22:07,520
Actually. 
Yeah, even even. 

429
00:22:07,560 --> 00:22:12,760
I mean, in general think if you 
think about it, timing is so 

430
00:22:12,760 --> 00:22:16,240
important in this legacy 
financial system that you can't 

431
00:22:16,240 --> 00:22:18,360
recover if your timing is wrong,
right? 

432
00:22:18,720 --> 00:22:21,680
There's so many memes that say, 
hey, my biggest mistake was 

433
00:22:23,000 --> 00:22:26,640
being in Grade 3 when the 
housing crash happened, so I 

434
00:22:26,640 --> 00:22:28,160
couldn't own real estate. 
Have you seen that? 

435
00:22:28,360 --> 00:22:29,320
You've probably seen that, 
right? 

436
00:22:29,320 --> 00:22:31,320
I mean. 
No, but I love that. 

437
00:22:31,800 --> 00:22:34,400
It's the truth, right? 
That that is something just 

438
00:22:34,400 --> 00:22:38,440
because you're a certain age, 
you can't get exposure for real 

439
00:22:38,440 --> 00:22:41,120
estate. 
Most people who are have a 

440
00:22:41,120 --> 00:22:43,520
couple of cousins who are who 
are around that age. 

441
00:22:43,600 --> 00:22:48,040
Maybe they're 18 to 25. 
They don't even think real 

442
00:22:48,040 --> 00:22:52,000
estate is something they can 
possibly buy at any age, right? 

443
00:22:52,000 --> 00:22:53,400
They they, it's out of their 
minds. 

444
00:22:53,400 --> 00:22:55,040
They don't even think about it, 
right? 

445
00:22:55,200 --> 00:22:58,040
So I mean, if you think if, if 
you put it in that perspective, 

446
00:22:58,920 --> 00:23:02,200
if Bitcoin didn't exist, these 
people would be slaves to the 

447
00:23:02,200 --> 00:23:05,760
system forever. 
Yeah, well, now that you talk 

448
00:23:05,760 --> 00:23:08,240
about it, I I I find it 
interesting because a lot of 

449
00:23:08,240 --> 00:23:10,880
people talk about, you know, 
equal opportunities and stuff 

450
00:23:10,880 --> 00:23:13,440
like that. 
But this is a great example of, 

451
00:23:14,520 --> 00:23:17,720
you know, in more modern times 
than 20 years ago or 40 years 

452
00:23:17,720 --> 00:23:23,320
ago, there's less equal 
opportunity to just have a house

453
00:23:23,800 --> 00:23:26,560
for the utility of having a 
house. 

454
00:23:26,560 --> 00:23:28,600
Not not even about an 
investment, right. 

455
00:23:28,600 --> 00:23:33,800
But but just more moving out of 
your parents house, living on 

456
00:23:33,800 --> 00:23:36,000
your own, building a family, 
stuff like that. 

457
00:23:36,760 --> 00:23:44,000
That equal opportunity is 
basically gone, I'd say, But 

458
00:23:44,000 --> 00:23:46,240
nobody's really touching that, 
right? 

459
00:23:46,400 --> 00:23:51,000
Because when you touch that you,
you touch the flawed system. 

460
00:23:51,520 --> 00:23:54,240
You make people angry, right? 
And when when people see that, 

461
00:23:54,240 --> 00:23:57,840
no, they're like, no, the 
system's built to to make make 

462
00:23:57,840 --> 00:24:00,440
this happen. 
I I've said, I've said before, 

463
00:24:00,440 --> 00:24:02,240
mortgages have actually turned 
real. 

464
00:24:02,400 --> 00:24:04,840
The the mortgages have made the 
world a lot more expensive. 

465
00:24:04,840 --> 00:24:08,600
People think, hey, now I can 
finance a house, I'm so much 

466
00:24:08,600 --> 00:24:09,640
better off. 
But I don't. 

467
00:24:10,040 --> 00:24:12,240
I mean, on a Bitcoin standard, 
people aren't going to be 

468
00:24:12,280 --> 00:24:14,280
financing their houses. 
They're going to be buying them 

469
00:24:14,280 --> 00:24:16,200
straight out. 
They're going to be saving for a

470
00:24:16,200 --> 00:24:18,760
couple years. 
Now you're spending 5-6 years to

471
00:24:18,760 --> 00:24:21,680
save a for a down payment on a 
Bitcoin standard. 

472
00:24:21,680 --> 00:24:25,080
With prices going down five or 
six years, you're going to be 

473
00:24:25,080 --> 00:24:28,400
saving for a house instead of 
saving for a down payment. 

474
00:24:28,400 --> 00:24:30,080
You're not going to have a 
mortgage because it won't be 

475
00:24:30,080 --> 00:24:33,720
profitable, right? 
If if somebody banks are going 

476
00:24:33,720 --> 00:24:36,080
to think of it as, oh, an 
individual is more likely to 

477
00:24:36,080 --> 00:24:39,360
default and because I can't 
print money to make up for their

478
00:24:39,360 --> 00:24:42,120
default, I'm not. 
I I can't lend the money. 

479
00:24:42,120 --> 00:24:44,080
It's not profitable for me any 
for me anymore. 

480
00:24:44,080 --> 00:24:47,520
If if one out of these five 
people default, I lose money, 

481
00:24:47,600 --> 00:24:50,720
why would I lend them either 
either mortgages are going to be

482
00:24:50,720 --> 00:24:54,440
at something like 2025% 
extremely expensive consistently

483
00:24:55,040 --> 00:24:57,000
or there's going to be no 
mortgages. 

484
00:24:57,000 --> 00:24:59,200
So what's that going to do? 
It's going to decrease demand 

485
00:24:59,200 --> 00:25:01,320
for houses. 
It's going to make housing 

486
00:25:01,320 --> 00:25:03,240
prices a lot cheaper. 
Like we're seeing that right 

487
00:25:03,240 --> 00:25:07,080
now. 
I've seen in quite a few 

488
00:25:07,080 --> 00:25:11,200
instances where I I so I'm going
to say this, I actually have my 

489
00:25:11,200 --> 00:25:14,640
real estate license. 
I'm saying this as a realtor, as

490
00:25:14,640 --> 00:25:17,000
somebody who who sells real 
estate for a living. 

491
00:25:18,000 --> 00:25:20,640
And because of that, you know 
for a fact that I'm not lying 

492
00:25:20,640 --> 00:25:23,680
here, right? 
When you look at prices for 

493
00:25:23,680 --> 00:25:26,360
houses, a lot of people are 
taking 500, six, $100,000 

494
00:25:26,360 --> 00:25:27,920
losses. 
Right. 

495
00:25:28,640 --> 00:25:32,920
And that's a nominal value. 
In real value, their loss is 

496
00:25:32,920 --> 00:25:36,160
even bigger because they have 
the inflation to take to to to 

497
00:25:36,160 --> 00:25:39,000
account for as well, right? 
So what they're getting back is 

498
00:25:39,000 --> 00:25:40,720
worth even less. 
And plus they put in their 

499
00:25:40,720 --> 00:25:43,680
maintenance, they put in their 
fees, they have to pay a fee to 

500
00:25:43,680 --> 00:25:46,800
actually buy the house, right. 
All that stuff, all that stuff 

501
00:25:46,800 --> 00:25:49,080
has to be taken account. 
It has to be accounted for, 

502
00:25:49,080 --> 00:25:52,000
right? 
Sorry, I completely lost track. 

503
00:25:52,000 --> 00:25:53,120
I was just talking about the 
real estate. 

504
00:25:53,120 --> 00:25:54,560
Well, where? 
Where? 

505
00:25:54,960 --> 00:25:56,720
Were you. 
Yeah, that that that the real 

506
00:25:56,720 --> 00:26:00,480
estate, the the the opportunity 
for people to to actually own 

507
00:26:00,480 --> 00:26:03,880
real estate you know go out 
leave their parents, build a 

508
00:26:03,880 --> 00:26:06,320
family set etcetera that that is
actually gone. 

509
00:26:06,320 --> 00:26:12,960
And then you mentioned that that
when we would have a Bitcoin 

510
00:26:12,960 --> 00:26:16,720
standard that also you know the 
incentive for banks to have 

511
00:26:16,720 --> 00:26:20,560
mortgages would go away and that
then eventually the housing 

512
00:26:20,560 --> 00:26:24,200
prices would, the house prices 
would go down to you know, the 

513
00:26:24,400 --> 00:26:28,760
the, the utility value or what 
it's worth perhaps except for 

514
00:26:28,760 --> 00:26:31,200
you know prime real estate on 
the coast or something like 

515
00:26:31,200 --> 00:26:32,800
that. 
Yeah, no, definitely. 

516
00:26:32,800 --> 00:26:35,040
I I like, if you think about it,
there's people who own thousands

517
00:26:35,040 --> 00:26:36,640
of houses, right? 
I mean, there's. 

518
00:26:36,960 --> 00:26:38,880
I'm not sure if you know about 
him, but Grant Cardone. 

519
00:26:40,040 --> 00:26:41,880
Yeah, yeah. 
I saw a video of him, yeah, 

520
00:26:41,920 --> 00:26:45,640
yeah, last week where he talked 
about he has a home which is 

521
00:26:45,640 --> 00:26:49,440
empty, like a huge mansion. 
And he talked about like, should

522
00:26:49,440 --> 00:26:51,880
I sell this for Bitcoin? 
And he made a great case, I 

523
00:26:51,880 --> 00:26:52,840
think. 
Yeah, yeah. 

524
00:26:52,840 --> 00:26:53,880
See, I mean, that's the thing, 
right? 

525
00:26:53,880 --> 00:26:55,560
These people own thousands of 
houses. 

526
00:26:55,840 --> 00:26:57,560
What's going to happen when they
start selling their houses? 

527
00:26:57,720 --> 00:27:00,000
What's going to happen when 
hedge funds realize that, hey, 

528
00:27:00,280 --> 00:27:02,280
instead of buying single family 
homes, I should be buying 

529
00:27:02,280 --> 00:27:04,560
Bitcoin? 
It's going to give me much, much

530
00:27:04,560 --> 00:27:07,280
better profits. 
Why would I waste my time 

531
00:27:07,480 --> 00:27:12,680
dealing with these, these broke 
people who maybe can't even pay 

532
00:27:12,680 --> 00:27:14,520
their rent? 
I mean, why would they do that, 

533
00:27:14,520 --> 00:27:15,880
right? 
They don't want to. 

534
00:27:16,440 --> 00:27:19,000
Their goal is to make as much 
money as possible, and Bitcoin 

535
00:27:19,000 --> 00:27:21,800
is that way. 
But The thing is that because 

536
00:27:21,800 --> 00:27:23,840
Bitcoin doesn't have that 
physical presence, you're not 

537
00:27:23,840 --> 00:27:27,880
exploiting anybody, right? 
You're incentivized to create 

538
00:27:27,880 --> 00:27:31,120
more real goods so that you can 
accumulate more Bitcoin, right? 

539
00:27:31,160 --> 00:27:34,800
That code, the code is so 
valuable because of its 

540
00:27:34,800 --> 00:27:36,520
scarcity, right? 
I mean, people say, oh, it's 

541
00:27:36,520 --> 00:27:39,720
this code, it's lines of code. 
It's, it has no physical 

542
00:27:39,720 --> 00:27:40,600
presence. 
It's worthless. 

543
00:27:40,600 --> 00:27:44,440
But that's the thing that that 
code has so much value because 

544
00:27:44,560 --> 00:27:46,160
people are willing to pay for 
it, right? 

545
00:27:46,240 --> 00:27:48,280
It's like it's like the 
information on your computer in 

546
00:27:48,280 --> 00:27:51,560
the. 
Network confirm every 10 minutes

547
00:27:51,560 --> 00:27:53,600
that it's still there. 
Also, yeah, and it's like, it's 

548
00:27:53,600 --> 00:27:56,280
like your, it's like the phones 
on your on your computer, right?

549
00:27:56,280 --> 00:27:58,360
They don't have physical 
presence, but they're valuable 

550
00:27:58,360 --> 00:27:59,720
to you because their memories, 
right. 

551
00:28:00,600 --> 00:28:02,000
This is a different kind of 
value. 

552
00:28:02,000 --> 00:28:05,760
This is more monetary value. 
You can use it to spend on goods

553
00:28:05,760 --> 00:28:08,440
and services. 
That's what people want, right? 

554
00:28:08,440 --> 00:28:11,720
They don't care about, they 
don't care about owning as many 

555
00:28:11,720 --> 00:28:13,800
houses as possible. 
They they don't care about that.

556
00:28:14,760 --> 00:28:18,320
Yeah, before we jump deeper into
into Bitcoin, I want to go back 

557
00:28:18,360 --> 00:28:20,040
one step. 
When you said, you know there's 

558
00:28:20,040 --> 00:28:23,640
a lot of people who are 
experiencing they are getting 

559
00:28:23,640 --> 00:28:25,760
poorer despite working harder, 
right. 

560
00:28:25,760 --> 00:28:29,320
People having multiple jobs who 
are living paycheck to to 

561
00:28:29,320 --> 00:28:31,840
paycheck. 
There's lots of videos on Tiktok

562
00:28:31,840 --> 00:28:36,280
and Instagram of people, well, 
while they are sipping six $6 

563
00:28:36,280 --> 00:28:40,000
Starbucks in their own car, are 
complaining about the fact that 

564
00:28:40,000 --> 00:28:43,440
everything is so expensive. 
But it's interesting that 

565
00:28:45,120 --> 00:28:48,560
especially in this, this, this, 
it's kind of this confluence of 

566
00:28:48,560 --> 00:28:51,000
where all the information is 
free, right? 

567
00:28:51,000 --> 00:28:56,400
So any anyone can figure out 
basically anything, right? 

568
00:28:56,400 --> 00:28:58,040
And they can also share it in an
easy way. 

569
00:28:58,040 --> 00:29:02,240
The fact that we now see people 
share these experiences, it's 

570
00:29:02,240 --> 00:29:06,440
really fascinating to me. 
Like you see that people who 

571
00:29:07,200 --> 00:29:11,320
well basically true adversity 
are figuring out there is 

572
00:29:11,320 --> 00:29:14,760
something going on, you know 
with with the money. 

573
00:29:15,440 --> 00:29:20,080
I find super interesting like 
how how do you view this like is

574
00:29:20,200 --> 00:29:23,200
it could just be like an 
accelerant like more people 

575
00:29:23,720 --> 00:29:25,680
getting on to this. 
I mean like it. 

576
00:29:25,880 --> 00:29:29,800
It's definitely not isolated, 
right, This experience or 

577
00:29:29,800 --> 00:29:32,680
realization. 
I I agree with you. 

578
00:29:33,360 --> 00:29:35,840
I think the Internet has made it
a lot more apparent that people 

579
00:29:35,840 --> 00:29:38,200
are having trouble right before 
the Internet. 

