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This week in Bitcoin- 10-4-2019- Bitcoin TINA- BTC price is important, stupid trading games, gold

October 6, 2019


Hello everyone this year Adam Meister coin
it’s for my welcome for 2019 New Year’s
Eve
a lot of people born on this stage yes
the next no you can tell I’m pretty
excited your deep deep Tina here today
no you wanted it back
yeah all right there you are
let us talk about what we were talking
about off air ah between therefore
pretty bad
you’re muted
i muted oh there you are now you’re good
okay so I was thinking about
Bitcoin which is probably pretty much
all I ever think about and I was trying
to come up with a metaphor for what I
think is happening today and has been
happening for the last ten years in
Bitcoin we’re watching this amazing
asset and we’re watching an emerging and
emerging money
and it’s very very hard for people to
understand so I like to say and people
have heard this phrase before in the
land of the blind the one-eyed man is
king
and I think this is an interesting
metaphor it’s trying to
volve this metaphor for for Bitcoin and
I’ve come up with some thoughts on this
so here here’s my view of this so
imagine the world is all wandering about
we have we have blinders on we have a we
have we have eyeshades over our eyes but
we don’t even know we have our shades on
our eyes and maybe some of us also have
earplugs in our ears we don’t really
hear what’s going on and we’re all
wandering around we’re looking how do we
how do we make money how do we get rich
how do we how do we succeed in life
we wander about and we’re looking for
answers
and it turns out as it relates to
Bitcoin there’s a man on a square and
he’s there and he’s preaching he has
insights that others don’t have he’s
standing there and he’s telling us about
this thing
Bitcoin magical internet money names
tres mayor and he’s talking about
Bitcoin and he’s freely giving out this
information he got to this very early he
understood it very early he’s sharing
his knowledge with everybody else
some people come to that Square
and they keep their liners on they keep
the earplugs in they don’t they don’t
hear what he has to say they don’t
understand what he has to say
people wander about saying you know how
do I go how do I make a lot of money how
do I become successful trace is busy
staying there and he’s he’s telling
people about this this wonderful thing
Bitcoin
and one person at a time for some reason
they start to hear what he has to say
they start to think about it and
understand and there are lots of other
people wandering about and they’re
asking each other where to go how to get
there so one blind man is asking another
blind man where to go and these are many
of the traders that we see in the
marketplace not understanding what
bitcoin is but asking somebody else
what is technical analysis after all the
economical analysis is if if there are a
lot of smart people operating in a
market technical analysis makes a lot of
sense why do we like technical analysis
we think that insiders have some special
knowledge that the rest of us don’t have
and we think we can divine that
but what if it turns out that the people
you’re trying to divine knowledge from
don’t know any more than you and they
actually haven’t helped you at all
so one at a time people start listening
and there’s several people out there and
they’re talking and they’re giving
advice they’re telling people what they
think and not charging for it or not
charging very much for it or some of
those people of course we have trace and
traces the guy who I always look to
because I’ve learned more from him and
had to sometimes figure out what he was
saying to understand what he was saying
to put it together myself as it wasn’t
always clear and obvious I liked
sayfudine of MOS plan B and so all these
people come to it at different times
on a slightly different metaphor if we
imagine that a snowball is rolling down
a hill that snowball starts off very
very very small
and it grows as it rolls down the snowy
hill so a lot of people think that
bitcoin is going to be this linear
movement that little by little people
are going to buy it you’re gonna have
travel on a pretty much of a linear or
flattening trajectory and I don’t think
that’s the right model for thinking
about this at all because what’s going
to happen is that as you come to
understand what these people have to say
and your blinders come off and you start
to realize that in order to get what you
want you don’t have to do anything
that’s special you just need to buy some
of this you just need to buy a little
bit of Bitcoin as you come to understand
why it’s valuable you realize that you
don’t have to trade it badly
just have to hold on to it and that over
time this is gonna go up a lot in value
we we hear the noise of the markets
things move up and down and it shakes
our confidence because we think that we
think that markets know
and we hear things that we learn in
finance classes in schools like
efficient market hypothesis mhm
adiyae match was garbage because even
though
information may travel rapidly through
the markets and may immediately impact
the price for the moment that doesn’t
mean that knowledge or wisdom
understanding rapidly transmits through
the markets knowledge and understanding
are much harder to come by and many
people don’t want to take the time to
really try to figure out what things
mean they want to react quickly to
things so
you
as people come to an understanding then
you become a carrier of knowledge and
information so you you start off with a
small group of people and we’ve watched
this grow in Bitcoin over time and so
you’ve got people like Adam
bitcoinmeister you’ve got lots and lots
of other people who are teaching you
about Bitcoin and you can listen to them
or not listen to them but those who come
to really understand start to figure out
why this thing is valuable and why want
to hold on to it
in an interview I listen to this morning
with plan B on a different podcast
fabulous interview fabulous podcast
Peter McCormick’s
Plan B is talking about Bitcoin being
worth
100 trillion dollars which would be
approximately five million dollars a
Bitcoin in the year 2028 to 2032
when Preston pish was on a podcast with
Stefan laverra Stefan actually credited
me with a question that you know did
when Tina says you shouldn’t trade yes
Reston what he thought about that I’m
just summarizing the question it was a
pretty long question and Preston said
yeah you probably shouldn’t trade
because you’re not gonna out trade these
movements I think I think Plan B is
right I think we are going to see a
staggering valuation in
20:28 to 2032 and I think that number of
5,000,000 makes an awful lot of sense if
you think you can out trade the return
going from eight thousand to five
million dollars over the course of the
next nine to twelve years I can tell you
there’s no way you’re gonna do that it’s
not possible because first of all if
you’re in many jurisdictions are gonna
be hit by taxes which is gonna take a
big chunk out of whatever you make so
there’s simply no way you’re gonna do
this so what do you need to do you need
to find a position that you can buy you
can hold on to and not get shaken out of
and acquire at reasonable prices
anything under $20,000 is incredibly
reasonable there is effectively no real
difference between buying at 3,000 and
at 20,000 that’s sacrilege to most
traders oh my god I could make so much
money yes but
heard a terrible story the other day I
was talking to online on Twitter I’d
made a comment about trading and he
commented back and he said oh well some
people is cut out for trading there it’s
he said he makes his income from trading
and and that’s what he’s and that’s what
he’s doing and that some people are just
naturally suited to it and I went to a
DM because I didn’t want to do this on
my feed I said you know people don’t
really properly evaluate their potential
returns on their trading they people are
very selective in the way they look at
this stuff
it’s like gamblers who will go to Vegas
and
and they only talk about their winnings
and they don’t like to talk about how
much money they lost so that I should
