BITCOIN UPDATE 4 DEC 2023!

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Veteran Bitcoin guru Stefan Molyneux takes you through the latest forces shaping the Bitcoin universe.

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Transcript
00:00:00 All righty righty, good evening everybody. It's 10 o'clock. Oh my god, we're starting on time. Everybody is shocked
00:00:06 and hope you're doing well. It's the 4th of December 2023. Just dipping in, not going to do a super long show.
00:00:14 Shorter than a Turkish man in a blizzard. So
00:00:20 I'm not going to make this supporters only, so we'll just talk privately about this kind of stuff
00:00:29 just in case you want to join the conversation. If you're here and not a supporter, I appreciate
00:00:34 you dropping by of course. I'll put the link in here in the chat and you are good to go.
00:00:41 So I don't know, let's go supporters only.
00:00:47 How much self-congratulation is in order? You know I don't like to pat my own back.
00:00:57 If I have a hands-free I like to massage a knee. But nice to see you too, thank you for dropping by.
00:01:02 But come on man, I did the presentation, the updated truth about Bitcoin. So my first truth
00:01:07 about Bitcoin was 2013 when Bitcoin was about, I don't know, 200 bucks or something like that.
00:01:12 And since, well in the last 12 months it's gone from 22,000 Canadian to 57,000 or whatever it's
00:01:21 at right now, something like that. And since the presentation that the great Jared did and
00:01:28 we worked on together and I presented that in March, Bitcoin is up 50 percent. 50 percent in
00:01:35 what? 8-9 months. So this is all very good and I hope that you are staying up on the market.
00:01:42 So yes, this is good. Now if you have questions or comments I'll just,
00:01:51 now we're, should I buy more now? Saw it pumped today. Don't ask anyone. Don't ask anyone.
00:01:58 Don't ask anyone. Don't defer to anyone in my humble opinion. Don't ask anyone
00:02:07 about these things. Do you know why? Do you know why you shouldn't ask anyone? Because
00:02:13 if it's a good, oh, just finished the chapter 8 of Peaceful Parenting. Yeah, the new book is out.
00:02:21 Thanks Jared. Hung on every word I imagined the blood spittle through the trumpet imagery
00:02:25 shudders. Yes. So yeah, don't ask. It's like asking should I go out with this girl or should I buy
00:02:32 Bitcoin? Should I sell Bitcoin? It's your life. You have to make the choice. You have to own the
00:02:36 choice. If someone tells you what to do you'll never take pride if you're just listening to
00:02:44 people. Now of course you can take advice and all that kind of stuff but yeah, it's not a good idea.
00:02:49 It's not a good idea. So let's see where we are at the beginning. 56,585. Oh, let's refresh. Oh,
00:02:56 and isn't it refreshing? Reload. 56,585 Canadian. That's up 1400 bucks in 24 hours and more in,
00:03:10 let's see, over five days it went from 51 to 56. So yeah, 5500, 5400 dollars. What about sandwich?
00:03:18 Should I have a sandwich? Yeah, don't ask that. Ask your belly. Your belly will tell you. Your
00:03:22 health will tell you. So yeah, don't let anyone tell you what to buy or what to sell. You got to
00:03:27 own it yourself. Make your decisions yourself. Because if you defer to other people you won't
00:03:32 get the pleasure and pain of your own decisions which helps you navigate these complex topics.
00:03:36 Right? Asking other people for what you should do is a way of anesthetizing yourself to the plus
00:03:45 and minus emotional feedback. Right? So if you decide to buy something it goes down in value
00:03:50 and we've all been there. I mean, I've certainly been there. You decide to buy something and it
00:03:56 goes down in value, that's kind of painful. So you want to look for those signals. If you decide to
00:03:59 buy something and it goes up in value then you're thrilled and you get those signals. If you ask
00:04:03 other people you'll end up blaming other people. You'll end up blaming other people. And nobody,
00:04:09 in my view, nobody with any quality is going to tell you to buy or sell anything. If they're that
00:04:13 confident about buying stuff they'll just buy it themselves. If people are telling you to buy
00:04:18 something almost always it's because they want the value of that thing to go up because you're
00:04:23 buying it. Right? That's a conflict of interest. I've never told anyone to buy a bitcoin. Ever.
00:04:30 I never even tell people where to buy it because that's not a responsibility that I want to take on
00:04:35 to tell other people that. I mean, maybe it goes well, maybe it doesn't go well.
00:04:42 But yeah, people, they're not, you know, like there are people in the media who say,
00:04:51 "This stock looks great." Now why are they saying, "This stock looks great." Stock ABC company. "Oh,
00:04:57 this stock looks great. The price to earnings ratio is fantastic. I've personally given foot
00:05:02 rubs to the CTO and the CFO and they're just great buddies of mine. We get many petties together."