580
00:29:38,480 --> 00:29:40,040
How would we have figured this 
out, right? 

581
00:29:40,040 --> 00:29:42,480
Most people wouldn't be able to 
have a voice, right? 

582
00:29:42,720 --> 00:29:44,960
With with the Internet, more 
people are seeing that, OK, 

583
00:29:45,000 --> 00:29:46,760
other people are in the same 
situation as me. 

584
00:29:47,320 --> 00:29:48,920
It's not my fault, right? 
Even that, OK. 

585
00:29:48,920 --> 00:29:52,840
Even if they're sipping on $6 
coffee, for example, if you were

586
00:29:52,840 --> 00:30:00,840
to save $6 a month or $6 a day 
for a month, you'd have 6 * 30 a

587
00:30:00,840 --> 00:30:03,240
$180, right? 
You'd have $180. 

588
00:30:03,240 --> 00:30:06,240
At the end of the year, you'd 
have $2400, right? 

589
00:30:06,240 --> 00:30:08,760
You wouldn't even have 20, you'd
have $2200 right? 

590
00:30:09,160 --> 00:30:14,480
20. $200 saved for 10 years, 
$22,000 for 100 years. 

591
00:30:14,480 --> 00:30:19,600
You have $220,000 right now. 
A down payment is something like

592
00:30:19,600 --> 00:30:22,800
$200,000 on a house, right? 
It's going to take you 100 

593
00:30:22,800 --> 00:30:24,280
years. 
If you give up your coffee, it's

594
00:30:24,280 --> 00:30:26,600
going to take you 100 years to 
save for that down payment, 

595
00:30:26,800 --> 00:30:29,120
right? 
Instead of most people. 

596
00:30:29,400 --> 00:30:31,400
See, The thing is, most people 
don't understand that you have 

597
00:30:31,400 --> 00:30:33,120
to buy stocks. 
You have to buy something more 

598
00:30:33,120 --> 00:30:36,280
scarce than the currency that 
you have because they think that

599
00:30:36,280 --> 00:30:38,920
that currency is the most scarce
thing you can you can have, 

600
00:30:38,920 --> 00:30:41,560
right? 
They don't see it as this 

601
00:30:41,560 --> 00:30:43,560
currency is losing value because
we're not taught that it's 

602
00:30:43,560 --> 00:30:45,920
losing value, right? 
Once they get to that 

603
00:30:45,920 --> 00:30:48,360
realization all, a lot of these 
people are very smart, right? 

604
00:30:48,360 --> 00:30:50,600
They they're they just haven't 
been taught the right things. 

605
00:30:51,520 --> 00:30:53,760
And why do you think it's so 
difficult to actually realize 

606
00:30:53,760 --> 00:30:55,440
this, this? 
I mean, there's also these 

607
00:30:55,440 --> 00:30:57,760
memes, right? 
Where you see like, OK, median 

608
00:30:58,000 --> 00:31:04,320
salary in the US, let's say 30 
years ago, 40 years ago, I'm 

609
00:31:04,320 --> 00:31:07,920
going to say like $40,000 or 
$36,000, right? 

610
00:31:07,920 --> 00:31:12,800
And then it said median home 
$120,000, and now it says median

611
00:31:12,800 --> 00:31:16,520
salary $39,000, right. 
It only went up a little bit. 

612
00:31:17,240 --> 00:31:21,120
Medium home $450,000 or 
something, right? 

613
00:31:21,360 --> 00:31:24,720
Like, I always think, well, that
should be a signal for you to 

614
00:31:24,760 --> 00:31:28,120
think like, OK, if this is 
really the case, I should learn 

615
00:31:28,120 --> 00:31:31,800
about this because this doesn't 
sound right. 

616
00:31:32,280 --> 00:31:35,360
You know that this is apparently
the case, but for a lot of 

617
00:31:35,360 --> 00:31:38,240
people it's really difficult. 
And that's also, well, actually 

618
00:31:38,240 --> 00:31:41,400
I think one of the reasons why I
started this podcast, you know, 

619
00:31:41,400 --> 00:31:44,680
I always mentioned that if you 
are a millennial who grew up in 

620
00:31:44,680 --> 00:31:47,520
the West, you grew up in the 
best time ever to grow up from 

621
00:31:47,520 --> 00:31:51,240
any person, whoever lived. 
So you never really had a 

622
00:31:51,240 --> 00:31:55,240
problem money wise, right? 
Well, everyone has personal 

623
00:31:55,240 --> 00:31:56,920
problems. 
Of course everyone has 

624
00:31:56,920 --> 00:31:59,000
something, but more in general, 
right? 

625
00:31:59,000 --> 00:32:03,680
Like stuff just worked. 
But now when when when the 

626
00:32:03,680 --> 00:32:06,360
millennials are at the point 
where they're starting families 

627
00:32:06,360 --> 00:32:10,440
and want to buy a house with 
their spouse or whatever, have 

628
00:32:10,440 --> 00:32:13,720
one maybe two sometimes three 
jobs and a car and they they 

629
00:32:13,760 --> 00:32:18,040
they have like the grown up life
that they always thought they 

630
00:32:18,040 --> 00:32:21,200
would have but now they they run
into a problem, right? 

631
00:32:21,200 --> 00:32:26,120
But still it's hard for them to 
to grasp that in their mind, 

632
00:32:26,120 --> 00:32:28,800
like how did that go for you or 
what is your experience with 

633
00:32:28,840 --> 00:32:33,400
people that that you work with? 
I think so. 

634
00:32:33,400 --> 00:32:35,520
So I've been posting a lot about
this on Instagram. 

635
00:32:35,520 --> 00:32:37,960
I've been posting a lot about 
how Bitcoin will probably solve 

636
00:32:37,960 --> 00:32:40,160
a lot of people's problems. 
I've been getting a lot of 

637
00:32:40,160 --> 00:32:42,560
pushback. 
A lot of people think that it's 

638
00:32:42,560 --> 00:32:43,880
still a scam. 
They don't. 

639
00:32:44,640 --> 00:32:48,000
They think that the US dollar is
always going to be the best 

640
00:32:48,000 --> 00:32:50,640
currency, right? 
They they, they, they're going 

641
00:32:50,640 --> 00:32:53,240
based on a belief that maybe 
their parents held their parents

642
00:32:53,480 --> 00:32:55,920
transferred over to them, even 
in in school. 

643
00:32:55,920 --> 00:33:00,000
Like, if you think about it, we 
don't really hear about anything

644
00:33:00,000 --> 00:33:01,160
about. 
We don't hear anything about 

645
00:33:01,160 --> 00:33:05,320
where money comes from. 
We don't hear anything about how

646
00:33:05,320 --> 00:33:08,400
money retains its value, why it 
retains its value, why it even 

647
00:33:08,400 --> 00:33:10,240
loses value over time. 
We don't, we don't hear about 

648
00:33:10,240 --> 00:33:11,880
any. 
Most people don't do a deep dive

649
00:33:11,880 --> 00:33:13,200
on that. 
Because I think if you think 

650
00:33:13,200 --> 00:33:16,840
about it, most people are busy 
either trying to make 

651
00:33:16,840 --> 00:33:22,120
relationships, trying to trying 
to be happy, trying to work, 

652
00:33:22,120 --> 00:33:24,520
trying to make ends meet. 
They don't have time, right? 

653
00:33:24,800 --> 00:33:27,640
I I, I'm, I'm regularly speaking
with my wife. 

654
00:33:27,640 --> 00:33:31,520
My wife is a nurse. 
I'm telling her you need to 

655
00:33:31,520 --> 00:33:34,160
learn about Bitcoin. 
But she it's because the work 

656
00:33:34,160 --> 00:33:38,120
that she does is so stressful. 
So she's not willing to put more

657
00:33:38,120 --> 00:33:40,000
time into this. 
I mean, it's it's at the 

658
00:33:40,000 --> 00:33:41,160
beginning. 
If you think about it, it's a 

659
00:33:41,160 --> 00:33:44,800
very stressful topic, right? 
It challenges your beliefs. 

660
00:33:45,600 --> 00:33:49,400
It it completely. 
It's a new paradigm, right? 

661
00:33:49,400 --> 00:33:52,400
It's like if you're thinking 
most people have grown up 

662
00:33:52,400 --> 00:33:55,560
thinking real estate is the best
way to save real estate is my 

663
00:33:55,560 --> 00:33:57,480
savings account. 
This is a forced savings 

664
00:33:57,480 --> 00:33:59,120
account. 
It's the only way for me to 

665
00:33:59,120 --> 00:34:02,080
build wealth. 
It's like taking that belief out

666
00:34:02,080 --> 00:34:04,320
of your mind and replacing it 
with something completely 

667
00:34:04,320 --> 00:34:06,040
different. 
People think, hey, physical is 

668
00:34:06,040 --> 00:34:08,320
what's valuable. 
Bitcoin is not physical. 

669
00:34:08,719 --> 00:34:13,719
They think, oh, you're supposed 
to hold your real your assets 

670
00:34:13,719 --> 00:34:15,199
forever. 
You're supposed to hold houses 

671
00:34:15,199 --> 00:34:16,600
forever. 
You don't have to hold your 

672
00:34:16,600 --> 00:34:18,560
Bitcoin forever. 
You can sell your Bitcoin. 

673
00:34:18,560 --> 00:34:20,360
You can use it to consume, 
right? 

674
00:34:20,639 --> 00:34:24,440
Even a few weeks ago, I'm sorry 
maybe a couple months ago I did 

675
00:34:24,440 --> 00:34:26,120
AI did a podcast with simply 
Bitcoin. 

676
00:34:27,480 --> 00:34:31,000
I was I was saying, hey, I I at 
that point I hadn't understood 

677
00:34:31,000 --> 00:34:33,719
Bitcoin completely right. 
I at that point I still thought,

678
00:34:33,719 --> 00:34:35,639
hey real estate is still a great
investment. 

679
00:34:35,800 --> 00:34:40,840
But once you once you kind of 
once you kind of put in the time

680
00:34:40,840 --> 00:34:42,880
to understand how Bitcoin works,
it's very painful. 

681
00:34:42,880 --> 00:34:44,719
Like I said in the beginning, 
it's very, very painful. 

682
00:34:44,719 --> 00:34:46,760
It's going to hurt, right. 
It's going to challenge 

683
00:34:46,760 --> 00:34:49,120
everything. 
Once you put in that time you're

684
00:34:49,120 --> 00:34:50,440
going to get it. 
But most people don't have that 

685
00:34:50,440 --> 00:34:53,960
time. 
Yeah, I think it's most people 

686
00:34:53,960 --> 00:34:56,360
don't have that time. 
I I agree. 

687
00:34:57,200 --> 00:35:00,920
I mean, took me 10 years to 
really get to where I'm at right

688
00:35:00,920 --> 00:35:02,920
now. 
Bitcoin, Bitcoin wise. 

689
00:35:04,200 --> 00:35:06,080
It's that. 
But also what I tried to 

690
00:35:06,080 --> 00:35:12,560
illustrate that that I don't 
have a problem feeling right in 

691
00:35:12,760 --> 00:35:17,680
especially in the West, where up
until now lots of stuff still 

692
00:35:17,680 --> 00:35:19,960
works right. 
Like yesterday I recorded with 

693
00:35:20,800 --> 00:35:24,880
Tony Yasbek and he's from 
Lebanon and he shared how 

694
00:35:24,880 --> 00:35:28,080
overnight he lost everything he 
had right. 

695
00:35:28,120 --> 00:35:31,880
And then he was like, OK, now I 
understand I have a problem but 

696
00:35:31,880 --> 00:35:37,000
that it's unfortunate that that 
you need that in order to 

697
00:35:37,000 --> 00:35:40,520
actually grasp, you know, what 
is going on, like you cannot 

698
00:35:42,560 --> 00:35:44,200
change. 
It's it's hard for a lot of 

699
00:35:44,200 --> 00:35:47,040
people to change themselves 
before they actually end up you 

700
00:35:47,040 --> 00:35:49,400
know in the real big problem 
stage. 

701
00:35:49,400 --> 00:35:52,440
So I also like I agree it, it 
takes time obviously, but it's 

702
00:35:52,440 --> 00:35:58,080
also that right, like the the 
it's kind of like like negative 

703
00:35:58,080 --> 00:36:01,240
forward-looking thinking which 
is not really an enjoyable 

704
00:36:02,040 --> 00:36:05,640
activity of course, right. 
So it's it's probably also like 

705
00:36:05,800 --> 00:36:09,760
a human, you know, your 
incentive is too strong to just 

706
00:36:09,760 --> 00:36:11,680
not think about that. 
Yeah. 

707
00:36:11,680 --> 00:36:15,960
I mean, if you think about it, 
if you can borrow money for 0% 

708
00:36:15,960 --> 00:36:18,840
and you can buy a house and you 
can make 20% returns on it every

709
00:36:18,840 --> 00:36:21,200
single year, why wouldn't you, 
right. 

710
00:36:21,200 --> 00:36:24,400
It's the base of the system is 
so broken. 

711
00:36:24,400 --> 00:36:28,880
We can create money at will. 
We can issue it to anybody. 

712
00:36:28,880 --> 00:36:30,600
We can. 
Banks can pretty much do 

713
00:36:30,600 --> 00:36:32,600
whatever they want with the 
money supply, right. 

714
00:36:33,040 --> 00:36:36,560
At the same time, I don't know 
if most people know this, but in

715
00:36:36,560 --> 00:36:39,640
2020, if you look at the Federal
Reserve website, they actually 

716
00:36:39,640 --> 00:36:44,120
dropped their reserve 
requirement from 10% to 0%, 

717
00:36:44,480 --> 00:36:45,440
right? 
Most people don't know this, 

718
00:36:45,440 --> 00:36:47,080
right. 
So the reserve requirement is 

719
00:36:47,080 --> 00:36:50,560
basically if you put your money 
in a bank account, they they're 

720
00:36:50,560 --> 00:36:51,840
not going to keep all your 
money, right? 

721
00:36:51,840 --> 00:36:53,880
They're going to return. 
They're going to lend out most 

722
00:36:53,880 --> 00:36:55,160
of it. 
So that's that's what happened 

723
00:36:55,160 --> 00:36:57,800
with Silicon Valley Bank. 
Silicon Valley Bank had a 

724
00:36:57,800 --> 00:37:00,480
certain number of depositors who
wanted to take their money out. 

725
00:37:01,000 --> 00:37:03,200
They had lent that money to the 
US government, right. 

726
00:37:03,360 --> 00:37:05,960
So most people don't see that. 
Most people don't see that back 

727
00:37:05,960 --> 00:37:07,200
end. 
They don't care about the back 

728
00:37:07,200 --> 00:37:08,680
end because it's, it's 
complicated. 