give you a net number so I went to Vegas
I won $70,000 I don’t tell you the prior
trip they lost $75,000 and now they’re
in the only in the hole for $5,000 I may
be exaggerating you know this is true
traders are actually not much different
this this guy told me he was trading he
came into it in 2017
he lost 12 Bitcoin on bit max he was
liquidated and he’s busy trying to get
back to one Bitcoin now this is a
terrible story I feel very badly for
this guy but what can you do he learned
his lesson I think he’s still trading so
I’m not sure he’s completely understood
the point here also is if you he didn’t
believe that bitcoin is going to be
worth at least he didn’t have it in his
mind if you believe that bitcoins going
to be worth a million dollars in 20
years and 15 years in whatever you can’t
out trait why would you even attempt to
out trick people open guys you’ve got to
open up your eyes to people like trace
mayer instead of all these fancy sets
and graphics people talking this crypto
noise absolutely
problem I’m on a technical problem but
give me one second out of my apologize
all right everybody remember speaking
about technical issues play this show at
2x always play all your shows at 2x
we’re talking like everyone if you love
team is the guy in the of his wisdom
definitely comes from learning the hard
way over there uh are you back Bitcoin
Tina I think I I think I am alright very
good
you talked about Plan B they’re forcing
I’m gonna I want to share a tweet of
yours which which relates to him whereas
gold has had to earn its high stock trio
of course money character in here drop a
blast if you’d like to talk about that
now
I just give you a little into that Adam
can you hear me yeah perfect IIIi was
using a headset and it turns out the
headset has more problems than than the
Apple Micah can you hear me yeah it’s
great
the flow yeah I wanted to get to that I
wanna do you mind if we don’t get there
yet just just okay jumped ahead I jumped
ahead in the game alright so as PS
people talk to other people learn I
think this process is gonna happen a lot
faster than most people think because as
the information spreads and as you see
the price go up other people start to
get interested and start to take things
more seriously people are very sensitive
to price and so watching the price go
from twenty thousand to three thousand
created an awful lot of skeptics and
confirmed the views of many people who
didn’t understand what this thing is but
it’s an emerging money and it’s very
hard to understand so a model that I
like to think about is looking at what
happened with technology and internet
stocks in earlier years and I was having
discussion with a friend of mine last
night we told my Microsoft and they’ve
commented that Microsoft looks like to
him that it was an obvious thing to own
most computers were shipping with ms-dos
and then almost all computer shipped
with Windows Mac was actually relatively
small Apple was relatively small back
then and this idea of Wintel was a very
powerful concept and and yet in the late
80s early 90s
very few people understood and this
stock went up between one and two
hundred times at least from the early
90s to two to 2000
and very few people who held it and held
on for that period except for Bill Gates
and and some other insiders
similarly with Amazon the only people
who really held on to that with Jeff
Bezos and his parents as somebody
commented on a different webcast
so I think that when you start to come
to understand what this thing is worth
little by little you’re going to one and
that’s the stock to flow but I’m still
not ready to get there yet you’re going
to see people start to front run these
having’s we’re at a time right now where
i think bitcoin is insanely cheap and so
you hear people talk about what’s the
quiddity of the marketplace and this
whole idea of
liquidity I think is poorly understood
traders who are buying and selling
Bitcoin are not actually adding
liquidity to the marketplace people
think oh these traders are at infinity
if you’re buying it at 8,000 and selling
it at 8300 you’re adding to minimus
liquidity the real liquidity providers
in the market place
well there there sell-side liquidity
providers the traders they’re not
actually by side liquidity providers the
real by side liquidity providers are the
deep hollers the people who start to
understand what this thing is because
they’re there to buy Bitcoin
at reasonably good prices and they’re
the ones who are absorbing it in the
marketplace look what it really means
can you unload large amounts of an asset
or a stock any given price and so for
any asset it’s it’s about how will you
understand what the value of this thing
is and there are all sorts of time
preferences that goes on with the
various participants of the marketplace
some some people have very very short
time preferences those are the traders
were trading back and forth for
relatively small amounts and then there
are other people who have longer time
preferences they start thinking in terms
of months and years and even longer
possibly decades and when you start
thinking in terms of that you start to
be getting lost in my own thoughts here
I like that definition of liquidity I’ll
tell you that that wasn’t good I’m gonna
go too well I want to I want to go to
how you have to think about valuing this
thing understanding what bitcoin is the
best money in the world is probably the
single most important idea in trying to
understand Bitcoin and what qualities it
has as a money and why right now the
idea that it’s gold 2.0 it’s probably
the single most important idea and can
take us to extraordinarily high
valuations Dan held commented to me
recently that he thinks thinking about
Bitcoin is gold 2.0 is probably the
single most important and clearest idea
right now and I kind of agree with him I
thought about at night I was disagreeing
and I’d you see Bitcoin is intense
exponential technology but that’s
actually not it’s not the most important
thing right now and
understanding why it’s so important on
this
because when you start to understand
scarcity and you start to understand how
scarce Bitcoin becomes and you start to
understand its qualities of money you
realize that if I can acquire a
reasonable position in Bitcoin today and
if it goes to the kind of values that
I’m going to tell you that I think it’s
going to go to ten years out you realize
that we don’t even need scaling layers
to work yet it’s not actually that
critical because the values are so
extreme
and I think the skilling layers will
work but I don’t think they’re that
important or even that necessary I could
buy a Bitcoin today
and I could sell a piece of that Bitcoin
ten years from now this is assuming that
I have income if I have you know money
to live on along the way and then even
for living in a Fiat world which we
probably will be ten years from now it
doesn’t really matter that I can’t spend
my Bitcoin directly because if my
Bitcoin went from eight thousand dollars
to five million dollars and I sold 20%
of it a million dollars I could easily
spend that money in the existing legacy
system so I don’t even need that I don’t
even need to be able to spend it on
coffee and other smaller items because I
still have ways of spending my money but
the critical thing is that
I’ve got that massive increase in value
now why did I get that massive increase
in value
I had tweeted about
how why do some of these very rich guys
buy art money buy from our visas and buy
it because it’s a way to show off your
wealth
families have bought art over the years
for other reasons too they they buy it
because it’s a way of of transporting
value into the future some people hid
the art away and they know that if they
had to they could move the art out of a
country therein send it to another place
and if we retain its value people are
always looking for things that can
transport their wealth into the future
and that’s what money does for you but
when you have as poor a money as we have
today we know that our money doesn’t
transport our wealth into the future and
that’s a really big and it’s a really
serious problem so what do we do we flee
the money that we’re in and we look for