00:05:07 So why would someone on TV, why would they say, "This company looks great." Well, they say this
00:05:15 company looks great because their friends want to sell the stock. Their friends want to sell the
00:05:20 stock and so they're trying to whip up a purchasing from elsewhere. I mean, come on, this is not
00:05:25 complicated. If the stock is that great you wouldn't tell anyone. If the stock is that great
00:05:32 you wouldn't tell anyone. You just quietly buy it yourself. Yeah, their friends want to sell the
00:05:37 stock so they're telling you, "Oh, it's a great stock. You should buy it." By the time it's on
00:05:41 TV, like I worked in a trading company, I've seen all this stuff on the inside, man. And if they say,
00:05:49 "Oh, I don't know about this stock, man. Oh, this stock's not looking good. This company's not
00:05:54 looking good. The PDE ratio, the Asian strategy, it's all falling apart and the CEO's dog has got
00:06:00 foot cancer so he's going to be distracted, man. This is not the company to be in." Why are they
00:06:04 saying that? Because their friends want to buy the stock. So they want you to sell it. I mean,
00:06:09 come on, man. It's like, I mean, I remember when I was in the business world, you get these phone
00:06:13 calls occasionally of like, "Hey, man, we got this great share. We want you to buy it. It's going to
00:06:17 go up triple, blah, blah, blah." It's like, so you're just phoning random people because, come
00:06:21 on, man, everybody knows how this stuff works. Of course, Steph, but I was asking you because
00:06:29 our small philosophy community and you pride yourself in honesty with a good track record
00:06:34 with us. Well, I am being honest. Yeah. I am being honest. Don't ask people. Don't ask people.
00:06:45 My humble opinion, do whatever you want. I'm just telling you my opinion is don't ask people.
00:06:50 Nobody who's going to tell you is uninterested. Everybody has a motive.
00:06:58 Ah, but you as a philosopher, you should be pure and motive-less. Anyway, so let's get into some
00:07:04 deep dark and dirties about what's going on. Okay. So what is, when you pay your income tax,
00:07:12 what is the, what percentage of your income tax goes to pay interest on the federal debt? Just,
00:07:17 you know, out of curiosity. Let's give some guessies. Would you buy more Bitcoin now? LOL.
00:07:26 So what percentage of the taxes you pay, of your income tax,
00:07:30 is going to pay interest on the federal debt?
00:07:32 Sorry, I'm just going to close something here. It's kind of obscuring the, uh,
00:07:40 oh, those are some really tiny icons.
00:07:45 So it's interesting. What are you starting up for in front of me? Okay. So, uh, the, the,
00:07:54 the percentage of your income tax that goes to pay just the interest on the federal debt is 40%.
00:07:58 A new debt is insane at the moment. So the American government racked up $500 billion
00:08:10 worth of debt in the month of October. That works, of course, out to $6 trillion a year. So
00:08:16 basically 120% of your taxes are going to go pay interest on the debt.
00:08:24 Now, you all know about the rolling interest rates, right? So the interest rates in the past,
00:08:29 in the past, the government could, could get a 30 year loan for 1.8%. Now it's 4.5%. And there's
00:08:36 $8 trillion in old debt that's rolling over to much higher rates. Now, if you've ever dipped
00:08:42 your toe into the old mortgage market, you know that a couple of points different in interest
00:08:46 rates can be the difference between survivability or payability and non-payability, right? We all
00:08:52 saw this in '07, '08 when people won variable rate mortgages and the mortgages ticked up from,
00:08:58 you know, 3% to 6%, 7% or 8% and their payments more than doubled. They couldn't afford it. So
00:09:04 they had to just ditch out of their house, right? So that's what's kind of going on as a whole.
00:09:12 Now, why is Bitcoin surging? First answer, I don't know. I don't know because I'm just a guy
00:09:22 looking at the market. So I don't know. I mean, I can put out some, some theories. But yeah,
00:09:27 the compounding and rolling is, is really brutal. People have this funny thing, like, to me, if you
00:09:33 want to make money in the market, you have to remember that the future is nothing like the past.
00:09:36 Right? People, people are always trying to drive in the market. It's like trying to drive,
00:09:41 looking at the rear view mirror. You can't drive looking at the rear view. Well, I guess you got
00:09:44 peripheral vision at the front. It's like trying to drive while literally turning,
00:09:47 it's driving forward while looking backwards. You know, it's like saying, ah, I have a new car.
00:09:53 You know, it's really cheap for the first five years, just some oil changes, tiny bit of
00:09:57 maintenance. I'm sure the next 5, 10, 15, 20 years will be the same. Nope. Nope, nope, nope.
00:10:03 So because of the, so the two of the potential Bitcoin ETFs probably coming out in January and
00:10:09 the halvening that's coming out a couple of months later. So that's, that's part of it.