729
00:37:08,680 --> 00:37:11,520
I mean when when you try to 
learn it, it takes some, it 

730
00:37:11,520 --> 00:37:14,560
takes a lot of time to wrap your
head around how things truly 

731
00:37:14,560 --> 00:37:19,120
work right and and those things 
it it's almost like, it's almost

732
00:37:19,120 --> 00:37:22,480
like it's made complicated so 
that most people won't will 

733
00:37:22,480 --> 00:37:24,560
ignore it and they'll just trust
somebody to do it for them. 

734
00:37:25,560 --> 00:37:31,360
Yeah, yeah, I fully agree. 
I think in the EU it's 1%, not 

735
00:37:31,360 --> 00:37:34,840
that much better. 
But yeah, people should realize 

736
00:37:34,840 --> 00:37:38,320
that when you put money in the 
bank, you loan it to the bank. 

737
00:37:38,680 --> 00:37:40,680
The bank doesn't have to hold 
that in cash. 

738
00:37:41,040 --> 00:37:46,240
And when you want to withdraw an
amount above a certain 

739
00:37:46,240 --> 00:37:49,000
threshold, they will ask you 
questions why you want to have 

740
00:37:49,000 --> 00:37:51,720
your money, the money that you 
loan to the bank. 

741
00:37:52,720 --> 00:37:56,240
You know, this. 
I always try to use as like the 

742
00:37:56,240 --> 00:38:02,320
simplest kind of like alarmist 
signal to say like hey, learn 

743
00:38:02,320 --> 00:38:06,320
about this please like because 
this is not my opinion, like it 

744
00:38:06,320 --> 00:38:09,960
is really the case, right? 
This is, this is just how it 

745
00:38:09,960 --> 00:38:12,560
works. 
So when you take a risk with 

746
00:38:12,560 --> 00:38:16,240
your job or a venture and you 
deliver value and you get value 

747
00:38:16,240 --> 00:38:19,720
in return, you know, in the form
of whatever the money is that 

748
00:38:19,720 --> 00:38:24,160
you use when when you deposit it
in a bank, you actually loan it 

749
00:38:24,160 --> 00:38:26,960
out again and you run even more 
risk, right. 

750
00:38:26,960 --> 00:38:29,560
Because when the bank explodes, 
you can think like, oh, I have 

751
00:38:29,560 --> 00:38:33,600
my, what is it in America, FDIC 
insurance, right. 

752
00:38:33,600 --> 00:38:36,200
I'll get back up to 250, K 
etcetera. 

753
00:38:36,760 --> 00:38:40,120
But if the bank doesn't have 
that money and it has to come 

754
00:38:40,120 --> 00:38:42,760
from the government, how do you 
think the government makes makes

755
00:38:42,760 --> 00:38:43,320
money? 
Right. 

756
00:38:43,320 --> 00:38:45,240
It's again from taxes, from the 
citizens. 

757
00:38:45,240 --> 00:38:50,400
Like I just try to talk a lot 
about this as well with people 

758
00:38:50,400 --> 00:38:53,680
because you have to understand 
that that is what makes you 

759
00:38:53,720 --> 00:38:57,840
stuck in a loop, right in the 
loop in in this broken system 

760
00:38:57,840 --> 00:39:01,200
where, and that's why I want to 
make the jump to Bitcoin. 

761
00:39:01,200 --> 00:39:03,160
Like that is where Bitcoin comes
in, right? 

762
00:39:03,200 --> 00:39:05,480
It's another system. 
It's another system, a 

763
00:39:05,480 --> 00:39:10,560
standalone system where once you
understand that you can move 

764
00:39:10,560 --> 00:39:16,680
from a broken system to a system
that is provably working and 

765
00:39:16,680 --> 00:39:19,880
auditable and all these things, 
then you are out. 

766
00:39:19,880 --> 00:39:23,360
Like, you can do that today. 
You can do that right now, you 

767
00:39:23,360 --> 00:39:26,760
know, take whatever your wealth 
is and you move it to that, to 

768
00:39:26,760 --> 00:39:30,200
that new system. 
So if someone sees your content 

769
00:39:30,200 --> 00:39:32,760
and says, hey, what is Bitcoin 
and why should I care? 

770
00:39:32,760 --> 00:39:35,880
What's like your What's like 
your reply there? 

771
00:39:36,600 --> 00:39:40,080
So I try to tell them that it's,
it's almost like a it's an 

772
00:39:40,080 --> 00:39:45,800
alternate economy where you have
a certain amount of money and 

773
00:39:45,800 --> 00:39:47,520
that amount of money is never 
going to increase. 

774
00:39:47,520 --> 00:39:49,440
So it, let's say for example, in
the current system, you're 

775
00:39:49,440 --> 00:39:52,400
working for a certain amount of 
money, that money can be created

776
00:39:52,400 --> 00:39:56,040
at will, right? 
The money that you have, maybe 

777
00:39:56,040 --> 00:39:58,640
it was freshly printed a few 
hours ago, right? 

778
00:39:58,640 --> 00:40:00,520
Maybe you received that money 
after it was printed 

779
00:40:00,520 --> 00:40:04,280
immediately. 
So with Bitcoin, you know for a 

780
00:40:04,280 --> 00:40:07,360
fact where that money came from,
you know, every single, every 

781
00:40:07,360 --> 00:40:11,080
single coin that has ever been 
issued was created. 

782
00:40:11,560 --> 00:40:16,400
By a miner or it was issued to a
miner who put in their time and 

783
00:40:16,400 --> 00:40:20,000
energy to to create that right? 
They they actually had to do 

784
00:40:20,000 --> 00:40:22,160
something to make that coin 
appear. 

785
00:40:22,160 --> 00:40:23,400
It didn't appear out of thin 
air. 

786
00:40:23,440 --> 00:40:25,760
It appeared because of energy 
consumption. 

787
00:40:25,760 --> 00:40:29,000
It it appeared because of a time
investment, right? 

788
00:40:29,000 --> 00:40:31,680
It wouldn't have appeared 
otherwise with dollars. 

789
00:40:32,320 --> 00:40:35,400
Dollars can be printed at will. 
They can be created immediately.

790
00:40:35,400 --> 00:40:40,240
So if you think about it, what 
there was, there's a tweet from 

791
00:40:41,520 --> 00:40:43,360
I forgot. 
I forgot who it's from. 

792
00:40:43,360 --> 00:40:48,320
But it's basically why would I 
work for a form of money that 

793
00:40:48,320 --> 00:40:50,520
somebody else can create at 
will, right? 

794
00:40:50,520 --> 00:40:53,080
Why? 
Why are we, why are we expected 

795
00:40:53,600 --> 00:41:00,000
to to work 406080 hours a week 
for a form of money that our 

796
00:41:00,000 --> 00:41:02,760
governments can just literally 
press a button and create more 

797
00:41:02,760 --> 00:41:03,440
of? 
Right. 

798
00:41:03,440 --> 00:41:05,160
Why are they collecting taxes 
from us? 

799
00:41:05,440 --> 00:41:07,720
It's a it's it sounds like a 
stupid question. 

800
00:41:07,720 --> 00:41:09,600
Hey, why? 
Why do governments need to 

801
00:41:09,600 --> 00:41:13,240
collect collect taxes when they 
can create money at will, right?

802
00:41:13,880 --> 00:41:16,200
Once you, once you dive deeper 
into, you kind of start 

803
00:41:16,200 --> 00:41:18,160
thinking, hey. 
It sounds so absurd, right? 

804
00:41:18,160 --> 00:41:21,760
Yeah, Yeah, it's absurd. 
It's, it's, it's funny because, 

805
00:41:21,920 --> 00:41:24,240
yeah, I love this example. 
Like people would reply to that 

806
00:41:24,240 --> 00:41:26,800
and say like, oh, it's 
oversimplifying, etcetera. 

807
00:41:26,800 --> 00:41:30,120
But then you have to say like, 
OK, but give me the answer, 

808
00:41:30,400 --> 00:41:31,960
right. 
Like, if you can print all the 

809
00:41:31,960 --> 00:41:33,720
money in the world, why are 
there poor people? 

810
00:41:33,720 --> 00:41:39,160
You know, like it's it's such a 
stupid thing to say, but it is 

811
00:41:39,160 --> 00:41:41,080
rooted in reality basically, 
right? 

812
00:41:41,080 --> 00:41:44,400
Like that this is, if we can 
give everyone money, why 

813
00:41:44,400 --> 00:41:48,040
wouldn't we do that? 
The answer is because it would 

814
00:41:48,040 --> 00:41:50,920
devalue all the other money that
that that currently is in there,

815
00:41:50,920 --> 00:41:54,840
but that nobody nobody will say.
No, that that's exactly what it 

816
00:41:54,840 --> 00:41:56,840
is, right? 
So with Bitcoin, you can't 

817
00:41:56,840 --> 00:41:57,960
create that money out of thin 
air. 

818
00:41:58,320 --> 00:41:59,440
You can't do that. 
You can't. 

819
00:41:59,680 --> 00:42:05,480
If for if If Silicon Valley Bank
collapsed and it was it, it held

820
00:42:05,480 --> 00:42:08,760
Bitcoin for people, the 
financial system would have been

821
00:42:08,760 --> 00:42:11,960
gone, right? 
Our financial system would have.

822
00:42:12,160 --> 00:42:15,000
It's like FTXFTX collapse. 
Think about all the companies 

823
00:42:15,000 --> 00:42:17,040
that the contagion went to, 
right? 

824
00:42:17,520 --> 00:42:18,800
All those companies would have 
would have. 

825
00:42:19,080 --> 00:42:22,160
It's because FTX tried to to 
create a fractional reserve 

826
00:42:22,160 --> 00:42:24,600
banking system with Bitcoin. 
But it doesn't work that way, 

827
00:42:24,720 --> 00:42:26,320
right? 
When you have a true form of 

828
00:42:26,320 --> 00:42:28,160
money, it doesn't work that way 
because you can't print your 

829
00:42:28,160 --> 00:42:29,200
money, right? 
You can't. 

830
00:42:29,200 --> 00:42:31,920
You can't. 
So, so all of that. 

831
00:42:31,920 --> 00:42:35,560
I guess I'll, I'll maybe maybe 
put into a sentence. 

832
00:42:36,120 --> 00:42:39,560
Bitcoin is a new way to transfer
account in store for value. 

833
00:42:39,560 --> 00:42:41,800
It's a brand new form of money 
that can replace every other 

834
00:42:41,800 --> 00:42:43,400
form of money that that's ever 
existed. 

835
00:42:43,600 --> 00:42:46,320
Right? 
It's it's a It was almost a Fiat

836
00:42:46,320 --> 00:42:49,560
currencies are almost a 
placeholder for Bitcoin. 

837
00:42:52,040 --> 00:42:55,600
Yeah, I love that. 
So what advice would you give to

838
00:42:56,120 --> 00:43:01,080
a millennial who's just starting
to explore Bitcoin for for their

839
00:43:01,080 --> 00:43:04,280
personal finance? 
I actually spoke to my 

840
00:43:04,280 --> 00:43:07,600
sister-in-law yesterday. 
She was she she didn't really 

841
00:43:07,600 --> 00:43:09,400
get Bitcoin, she didn't care 
about it. 

842
00:43:09,400 --> 00:43:11,800
She started seeing my post and 
of course she started getting 

843
00:43:11,800 --> 00:43:13,840
more curious. 
So I told her yesterday, hey, 

844
00:43:14,280 --> 00:43:16,720
buy a little bit of Bitcoin. 
It doesn't matter how much you 

845
00:43:16,720 --> 00:43:19,200
get, even if you buy 100 
dollars, $50.00 worth, whatever 

846
00:43:19,200 --> 00:43:21,600
you keep whatever you're 
comfortable with, buy a little 

847
00:43:21,600 --> 00:43:24,480
bit, you'll have some skin in 
the game and you'll start, 

848
00:43:24,600 --> 00:43:26,080
you'll start looking at it more,
right? 

849
00:43:26,080 --> 00:43:29,520
She's very smart. 
She knows she she's constantly 

850
00:43:30,640 --> 00:43:33,640
sending me articles, sending her
sister articles, my my wife, 

851
00:43:33,880 --> 00:43:37,120
she's sending her news articles.
She's sending me just things 

852
00:43:37,120 --> 00:43:38,520
that I wouldn't even have 
thought of, right? 

853
00:43:38,520 --> 00:43:42,400
So now she's bought Bitcoin. 
I'm pretty sure over the next 

854
00:43:42,400 --> 00:43:44,400
few weeks, few months, she's 
going to be asking me a lot of 

855
00:43:44,400 --> 00:43:46,760
questions, right? 
I I think the the first step is 

856
00:43:47,160 --> 00:43:50,920
buying even a tiny little bit. 
Even if you buy $510 worth, just

857
00:43:51,120 --> 00:43:55,800
have more than 0, right? 
That five or $10 worth in in in 

858
00:43:55,800 --> 00:43:58,560
30-40 years is going to be worth
a lot more than it's worth now, 

859
00:43:58,560 --> 00:43:59,680
right? 
So the the amount that she 

860
00:43:59,680 --> 00:44:01,400
bought, it's going to be worth a
lot more. 

861
00:44:01,400 --> 00:44:02,520
But that that's the thing, 
right? 

862
00:44:02,520 --> 00:44:07,000
I actually created a post I I 
posted a thread maybe a few days

863
00:44:07,000 --> 00:44:11,360
ago where if you invested in the
stock market, if you invested 

864
00:44:11,360 --> 00:44:14,120
$200 a month, you'd be a 
millionaire after 45 years. 

865
00:44:14,560 --> 00:44:17,680
If you did the same thing with 
Bitcoin, it'll take you 18 

866
00:44:17,680 --> 00:44:20,200
years, right? 
You don't have to fully put 

867
00:44:20,200 --> 00:44:23,760
everything into Bitcoin, right? 
But even if you put a fraction 

868
00:44:23,760 --> 00:44:25,920
of your portfolio into Bitcoin, 
I think that's the way to start.

869
00:44:25,920 --> 00:44:29,200
Even for millennials, I get it. 
People are worried. 

870
00:44:29,280 --> 00:44:31,200
They don't understand it. 
They don't. 

871
00:44:32,040 --> 00:44:34,080
It could pretend, oh, they think
it can go to zero. 

872
00:44:34,080 --> 00:44:36,520
It can't. 
But it takes a lot of time to 

873
00:44:36,520 --> 00:44:37,960
actually get to that conclusion,
right? 

874
00:44:37,960 --> 00:44:39,160
You need to. 
You need to be able to 

875
00:44:39,160 --> 00:44:41,680
understand the white paper. 
It'll take some time, but that 

876
00:44:41,680 --> 00:44:46,440
time is going to cost you a lot 
If you don't buy a little bit of

877
00:44:46,440 --> 00:44:48,120
Bitcoin, if you don't buy it 
just a little bit. 