alternatives that can take the wealth
that we’ve created and maintain its
buying power to some time for a future
self sayfudine
talks about this as the trades we make
with ourselves and talks about how the
trades that we make with ourselves are
the most important trades we make Adam
talks about this all the time and so
what do we look for we look for things
we buy stocks we buy real estate we buy
art to find that thing
transport our wealth into the future and
maintain its fine power or better yet
increase its buying power but none of
those things are as good as a really
good money
what do you think that is a what
refreeze that there for a second I’m
worried why do you think what do you
think that transporting my wealth
keeping my buying power or possibly
increasing my buying power in the future
why are
art stocks
well scarcity scarcity of the art it’s
the scarcity of the art it’s scarcity
but there’s more to it than just the
scarcity because
the interesting difference between money
and everything else for transporting
value into the future is that money is
the only thing out there for which there
is a universal preference Styles
fashions for art change even for real
estate we look at New York City the
places in New York that were once the
hot places to be to live change over
time
something period of time it’s the Upper
East Side other periods of time it’s
down in Tribeca
where the hot real estate is is not
necessarily in the same place
similarly with stocks to companies
change but money is actually ought to be
the riskless asset and effectively money
when it doesn’t actually change through
time
or it ought not and so bitcoin is
something which is both technological
but also there’s a social layer to it
and it’s its characteristics which
enable money to carry that value that we
create today into some period in the
future and the difference between money
and any of those other things is that if
I hold money today and I sell some of my
money for other stuff I sell it I sell
my money cuz that’s what you do when you
buy something you’re selling your money
I sell my money for a house or I sell my
money for an investment or I sell my
money for a car or I sell my money for
clothing
people are willing to take my money
because everyone has a preference for
money I forget who said said this I
might have been mango Hut I don’t
remember that money is the most saleable
good in the economy it’s the easiest to
sell good
so now what do I want in a good money
well we think of art as being valuable
because the piece is popular for
whatever reason and once the artist is
dead we know the artist can’t produce
any more of it although we source stuck
with the issue of validation and
validating art can be very difficult
there are lots of fraudulent copies of
art not actually necessarily easy to
validate whether or not the art is an
original piece or copy and being able to
validate that art as being original is
actually really important sometimes we
think of real estate as being a great
with a store value we’ve heard people
say they’re not making any more of it
actually not kind of exactly not true
how do we make more real estate build it
up into the sky condom that’s it build
it up in the sky so you can buy a nice
piece of land on the ocean and instead
of putting a house there you put a
50-story building there and now instead
of having one family live there you have
400 families live there
and so this issue of scarcity becomes
very important and when you have
something which is incredibly scarce and
yet really easy to sell it has a
tremendous amount of value and it’s so
hard for people to come to terms with
why why this money would have so much
value and yet I find it so hard that
people have such a hard time with it
because it seems so incredibly obvious
to me
well it’s partially because they want it
it’s people don’t like things that are
that simple they want fancy they want it
to be able to do something super fancy
to be anonymous to be faster to they
have very different expectations of they
forget the basics of money basically so
in getting to the stock to flow we’re
talking about essentially its scarcity
we talk about the hardness of money or
its scarcity Gold is approximately a
sixty in stock to flow so what a stock
to flow mean it means that for every
year a certain amount is produced
relative to the existing stock
and for most things in the economy
though stock to flow numbers are very
very very level
because the thing is very easy to
produce relative to its existing
quantities
and if you want to listen really good
explanation of this you should listen to
plan be discussing but gold we see
production continue every year in the
neighborhood of around three thousand
tons of gold and so that sixty stock to
phone number remains pretty constant
today gold has a ish
and if trillion dollar value but bitcoin
is different in economics class they
teach about something called elasticity
ask whether or not a
a thing is elastic or inelastic and
elasticity is a really interesting
concept
you know what elasticity means that’ll
refresh me for my economics courses I’m
happy to so
it means for any given amount as the
price change what’s the propensity of
people to produce more of it this is not
a perfect definition
so if you’re growing wheat let’s say and
the price of wheat is I didn’t have the
price lead $10 a bushel and the price
goes up to $50 a bushel and many more
farmers are going to start planting
wheat instead of planting other things
because the profitability of the wheat
is incredibly profitable and usually
those prices are pretty ephemeral but
they’ll respond in the marketplace to
the price and produce more as that price
fluctuates if the price goes down
they’ll tend to produce less and they’ll
produce alternatives
Gold is today about $1,500 an ounce if
gold were $10,000 an ounce you can rest
assured that many mines which might have
been put out of commission
various exploration companies that don’t
find it profitable to produce gold that
they might have found that $2,500 an
ounce would come online there would be
more gold production which responds to
the price
and that’s what elasticity is so you’ve
got producers responding to those prices
and and how much are you able to respond
Gold is a relatively inelastic commodity
it’s very inelastic compared to things
like agricultural products oil tends to
be relatively more inelastic than other
types of commodities as well and so this
creates a lag time in pricing sometimes
we see because of the ability of
something to come online into production
so but oil oil is actually yeah I think
it’s thought to flow is actually pretty
low but I don’t know what stock to flow
as Bitcoin is the only commodity that I
know of that is almost perfectly
inelastic if the price of Bitcoin were a
dollar today you would still produce 12
and a half Bitcoin on average every 10
minutes and if the price of Bitcoin were
a million dollars today you would still
produce 12 and a half Bitcoin on average
every 10 minutes and this is how it’s
going to be with Bitcoin pretty much for
its duration until the issuance for the
block reward is used up what would
happen if Bitcoin were to go from 80 166
dollars or it is right now to a million
dollars in the next ten seconds hmm if
you knew that Bitcoin is that more than
likely if it popped from eight thousand
dollars to a million dollars instantly
that you see a lot more hashing power
come online people would throw hashing
power online and so you would actually
have a slight impact on the amount of
Bitcoin that was being produced but
because of the difficulty algorithm we
know
the difficulty algorithm will readjust
the production of Bitcoin back to
one block on average every 10 minutes so
even if the price would have changed
radically instantly you will only have a
period of time approximately 2100 blocks
at the most
until that difficulty album algorithm
changed where you might produce more
than you might expect otherwise you
would still be subject to certain
limitations because there are only so
many miners in existence there only so
many people who know how to mine so it
wouldn’t necessarily hashing power right
now is in the 80 to 90 EXA hash rate