00:10:13 But I don't think that's the whole of it. I don't think that's the whole of it. And again, I don't
00:10:17 know. I'm just, you know, telling you what, what I think. So one of the things that's just incredible
00:10:22 is that Bitcoin is more understood as a salvation cult. And I use this word advisedly.
00:10:34 It's not a financial instrument. It's not a piece of technology.
00:10:37 It's a salvation cult. Like, you know, when you see people, oh, there's a new iPhone coming out
00:10:43 and they line up for two days, like that's completely insane, right? It's completely mad.
00:10:47 But that's a sort of identity or personality cult, right? And Bitcoin is not a financial instrument.
00:10:56 It's a civilization saving cause for the true believers. Right? So what's incredible about
00:11:04 Bitcoin is that the price is going through the roof. And so little of it is moving. I mean,
00:11:12 that's one of the reasons why the price is going through the roof. It's so little of it is moving,
00:11:16 it's incomprehensible to people. I mean, most people buy and sell based upon
00:11:22 value. There are very few people who are like, I'm religiously devoted to corporation XYZ
00:11:30 as the salvation of humanity cause, so you can't force me to sell at gunpoint.
00:11:36 That's not how the stock market works. And so the stock market doesn't understand Bitcoin,
00:11:41 because it looks at it as a financial instrument, but that's not what Bitcoin is.
00:11:46 For the majority of the holders, I think, Bitcoin is the lifeboat to the Titanic.
00:11:52 Right? So what people on the Titanic who don't understand that it's kind of sinking, right?
00:12:00 They, oh, it's a little, you know, little angled and, you know, whether just pumping out the things,
00:12:04 we'll get to England, no worries, right? They're looking and saying, well, that lifeboat is,
00:12:09 oh, that's gross, you know, there isn't even a Lido deck. There's no shuffleboard,
00:12:13 there's no karaoke, there's no arcade. The kids are going to get bored. It's cold,
00:12:17 not a lot of heating. There's no dancing. There's no topless Kate Winslet. Like,
00:12:20 why on earth would I get into that lifeboat? It makes no sense.
00:12:23 And you'd say, well, why on earth are people desperate? Why are they clawing their way on?
00:12:31 Why are they desperate to get on that lifeboat? And it doesn't make any sense to the majority
00:12:34 of people who don't understand that the ship is sinking. Now, at some point, there's a tipping
00:12:42 point, right? So people who've known that the ship is sinking for a long time, right? The fiat
00:12:45 currency, the fall of Rome, the French Revolution stuff, all the stuff, which the Assignats and the
00:12:51 Dinaras and so on, all the stuff we've talked about before. And we've talked about for, I don't
00:12:55 know, I've talked about for decades and decades, but on this show, I've been talking about it for
00:12:59 18 years. So there's a tipping point, right? So some people see it early. It's like the adoption
00:13:03 thing. Some people see it early. We're still very early on in Bitcoin adoption. But there's a wild
00:13:08 tipping point that happens. You saw it with the internet, you saw it with cell phones, you saw it
00:13:11 with televisions, you saw it with regular old phones. You just, you see it with every piece of
00:13:14 new technology. So with cars, there's a tipping point where it happens so quickly, it's mind
00:13:21 boggling. I remember my ex-roommate when I was out at a university in British Columbia, many,
00:13:27 many years ago, he first showed me the internet. And I literally started drooling in my mouth
00:13:32 because he was on the university campus. And this was the very beginning of HTML. And
00:13:36 I just was like, "Oh my gosh, this is going to be everything. This is going to be everything."
00:13:41 I was like jumping up and down. And this is like the wildest thing. And there it is, right? This
00:13:46 is back when you had a modem and it took like five minutes sometimes for a page to load. And
00:13:52 it was just brutal, right? And it's just wild. So at some point, there's a tipping point. And then
00:14:00 people understand why there's a lifeboat, right? And in fact, what you're on is a dinghy and
00:14:07 Bitcoin is a luxury liner, like Bitcoin is a spaceship or something like that. So it's not
00:14:12 just where we are as comfortable and over there sucks. It's that where we are is doomed and over
00:14:17 there is fantastic. So the lifeboat analogy only works so far. But in terms of it being limited,
00:14:24 that matters, right? So just over this weekend, gold and Bitcoin surged. Of course, gold hit an
00:14:29 all-time high crossing over 2130. This is US, Bitcoin touched 42K in US early this morning.
00:14:36 And of course, it's gone higher since. And as I've always said, is sigmoid function graph,
00:14:44 right? First very slow and then very fast, right? I'm just thrilled that Bitcoin has finally
00:14:49 overtaken Nvidia in terms of value. That's a good thing. That's a good thing. So
00:14:58 is it Bitcoin going up or fiat currency going down?
00:15:01 Is it Bitcoin going up or fiat currency going down? Well, I don't know. Obviously,
00:15:07 it's probably a little bit of column A and a little bit of column B.