878
00:44:48,120 --> 00:44:49,440
I know a lot of people who have 
bought none. 

879
00:44:50,000 --> 00:44:51,600
They keep putting it off. 
They keep putting it off. 

880
00:44:51,600 --> 00:44:54,280
They keep putting it off. 
But there's others who bought. 

881
00:44:54,800 --> 00:44:55,920
They started studying 
immediately. 

882
00:44:55,920 --> 00:44:58,320
Because it it piqued their 
curiosity, right? 

883
00:44:58,320 --> 00:45:00,800
It made them think, hey, I'm 
putting money into this, why 

884
00:45:00,800 --> 00:45:02,240
don't I learn more? 
Right? 

885
00:45:02,760 --> 00:45:04,440
Until you buy, you're not going 
to start. 

886
00:45:04,440 --> 00:45:06,440
You're not going to start really
deep diving deeper. 

887
00:45:07,520 --> 00:45:11,800
Yeah, I fully agree. 
Like, I mean, I think it's 

888
00:45:11,800 --> 00:45:14,080
difficult because it's so new, 
right. 

889
00:45:14,080 --> 00:45:17,840
But what you just said hit me 
when I think like people buying 

890
00:45:17,840 --> 00:45:22,400
stocks, like if you buy, well, I
like the the stock advice. 

891
00:45:22,400 --> 00:45:24,080
Like buy what? 
You know, right. 

892
00:45:24,080 --> 00:45:26,040
Like if you love Nike, you buy 
Nike. 

893
00:45:26,040 --> 00:45:27,360
If you love Apple, you buy 
Apple. 

894
00:45:27,360 --> 00:45:29,280
Like that. 
That makes the most sense for 

895
00:45:29,280 --> 00:45:31,160
me. 
But but doing any other thing, 

896
00:45:31,160 --> 00:45:35,040
you know, like, oh, I'm buying 
this pharma company something, 

897
00:45:35,040 --> 00:45:40,320
something or this physics, 
whatever, whatever company, you 

898
00:45:40,320 --> 00:45:42,320
don't know how they work. 
You don't know who these people 

899
00:45:42,320 --> 00:45:43,880
are. 
You don't know their product 

900
00:45:43,880 --> 00:45:48,160
development, R&D process. 
You don't know their operational

901
00:45:48,160 --> 00:45:51,480
excellence. 
Like you know nothing about this

902
00:45:51,640 --> 00:45:55,240
company, right. 
And there's so much influence 

903
00:45:55,680 --> 00:45:59,240
internally and externally on 
this company that you will never

904
00:45:59,240 --> 00:46:01,320
be able to fully grasp it, 
right. 

905
00:46:01,320 --> 00:46:04,840
Yeah, maybe there's some full 
time stock traders that only do 

906
00:46:04,840 --> 00:46:08,440
that day in day out to figure 
out like OK, how does a certain 

907
00:46:08,440 --> 00:46:10,200
company work and then they buy a
stock, right. 

908
00:46:10,200 --> 00:46:11,440
But that's not for normal 
people. 

909
00:46:11,440 --> 00:46:14,640
I like I would argue that 
understanding Bitcoin is way 

910
00:46:14,640 --> 00:46:20,160
easier than understanding. 
You know any any company that 

911
00:46:20,160 --> 00:46:24,800
has stocks on on the NASDAQ. 
Yeah, I agree. 

912
00:46:24,800 --> 00:46:27,120
There's people who dedicate 
their entire lives just 

913
00:46:27,600 --> 00:46:31,000
researching one company, right? 
And they still don't get to the 

914
00:46:31,120 --> 00:46:33,000
they still don't understand 
everything, right. 

915
00:46:33,640 --> 00:46:36,920
And if you think about it, you 
can you you don't have to. 

916
00:46:37,280 --> 00:46:39,840
You obviously do the research, 
but Bitcoin isn't going to 

917
00:46:39,840 --> 00:46:41,640
change. 
There's there's no cash flows 

918
00:46:41,640 --> 00:46:43,280
there. 
No, there's no product being 

919
00:46:43,280 --> 00:46:45,280
produced. 
There's no, the company's not 

920
00:46:45,280 --> 00:46:48,720
going to suddenly start 
supporting certain things that 

921
00:46:48,720 --> 00:46:50,680
people don't like. 
It's not a company, right? 

922
00:46:50,680 --> 00:46:52,880
It's a commodity. 
It's something that everybody 

923
00:46:52,880 --> 00:46:54,600
can own. 
Anybody can own it. 

924
00:46:54,600 --> 00:46:57,200
Anybody can. 
They can spend it. 

925
00:46:57,200 --> 00:47:00,280
They can, they can use it. 
They can use it as a store of 

926
00:47:00,280 --> 00:47:00,880
value. 
They can. 

927
00:47:01,720 --> 00:47:04,000
As long as you have a cell 
phone, you can access Bitcoin. 

928
00:47:04,840 --> 00:47:07,560
I've seen the comparison to a 
global ETF. 

929
00:47:07,960 --> 00:47:10,160
Bitcoin is a global ETF. 
That's exactly what it is, 

930
00:47:10,200 --> 00:47:13,760
right? 
Bitcoin is it. 

931
00:47:14,200 --> 00:47:17,080
You can almost think of it as 
representing the entire global 

932
00:47:17,080 --> 00:47:20,320
economy, right? 
Every Everybody can sell goods 

933
00:47:20,520 --> 00:47:23,000
on the on on Bitcoin. 
They can receive Bitcoin for it.

934
00:47:23,400 --> 00:47:27,000
As more goods are available on 
the Bitcoin economy, the value 

935
00:47:27,000 --> 00:47:29,560
will increase. 
Value will accrue with the 

936
00:47:29,560 --> 00:47:33,280
people who hold Bitcoin over 
time, right As more people enter

937
00:47:33,280 --> 00:47:36,200
the economy. 
I over the last few months, 

938
00:47:36,200 --> 00:47:37,720
there are some bigger companies 
that are joining. 

939
00:47:37,720 --> 00:47:40,840
Ferrari actually said, oh, we're
going to accept Bitcoin for our 

940
00:47:40,840 --> 00:47:43,600
cars now. 
As you keep going, as you keep 

941
00:47:43,760 --> 00:47:45,840
getting more and more companies 
coming in, people are going to 

942
00:47:45,840 --> 00:47:47,840
be able to spend their Bitcoin 
directly. 

943
00:47:47,920 --> 00:47:50,800
People are worrying, hey, I'm 
going to have to pay to have to 

944
00:47:50,800 --> 00:47:53,520
pay taxes at some point. 
At some point. 

945
00:47:53,520 --> 00:47:55,080
I don't think that's going to be
the case, right. 

946
00:47:55,080 --> 00:47:57,360
I think, I think at some point 
all these governments are going 

947
00:47:57,360 --> 00:48:01,040
to be working on behalf of 
bitcoiners, right? 

948
00:48:01,040 --> 00:48:03,720
When, when you, when you look at
it, I think I went on a complete

949
00:48:03,720 --> 00:48:06,160
different tangent. 
But if you think about it, all 

950
00:48:06,160 --> 00:48:08,200
these governments are going to 
be benefiting bit corners right 

951
00:48:08,200 --> 00:48:10,320
there because they know that 
these bit corners can leave 

952
00:48:10,640 --> 00:48:12,880
their country with their wealth.
Real estate investors can't. 

953
00:48:14,160 --> 00:48:16,760
Yeah I talked about this with 
with Tony yesterday. 

954
00:48:16,800 --> 00:48:19,480
This is the thing like it will 
turn it will like align the 

955
00:48:19,480 --> 00:48:22,600
incentives better right. 
I I listened to Dutch podcast 

956
00:48:22,600 --> 00:48:27,320
where they talked about like the
an old king of Belgium or or I 

957
00:48:27,320 --> 00:48:30,760
think it was him. 
Oh no, it was an old king in 

958
00:48:30,760 --> 00:48:34,920
England actually who like 
introduced Texas and it started 

959
00:48:34,920 --> 00:48:38,080
when he wanted to battle like 
the French somewhere some 

960
00:48:38,080 --> 00:48:40,960
something like that. 
But it started when he proposed 

961
00:48:41,400 --> 00:48:47,240
plans that he wanted to execute,
right, like to defend a certain 

962
00:48:48,040 --> 00:48:50,400
part of land against the French 
because there are threat to us 

963
00:48:50,400 --> 00:48:52,760
etc. 
And that is why I need money 

964
00:48:52,760 --> 00:48:55,240
from you, my my citizens 
basically. 

965
00:48:55,800 --> 00:48:58,640
And so it was a plan and then he
asked for money and then you 

966
00:48:58,680 --> 00:49:02,840
know people, people gave money, 
but now people gave give money 

967
00:49:02,840 --> 00:49:04,960
without even knowing the plans, 
right. 

968
00:49:04,960 --> 00:49:08,720
And sometimes there's taxes, for
example on plastic uses on 

969
00:49:08,840 --> 00:49:13,280
fruits or something and the 
income from those taxes are not 

970
00:49:13,280 --> 00:49:17,280
used to get rid of the plastic 
on on fruits. 

971
00:49:17,600 --> 00:49:23,800
You know, they they get put in 
another pot somewhere to to 

972
00:49:23,800 --> 00:49:25,840
spend on some other, some other 
subject, right. 

973
00:49:25,840 --> 00:49:29,000
So the incentives are misaligned
like it it should be that the 

974
00:49:29,000 --> 00:49:31,440
government works for the people.
It's not that the people work 

975
00:49:31,440 --> 00:49:35,640
for the government, which is now
the case, right, because they 

976
00:49:35,640 --> 00:49:40,520
get money without proving which 
value they they add, right? 

977
00:49:40,520 --> 00:49:44,240
And I like this other example as
well. 

978
00:49:44,240 --> 00:49:48,000
Like yesterday I think there was
news about these suicide Nets on

979
00:49:48,000 --> 00:49:51,240
the Golden Gate Bridge in San 
Francisco took like, I don't 

980
00:49:51,240 --> 00:49:55,040
know, 20 years and millions of 
billions of dollars or something

981
00:49:55,320 --> 00:49:58,760
to do something like it's just 
so misaligned. 

982
00:49:58,760 --> 00:50:02,480
But once the the power of the 
money, right, I think you said 

983
00:50:02,480 --> 00:50:06,600
it well, like if the economy of 
Bitcoin gets bigger and more 

984
00:50:06,600 --> 00:50:10,640
goods and services are traded 
for Bitcoin, that will give 

985
00:50:10,760 --> 00:50:13,880
power back to the people. 
And the government will have to 

986
00:50:13,880 --> 00:50:23,080
be more responsible about why 
they should get Bitcoin from the

987
00:50:23,280 --> 00:50:26,240
citizens to actually execute on,
you know whatever plan they want

988
00:50:26,280 --> 00:50:29,680
to, they want to execute on. 
So I really like that line of 

989
00:50:29,680 --> 00:50:32,720
thought and it's also I think 
what Peter Dunworth shares a 

990
00:50:32,720 --> 00:50:34,400
lot. 
He said that he has like this 

991
00:50:34,400 --> 00:50:41,040
crazy 7 billion or something per
Bitcoin price target. 

992
00:50:41,040 --> 00:50:43,680
But it's really very simple, he 
says. 

993
00:50:43,680 --> 00:50:47,640
If all the global trade fights 
every day, you know, daily 

994
00:50:47,640 --> 00:50:50,680
global trade fights for the 
issuance of new Bitcoin that 

995
00:50:50,680 --> 00:50:54,480
day, then that is $7 billion per
Bitcoin, which you know is 

996
00:50:54,480 --> 00:50:57,320
probably pretty far away. 
But it is in line with what you 

997
00:50:57,320 --> 00:51:00,400
just mentioned, right? 
Because if and when people 

998
00:51:00,400 --> 00:51:03,840
understand that Bitcoin is the 
best money to ever exist, then 

999
00:51:03,840 --> 00:51:06,680
why would you want anything else
for your goods or services to 

1000
00:51:06,680 --> 00:51:08,120
get paid in, right? 
So that. 

1001
00:51:08,240 --> 00:51:10,560
I think even for. 
Me, a very logical argument. 

1002
00:51:11,120 --> 00:51:14,040
I think even based on what he's 
saying, I mean it, it makes, it 

1003
00:51:14,040 --> 00:51:15,880
makes sense, right? 
Because if you think about it, 

1004
00:51:16,800 --> 00:51:20,320
the value, I mean, I'm assuming 
he's, he's saying that in 

1005
00:51:20,320 --> 00:51:22,640
nominal terms. 
But I mean, even even if he was 

1006
00:51:22,640 --> 00:51:25,080
thinking in real terms, maybe 
we'll have so much more 

1007
00:51:25,080 --> 00:51:27,040
prosperity, right? 
Maybe there'll be so many more 

1008
00:51:27,040 --> 00:51:29,480
things available for people to 
buy, right. 

1009
00:51:30,000 --> 00:51:33,840
Technology is going to improve. 
We're not going to be spending 

1010
00:51:33,840 --> 00:51:36,000
all our money on houses. 
So we're going to be worrying 

1011
00:51:36,000 --> 00:51:38,440
more about how do I improve my 
health? 

1012
00:51:38,920 --> 00:51:43,400
There's probably going to be 
things in the economy that exist

1013
00:51:43,400 --> 00:51:49,440
that will be purely to help 
people sustain a better life, 

1014
00:51:49,440 --> 00:51:50,560
right? 
I mean, if you think about it, 

1015
00:51:50,560 --> 00:51:53,400
I, I, I, I, I speak to a lot of 
bitcoiners this regularly. 

1016
00:51:54,200 --> 00:51:58,200
I've noticed that a lot of them 
like to spend money on high 

1017
00:51:58,200 --> 00:52:03,160
quality food, right? 
It shows you, it shows you what 

1018
00:52:03,160 --> 00:52:06,440
their preference is there. 
It shows you that they want they

1019
00:52:06,440 --> 00:52:08,680
they don't care about immediate 
gratification. 

1020
00:52:09,120 --> 00:52:11,520
They don't care about being able
to. 

1021
00:52:11,760 --> 00:52:15,080
A lot of people say, hey, oh on 
on a lot of my posts. 

1022
00:52:15,080 --> 00:52:17,960
A lot of my comments are saying,
hey, because I used to post 

1023
00:52:17,960 --> 00:52:21,560
about legacy financial assets. 
A lot of people say, hey, who's 

1024
00:52:21,560 --> 00:52:25,560
paying you to post this? 
There's no CEO to pay me, right?

1025
00:52:25,560 --> 00:52:27,200
There's no marketing. 
You're helping yourself. 

1026
00:52:27,440 --> 00:52:29,360
I'm helping myself exactly. 
And others. 