conceivably it might go to a thousand
EXA hashes if the price were to change
from 8,000 to to $1,000,000 it depends
on what’s available in the marketplace
and how many people have miners every
miner the people had they put the
crappiest miners they’d mind with their
computers so I don’t know what the
hashing power would go to but we know
that
you might produce more blocks than you
should
in that in that period but the
difficulty algorithm would kick in and
it would readjust it so that price
change would only impact the production
of blocks for a very short period of
time
so I estimated what the stock to flow
numbers would look like going out to
2040 and approximately and I don’t know
if this is completely right because
there are issues with lost Bitcoin and
I’m not completely sure how the lost
Bitcoin effects effects lost if it makes
the stock to flow and it might have some
pact I’m not completely sure about that
and that’s better question for Plan B
but ballpark numbers you’re talking
about post-2020 having fifty six twenty
four twenty twenty four hundred and
twenty twenty twenty eight two hundred
and forty eight twenty thirty two five
hundred and twelve twenty thirty six
1016 2040 2040 approximately twenty
forty based on the numbers that the plan
b was talking about
estimating five million dollars Bitcoin
100 trillion dollars between 2028 and
2030 – that’s guesstimating a value
between somewhere between 248 and 512
stock to flow humans don’t know of
anything with that degree of scarcity
it’s actually one person described with
scary scarcity
it were selling Bitcoin you’re living in
an amazing time we think we think back
oh my god those guys who bought Bitcoin
at tres Mayer at five cents or 25 cents
Max Keiser at a dollar or three dollars
but I remember they’re using oh my god
if I could have only bought that Bitcoin
at those prices look look what I could
do
you’re living at a time that’s the
equivalent of those prices you can up
600 times between now and 2020 8 to 20
32 from 8,000 to
to five million I granted it’s not ten
thousand times yeah but you probably get
there in twenty twenty-five years
this is staggering returns and it’s so
hard to come to terms with what that
kind of scarcity means that you have
people who are very short-term oriented
and they’re thinking and they’re busy
trying to outsmart the marketplace
the traders
and there’s very few people are gonna be
able to do that the interesting thing is
that every trader who trades thinks they
can and yet the numbers don’t actually
prove that there’s a tiny percentage of
people who are actually able to do what
they think they can do it’s funny
everybody thinks they can be Warren
Buffett but actually there are very few
people who achieve anywhere near the
returns a Warren Buffett
and yet people keep trying to do it for
most people they have almost no
advantage in trying to trade they look
at stock charts and they think they can
divine some special knowledge based on
the past but it actually doesn’t tell
you anything traders will tell you of
course it tells me something I can
figure out what the demand is by looking
at those charts I know that if it traded
here and it traded there and I got this
kind of I’ve got a cup and saucer or an
ascending triangle or descending
triangle or a flying W or hidden
shoulders pattern or upside down Head &
Shoulders pattern I know exactly what
this thing’s gonna do no you don’t why
are all those charts completely
meaningless because what you don’t know
is what the guy was talking to last
night told me that last night told me
that his accountant has a client who’s a
billionaire this billionaire client
acquired fifty million dollars with a
Bitcoin approximately five percent of
his net worth
with those charts don’t tell you is when
a guy like Ron Paul or dant a Piero or
any of these other guys who come from
the legacy markets who are tied in to
some of the biggest and some of the
smartest money in the world when Dan
talks to somebody or Ralph talks to
somebody or they listen to what these
men have to say and understand about
Bitcoin and the guy who’s worth a
hundred million dollars or billion
dollars says to himself you know what
the hell I’ll buy myself a five percent
position these guys are smart the
argument they make make sense to me
go buy some those shorts don’t tell you
when that rich guy
comes to understand he wants to own some
Bitcoin
because he might not even thinking about
it or doing anything
when those charts were made when those
prices took place so you should be very
thankful to the traders who were so
willing to give up their Bitcoin for
such cheap prices to you I know I’m
thankful for it and oh no I want you
missing tapi arrow what do you that
video of course that he was interviewed
by Rao and what do you think about his
description of Bitcoin as the secured
the is the security truth machine
I think that I think there’s so much
that we don’t know about Bitcoin I think
we’re gonna hear many many smart people
in the course of the next several years
and decades come too
epiphanies understandings about what
bitcoin is and what bitcoin does that
we’re gonna look back in the future and
they’re gonna say to ourselves oh my god
that was so obvious how did I not see it
so I don’t know what brilliant insights
people have that we will look back on at
some point in the future and say how did
I not think of that how do I not
understand that
and so I I really you know I really
don’t know I think that there are I try
to
try to listen to what people have to say
try to understand it I don’t know if I
fully understand what Dan is trying to
say but I know he’s a very smart guy and
I want to try to understand what he’s
trying to say because there are so many
smart people out there that that I can
learn things III don’t I don’t X I’m not
completely sure what it means and yet
God please I’ve got another question
about it was he’s clearly not blind
anymore he admitted he was blind the big
coin at one point and as you said
everybody wakes up eventually well the
smart people do at least he but but
speaking of waking people up he
specifically said that Bitcoin will when
it gets to that trillion dollar
valuation and again now the the market
cap is whatever it is 150 billion I
don’t even know what it is but it’s far
from that trillion dollar market
valuation that it will wake up many
traditional type of investors that
that’s a big round number that Allah not
some people out of bed would you agree
with that with your experience in the
traditional markets absolutely I mean I
think that price is actually very
important as it relates to Bitcoin I
think price people respond and react to
price I’m a huge believer in the concept
of price mechanism price mechanism makes
our economy work price mechanism is
critical to a capitalist economy in
terms of allocating resources and I
think that ban is absolutely right I
don’t know what that price is
dan is been a professional investor for
a few decades and if that’s the number
that he thinks he is more closely tied
to that than I am so I don’t really know
but sure a trillion dollars is a very
big number it’s very hard for a
professional investor to look at an
asset like Bitcoin at a trillion dollars
and say I can just keep ignoring it
it’s very hard for people who live in
the capital markets who look at prices
move all day long and say I can ignore
this thing that is now the marketplace
is valued at a trillion dollars and and
it’s come to that valuation through all
natural processes it started it at
nothing in 2009 in 2010 and at a
trillion dollars it becomes pretty hard
to ignore so sure I think that’s that’s
a very reasonable thing do I know what
the right number is I don’t know what
the right number is we all speculate and
what we think is the right number but
trillion dollars is as good as number as
any other number now you mesh the word
reasonable and I do think it is
reasonable to think we’ll get to a
trillion one day that would be $50,000
Bitcoin now you have mentioned another
number on this show and Plan B has
mentioned this number also and it’s the
hundred trillion dollar number and I
could I mean I I love that you make
these predictions about five million