00:15:14 Now, gold's all-time high coincides with Bitcoin still being 40% below the high of 69K US in 2021.
00:15:28 And obviously, everyone's quite excited. Once you get the recovery,
00:15:33 and you get, this is a substantial recovery, right? So a lot of people in 2021 got really excited,
00:15:40 69K, then it went down. It was down to 22K, Canadian 1560, and I assume US. The recovery
00:15:49 now gives everyone hope for the future. Because when you get a lot of people in at a peak,
00:15:52 they see a crash, and then they see it climb back up. They don't fear the second crash, right?
00:15:58 They don't fear the second crash. Your first breakup is tough. Your second breakup,
00:16:03 where you get another girl, it's like, "Eh, there'll be another one. There'll be another
00:16:05 girl along, right? There'll be another girl along." Now, Berkshire Hathaway, right? So
00:16:12 the Oracle of Omaha. So Bitcoin's market cap is now higher than Berkshire Hathaway's market cap.
00:16:20 It's not totally worthless. It's not totally worth a lot, but it is pretty cool
00:16:26 that the guy who said, Warren Buffett, right, who said Bitcoin is basically crap, it's nice.
00:16:34 It's nice. Charlie Munger, he was pretty negative on Bitcoin, if I remember that rightly, but I
00:16:39 wouldn't, don't quote me on that. That's just what I thought of, right?
00:16:41 So year to date, right? Year to date, Bitcoin is up almost 150%. But the amount of Bitcoin
00:16:52 in circulation that hasn't moved in over a year hit a new all-time high over the weekend of 70.5%.
00:16:58 I can't even express to you with haiku and mime and hand signals that would probably summon a
00:17:06 devil, I can't tell you how bizarre that is in the world of finance, for most people in finance,
00:17:10 that the price of something has gone up 150% and people are selling less of it.
00:17:17 People are selling less of it. This is incomprehensible. Honestly, this is like,
00:17:24 it's like watching people hoard winning lottery tickets. Doesn't make any sense to people. Like,
00:17:29 why would you not liquidate this and diversify it? It's like, no, because it's a mission to
00:17:33 save humanity. It's a mission to save the universe. It's a mission to save civilization.
00:17:38 You don't cash that in for a Lamborghini or two. Like, you just don't do that, right? Because you
00:17:45 won't have any roads to drive it on if civilization collapses, right? Gold also making record highs.
00:17:50 Thank you for repeating what I already said.
00:17:56 That's very good of you to repeat what I've already said. It's always interesting to me
00:18:02 when people aren't listening and then they chime in with something I've already said and like,
00:18:06 "Oh, look at me adding value." Oh my gosh. Oh well, it happens. It happens. What are you going to do?
00:18:13 What are you going to do? All right, let's get to some other facts and thoughts about it. But yeah,
00:18:20 that it's a mission, people don't understand. And also, people don't understand. They don't
00:18:27 understand the depth of the hatred that people have in the Bitcoin community. They don't understand
00:18:34 the depth of the hatred that people have for fiat currency.
00:18:42 Okay, so from one to ten, how much do you hate fiat currency? Government-ordered
00:18:47 currency? Just for this crowd, right? It's a lot. And I assume that you all are interested in
00:18:55 Bitcoin. You're here. So, it's high, right? It's high. And so, that doesn't make sense to people.
00:19:04 I mean, the closest analogy would be foreign exchange trading. But foreign exchange trading,
00:19:12 you're just trying to arbitrage differences in information, differences in knowledge and
00:19:15 productivity and so on, right? But Bitcoin is a whole different animal. And people who understand
00:19:22 economics have understood that so much of their suffering is based on manipulation of currency,
00:19:28 volume, production, interest rates, and so on. That this is why, honestly, it's this personal.
00:19:36 This is why my parents got divorced. Because, you know, the money can just be printed for the
00:19:40 welfare state. This is why I couldn't get a job, because there was an up and down with the monetary
00:19:46 policy of the Fed or something like that. And this is why we got kicked out of our house, because
00:19:51 they had to bundle up all these toxic mortgages and sell them overseas, because they were forced
00:19:56 to do unproductive lending practices and so on. Like, they need, they can't understand
00:20:06 that it's a moral mission of passion, salvation, absolute love, and almost absolute hatred.
00:20:16 And so they're like, well, why wouldn't they sell, right? But it's a salvation vengeance mission.
00:20:25 Again, I'm not speaking for everyone. I'm not even speaking for myself directly. I'm just talking
00:20:30 about my understanding of the Bitcoin space. Well, why wouldn't you sell? It's up 150%.
00:20:37 Because we're on a mission, right? You understand, this is, it's the Jesus moment
00:20:46 that the secularists just cannot understand.
00:20:50 I mean, Jesus is on a mission to save mankind, and the devil takes Jesus to the mountaintop in
00:20:59 the desert and says, I can give you everything on the whole planet, you just need to worship me.