1027
00:52:29,760 --> 00:52:33,240
And and yeah, that exactly. 
I mean, I have an incentive. 

1028
00:52:33,280 --> 00:52:36,280
I educate people about Bitcoin 
and I make money from it. 

1029
00:52:36,760 --> 00:52:39,240
That's my incentive, right? 
My incentive is helping people. 

1030
00:52:39,240 --> 00:52:41,080
But my goal is to add more 
value. 

1031
00:52:41,320 --> 00:52:43,640
I think that's what what a lot 
of entrepreneurs are going to do

1032
00:52:43,640 --> 00:52:45,720
on a Bitcoin standard. 
A lot of people are going to be 

1033
00:52:46,120 --> 00:52:48,120
creating things that never 
existed. 

1034
00:52:48,120 --> 00:52:51,800
There's think about how many 
ideas exist and these people are

1035
00:52:51,800 --> 00:52:55,240
stuck working at Amazon, 
Walmart, Google. 

1036
00:52:55,400 --> 00:52:58,000
They're they're doing what what 
those companies want, but their 

1037
00:52:58,000 --> 00:52:59,840
ideas are just going to waste, 
right? 

1038
00:52:59,840 --> 00:53:03,240
There's I I personally know so 
many people who think of crazy 

1039
00:53:03,240 --> 00:53:06,360
ideas and and they sound 
awesome, but they don't have the

1040
00:53:06,360 --> 00:53:07,880
time to execute on them, right? 
So. 

1041
00:53:08,560 --> 00:53:10,200
Well, and they're not the right 
incentive. 

1042
00:53:10,400 --> 00:53:11,080
Yeah, yeah. 
On. 

1043
00:53:11,080 --> 00:53:12,720
I mean, on a Bitcoin standard, 
that's the thing. 

1044
00:53:12,720 --> 00:53:15,320
They'll have the time to execute
because they don't have to worry

1045
00:53:15,320 --> 00:53:18,960
about working 60 hours a week at
a job they hate. 

1046
00:53:20,000 --> 00:53:23,200
Yeah, I fully, fully agree. 
I I tweeted this week. 

1047
00:53:23,200 --> 00:53:27,360
I think Fiat money incentivizes 
short term consumption and 

1048
00:53:27,360 --> 00:53:29,560
Bitcoin incentivizes long term 
building. 

1049
00:53:29,560 --> 00:53:33,920
And I think that's exactly, 
that's exactly what what you're 

1050
00:53:33,920 --> 00:53:36,920
saying, right. 
And that is also I love that 

1051
00:53:37,120 --> 00:53:41,160
that's what Safe Dean also says 
in his his book, right. 

1052
00:53:41,320 --> 00:53:46,320
Short term time preference and 
long term time preference, the 

1053
00:53:46,320 --> 00:53:50,120
fact that the money that you use
right now, the Fiat money that 

1054
00:53:50,120 --> 00:53:54,040
you use right now, is 
deliberately devalued at least 

1055
00:53:54,040 --> 00:54:00,040
2% a year, which the people in 
charge agree to, is an arbitrary

1056
00:54:00,240 --> 00:54:03,360
number, right. 
And in in in in reality, it's 

1057
00:54:03,360 --> 00:54:05,720
way higher now. 
I spoke to friends who live in 

1058
00:54:05,720 --> 00:54:08,640
New York, they say like, well, 
they say inflation is 6%, it's 

1059
00:54:08,640 --> 00:54:10,920
more 50. 
Yeah, at the grocery store. 

1060
00:54:12,320 --> 00:54:15,640
You know, the fact that that is 
happening right now incentivizes

1061
00:54:15,640 --> 00:54:20,040
you to do all this crazy stuff 
and gambling to try to at least 

1062
00:54:20,040 --> 00:54:24,560
mitigate that the devaluation of
the money that you have. 

1063
00:54:24,560 --> 00:54:29,800
But with Bitcoin, it's going to 
stay the same and once it, you 

1064
00:54:29,800 --> 00:54:34,360
know, swallows up all this 
monetary premium from stocks and

1065
00:54:34,360 --> 00:54:37,280
houses etc. 
The the value will also go up. 

1066
00:54:37,280 --> 00:54:41,480
But the whole point is that the 
value stays the same over you 

1067
00:54:41,480 --> 00:54:44,440
know space and time towards the 
the future. 

1068
00:54:44,440 --> 00:54:48,000
And that is what creates the the
incentive for long term 

1069
00:54:48,000 --> 00:54:49,440
building. 
Exactly as you just said. 

1070
00:54:49,440 --> 00:54:52,600
Like if you know that your money
is still worth the same in 10 

1071
00:54:52,600 --> 00:54:57,120
years, then you will also choose
to spend 10 years on some crazy 

1072
00:54:57,120 --> 00:55:01,440
project that you otherwise would
never spend time on. 

1073
00:55:01,640 --> 00:55:03,160
Yeah, I mean that that's the 
thing, right. 

1074
00:55:03,160 --> 00:55:06,000
When you're people it's going 
to, I think this is going to 

1075
00:55:06,000 --> 00:55:07,360
spark a lot of innovation, 
right. 

1076
00:55:07,360 --> 00:55:11,520
If you think about it, a lot of 
companies are creating products 

1077
00:55:11,520 --> 00:55:14,600
that it's it's planned 
obsolescence, right? 

1078
00:55:14,600 --> 00:55:17,680
It's planned destruction of 
value. 

1079
00:55:18,000 --> 00:55:20,720
Like if you think about it, 
Apple, Amazon, all these are 

1080
00:55:20,720 --> 00:55:27,200
Apple and Samsung have both been
sued for creating phones that 

1081
00:55:27,200 --> 00:55:31,480
intentionally break, right? 
They stopped working, their 

1082
00:55:31,480 --> 00:55:34,040
battery, Battery just dies, 
right? 

1083
00:55:34,040 --> 00:55:35,760
They've both been sued. 
I mean, if you think about it, 

1084
00:55:35,760 --> 00:55:37,880
are they going to be doing this 
on a Bitcoin standard? 

1085
00:55:38,280 --> 00:55:41,120
Because they know that their 
reputation is everything, right?

1086
00:55:41,440 --> 00:55:44,640
If because they're the only two,
they're the only two that can 

1087
00:55:44,640 --> 00:55:47,120
survive, there's no competition,
right? 

1088
00:55:47,120 --> 00:55:48,960
I mean on a Bitcoin standard. 
It's going to be. 

1089
00:55:49,280 --> 00:55:51,600
Free market capitalism. 
So companies anywhere in the 

1090
00:55:51,600 --> 00:55:54,680
world can create phones instead 
of having to rely on the US 

1091
00:55:54,960 --> 00:55:56,600
regulations. 
Anybody can create a phone. 

1092
00:55:56,600 --> 00:55:59,400
Anybody can create a product 
that can work and something will

1093
00:55:59,400 --> 00:56:01,040
go, something will go crazy, 
right? 

1094
00:56:01,120 --> 00:56:04,120
All these companies, if you 
think about it, people say, hey 

1095
00:56:04,120 --> 00:56:07,320
Apple is the best stock ever. 
I think it'll be disrupted 

1096
00:56:07,320 --> 00:56:10,080
because of Bitcoin. 
I think Bitcoin will make it so 

1097
00:56:10,080 --> 00:56:13,120
that the market is free. 
I think Bitcoin will make it so 

1098
00:56:13,120 --> 00:56:17,240
that these companies have true 
competition around the world, 

1099
00:56:17,720 --> 00:56:20,240
right? 
Right now, regulations save 

1100
00:56:20,240 --> 00:56:22,360
them. 
I don't think that's going to be

1101
00:56:22,360 --> 00:56:24,600
the case in 5-10 years. 
I think all these companies are 

1102
00:56:24,600 --> 00:56:26,840
going to be revalued 
significant. 

1103
00:56:26,840 --> 00:56:29,120
They're going to be completely 
repriced. 

1104
00:56:29,120 --> 00:56:32,440
They're going to lose 99, 
they've lost 99.9% of their 

1105
00:56:32,440 --> 00:56:33,880
value. 
They're going to lose another 

1106
00:56:33,880 --> 00:56:38,800
99.9% of their value. 
Yeah, find it fascinating. 

1107
00:56:38,800 --> 00:56:42,240
I I think next to the videos on 
TikTok and Instagram about, you 

1108
00:56:42,240 --> 00:56:49,800
know, people not getting putting
and putting and and Smeet, a lot

1109
00:56:49,800 --> 00:56:51,880
of people also talk about 
quality of products, right? 

1110
00:56:51,880 --> 00:56:55,200
And when you were just talking, 
I was thinking about I have a 

1111
00:56:55,200 --> 00:56:59,960
son who had like Lego Playmobil 
and the stuff like like Duplo, 

1112
00:56:59,960 --> 00:57:01,480
like the little building blocks,
right? 

1113
00:57:01,920 --> 00:57:06,680
I bought new stuff for him, like
current stuff, but I also had my

1114
00:57:06,680 --> 00:57:11,560
old stuff from 30 years ago 
which was better, which was more

1115
00:57:11,560 --> 00:57:14,600
sturdy, which is when like the 
stuff now is way lighter. 

1116
00:57:14,600 --> 00:57:18,760
It feels very cheap, actually. 
One block broke you know like 

1117
00:57:18,760 --> 00:57:22,880
it's it's funny to see that that
the quality what's not actually 

1118
00:57:22,880 --> 00:57:26,560
funny it's interesting you know 
that the quality of products is 

1119
00:57:26,560 --> 00:57:33,960
just degrading also on on on 
purpose you know the the they 

1120
00:57:33,960 --> 00:57:37,800
don't The companies are also 
incentivized to do this right. 

1121
00:57:37,800 --> 00:57:41,720
Maybe it's not that malicious as
how it sometimes sounds but they

1122
00:57:41,720 --> 00:57:46,400
are incentivized to do that and 
that's the whole point to align 

1123
00:57:46,800 --> 00:57:51,480
and create better incentives for
people to build with a more long

1124
00:57:51,480 --> 00:57:53,360
term vision. 
I mean, I live in an old house, 

1125
00:57:53,520 --> 00:57:56,760
more than 100 years old. 
I have crazy woodwork in this 

1126
00:57:56,760 --> 00:57:58,080
house. 
Like there are no straight 

1127
00:57:58,080 --> 00:58:01,280
lines, you know, like Ferry, 
someone who made a door, didn't 

1128
00:58:01,280 --> 00:58:03,840
make a straight door like he, he
made it nice. 

1129
00:58:04,600 --> 00:58:06,520
His incentive was to make it 
nice, right? 

1130
00:58:06,520 --> 00:58:09,760
And if you buy a new house, now,
your door, your door is going to

1131
00:58:09,760 --> 00:58:14,440
be cheap wood, super straight, 
nothing, nothing nice. 

1132
00:58:14,960 --> 00:58:17,720
And that is, I think, the whole 
point about where we could go 

1133
00:58:17,720 --> 00:58:20,160
with Bitcoin also. 
I think Safedine, you know 

1134
00:58:20,160 --> 00:58:21,920
Safedine talks about that in the
Bitcoin standard. 

1135
00:58:21,920 --> 00:58:25,480
He talks about how art is trash.
Now there. 

1136
00:58:25,480 --> 00:58:28,200
I mean, it's true, right? 
If you think about it, all the 

1137
00:58:28,200 --> 00:58:31,400
music that you hear on the 
radio, all these hits, they're. 

1138
00:58:33,760 --> 00:58:36,280
It's short term hits. 
Yeah, there's nothing there. 

1139
00:58:36,280 --> 00:58:37,360
There's nothing. 
You don't listen. 

1140
00:58:37,360 --> 00:58:40,640
You don't hear those songs again
for after a couple, couple 

1141
00:58:40,840 --> 00:58:42,720
replays. 
Those songs have no value, 

1142
00:58:42,880 --> 00:58:44,800
right. 
Like with old music like let's 

1143
00:58:44,800 --> 00:58:49,480
say I I like, I used to really 
like Nas, Nas, Hip hop, hip hop 

1144
00:58:49,480 --> 00:58:52,280
music. 
His, his rap songs, he he would 

1145
00:58:52,280 --> 00:58:53,640
tell a story in a lot of his 
songs. 

1146
00:58:53,640 --> 00:58:55,240
And J. 
Cole tells a story. 

1147
00:58:55,720 --> 00:58:58,400
Their music is it has a lot of 
replay value. 

1148
00:58:58,400 --> 00:59:00,680
Like the new stuff, it's just 
wow. 

1149
00:59:01,680 --> 00:59:03,760
If you try to listen to it, it 
kind of hurts your ears. 

1150
00:59:05,280 --> 00:59:07,680
Yeah, it's ephemeral, right? 
Like, that's what the whole 

1151
00:59:07,680 --> 00:59:09,760
media became. 
Just ephemeral. 

1152
00:59:10,040 --> 00:59:13,680
Yeah. 
Short term satisfaction, easy 

1153
00:59:13,680 --> 00:59:15,720
money and nothing. 
Yeah, exactly. 

1154
00:59:15,720 --> 00:59:18,200
Easy, easy money. 
But it's also because the people

1155
00:59:18,200 --> 00:59:21,320
allow it, obviously, right. 
And I mean, it gets consumed. 

1156
00:59:22,400 --> 00:59:27,560
But again, that is kind of like 
the whole point to to talk about

1157
00:59:27,560 --> 00:59:29,960
that, right? 
Like, you can get the short term

1158
00:59:29,960 --> 00:59:35,160
satisfaction, but that does not 
increase the value of your life.

1159
00:59:35,480 --> 00:59:38,960
You know, you can argue that it 
actually decreases the value of 

1160
00:59:38,960 --> 00:59:41,920
your life because you don't know
what you want, because every new

1161
00:59:41,920 --> 00:59:45,200
shiny thing gives you a little 
dopamine, you know, whatever, 

1162
00:59:45,200 --> 00:59:49,320
whatever you're into. 
But that that is an endless 

1163
00:59:49,560 --> 00:59:54,360
pursuit of nothingness. 
In a sense, exactly. 

1164
00:59:55,400 --> 01:00:00,920
Yeah, so you got into Bitcoin, 
but what was the belief that 

1165
01:00:01,000 --> 01:00:03,600
made you not get into it when 
you first encountered it? 

1166
01:00:04,600 --> 01:00:09,280
I think I first heard about 
Bitcoin in 2010 and I I ignored 

1167
01:00:09,280 --> 01:00:11,040
it because I was like, oh this 
is too difficult. 

1168
01:00:11,320 --> 01:00:14,480
I wanted to actually mine in my 
in my basement with my computer.

1169
01:00:14,480 --> 01:00:17,640
I was like 1718 years old then 
maybe 16. 