dollar Bitcoin I could I could do a
clickbait headline about it I won’t
because I don’t do that kind of thing
tell that like button for no clickbait
titles but you do believe this a hundred
trillion is a tremendous number though
it the the all assets on the planet only
add up to over two hundred and fifty
trillion dollars or three hundred
trillion dollars or something like that
so I I don’t wanna get people too
excited I mean this is a huge number
five million I I would be happy to five
hundred thousand Bitcoin $500,000
Bitcoin you are a huge believer in this
though to come up with that number and
to agree with with Plan B but I mean
have you ever put that in perspective
100 trillion compared to two hundred
fifty trillion compared to three hundred
trillion you know did the value of all
assets owner well I think your number of
250 300 trillion is wrong okay it’s won
by a lot it’s it’s one that’s burdened
by wrong wrong by a lot so stocks are
about 80 trillion dollars
Fiat is about an 80 trilling to be
lightish Fiat or money is is
approximately 90 trillion dollars all
debt markets are approximately 250
trillion dollars real estate and there
may be some double counting in the real
estate because there’s a lot of real
estate that is that is
financed so I don’t know where the
double counting is in that real estate
is like 250 trillion dollars so I’m
guessing that those numbers are much
bigger and these the end of the day some
of these things are just estimates these
numbers are I I think the number is
probably somewhere between 300 plus
trillion and six seven hundred plus
trillion I think the numbers are
substantially larger then what we hear
or not and I’m not sure if we have great
numbers not but here let’s think about
it slightly differently and the reason I
use the number 100 trillion five million
dollars a Bitcoin is what you have to
think about is think about Bitcoin as
repricing the world in Bitcoin and
that’s kind of what really matters so if
you bought a nice pair of shoes you
might spend Oh a pair of Gucci or
ferragamo shoes those are very nice
shoes you might spend five hundred
dollars for those shoes the question
would be then how much would those shoes
be in SATs
so that’s what I think is going going to
be happening here but but more than just
that I think that bitcoin is about an
emerging economic paradigm I think we’re
going to see the world change in very
substantial ways in the 2020s in the
early 2030s
I heard Rob Paul talk about this in one
of his interviews and I’ve been saying
this for for quite a while I think that
we are going to be moving into an
economic paradigm where we have money
and equity based money which is going to
be Bitcoin in my opinion and equity like
investments I think will actually pretty
much have no credit or very de minimis
amounts of credit credit ie bonds ie
fixed income in this future world and so
we’ll use we’ll use an equity like
investment as opposed to a credit like
or bond like investment it’s very
interesting as I commented about this on
Twitter just the other day and it calls
me I got a response from somebody who
said what credit is created every time
if I grant you credit I have created
credit so that’s that’s right so if I’m
a store and I let you buy something and
I don’t make you pay me right now I’ve
given you some credit and so there may
be some kinds of credit that exists we
did use to have a world that operated
that way but the interesting thing is
that and this just occurred to me
because bitcoins programmable money so
if I ask you to build a house for me you
might say okay pay me X number of
dollars up front so you can build me the
house but the interesting thing about
Bitcoin is because it’s programmable
because we will see some form of smart
contracts on it at some point we can now
we can already do this now with time
locks multi-sig a lot of things we can
do i could actually create a method by
which pay-as-you-go i might pay you X
percent
a week and you go out and you buy the
materials and hire the labor for that
period and I keep going a fairly tight
leash I’m building my my house building
my product building whatever and so I
think we don’t really fully understand
what this economy is going to look like
and I have said that I think some of the
ways we think about the way an economy
must work or money must work is because
of the nature of the technology which
was available at the time did solve
certain problems so when we went from a
real gold based system to a banking
system well why did we do that because I
can’t easily carry gold to another part
of the world and trade with it there are
a lot of there a lot of problems with
this so if I carry if I deposit my gold
with a local bank and I get a note from
that bank and that bank has a
relationship with another bank in
another city I take that note like I can
validate that this is a good note I I
give that note to that bank in that
other city and now I’ve solved a
technological problem for me of
transporting that gold safely from one
part of the world to another part of the
world and so I think the way we do
things is actually very much related to
the technology which was available to us
at the time which created a methodology
by which the world worked so people
think the world has to work in a
particular way and what I think is that
the world doesn’t have to work in a
particular way the world works in a way
to which there are technological
responses to problems that have to be
solved
on new technologies offer different
answers and I think that bitcoin is a
technology which is going to offer a set
of answers which were not previously
available so I think we’re gonna watch
the world change in ways that are very
very very hard to imagine and I think
we’ll move to a world which is one
that’s very much based on credit to one
which is very much based on equity based
money and other type of investments
right so then let’s have is Libre fit
into all of this well I don’t know how
fits into it I’m not really concerned
about Libre I think that
anything which helps to legitimize
Bitcoin in the eyes of people becomes an
on-ramp for Bitcoin so what would Libra
be I know if people talk about Libra as
being panopticon you know the look of
the coin that everyone used is fine you
and there be a lot of problems with
Libra but I don’t want to talk about
zebra per se but Libra as I’ve heard it
described would be a multi currency
stable coin and as such
people can easily use it for their
payments but the difference between CII
have argued that price is more than 99
percent of adoption for Bitcoin people
like to make money people love to make
money and so most people buy Bitcoin
because they want to make money if
Bitcoin were $1 today as it was $1 back
in 2010 or 2011 I’m sure we would not be
talking about it
I’m sure that’d be almost no interest in
Bitcoin people are interested in Bitcoin
because they they can make money in it
and you’ll never really be able to make
money in Libre because it’s a stable
point you can’t make money in a stable
point so if Libra starts to cause me as
someone who doesn’t really know or
understand Bitcoin to start to think
differently about my money
odds are reasonable that Bitcoin will
become something which I might also pay
attention to and if I see that Bitcoin
was ten thousand dollars in 2019 and now
it’s 2022 and Bitcoin is $300,000 I said
oh nice to own some of that Bitcoin and
if I start to understand that it’s gonna
go from three hundred thousand to five
million I say well I hadn’t known it at
eight thousand like the guys that don’t
own it did four hundred like but you
wanted that but I can still make pretty
good money from three hundred thousand
to five million not as much as I could
have made had I bought it four hundred
not as much as I could have made if I
bought it at ten not as much as I could
have made it I bought it in a thousand
well they can still make money and
that’s not bad
so Libra becomes just another on rate
for Bitcoin and so as the process of
legitimization so this is another thing
that I think about in terms of mindshare
that’s the term I like to use
bitcoin has a staggering amount of
mindshare relative to the size asset
that it is I think many people in the