00:21:02 I'll give you everything. Or like Elon Musk with his famous "fuck you" to the advertisers
00:21:12 who are trying to threaten him to get him to conform, right?
00:21:16 Somebody says Bitcoin went way up, then way down. It was supposed to get to a million per
00:21:27 McAfee and a hundred thousand last year by other Bitcoin experts. Too volatile in my opinion.
00:21:31 Okay, well, let me ask you this. Let's say that you have two people, and one is slowly dying,
00:21:42 and the other one is getting better, then dies a little, then gets better, then dies a little,
00:21:46 then gets better, then gets worse, right? So one is just declining to death, right?
00:21:51 You know, he's got what they call the old man's friend pneumonia, right? Just takes
00:21:56 you out relatively painlessly. So one is just declining. His health is getting worse and worse
00:22:00 and worse. It never gets any better, but it's a stable line down, right? That's declining.
00:22:06 Or someone is like, they're worse, they're better, they're worse, they get super better,
00:22:11 then it goes down a bit, but the general trend line is up. Okay, who's more stable? Who's more
00:22:18 volatile? Who's more volatile? The guy who's getting better is more volatile, right?
00:22:29 The guy who's dying inexorably is less volatile, but he's going in the same direction.
00:22:38 So think of somebody on, you will see this scene on a beach, right? Someone's been washed up on
00:22:44 shore, it's the hero of the movie, you don't know if he's alive or dead, and they're giving
00:22:47 him mouth to mouth, right? He's stable, but then he gets up and he starts coughing and blood and
00:22:53 seawater and all that. Oh my God, he's unstable. It's like, he's alive. He's alive. So this slow
00:22:59 decline. I don't like the volatility. I'll tell you this, man, when you're in the hospital and
00:23:04 they think you're dying, you can only pray for volatility, because if you don't have volatility,
00:23:09 you're probably just going straight into the great beyond. The guy who trains for a marathon
00:23:14 is more volatile than the smoker on the couch. Yeah, that's right. That's right. People who
00:23:19 exercise, their heart rate is more volatile than people slowly being buried under their own fat,
00:23:24 right? Just like starting a cold diesel. Starting a cold Vin Diesel is even worse.
00:23:30 So yeah, I just did the volatility argument. I hate to say it. It's just an NPC talking point
00:23:39 that you haven't thought through. Again, I'm not trying to be rude or anything like that.
00:23:43 But the moment I see volatility as if it's just a negative,
00:23:45 you know, it could be said that my career is a little volatile on occasion.
00:23:52 So yeah, the volatility, it's just a talking point that you've been programmed to repeat
00:23:56 so that you don't compete with other people for Bitcoin. Just that you don't really know what
00:24:02 you're talking about. Sorry, I hate to be annoying, but it's just an NPC talking point
00:24:06 that you've been handed. And you like to say it because it makes you sound like you know what
00:24:09 you're talking about. I would strongly invite you to not do that. I mean, listen, we're all tempted.
00:24:16 I get it. We're all tempted. And occasionally I've wandered a little bit beyond my own particular
00:24:20 area of expertise of the show. But you know, this volatility is bad. It's like, it's too volatile.
00:24:27 You know, what's too volatile is 120% of tax is going to just pay interest on the national debt.
00:24:34 Yeah, Jared sent me, well, calling me an NPC is rude, but it's fine. I said it was an NPC talking
00:24:41 point. See, I don't know why people don't listen. I said it was an NPC talking point. I didn't say
00:24:45 you were an NPC, unless I did. I don't, in which case I apologize. But my memory is that I said,
00:24:49 it's an NPC talking point. Not that the volatility would scare the boomers. Yes, that's right.
00:24:58 Bitcoin is bad for the environment. Yeah, unlike war, right? Yeah, volatility just means it goes
00:25:03 on sale every once in a while. Yeah. I mean, don't we want volatility in prices? Don't we want that?
00:25:10 Because it means you can wait for a sale, right? Something goes down, oh my gosh, it's volatile.
00:25:15 No, that means that people will buy it who wouldn't normally pay and afford it, right?
00:25:24 So let's get into some more. I wouldn't take it personally. It's just you said hate to be rude.
00:25:34 No, but I just said it was an NPC talking point. I didn't say you were an NPC. But anyway, if you
00:25:40 don't want to listen, you don't want to listen. All right. So yeah, so are hard assets going up
00:25:48 in price or fiat currencies going down in price? So there's an important thing to remember.