1170
01:00:17,640 --> 01:00:19,960
I I think I was younger. 
I wanted to mine in my basement,

1171
01:00:19,960 --> 01:00:21,880
but I was just thinking, hey, 
this is too complicated. 

1172
01:00:22,240 --> 01:00:23,600
Screw it. 
I'm not going to, I'm not going 

1173
01:00:23,600 --> 01:00:26,400
to waste my time on this. 
I'd rather spend my time getting

1174
01:00:26,400 --> 01:00:29,480
an education and getting a job 
the way that everybody tells me 

1175
01:00:29,480 --> 01:00:30,560
to. 
That's what I thought. 

1176
01:00:30,760 --> 01:00:35,040
That's what I thought, right? 
And that was in 20/10/2011, then

1177
01:00:35,040 --> 01:00:39,680
2013. 
I was in university and I was 

1178
01:00:39,680 --> 01:00:42,960
going through my exams and I was
thinking, hey, this job is going

1179
01:00:42,960 --> 01:00:46,280
to make me a lot more money than
this Bitcoin crap, this Ponzi 

1180
01:00:46,280 --> 01:00:48,760
scheme, garbage, whatever it is,
right? 

1181
01:00:49,200 --> 01:00:55,720
And then in, I think it was in 
20, I think it was 2017, I 

1182
01:00:55,720 --> 01:01:00,080
started a new job, same thing. 
My job is too, too difficult. 

1183
01:01:00,080 --> 01:01:01,960
I'm not going to waste my time 
on Bitcoin. 

1184
01:01:02,480 --> 01:01:05,920
This job is going to get me a 
much better career over the long

1185
01:01:05,920 --> 01:01:08,360
term. 
And then 2021, I think 20, I 

1186
01:01:08,360 --> 01:01:12,200
think 2020 or 2021, I started 
learning about Bitcoin, like 

1187
01:01:12,200 --> 01:01:14,720
really learning about it. 
That actually happened because 

1188
01:01:14,720 --> 01:01:16,640
of somebody I met at work, this 
guy at work. 

1189
01:01:16,640 --> 01:01:18,880
He was telling me, hey, you need
to learn about this thing. 

1190
01:01:18,880 --> 01:01:20,360
This thing is going to change 
the world. 

1191
01:01:21,440 --> 01:01:23,480
I'm so happy that I listened to 
him with an open mind. 

1192
01:01:23,480 --> 01:01:25,320
Right before that, I had a 
closed mind. 

1193
01:01:25,320 --> 01:01:28,720
I was thinking, no, the way that
I know things should go is how 

1194
01:01:28,720 --> 01:01:30,640
it how it should go. 
That's the only way that I know 

1195
01:01:30,640 --> 01:01:32,320
I'm not. 
I'm not going to pursue a new 

1196
01:01:32,320 --> 01:01:34,720
path. 
Right after I started learning 

1197
01:01:34,720 --> 01:01:36,960
about Bitcoin, after I started 
listening to podcast, started 

1198
01:01:37,280 --> 01:01:41,640
really figuring things out. 
Actually, I left my job right in

1199
01:01:41,640 --> 01:01:42,960
2021. 
I left my job. 

1200
01:01:43,960 --> 01:01:49,160
I went from somebody who wanted 
a pension, being able to earn a 

1201
01:01:49,160 --> 01:01:50,640
certain amount of money every 
single year. 

1202
01:01:50,880 --> 01:01:53,560
My my bank is going to pay for 
my expenses. 

1203
01:01:53,560 --> 01:01:55,360
I'm going to just stay here for 
the rest of my life. 

1204
01:01:55,560 --> 01:02:00,000
Went from that to somebody who I
I don't work for a company 

1205
01:02:00,000 --> 01:02:01,480
anymore, right? 
I mean, it's hard. 

1206
01:02:01,600 --> 01:02:03,720
It's actually much more 
difficult working for yourself 

1207
01:02:03,720 --> 01:02:07,160
than it is working for for a 
business, right? 

1208
01:02:07,160 --> 01:02:09,640
I mean, I think that kind of 
pushed me more into learning 

1209
01:02:09,640 --> 01:02:13,840
about Bitcoin because I think 
right now value isn't receiving 

1210
01:02:14,040 --> 01:02:17,360
the adding, value isn't 
receiving the compensation that 

1211
01:02:17,360 --> 01:02:19,960
it should, right? 
I think a lot of people. 

1212
01:02:20,800 --> 01:02:25,280
OK, so let's say I do these live
webinars teaching about Bitcoin.

1213
01:02:26,200 --> 01:02:29,560
I I can charge $30.00 for them. 
I can, I can do perfectly fine. 

1214
01:02:29,560 --> 01:02:32,360
But if I just kept that $30.00, 
that $30 is going to lose value.

1215
01:02:32,360 --> 01:02:33,960
It's going to be worthless, 
right? 

1216
01:02:34,880 --> 01:02:37,520
As long as as soon as you 
realize, hey, if I exchange my 

1217
01:02:37,520 --> 01:02:40,640
cash holder of Bitcoin, I'm 
probably going to make a lot 

1218
01:02:40,640 --> 01:02:41,720
more. 
I'm going to have to add the 

1219
01:02:41,720 --> 01:02:44,720
value up front and then over 
time my Bitcoin is going to rise

1220
01:02:44,720 --> 01:02:46,360
a lot more than my business can,
right? 

1221
01:02:46,600 --> 01:02:47,960
I think a lot of people are 
going to come to that 

1222
01:02:47,960 --> 01:02:49,280
conclusion. 
That's the conclusion that I 

1223
01:02:49,280 --> 01:02:52,320
came to over the last maybe 
three months. 

1224
01:02:52,320 --> 01:02:55,320
I think I finally something 
finally clicked. 

1225
01:02:55,400 --> 01:02:56,920
Before that I was just 
struggling. 

1226
01:02:56,920 --> 01:02:59,920
I was thinking, hey, no, stocks 
in real estate are the best way 

1227
01:02:59,920 --> 01:03:01,840
to go Bitcoin. 
Is so interesting. 

1228
01:03:01,840 --> 01:03:04,560
I saw that change. 
Yeah, yeah, yeah. 

1229
01:03:05,280 --> 01:03:07,960
Yeah, it's crazy, man. 
Like when when you see it, you 

1230
01:03:07,960 --> 01:03:09,280
can't. 
It's true. 

1231
01:03:09,280 --> 01:03:10,560
When you see it, you can't Unsee
it. 

1232
01:03:10,560 --> 01:03:12,520
And most people are going to 
continue to say that it's a 

1233
01:03:12,520 --> 01:03:14,960
Ponzi scheme. 
Most people haven't put in the 

1234
01:03:14,960 --> 01:03:16,560
time to understand how it works,
right? 

1235
01:03:16,560 --> 01:03:17,800
So they're never going to get 
it. 

1236
01:03:17,800 --> 01:03:21,080
They're going to wait until I I 
I have a feeling most people are

1237
01:03:21,080 --> 01:03:23,480
going to ignore this until it 
hits at least $1,000,000. 

1238
01:03:26,520 --> 01:03:30,840
Well, to talk about, to talk 
about that, I actually had one 

1239
01:03:31,120 --> 01:03:35,520
one question for you because I 
saw you retweeted someone who 

1240
01:03:35,520 --> 01:03:38,560
was talking about like the the 
60 million millionaires in the 

1241
01:03:38,560 --> 01:03:42,720
world and there's only 21 
million Bitcoin, but a lot are 

1242
01:03:42,720 --> 01:03:44,680
lost. 
Actually, you're right. 

1243
01:03:44,680 --> 01:03:48,840
So it's probably more like 
17,000,000, you know, let's talk

1244
01:03:48,840 --> 01:03:50,240
about that. 
There's 60 million millionaires 

1245
01:03:50,240 --> 01:03:52,880
in the world, and if any 
millionaires are listening like,

1246
01:03:52,880 --> 01:03:54,320
why should they get into 
Bitcoin? 

1247
01:03:56,480 --> 01:03:58,880
Well, I mean if if you're a 
millionaire, it's because you, 

1248
01:03:59,200 --> 01:04:02,320
you probably have assets, right?
You have either stocks, you have

1249
01:04:02,680 --> 01:04:05,520
real estate, you have bonds, you
have something in, in the legacy

1250
01:04:05,520 --> 01:04:09,160
financial system that increased 
in value exponentially over 

1251
01:04:09,160 --> 01:04:12,000
time, right? 
I don't think that's going to 

1252
01:04:12,000 --> 01:04:14,360
continue, right. 
There's people, I, I actually 

1253
01:04:14,360 --> 01:04:17,320
have a lot of people who are 
constantly telling me, hey, real

1254
01:04:17,320 --> 01:04:19,760
estate is going to continue to 
perform the way that it has over

1255
01:04:19,760 --> 01:04:22,920
the last few years. 
If you think about it, if real 

1256
01:04:22,920 --> 01:04:28,440
estate prices keep going up 
five, 1015%, an entry level home

1257
01:04:28,440 --> 01:04:31,320
is going to be $10 million in a 
few years, right? 

1258
01:04:31,320 --> 01:04:31,800
Yeah. 
Who's going? 

1259
01:04:32,360 --> 01:04:33,800
To who's going to be able to buy
that, right? 

1260
01:04:33,800 --> 01:04:36,040
And what's the rent? 
How much rental income do you 

1261
01:04:36,040 --> 01:04:40,600
even need to sustain that right?
It doesn't make any sense at at 

1262
01:04:40,600 --> 01:04:42,040
this point. 
It doesn't make, it doesn't make

1263
01:04:42,040 --> 01:04:44,400
any sense. 
So if you think about it, why 

1264
01:04:44,400 --> 01:04:48,240
not put just a little, tiny 
amount of money in your in your 

1265
01:04:48,240 --> 01:04:50,720
portfolio allocated to Bitcoin, 
right? 

1266
01:04:50,720 --> 01:04:53,240
You don't have to go all in. 
You don't have to do what I did.

1267
01:04:53,240 --> 01:04:55,160
I actually sold all my stocks 
and I bought Bitcoin. 

1268
01:04:56,280 --> 01:04:58,600
I don't tell anybody to do that.
Even my wife. 

1269
01:04:58,600 --> 01:05:02,480
My wife, she buys Bitcoin, but 
she hasn't caught on yet. 

1270
01:05:02,480 --> 01:05:03,920
I mean, she's she's getting 
there. 

1271
01:05:03,960 --> 01:05:07,240
She's slowly going to get there,
and I don't blame her for it. 

1272
01:05:07,320 --> 01:05:10,160
The fact that she bought 
Bitcoin, she opened her mind and

1273
01:05:10,160 --> 01:05:12,760
she bought Bitcoin. 
That puts her head of the crowd,

1274
01:05:12,760 --> 01:05:14,360
right? 
I I think a lot of people are 

1275
01:05:14,360 --> 01:05:16,480
going to see that if you're a 
millionaire right now, Bitcoin 

1276
01:05:16,480 --> 01:05:20,920
cost $45,000. 
That's 4.5% of your portfolio. 

1277
01:05:21,920 --> 01:05:25,280
If you can't put 4.5% of your 
portfolio into something that 

1278
01:05:25,280 --> 01:05:28,800
could potentially be worth so 
much more, it's it's like 

1279
01:05:28,800 --> 01:05:30,960
insurance, right? 
If you can't buy insurance, 

1280
01:05:30,960 --> 01:05:34,800
you're you're putting yourself 
in a situation where one bad, 

1281
01:05:36,160 --> 01:05:39,800
one bad catastrophe can can just
kill you, right? 

1282
01:05:39,800 --> 01:05:41,480
It can destroy you, right? 
You have not. 

1283
01:05:41,480 --> 01:05:44,040
So that's not even about 
Bitcoin, it's not even about 

1284
01:05:44,560 --> 01:05:48,400
what your portfolio currently? 
Is it's about protection, right?

1285
01:05:48,400 --> 01:05:52,360
That means you have a shaky. 
Exactly. 

1286
01:05:52,520 --> 01:05:54,440
If you don't have, I think at 
this point if you don't have 

1287
01:05:54,440 --> 01:05:57,200
Bitcoin, your portfolio is at 
risk of going to 0. 

1288
01:05:59,160 --> 01:06:00,880
Right. 
And so, but also when the price 

1289
01:06:00,880 --> 01:06:04,360
goes up, right, and let's say we
hit $100,000 this year, then 

1290
01:06:04,360 --> 01:06:09,920
it's 10%, yeah of of that one 
million and that that is a way 

1291
01:06:09,920 --> 01:06:13,720
bigger also mental hurdle I'd 
say to get over for people. 

1292
01:06:13,720 --> 01:06:16,960
So I really like what the 
British huddle shares a lot 

1293
01:06:16,960 --> 01:06:22,160
about as well, like this price. 
It is going to go up, you know. 

1294
01:06:22,600 --> 01:06:26,080
Doesn't matter at which pace, 
but as long as you stay dormant,

1295
01:06:26,520 --> 01:06:29,960
it will slowly walk away from 
you and the decision to actually

1296
01:06:29,960 --> 01:06:32,920
allocate a portion of of your 
wealth. 

1297
01:06:34,840 --> 01:06:36,600
And you don't need to. 
You don't need to go all in. 

1298
01:06:36,920 --> 01:06:39,840
You don't need to go, You don't 
need to go buy A1 Bitcoin, 

1299
01:06:40,160 --> 01:06:42,040
right. 
You can buy fractions, right? 

1300
01:06:42,040 --> 01:06:43,800
I think that's the. 
I think that's the thing that 

1301
01:06:43,800 --> 01:06:46,400
most people don't understand. 
Most people who are buying 

1302
01:06:46,400 --> 01:06:49,440
stocks, buying real estate, they
think, hey, I can buy fractional

1303
01:06:49,440 --> 01:06:52,000
shares. 
I don't have $50,000 to buy a 

1304
01:06:52,000 --> 01:06:53,760
Bitcoin. 
You don't have to. 

1305
01:06:53,960 --> 01:06:56,280
You can buy fractional units. 
You'd be surprised how many 

1306
01:06:56,280 --> 01:06:58,080
people don't understand that, 
right? 

1307
01:06:58,080 --> 01:07:00,520
There's whenever I whenever I 
talk about that. 

1308
01:07:00,520 --> 01:07:03,240
There are so many people who 
say, hey, I had no idea. 

1309
01:07:03,800 --> 01:07:07,040
Now I can finally start buying 
even $510 worth of Bitcoin every

1310
01:07:07,040 --> 01:07:10,400
day if I want to. 
Yeah, so to emphasize for the 

1311
01:07:10,400 --> 01:07:12,920
people listening, you don't need
to buy one Bitcoin. 

1312
01:07:13,400 --> 01:07:16,240
You can. 
One Bitcoin is divided by 100 

1313
01:07:16,240 --> 01:07:21,280
million units called sets. 
So you can buy one 100 millionth

1314
01:07:21,440 --> 01:07:23,720
of a Bitcoin and the divisible 
by that. 