Bitcoin space what guys like Ron Paul or
tanta Piero to understand this very well
but a lot of guys who are treating it
now they think of Bitcoin as being
bigger than it is and I actually think
it’s the most important invention for
mankind and generations if not centuries
I think it’s incredibly important but as
an asset it’s a very very very small
asset and the amount of attention and
time that it takes up in the minds of
all kinds of people is absurd for the
tiny little asset that it is it’s a tiny
little asset it gets coverage on CNBC it
gets presidents to tweet about it it
gets other people to talk about it then
the scheme of things it is not a pimple
on the backside of an elephant so that’s
pretty amazing so as more and more
people come to accept its legitimacy
that opens up the desire to learn about
it and buy it people like to make money
speaking about its gaining some
legitimacy here I think I know your what
your answer will be to this we’re gonna
end up with a Fed coin eventually that
the dollar will I think so at least that
will definitely add some legitimacy to
cryptocurrency as a whole if the if the
dollar goes crypto do you see this and
something that you mentioned you see the
next decade we’ll still be living in a
dot it will still be a dollar world but
you do envision eventually it will not
be a dollar so when when do you think
that will happen especially since if
they make the dollar into fed coin it’ll
be quite easy to stay with the dollar
every quite convenient for people no it
won’t it won’t actually change it it
actually increases the likelihood of
adoption well because they’ll be able to
easily turn their fake coin into Bitcoin
you’ll be able to easily turn your foot
point I think hyper Bitcoin ization
takes place the hyper bit colonization
goes what I collect it goes through the
bond market and the credit markets what
I think will happen at a date much later
in the future
probably
that 100 trillion dollar mark somewhere
in the
five million dollar-plus range it could
be a little you know could be lesson it
could be a sixty trill you know that
sixty trillion dollars at three million
dollars a bitcoin but I think there is
at some point in time when hope tres
Mayer has described Bitcoin as them as a
black hole absorbing the value from the
rest of the world and what I think you
will see at a point later in the future
again at some price is people sell their
existing assets to buy Bitcoin so if you
have money in the bank and you buy some
Bitcoin
well you’ve now converted some of your
Fiat into Bitcoin if you sell a Treasury
bill to buy Bitcoin you’ve converted
some Treasuries to buy Bitcoin and I
think that
people later to Bitcoin who might have
been doubters of it and uninterested you
know if if at a trillion dollars
institutional money becomes interested
in buying Bitcoin what is institutional
money and other people think at a
million dollars a Bitcoin at twenty
trillion dollars that takes people who
are skeptics IIIi a in sort of a joking
kind of way I described three types of
people four types of people with regard
to Bitcoin skeptics cynics and haters
and then there are people who just don’t
know about it at all so leaving those
people aside that people don’t know
about at all
I argued that skeptic cynics and haters
that each of those people will pay
subsequently higher prices so if you
start off as a skeptic you might have
considered it at eight thousand dollars
but you don’t buy it till it’s fifty
thousand dollars and if you’re a cynic
you might have been cynical about it at
eight thousand dollars that plenty
people who are cynical about it at much
lower prices you might not buy it till
it’s a quarter of a million or a half a
million dollars Bitcoin and if you’re a
hater you might not be buying until it’s
more than a million dollars a bit the
price of Bitcoin will push people into
Bitcoin and this dynamic that plates
takes place that gets you to these very
very large very extreme numbers is that
think about the dynamic that’s taking
place with miners so
every day miners acquire more and more
Bitcoin through their mining processes
but through the having’s
those numbers become smaller and as more
and more people begin to understand what
this money does for them and why it’s
valuable they want to own some of it
money is about transporting your value
into the future so here’s a question for
you question people want to might want
to ask themselves let’s assume the big
coin went up by the amount of 10% a year
forget about these super large numbers
but that it’s always you know it’s not
subject to earnings and let’s see it’s a
consistent 10% of here you can pretty
much rely on it not like a Bernie Madoff
10% a year but you know you can pretty
much rely on 10% a year for an increase
in value
what you own other assets instead of
owning Bitcoin
I wouldn’t you what I wouldn’t I would
not who know I know you wouldn’t a lot
of I asked our last night I said
so if Bitcoin went up by 10% a year from
now until forever
would you own stocks would you own real
estate and I think that once people
start to understand why money is a
better asset to store value in so you’ll
always have to have investments
investment to make an economy grow
investments are critical to an economy
I’ve argued that what we’ve done with
the Fed money that we have is we’ve
created artificially low cost of capital
we have a cost of capital which appears
to be lower than it really is and the
reason I say it appears to be lower than
it really is
take it kind of quickly through that
thought process is that
if I invest in a project and I assume my
equity my weighted average cost of
capital weighted average cost of capital
is a blend of my debt cost of capital
plus my equity cost of capital and let’s
assume I weighted average cost of
capital is 8% and that would take a
basket of projects so me plus thousands
of other people each engaged in our own
investment or in projects and we all
have but simplified an 8% weighted
average cost of capital I say an
effective cost of capital because of all
of those projects 10,000 projects let’s
say some percentage of those projects
gonna fail because the 8% weighted
average cost of capital was actually too
low in number maybe the real number
should have been 12 percent for weighted
add the cost of capital so instead of
having 10,000 projects at an effect at a
weighted average cost of capital and 8%
maybe we should have had 6,000 projects
or 5,000 projects at a 12% weighted
average cost of capital so then some
numbers of those projects fail which
might have some residual value or not
and effectively what’s happened is our
effective cost of capital isn’t really
8% but our effective cost of capital is
really that that 12% because we have
destroyed a certain amount of capital
none that accurately gone through the
numbers here but I think you can follow
a logic of my reasoning and so
having to lower cost of capital in an
economy is actually detrimental because
it encourages taking on projects which
probably shouldn’t be taken on because
the real cost of capital is actually
much higher than what the cost of
capital appears to be do you follow that
laughs does that make sense to you do
you understand what I’m trying to say
yeah there definitely did that last part
yeah
it’s not the individual project that I’m
talking about I’m talking about a larger
a systemic or an economy-wide effect
I don’t know if I don’t know if I
explained it well
there’s a lot of projects out there
shouldn’t be going on you know know that
that’s what I’m saying
but what I’m saying is think about it
not just as one project but a large
group of projects that’s occurring in an
economy do you agree maybe this will
help do you do you agree that if my cost
of capital is 8%
that looking for an adequate return from
those that I would have more projects at
8% than I would have at 12% do you agree
with that statement yeah okay so what
I’m saying is because of because of
yield curves which are artificially
manipulated by central banks it makes my
cost of capital look lower than what my
real cost of capital is and we don’t
find out what the real cost of capital
is until the fullness of a cycle so it