00:25:54 Which, of course, I don't have any direct proof for. So again, this is all just amateur guesses
00:26:00 from a guy with a history degree. So take it for all of what it's worth, which may be in fact
00:26:06 precisely nothing. But one thing that's important to remember is that there's a huge group of people
00:26:11 out there who have access to information you and I will never see. Right? It's the audit, the Fed,
00:26:17 right? There are people out there who have information about debt and unfunded liabilities
00:26:24 and the true state of government finances and so on. They have information about that which you and
00:26:28 I will never see. You and I will never see that information. And they're making decisions based
00:26:37 upon that information. It's insider trading, right? Like all of the, what was it, somebody had a Nancy
00:26:42 Pelosi stock trading portfolio until they couldn't have it anymore or something like that. But yeah,
00:26:47 it's pretty wild. So yeah, all of the people who just have a bunch of inside information. I mean,
00:26:52 there are going to be people who know that the ETF is approved. The Bitcoin ETFs are approved
00:26:57 before the market does. For sure. For sure. I mean, maybe this movement is because they know
00:27:02 it's going to be approved now anyway, right? I mean, that's such valuable information. And of
00:27:07 course, in politics, information is power. Information is authority. Information is a favor
00:27:12 that you can give, right? Bitcoin is now the 10th largest asset in the world.
00:27:17 The crazy thing is, this is from Charlie Shrem, the crazy thing is we didn't think it would happen
00:27:24 this fast and many feel late to the party. If you're reading this now, it isn't. It's the 10th
00:27:28 largest asset in the world. Now, again, from a guy who was talking about Bitcoin when it was a buck,
00:27:34 I got to tell you, it's just truly staggering. It's truly staggering that Bitcoin has become
00:27:40 the 10th largest asset on the planet. That's crazy. That's crazy. And I think it did just
00:27:47 kick past Nvidia. So it's crazy. What else we got here? Boom, boom, boom, boom, boom, boom.
00:28:01 I got back above 42. Well, you know, this is all, it's all kind of comes and goes pretty quickly,
00:28:06 right? Ryan McGinnis, no relation to Gavin, I think. We are watching history in real time,
00:28:19 the success of the Bitcoin standard for corporations. Professor Saifedean,
00:28:25 Bitcoin adoption will be like adopting gunpowder, not a shiny new iPhone. Right.
00:28:31 So there are things that change the entire landscape, right? The printing press changed
00:28:37 the entire landscape of human knowledge. The internet, of course, did that for information
00:28:40 sharing. Gunpowder changed the entire landscape of human combat, which had been hand-to-hand
00:28:48 implements for like 100,000 years, right? Whether it's a rock or a bronze sword or a steel sword or
00:28:55 an iron sword or something like that. Or, you know, I guess bows and arrows did it some degree,
00:29:00 but gunpowder changed it all because it displaced hand-to-hand combat with ranged combat.
00:29:04 You didn't need to be close. And again, I know that arrows and so on were that way as well,
00:29:09 but this was a whole new thing, right? So gunpowder changed the entire face
00:29:15 of war in the same way that drones and fifth generation warfare is doing now, right? Where
00:29:22 information sharing in a foreign country can be kind of an act of war, right?
00:29:26 Like I've seen all these things coming on social media, probably TikTok, I don't know, right?
00:29:30 All about, well, we're Dinks, right? Dink is D-I-N-K, double income, no kids, right? We're
00:29:35 Dinks. We can sleep in whenever we want. We're Dinks. We can travel to Florida whenever we want.
00:29:39 We're Dinks. We can watch all the sports we want. We're Dinks. And it's just, yay, it's so much fun
00:29:43 to not have kids. Like sometimes they'll just shoot your kids as soldiers and sometimes they'll
00:29:49 just convince you with stupid hedonism to not have kids. And the effect is the same in the long run,
00:29:55 right? Max Keiser, I was on his show, gosh, many, many, many years ago. And then I said
00:30:01 something about global warming he didn't like, and I think I was off the list or something like
00:30:05 that. But I mean, it's hard not to like that bouffant guy. So Max Keiser reports on rumors
00:30:13 that Qatar's sovereign wealth fund has entered the Bitcoin market and could be interested in
00:30:17 purchasing up to $500 billion worth of Bitcoin. If this happens, Bitcoin will go further than
00:30:23 150K per Bitcoin. That I can tell you, BlackRock ETF and Qatar bid. Now, I don't know that I would
00:30:34 throw this guesstimate any further than I could throw a shot put, but it's always 500K per Bitcoin.
00:30:43 Sooner than expected, right? That's the real stab in the dark. But it certainly is going to have an
00:30:48 effect if somebody's trying to pick up a couple of hundred billion worth of Bitcoin. Yeah, that's
00:30:54 going to have an effect. That's going to have an effect. Because normally when prices go up quickly,
00:30:59 people are more keen to sell. Like why does Bitcoin spike up so much in price? Because when
00:31:03 price goes up quickly, people want to hang on. People want to hang on. Because people in finance
00:31:10 are used to people measuring the value of something by the value it was six months ago,
00:31:15 a year ago, or whatever, right? And this is why they can't understand why more than 70% of Bitcoins
00:31:20 in circulation haven't moved despite the fact that the price has gone up 150% over the last calendar
00:31:25 year. So people, I think, I don't know, obviously, I don't have any particular finger on the pulse of
00:31:31 the nation on Bitcoin land, but I think that people in Bitcoin are sitting there saying,
00:31:37 well, not, well, gee, it's gone up $5,000 or $10,000 or $20,000 or $30,000. What they're
00:31:43 doing is they're saying, well, it's still a long way to a million dollars of Bitcoin.