1315
01:07:23,720 --> 01:07:27,600
So you can buy any amount of 
Bitcoin that you want when you 

1316
01:07:27,600 --> 01:07:33,800
decide to to allocate some. 
All right, I have three more 

1317
01:07:33,800 --> 01:07:36,800
questions. 
I saw you tweeted if a financial

1318
01:07:36,800 --> 01:07:39,440
advisor doesn't understand how 
Bitcoin works, you should not 

1319
01:07:39,440 --> 01:07:42,320
trust their advice. 
Can you elaborate on that bit? 

1320
01:07:43,440 --> 01:07:46,640
So I think that a lot of people 
who are financial advisors right

1321
01:07:46,640 --> 01:07:52,160
now, they're going based on 
education that they got 2015, 

1322
01:07:52,160 --> 01:07:57,080
20-30 years ago, right? 
When I when I did the CFA, there

1323
01:07:57,080 --> 01:07:58,720
was no such thing as Bitcoin, 
right? 

1324
01:07:58,720 --> 01:08:00,960
I had to go out of my way. 
Oh, well, there was Bitcoin. 

1325
01:08:01,120 --> 01:08:02,960
Bitcoin was there, but I didn't 
know about it. 

1326
01:08:02,960 --> 01:08:05,000
It was out of my. 
It was out of my vision. 

1327
01:08:05,000 --> 01:08:07,280
I didn't even think of it as 
something that could make sense.

1328
01:08:07,280 --> 01:08:08,720
Right. 
So if you think about it, a lot 

1329
01:08:08,720 --> 01:08:10,640
of the financial advisors that 
are out there that are very 

1330
01:08:10,640 --> 01:08:15,520
successful today, they're 
probably a little older, right? 

1331
01:08:16,000 --> 01:08:17,439
Right. 
A majority of them are probably 

1332
01:08:17,439 --> 01:08:19,960
in their 40s, fifties, 60s, 
maybe they'd haven't even 

1333
01:08:19,960 --> 01:08:22,560
thought about Bitcoin, right. 
So if you think about it, if 

1334
01:08:22,560 --> 01:08:26,319
they're not willing to do the 
research on their own field of 

1335
01:08:26,319 --> 01:08:29,160
expertise, why would you trust 
their advice? 

1336
01:08:31,880 --> 01:08:33,479
Yeah, I agree. 
That's it, right? 

1337
01:08:33,880 --> 01:08:36,120
If you don't understand. 
Bitcoin in your Pay them to do 

1338
01:08:36,160 --> 01:08:38,200
that work exactly. 
You're paying them one. 

1339
01:08:38,200 --> 01:08:39,800
Percent you pay them. 
Yeah. 

1340
01:08:39,800 --> 01:08:42,200
And if you if you think about 
it, you're paying them something

1341
01:08:42,200 --> 01:08:48,520
like 30% of your portfolio 
returns to give you that advice 

1342
01:08:48,640 --> 01:08:50,520
over the next 30-40 years, 
right? 

1343
01:08:50,760 --> 01:08:54,399
If they can't put in the time to
to to listen to a podcast here 

1344
01:08:54,399 --> 01:08:57,600
and there or to to to learn 
about this, if they can't read a

1345
01:08:57,600 --> 01:09:00,120
book, why are you paying them? 
What are you paying them for? 

1346
01:09:01,640 --> 01:09:06,279
Yeah, yeah, fully agree. 
Like, it's one of the things 

1347
01:09:06,279 --> 01:09:10,520
that I now do when I want to 
give people, you know, the 

1348
01:09:10,520 --> 01:09:12,319
quickest way to understand 
Bitcoin. 

1349
01:09:12,319 --> 01:09:15,680
I sent them the Fidelity Digital
Assets Report. 

1350
01:09:15,680 --> 01:09:21,479
It's called Bitcoin Revisited. 
It's 23 pages and it's great. 

1351
01:09:21,479 --> 01:09:26,040
Like, really good, you know? 
And yeah, that's just what I do.

1352
01:09:26,200 --> 01:09:29,640
Like if if this morning I had a 
discussion on Twitter again with

1353
01:09:29,640 --> 01:09:34,399
some financial researcher who 
said Bitcoin was a Ponzi and 

1354
01:09:34,680 --> 01:09:39,040
like the tulips and I said, OK, 
you know, well, I, I said a lot 

1355
01:09:39,040 --> 01:09:42,600
to him, Like I tried to give him
some information, but then I 

1356
01:09:42,600 --> 01:09:45,600
just point him to this, like, 
just read these 23 pages, right?

1357
01:09:45,600 --> 01:09:51,479
And then if those are probably 
the best, like it's probably the

1358
01:09:51,479 --> 01:09:55,560
best condensed like report that 
I've read about Bitcoin. 

1359
01:09:55,560 --> 01:09:58,560
You know, if you're like totally
new and you don't have like the 

1360
01:09:58,560 --> 01:10:03,440
time to read all these, you 
know, great Jeff Booth articles,

1361
01:10:03,440 --> 01:10:07,800
for example, just read these 23 
pages and then you know that 

1362
01:10:07,800 --> 01:10:11,120
that should hopefully do it. 
If you're in and you have an 

1363
01:10:11,120 --> 01:10:14,000
inquisitive mind, you know? 
But honestly, you don't even 

1364
01:10:14,000 --> 01:10:15,680
have to read it. 
A lot of people just don't want 

1365
01:10:15,680 --> 01:10:17,760
to read, right. 
You can listen to a podcast. 

1366
01:10:18,320 --> 01:10:22,680
You can listen to, you can 
listen to there's there's a a 

1367
01:10:22,680 --> 01:10:25,720
live reading of no, sorry not 
live, but it's it's somebody 

1368
01:10:25,720 --> 01:10:28,600
reading the big the bullish Case
for Bitcoin on YouTube. 

1369
01:10:28,800 --> 01:10:30,600
Oh yeah, right. 
You can just listen to that, 

1370
01:10:30,600 --> 01:10:32,680
listen to that on your on your 
way to work, right. 

1371
01:10:32,880 --> 01:10:34,880
I've started sending that to 
people because I I know a lot of

1372
01:10:34,880 --> 01:10:35,360
people. 
They just. 

1373
01:10:35,360 --> 01:10:36,400
Say oh, that's. 
Great. 

1374
01:10:36,400 --> 01:10:38,400
I think it works so well because
you can just listen to it 

1375
01:10:38,400 --> 01:10:40,800
whenever you want to. 
It's an hour and 19 minutes. 

1376
01:10:40,800 --> 01:10:42,920
It's literally 79 minutes of 
your life. 

1377
01:10:43,680 --> 01:10:46,080
If you can't find 79 minutes of 
your life to learn about 

1378
01:10:46,080 --> 01:10:49,600
something that can potentially 
change your entire life, you're 

1379
01:10:49,600 --> 01:10:52,520
going to lose. 
Like you, you don't deserve to 

1380
01:10:52,960 --> 01:10:54,560
build wealth. 
If you're not willing to 

1381
01:10:54,560 --> 01:10:58,240
sacrifice 75 minutes of your 79 
minutes of your life to learn 

1382
01:10:58,240 --> 01:11:00,080
about something new, right you. 
You don't. 

1383
01:11:00,120 --> 01:11:03,240
You don't deserve it. 
I mean, I I didn't deserve it 

1384
01:11:03,240 --> 01:11:04,640
either. 
I I paid. 

1385
01:11:04,840 --> 01:11:08,560
There's a there's a great quote.
You, you buy the coin at the 

1386
01:11:08,560 --> 01:11:11,600
price you deserve. 
I bought Bitcoin at the price I 

1387
01:11:11,600 --> 01:11:14,320
deserved. 
I saw Bitcoin at $3000 in 2020. 

1388
01:11:14,920 --> 01:11:17,720
I thought it was a scam. 
I lost stuff, right? 

1389
01:11:17,960 --> 01:11:19,880
I paid what I I paid what I 
deserved. 

1390
01:11:19,880 --> 01:11:22,720
I mean, it's it's the truth. 
It's the reality of it. 

1391
01:11:22,920 --> 01:11:25,800
Whoever doesn't. 
If if Bitcoin is $1,000,000 

1392
01:11:25,800 --> 01:11:28,120
tomorrow, it once the ETFs are 
out. 

1393
01:11:28,120 --> 01:11:31,120
Once all that stuff happens, if 
Bitcoin hits $1,000,000 and you 

1394
01:11:31,120 --> 01:11:35,320
own no Bitcoin, you deserve 
that, right? 

1395
01:11:35,320 --> 01:11:39,480
You deserve to pay $10,000 for 
0.01 Bitcoin, right? 

1396
01:11:39,480 --> 01:11:41,880
Because you're ignorant. 
You're not putting in the time. 

1397
01:11:42,240 --> 01:11:43,920
I get it. 
If you don't have the money for 

1398
01:11:43,920 --> 01:11:46,920
it, OK, that's fine. 
Put in $1.00. 

1399
01:11:46,920 --> 01:11:51,160
It's not about that. 
It's about not being complacent 

1400
01:11:51,160 --> 01:11:53,920
in your own life, right? 
Like thinking for yourself and 

1401
01:11:54,280 --> 01:11:58,120
and you know, if you can record 
a TikTok in your car sipping the

1402
01:11:58,120 --> 01:12:02,280
$6 Starbucks complaining about 
that, you know you cannot make 

1403
01:12:02,280 --> 01:12:04,760
ends meet and like, what the 
hell is going on? 

1404
01:12:04,880 --> 01:12:07,080
Yeah. 
Then you can also put on a 

1405
01:12:07,120 --> 01:12:09,960
podcast while you drive home and
start listening to that thing. 

1406
01:12:09,960 --> 01:12:14,360
Like it's it's the that ethos in
Bitcoin of doing the work. 

1407
01:12:14,600 --> 01:12:17,240
You know, I think it's not. 
I tweeted that today as well. 

1408
01:12:17,240 --> 01:12:19,240
Like, understanding Bitcoin is 
definitely not about 

1409
01:12:19,240 --> 01:12:21,680
intelligence. 
Doesn't matter how high your IQ 

1410
01:12:21,680 --> 01:12:22,480
is. 
It's not about that. 

1411
01:12:22,480 --> 01:12:26,760
It's about being humble and 
recognizing that what you think 

1412
01:12:26,760 --> 01:12:30,120
you know is probably not true. 
What you believe is probably 

1413
01:12:30,120 --> 01:12:34,240
also wrong, which is definitely 
not a nice experience, but that 

1414
01:12:34,560 --> 01:12:37,040
will get you to the starting 
point, whatever the starting 

1415
01:12:37,040 --> 01:12:38,880
point is right. 
Listening to the podcast or 

1416
01:12:38,880 --> 01:12:42,360
reading a report or reading a 
book, that doesn't really 

1417
01:12:42,920 --> 01:12:45,320
matter. 
But it's about understanding 

1418
01:12:45,320 --> 01:12:48,320
that you have to think for 
yourself and that you're 

1419
01:12:48,320 --> 01:12:52,960
currently influenced by third 
parties who do not care about 

1420
01:12:52,960 --> 01:12:54,640
you. 
As harsh as that sounds, right? 

1421
01:12:54,680 --> 01:12:57,480
And it's really easy to see when
somebody hasn't done the work, 

1422
01:12:58,920 --> 01:13:00,280
right? 
Yes, it's very easy to say 

1423
01:13:00,280 --> 01:13:03,520
exactly. 
And it's very, it becomes very 

1424
01:13:03,520 --> 01:13:06,640
apparent as soon as they use the
word Tulip Ponzi. 

1425
01:13:07,160 --> 01:13:09,720
Once they say those things, you 
know, intrinsic value. 

1426
01:13:10,520 --> 01:13:12,600
What else is there? 
Intrinsic value, Tulip. 

1427
01:13:12,600 --> 01:13:16,640
Ponzi. 
Yeah, let's keep it at that. 

1428
01:13:16,640 --> 01:13:18,000
But yeah, I fully agree. 
Yeah. 

1429
01:13:18,600 --> 01:13:23,080
Yeah, exactly, exactly, exactly.
Or I rather use money backed by 

1430
01:13:23,080 --> 01:13:23,800
the government. 
Yes. 

1431
01:13:24,120 --> 01:13:25,480
Yes. 
It's not backed by the 

1432
01:13:25,520 --> 01:13:27,080
government or governments can 
ban it. 

1433
01:13:27,360 --> 01:13:32,520
Yeah, exactly, exactly. 
I also saw you tweet or retweet 

1434
01:13:32,520 --> 01:13:35,280
something about, you know, the 
volatility of Bitcoin and risk. 

1435
01:13:35,280 --> 01:13:38,200
You know, lots, lots of people 
use that, use the argument that 

1436
01:13:38,200 --> 01:13:42,440
followed used the volatility of 
Bitcoin as an argument against 

1437
01:13:42,440 --> 01:13:45,000
owning it. 
But you say volatility does not 

1438
01:13:45,000 --> 01:13:46,680
equal risk. 
Why is that? 

1439
01:13:47,120 --> 01:13:50,120
So volatility is just the 
increase and decrease in price, 

1440
01:13:50,120 --> 01:13:53,040
right? 
Risk is the chance of loss if 

1441
01:13:53,040 --> 01:13:56,880
you understand both, if you 
understand volatility, if you 

1442
01:13:56,880 --> 01:13:58,760
understand where your asset can 
go. 

1443
01:14:00,200 --> 01:14:02,960
You need to make sure that you 
buy your assets with the right 

1444
01:14:02,960 --> 01:14:05,240
time horizon, right? 
If you're buying Bitcoin with 

1445
01:14:05,960 --> 01:14:09,960
six month time horizon, you're 
going to lose your money, right?

1446
01:14:10,240 --> 01:14:12,920
Volatility is going to kill you.
But if you have a long time 

1447
01:14:12,920 --> 01:14:16,760
horizon, you're not supposed to 
buy assets with A60 daytime 

1448
01:14:16,760 --> 01:14:19,400
horizon anyways, right? 
There's no stock, no real 

1449
01:14:19,400 --> 01:14:21,880
estate, and you can't. 
You can't buy any investment 

1450
01:14:21,880 --> 01:14:23,600
with a 60 daytime horizon, 
right? 

1451
01:14:23,840 --> 01:14:27,400
There's if even even the people 
who are losing money on real 

1452
01:14:27,400 --> 01:14:31,120
estate right now, if they hold 
for another 10-15 years, they'll

1453
01:14:31,120 --> 01:14:34,160
probably end up making money in 
terms of U.S. dollars, right? 

1454
01:14:34,360 --> 01:14:36,400
But right now they're losing 
five $600,000. 