looks like my cost of capital today is
8% because I’m taking the information
from various yield curves plus my equity
cost you follow the logic of that you
understand how that works I hope people
do okay
so I estimate my equity cost of capital
the cost of my own personal equity or my
business’s equity and then I take a rate
which is available to me in the market
place if I were to float a bond or go to
the bank and borrow money and I create a
blended weighted average cost of capital
with those two things so let’s say my
equity cost of capital is 8% and to go
borrow money cost me 5%
and let’s say I put up
half equity half debt so that would be
combined five plus ten 15 percent
divided by two is seven and a half
percent
give me a weighted average cost of
capital seven and a half percent do you
follow that
that make sense to you
okay so I’m saying that the market
implies an 8% cost of capital
I’m just making numbers up here this
front have you follow my thinking and my
logic the market implies an 8% cost of
capital
so with that 8% cost of capital I is a
businessman run some numbers and I think
I can get a certain amount of sales with
a certain amount of earnings and support
the project to make profits necessary to
make with the cost of capital of 8% and
then I go about and I decide to do this
project or not do this project if it
meets that 8% cost of capital
but that’s not the real cost of capital
exists in the economy and I find out in
the fullness of the cycle that a certain
number of those projects failed
it weren’t successful even at the 8%
because there wasn’t enough demand out
there
those projects so effectively because
those projects failed that money that
capital is effectively destroyed I
basically took that money I threw in the
garbage can so when I netted out
effectively meant my cost of capital was
and I’m making the numbers of again
twelve percent not eight percent if I
had built to a twelve percent cost of
capital then a certain number of those
projects just would never have gotten
built because people have run the
numbers against the twelve percent
number and said I can’t make these
numbers work it doesn’t you know my
returns are not sufficient for my twelve
percent cost of capital and so I can’t
make a return which is necessary to do
that project so I don’t do the project
so we create systemic mispricing in the
marketplace because we have central
banks which come in and miss price risk
and what I’m saying is that in an
economy which uses money rather than
credit and all those fixed income
instruments are credit plus other to to
make equity like investments that it
that might be that that will net result
in
fewer but better projects and so I think
the net result will wind up would be
much higher growth because there’d be
less capital destruction and I think
we’re in the very very very very early
stages of watching a new economic
paradigm emerge and I think it’ll be a
much more efficient paradigm I think
we’re gonna see a lot of changes that
take place in the course of of the next
10 to 20 years and I think the rate of
change that we’re going to see is going
to be very shocking to a lot of people I
think bitcoin is a major factor of that
I think they’re there other factors as
well that people talk about which are
well beyond my knowledge base or scope
things like self-driving cars AI various
bio technologies they’re there a lot of
things are gonna happen and I think
we’re going to see very dramatic change
but I think Bitcoin is going to have an
incredibly big impact but again it gets
back to the idea what makes it so
valuable is that a very scarce money
that can transport my value into the
future
and that money continues to get more and
more scarce so as you start off with
let’s imagine you start with a hundred
people understanding about Bitcoin they
see the price go up and they tell their
friends and now you’ve got a thousand
people who all want to buy some of this
and that thousand then grows to a
hundred thousand people whatever the
numbers are and these numbers just get
bigger and bigger because
more and more people start to understand
and and that’s what we’ve seen from
bitcoins earliest days and what I think
a lot of people don’t really understand
and that’s what I think we’re going to
see numbers that are likely in excess of
what the model projects because we know
that we know what the issuance rate is
going to be on Bitcoin I think it is
actually very smart to front run the
having’s because on average on average
the price is always going to be lower
today than it is at some point in the
future if we think about price
differently if we think about price as
noise around a point so let’s say the
current valuation is seven or eight
thousand and we’ve had a lot of noise
around this point in the last three or
four years it’s ranged from $1,000 to
$20,000 and point value based on the
model might be about eight thousand
dollars I’ll think is what plan B is
using so yes we have a lot of noise
around that point the noises from I
forget what the price was at the habit
was probably at the hammer that wavers
eyes the worth price in 2016
six fifty or something like that six
fifty to twenty thousand so that’s a lot
of noise around the point do you
understand what I’m saying
statistically you think about it noise
around the point so
if we think of it in yearly chunks and
Plan B has said that if you look at it
in yearly numbers as opposed to daily or
monthly numbers it actually gives a
stronger r-squared number which is a
tighter fit on on his regression so in
in the date range of
2016 to 2020
which price is about it’s not that’s not
right the model price is about eight
thousand dollars in the model price
in 20 22 24 might be $100,000 let’s say
I’m not sure with the model prices of
the top my head so you see a lot of
noise around the point you could have
crisis as high as 3 for $500,000 prices
as low as 20 or $30,000
but we know progressing through time
that bitcoin is inelastic because we
know its issuance is pretty much set
because of the way Bitcoin works we know
according to the difficulty algorithm
that the most that can happen is you can
produce a certain amount of Bitcoin in a
certain period of time but the
difficulty algorithm is just going to
kick in again and force production back
to
whatever the reward is then per block on
average every 10 minutes so bitcoin is
this thing that we’ve never seen an
economy before and I’ve argued that you
know I mentally think of Bitcoin as
being like a gecko except it’s a gecko
that’s turning into Godzilla so it’s
gonna go from this little gecko that’s
running around you know a couple of
inches to something which is a mile high
and when it walks on the ground the
earth is gonna shake for hundreds of
miles around and that’s what this thing
is and so people who don’t understand
about how scarce this money is going to
be they’re playing stupid games right
now they’re playing stupid trading games
and they can because right now bitcoin
still acts like a legacy asset but post
the 2024 having it ain’t no legacy asset
anymore
count that like flattened people 2020
for having well if you’re if you’re at
if you’re at approximately 56 start to
flow in 2020 working your way to 120 in
2024 and
Gold is approximately 60s or so stock to
flow that means you’ll go from a gold
like stock the flow number which we know
which we understand
to something much bigger almost double
what gold is and then it doubles again
doubles again doubles again
and that’s the point is is gold is
something that we understand we
understand that stock to flow we have
not lived through something with a
greater stock the flow is what you’re
saying so so so it morphs from a legacy
style asset to something that we don’t
really get we don’t understand what that
scarcity really means and more and more
people are coming to understand why that
is money that you want to hold on to
transport your value into the future
because you because of all the qualities
that Bitcoin has that it’s hard to seize
that it’s that it’s easily that you can
easily transact with it at a distance
electronically you know all the
qualities that Bitcoin has which are
which are which are many that it’s