00:31:47 Like in financial circles, that's almost insane. Right? That's almost insane. Because how long
00:31:56 does it take for a stock to do something like that, to go from $10 to a million dollars? I mean,
00:32:02 not that there's no million dollar stocks, when you'd split it, of course, long before that. But
00:32:07 they don't understand that I think a lot of people in the Bitcoin universe are not saying,
00:32:11 wow, it's up 150%. I should cash out. They're saying, wow, it's up 150%. I guess it's getting
00:32:18 closer to the three quarters of a million or the million dollars of Bitcoin that I have in my head.
00:32:22 And that's kind of incomprehensible to old school, boomer based financial market mindsets. I think,
00:32:32 I don't think they understand that it's a mission, it's a cult. And I don't mean cult
00:32:37 in a negative sense. But it's a mission, it's a cult, it's a salvation eschatology, it's
00:32:44 clean money versus dirty money. It's like some of the people just won't buy blood diamonds,
00:32:50 right? Because this is mined through war and child labor and so on. And they just don't want that
00:32:54 stuff. I mean, people will literally pay $3 for a bottle of water right next to a drinking fountain.
00:33:00 Okay, whatever, right? So when it's a moral mission, people will pay more. People pay a lot
00:33:04 more for organic food because it's clean food, as opposed to what they consider dirty or GMO food or
00:33:09 something like that. So Bitcoin is clean money. People pay more for electric cars, even with the
00:33:13 inconvenience than they do for gas cars and so on. People will, I remember seeing, gosh, many years
00:33:18 ago, I was in New York and watched the Bare Naked Ladies show. And it's like, we are all carbon
00:33:22 neutral. We buy as many, like, they spend extra on that. But it's just for whatever reason, you
00:33:26 could say, they want to do it. So as the demand goes up, because people get the ship is sinking,
00:33:35 they've got to get on the lifeboard. As the demand goes up, the supply goes down. That's a weird
00:33:43 thing. Because normally when the demand goes up, the price goes up, and therefore people sell it
00:33:48 because they want to cash out something. But I think a lot of people, as the price goes up,
00:33:51 they're like, "Ooh, it's getting closer to a million dollars a Bitcoin or three quarters of a
00:33:53 million." Whatever they've got in their head, that's a whole different thing, right?
00:33:57 So what's going on? So we talked about this potential approval of a smart ETF by the SEC
00:34:05 in January, and I think more than one. April 2024, the Bitcoin halving. Halving. And of course,
00:34:12 Bitcoin hit new records after each of the last three halvings, although there is a delay.
00:34:16 According to CME FedWatch, you have an over 97% chance that the Fed cuts interest rates by June
00:34:21 2024. But they're going to have to cut interest because they need to borrow more money, and they
00:34:26 don't want to do that at higher interest rates, of course, because that will completely cripple
00:34:29 the finances, right? A record 5.7 trillion cash in money market funds, some of which could,
00:34:36 of course, flow into Bitcoin, particularly if there's the smart ETF. And Bloomberg says Bitcoin
00:34:41 could hit plus $500,000. Now, again, whether that's true or not, nobody knows. Nobody knows.
00:34:47 Could, yes, absolutely. I could get hit by an asteroid tomorrow and Bitcoin could hit $500,000.
00:34:52 But the purpose of this, the purpose of this is not only is there the salvation metric of saving
00:34:59 the world from the warmongering of fiat currency and the inter-debt enslavement, right? Because
00:35:04 there are a lot of people, especially younger people, they can't. What do they call them?
00:35:09 Wage cucks? They call them wage cucks, right? There's a lot of younger people, they can't get
00:35:13 ahead on fiat, right? They just, they can't get ahead on fiat. I mean, let me ask you guys, if you
00:35:20 were in fiat, right? If you were in fiat, is it bad if 2,000 addresses hold 40% of the Bitcoin?
00:35:30 I heard some people complain about it, but I've never seen it as an issue personally.
00:35:34 This is the Pareto principle. 95% of the money goes to 5% of the people.
00:35:41 I can't even tell you, right? I wouldn't even know what to say
00:35:48 about whether that's good or bad, right? It is what it is. Is it good that only a small
00:35:58 majority of men have beautiful hair the whole way through their life, right? Is that good or bad?
00:36:08 I don't know. Is it bad that only a very small number of people have beautiful singing voices?