1455
01:14:36,560 --> 01:14:38,160
Does that make real estate 
risky? 

1456
01:14:38,280 --> 01:14:41,280
Does that make it? 
Does that make you go broke? 

1457
01:14:41,280 --> 01:14:43,880
Does real estate? 
Is real estate a terrible asset?

1458
01:14:44,320 --> 01:14:47,400
No, it's not. 
But you have to think about that

1459
01:14:47,400 --> 01:14:49,640
for Bitcoin as well, right? 
If if you're holding Bitcoin 

1460
01:14:49,640 --> 01:14:52,160
with a a one month time horizon,
you're going to lose money, 

1461
01:14:52,160 --> 01:14:53,920
right? 
Bitcoin, For all we know 

1462
01:14:54,040 --> 01:14:57,480
tomorrow it could drop 50%, 
right? 

1463
01:14:57,480 --> 01:15:02,680
If if ETFs are are rejected, 
maybe people will do something 

1464
01:15:02,680 --> 01:15:05,000
crazy, they'll sell their coins.
I don't think that's going to 

1465
01:15:05,000 --> 01:15:06,640
happen. 
But I mean if that's the case, 

1466
01:15:07,160 --> 01:15:09,680
lots of liquidity is going to 
leave the market, people are 

1467
01:15:09,680 --> 01:15:13,840
going to be uninterested, 
leverage positions are going to 

1468
01:15:13,840 --> 01:15:16,120
get destroyed. 
So of course, short term you 

1469
01:15:16,120 --> 01:15:19,000
could lose a lot of money, but 
long term, if you think 456 

1470
01:15:19,000 --> 01:15:22,200
years in, in the future, you're 
always going to make money with 

1471
01:15:22,200 --> 01:15:28,040
Bitcoin because of the way that 
the asset is created, the way 

1472
01:15:28,040 --> 01:15:31,240
it's issued, right. 
The issuance is decreasing over 

1473
01:15:31,240 --> 01:15:33,600
time, right. 
And that four years is 

1474
01:15:34,600 --> 01:15:38,640
historically where the price 
turns back up, where cycles 

1475
01:15:38,640 --> 01:15:42,960
start, it's because all of the 
during that, so so on. 

1476
01:15:42,960 --> 01:15:47,280
In Bitcoin in general, there's a
two year up where the price goes

1477
01:15:47,280 --> 01:15:49,360
up and then two years where the 
price goes down. 

1478
01:15:49,600 --> 01:15:52,880
The reason why the price goes 
down is because all of the crap 

1479
01:15:52,880 --> 01:15:56,360
is being washed out, right? 
FTXFTX should not have been 

1480
01:15:56,360 --> 01:15:58,600
there, right? 
If it was the legacy financial 

1481
01:15:58,600 --> 01:16:02,960
system, FTX would be surviving 
until this day, right? 

1482
01:16:04,040 --> 01:16:05,440
If. 
If, there's no if. 

1483
01:16:05,440 --> 01:16:07,760
There's a great point, actually,
this is the whole point. 

1484
01:16:07,760 --> 01:16:13,720
The whole point is you can only 
profit from Bitcoin when you 

1485
01:16:13,720 --> 01:16:15,280
follow the rules of Bitcoin, 
right? 

1486
01:16:15,280 --> 01:16:18,440
And if you try to mess with it, 
if you try to exploit it in 

1487
01:16:18,680 --> 01:16:21,720
whatever way possible, your 
paper Bitcoin derivatives 

1488
01:16:21,720 --> 01:16:26,080
leverage all these things that 
will go very badly for you. 

1489
01:16:26,080 --> 01:16:31,320
And that is the entire point of 
why Bitcoin is so transparent 

1490
01:16:31,320 --> 01:16:35,080
and has a set of rules that will
not be changed, right? 

1491
01:16:35,080 --> 01:16:37,680
Because in the other system 
where the rules are changed 

1492
01:16:38,560 --> 01:16:41,800
constantly and also you know, on
different levels for different 

1493
01:16:41,800 --> 01:16:45,080
people to the closer you are to 
the money spigot, the more you 

1494
01:16:45,480 --> 01:16:48,760
profit from it. 
You know that is where that game

1495
01:16:49,280 --> 01:16:53,720
does work and is played, right. 
But in Bitcoin it's just it's 

1496
01:16:53,720 --> 01:16:56,160
not possible. 
And and yeah, it's a good 

1497
01:16:56,160 --> 01:16:59,000
thought. 
Like every cycle there are 

1498
01:16:59,000 --> 01:17:05,200
parties who try to play Bitcoin,
but they they feel at it because

1499
01:17:06,560 --> 01:17:08,520
yeah, if you don't follow the 
rules, you will not benefit from

1500
01:17:08,520 --> 01:17:09,480
it. 
Yeah, exactly. 

1501
01:17:09,720 --> 01:17:12,280
I mean, if if you think about 
it, even the the money spigot 

1502
01:17:12,280 --> 01:17:14,240
comment that you made, I think 
that has to be explained. 

1503
01:17:14,240 --> 01:17:18,080
So a lot of people don't realize
that to be closer to the money 

1504
01:17:18,080 --> 01:17:20,320
spigot, you need to borrow 
money, right? 

1505
01:17:20,320 --> 01:17:23,000
They don't get it because nobody
thinks of it that way, right. 

1506
01:17:23,000 --> 01:17:27,000
If you think about it, you can 
borrow $500,000 to buy a house. 

1507
01:17:27,040 --> 01:17:29,840
You can do that overnight, but 
if you want to earn that money, 

1508
01:17:29,840 --> 01:17:32,080
it'll take you 5-10 years, 
right? 

1509
01:17:32,240 --> 01:17:34,520
So if you're closer to the money
spigot, basically what you're 

1510
01:17:34,520 --> 01:17:38,560
doing is your getting access to 
money as soon as possible. 

1511
01:17:39,200 --> 01:17:41,840
You're buying things that are 
scarce and you're pushing their.

1512
01:17:41,840 --> 01:17:43,360
Prices borrowing from the 
future. 

1513
01:17:43,360 --> 01:17:44,680
Exactly. 
You're borrowing for your from 

1514
01:17:44,680 --> 01:17:47,680
your future itself, right? 
But that's that's what people 

1515
01:17:47,680 --> 01:17:50,560
don't really see. 
They don't understand. 

1516
01:17:50,560 --> 01:17:53,360
When you don't understand that 
schools don't teach that. 

1517
01:17:53,360 --> 01:17:55,920
We don't learn that in school. 
When you don't understand that, 

1518
01:17:55,920 --> 01:17:57,280
you can't take advantage of the 
system. 

1519
01:17:57,280 --> 01:17:59,560
You can't make the system work 
for you, right. 

1520
01:17:59,560 --> 01:18:02,200
That's the thing. 
This current system is based on 

1521
01:18:02,200 --> 01:18:06,040
debt. 
It's based on people borrowing 

1522
01:18:06,040 --> 01:18:08,840
from their future self, taking 
their happiness from later and 

1523
01:18:08,840 --> 01:18:14,440
bringing it to today. 
Yeah, I once got a argument on 

1524
01:18:14,440 --> 01:18:19,800
Bitcoin of against me on Twitter
of a guy who said the value of 

1525
01:18:19,800 --> 01:18:24,600
Fiat money comes from the 
promise of the repayment of the 

1526
01:18:24,600 --> 01:18:27,680
debt. 
And then I said, dude, he was a 

1527
01:18:28,880 --> 01:18:30,720
he worked at the central bank, 
actually. 

1528
01:18:31,000 --> 01:18:35,880
And I said dude, that doesn't 
make and it's not rational, it's

1529
01:18:35,880 --> 01:18:39,320
not a rational, you cannot build
on that. 

1530
01:18:39,320 --> 01:18:42,320
Like if you really think that 
that is what you, you build 

1531
01:18:42,320 --> 01:18:44,840
upon. 
And also this comment goes for 

1532
01:18:44,840 --> 01:18:50,200
normal people because if the if 
the people on the money creation

1533
01:18:50,200 --> 01:18:54,600
level, right, the bank level, if
if they don't repay the debts, 

1534
01:18:55,760 --> 01:18:58,920
then the government will step 
in, they will save them and 

1535
01:18:58,920 --> 01:19:02,360
eventually who pays for those 
debts are the citizens right? 

1536
01:19:02,440 --> 01:19:05,160
Are the normal people. 
So, so it's very disingenuous 

1537
01:19:05,160 --> 01:19:08,080
actually to say that the value 
of the money you have comes from

1538
01:19:08,080 --> 01:19:11,320
the promise of someone else 
repaying the debt on for which 

1539
01:19:11,320 --> 01:19:14,280
that money was created. 
It's so disingenuous. 

1540
01:19:14,280 --> 01:19:18,160
It's it's crazy to think 
actually, that some people 

1541
01:19:18,160 --> 01:19:21,200
actually believe that. 
And there's probably financial 

1542
01:19:21,200 --> 01:19:23,600
advisors out there who actually 
agree with that, right. 

1543
01:19:23,600 --> 01:19:26,120
They think, OK, yeah, this is 
the, this is the reason why your

1544
01:19:26,120 --> 01:19:28,320
portfolio is going to outperform
because of this, this and this. 

1545
01:19:28,320 --> 01:19:32,640
But all those facts are wrong. 
Yeah, I agree. 

1546
01:19:32,760 --> 01:19:34,040
All right. 
Last question. 

1547
01:19:34,040 --> 01:19:37,480
I asked everyone the same. 
What is a core belief that you 

1548
01:19:37,480 --> 01:19:43,600
will never let go? 
Oh, oh, that's a good question. 

1549
01:19:43,880 --> 01:19:46,320
I've heard this. 
I've heard people answering this

1550
01:19:46,320 --> 01:19:48,280
question before, but I haven't 
thought of it myself. 

1551
01:19:50,680 --> 01:19:57,320
I think, I think over the long 
term, adding value, creating 

1552
01:19:57,320 --> 01:20:00,120
value will always trump 
everything else, right? 

1553
01:20:00,120 --> 01:20:02,040
Creating true value will trump 
everything else. 

1554
01:20:02,280 --> 01:20:04,440
And people will know, right? 
I mean, if you're not putting in

1555
01:20:04,440 --> 01:20:07,160
the work, people will know. 
Like it's like it's like with 

1556
01:20:07,200 --> 01:20:10,000
us, for example, when when 
somebody talks to a somebody, 

1557
01:20:10,000 --> 01:20:12,840
when a Bitcoiner talks to 
somebody who doesn't understand 

1558
01:20:12,840 --> 01:20:15,760
Bitcoin, they haven't put in the
work, they haven't created 

1559
01:20:15,760 --> 01:20:17,600
value, they won't understand 
Bitcoin. 

1560
01:20:17,600 --> 01:20:20,000
And and it becomes very 
apparent, apparent right away, 

1561
01:20:20,000 --> 01:20:23,040
Even if you like, let's say 
social media, if somebody buys 

1562
01:20:23,040 --> 01:20:25,600
fake followers, you know for a 
fact that they have fake 

1563
01:20:25,600 --> 01:20:28,080
followers because their 
engagement is trashed, right? 

1564
01:20:29,480 --> 01:20:32,400
Everything takes time to build. 
Everything that you that's worth

1565
01:20:32,400 --> 01:20:34,720
having takes time to build. 
If you're not putting in that 

1566
01:20:34,720 --> 01:20:37,440
time, you're not going to get 
what you want, right? 

1567
01:20:37,440 --> 01:20:39,960
I think that's, I think that's 
something that I'm going to that

1568
01:20:39,960 --> 01:20:42,040
that's a belief I'm going to 
hold on to forever. 

1569
01:20:42,520 --> 01:20:45,480
I think the Fiat currency system
has made people believe 

1570
01:20:45,480 --> 01:20:48,640
otherwise. 
I don't think that that's how it

1571
01:20:48,640 --> 01:20:50,360
should work. 
I don't think that that's the 

1572
01:20:50,360 --> 01:20:54,280
way things actually play out for
people. 

1573
01:20:54,280 --> 01:20:58,600
People think, hey, if I buy fake
followers, my social people will

1574
01:20:58,600 --> 01:21:00,920
recognize me. 
People will see me as somebody 

1575
01:21:00,920 --> 01:21:04,320
who's truly adding value. 
But that's not how it works. 

1576
01:21:04,320 --> 01:21:05,760
You have to actually put in the 
work, right? 

1577
01:21:05,760 --> 01:21:08,360
If you don't put in the work, 
you're not gonna get anywhere. 

1578
01:21:10,320 --> 01:21:12,080
Yeah, I love that, man. 
Thanks for sharing. 

1579
01:21:12,440 --> 01:21:14,280
And yeah, thanks so much for 
coming on. 

1580
01:21:14,280 --> 01:21:15,880
I really enjoyed this 
conversation. 

1581
01:21:16,360 --> 01:21:20,520
I'll make sure to link to, you 
know, your Twitter newsletter, 

1582
01:21:20,520 --> 01:21:23,240
your link tree. 
I think your handle everywhere 

1583
01:21:23,240 --> 01:21:27,040
is Rajat, Sony Finance. 
Yes, so people can find you 

1584
01:21:27,160 --> 01:21:30,160
easily online. 
And yeah, I'll keep following 

1585
01:21:30,160 --> 01:21:33,600
your thoughts and tweets with 
interest and hope to do this 

1586
01:21:33,600 --> 01:21:34,920
again in the future. 
So of course. 

1587
01:21:34,920 --> 01:21:36,600
Thanks so much, I enjoyed this a
lot. 

1588
01:21:36,720 --> 01:21:38,840
Great conversation. 
Me too. 

1589
01:21:38,840 --> 01:21:39,680
Thanks man. 
Cheers. 

1590
01:21:40,840 --> 01:21:43,520
I hope you enjoyed this episode.
If you did, it would be amazing 

1591
01:21:43,520 --> 01:21:46,360
if you could rate, review and 
subscribe on the podcast 

1592
01:21:46,360 --> 01:21:49,280
platform of your choice. 
It will help us educate more 

1593
01:21:49,280 --> 01:21:51,400
millennials on the importance of
Bitcoin. 

1594
01:21:51,640 --> 01:21:53,400
You can follow and connect with 
me on Twitter. 

1595
01:21:53,400 --> 01:21:58,040
I'm Brom K That's at BR AM K and
if you are or know someone who 

1596
01:21:58,040 --> 01:22:00,640
has an interesting perspective 
on Bitcoin that's worth sharing,

1597
01:22:00,640 --> 01:22:02,920
hit me up. 
I read and reply to every single

1598
01:22:02,920 --> 01:22:04,840
message. 
I appreciate your support and 

1599
01:22:04,840 --> 01:22:06,480
hope you'll be here for the next
episode. 

1600
01:22:06,800 --> 01:22:08,080
Thanks for listening. 
Bye.