infinitely divisible all of these
various that is that it’s infinitely
portable because it has no weight it’s
easily transact will easily securable
not dependent on a third party all the
qualities of Bitcoin has so as you start
to understand why this money is so good
and is essentially fungible because you
don’t really care
what you see echoes were attached to the
month through the money you’re buying
you only care about it maybe if your
government says something about it but
to most of the world they don’t care
they’re indifferent if you’re in
Venezuela you don’t care that those UTX
OHS had whatever attached to it I don’t
give a damn it doesn’t mean anything to
me so
this is a very very special money and
it’s gonna be very very scarce it’s
better than that work of art that
Picasso that you bought that you paid a
hundred million dollars for well first
of all you have to make sure that
they’ve verified that it was really a
Picasso that was really the work of art
that you bought well that’s expensive
you have to hire art experts to appraise
that piece and to make sure that that
piece is really the piece that it’s
represented as well you don’t have the
problem with Bitcoin because your node
verifies it for you
boom boom boom it’s done you know that
you have real Bitcoin and that’s very
easy to do
a piece of real estate think about
holding a piece of real estate into the
future you buy a piece of real estate
and you want to rent it out to earn some
money to keep your value up a real
estates a great big pain in the neck
because you have to get a tenant or
tenants will pay their rent we’re not
late on their rent then what’s gonna
happen to real estate
well in time you’re going to replace the
roof and you’re gonna have to paint the
real estate and you’re going to have to
fix the toilets in the real estate and
you’re gonna have to replace the water
heater in the real estate and you’re
gonna have to replace the furnace in the
real estate and you’re gonna have to do
all things to keep this thing up to
snuff that’s a pain in the neck what do
you do with your Bitcoin get by a
Bitcoin you store it you put it into a
multi-sig that’s it and you just you
care for those private keys caring for
those private keys it’s a lot easier
than caring for that work of art and
caring for that building and caring for
your stocks your stocks what you have to
worry about you have to worry that who’s
running the company what are they doing
are they running into the ground what
are the earnings look like how about the
new products how about the new services
have a competitor’s you don’t have any
of those concerns with the money the
money essentially doesn’t change you
just have to know that counterfeit money
can’t be produced well we know the can
terrific money can’t be produced because
we know what bitcoin is and we know that
it can’t be counterfeited so we have
something that we know is scarce we have
something which we know is incredibly
easy to maintain relative to other
things
it’s not easy bitcoin is still hard to
deal with there a lot of hard aspects to
it but as it gets easier which it will
do with development it gets much easier
to maintain and so
that happens the price is going to go up
because people were afraid to deal with
it look if you started with your Bitcoin
pre tracer then it was relatively hard
to store people lost their Bitcoin lots
of different ways
you had technological development take
place in this face I was reading on
trace mayor’s website run to gold you
know he was advising oh I can’t remember
what this thing was called but
our method what’s up armory was an
armory no before before that there were
you know there were ways that were not
as good and much harder the price of
Bitcoin was much lower you could have
bought Bitcoin you know maybe $10 a
Bitcoin at that time you’ve stored it in
a combination of Dropbox with I can’t
remember right I looked at the see other
data camera what it’s called to consider
the run to Gold website now because
$8,000 but there are better methods of
storing it and there will be better
methods yet you’ve got cold card which
is probably a better method and you’re
going to have multi-sig and we’re gonna
have snore masked
what’s the other thing I’m thinking
remember norm asked I’m God it doesn’t
matter well what you’ve got you’ve got
these technologies that are changing
that are going to make that are gonna
make certain things much easier all
right well we are we’re coming up on the
end here it is always a pleasure to have
Bitcoin Tina on the show he’s linked to
below check him out of course well is
there any uh any other information you
want to share with us current events
anything you wanted to comment on no I
only want to stress on stress suspected
I’m not concerned about Bitcoin scaling
I know that its current price and where
it can go in the next decade
it doesn’t need scaling at all we can
use the legacy system as our scaling
method we can store it in storage keys
sell some and have that money available
to buy whatever we want in the legacy
system and that in the course of the
next decade there’ll be more than other
people as the price of this thing goes
up we will see billions and billions and
billions of dollars of resources going
into development coming from all sorts
of areas which are going to figure out
ways to scale this and I think
ultimately it’ll be the one and only
money because I think that bitcoin is
like a forest fire that generates its
own wind and by virtue of the fact that
the value of this thing goes up what’s
going to end up happening is that many
problems which look like problems today
start to go away as the value goes up
because many people on Bitcoin will
start to become quite rich one Bitcoin
will be worth in my opinion five million
dollars 10 years out approximately and
so could be 12 years out nine years out
but think about that for $8,000 that
comes worth approximately five million
maybe it’s three million maybe it’s six
million but think about what that means
if you want to support a political
candidate if you gave
a bunch of political candidates $20,000
that makes you an important contributor
bitcoin is going to have its voice heard
and when Bitcoin talks Bitcoin is going
to scream because you’re going to have
people who are worth an enormous amount
of money they will get their way because
they will support candidates
who do things which benefit Bitcoin so
people worry about all kinds of things
but I’m not concerned about this at all
because I understand what this is and I
understand how much power and influence
it’s going to have when Godzilla walks
governments will tremble and bitcoin is
Godzilla that’s what the honey badger is
becoming honey badger is growing to be
four miles tall and people will yield to
Bitcoin just remember
we don’t change Bitcoin Bitcoin changes
us and Bitcoin will change the world
oh yeah on that note that is that’s a
good way to end it yes the bitcoiners
will shape the future not just the world
but the solar system to Venus cloud
cities being built by bitcoiners it’s
going to be great and yes this is a
golden age that we are entering these
2020s
whether it be in money nanotechnology so
self-driving cars it’s gonna be great
and I am pumped for it and I would love
that in the year 2030 I would love for
Bitcoin to be worth five million dollars
that would be great one need everyone so
yeah it’s eight thousand dollars today
on October 4th 2019 for all you people
with big smiles on your faces in the
future watching this thank you Bitcoin
Tina you’re always a great awesome guest
he’s linked to below follow him on
Twitter definitely he’s great on Twitter
everyone should be following him on
Twitter Mele Twitter TC HP alt that’s me
on Twitter remember a new show here
every day we do this weekend Bitcoin
every Friday get all sorts of guests the
best guest in the space i am adam
meister the bitcoinmeister the disrupt
meister remember subscribe the channel
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button bang that Bell button I forgot to
say hello my elite friends so goodbye my
lead friends shabbat shalom happy new
year
we’ll see a Saturday night bye bye thank
you

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