00:36:16 Is that bad? It's like, what are you going to do? Cut throats and redistribute them? My God,
00:36:19 who cares? But you see, people are so used to whining and getting income redistribution,
00:36:27 I guess they're tempted to that way. It's unfair. Unfair that few women have Bitcoin. It's unfair
00:36:32 that Bitcoin is unequally distributed. It's like, yeah, good luck whining. You can't use the
00:36:36 government to transfer it, really. So good luck whining. Good luck whining.
00:36:41 So without Bitcoin to resist inflation, even a medium wage sounds rough. Yeah, can you...
00:36:52 Oh, those addresses include exchanges, right? Yeah, yeah. So can you make it on wages these
00:36:58 days? Can you make it after tax on wages given the crazy housing prices, right? If you just had
00:37:05 to be a wage cuck, can you make it on wages? And by make it, I mean support a house, a family,
00:37:11 or at least an apartment and a family. Can you make it as a family man or a family woman
00:37:16 as a wage cuck? I had a coworker who wanted to go big on mining with me over 15 years ago. Would
00:37:28 have been very wealthy now. Yeah. Uh-huh. Thank you for the reply. Says, oh, this is the guy,
00:37:45 volatile. But I purchased Bitcoin and lost money. So to me, it's too volatile.
00:37:48 Instead, I was told that I'm speaking in NPC speech yet. I never heard that from anyone.
00:37:54 I experienced it. But a difference of opinion is NPC, I assume, which is a complete bore. I often
00:37:59 find people who studied Meissner to be extremely sensitive. Don't know if host studied Meissner. I
00:38:04 know what that means. So you purchased Bitcoin and lost money. So to me, it's too volatile.
00:38:09 Right. So does anybody know what my issue would be with that, right?
00:38:15 Does anybody know what my issue would be with that, with what's been said?
00:38:23 Just out of curiosity.
00:38:27 Every house appears to slip away even without interest rates. Yeah.
00:38:41 Yes, on as little as 80 hours a week. Right.
00:38:48 So if you lost money on Bitcoin, I think that's a shame. But blaming that on Bitcoin's volatility
00:38:57 is unfair. Yeah, it's mistaking the world for you. It's anecdotal. Well, no, you see,
00:39:05 he could have sold for any number of reasons. But Bitcoin has been the fastest growing asset in all
00:39:13 of human history, like the fastest growing valued asset in all of human history. Right. So if you
00:39:20 sold it, and I understand, like, no big criticism, we all have our tolerance for risk and all of
00:39:25 that. If you sold it at the wrong time, and it's the fastest growing valued asset in all of human
00:39:30 history, there'll never be another one. So if you sold it, and you say that Bitcoin is volatile,
00:39:40 and that's bad, what you're saying is, you sold at the wrong time, which, you know, it's again,
00:39:46 who knows what the future is, right? Maybe it'll go to zero tomorrow. I won't, but you know,
00:39:50 whatever could happen. And then you're smart, and we're not right. But you're saying, I lost money
00:39:56 on the fastest growing, greatest value accumulated asset in all of human history. Not a totally easy
00:40:02 thing to do, but people do it. I lost money, and therefore Bitcoin is volatile. And compared to
00:40:10 what? Compared to what? If you, I mean, you put $10,000 in Bitcoin 10 years ago, oh my gosh,
00:40:19 it's seen some ups and downs, mostly ups, I guess. But if you put that $10,000 in the bank, what do
00:40:25 you have? $5,000 now? So yeah, I'm just pointing out that you selling at the wrong time is not
00:40:36 a problem with Bitcoin. I have a friend who has a hundred thousand in Bitcoin, he says,
00:40:47 I'm not against it. Jeez, it's just too much for me. Let's end this. If you don't want to talk
00:40:52 about it, you don't want to talk about it, that's fine. I'm not particularly talking to you. I'm
00:40:56 just, you don't want to mistake your own personal experiences for a, I have a house, not Bitcoin.
00:41:03 Good for you. Yeah, you just don't want to, you don't want to take your own personal experience
00:41:07 and extrapolate it to the asset as a whole. That's unfair, right? That's unfair. It's like saying,
00:41:16 I lost money gambling on horses, therefore nobody wins money gambling on horses, right?
00:41:21 Volatility complained as a sign up to scare the boomers through investing. I assume that people
00:41:25 want to accumulate Bitcoin and so they're calling it volatile and they enlist other people to do it
00:41:30 and all of that. But no, the real volatility is fiat, right? I mean, as you know, the American
00:41:37 dollar, as is true of almost all fiat currencies, the American dollar has lost 98% of its value
00:41:41 over the last hundred years. And that doesn't even count the unfunded liabilities. So the
00:41:46 American dollar has lost 98% of its value since the Fed came into being. And people think that's
00:41:53 stable. Give me some volatility. I'd be thrilled with it because at least it goes up. Bitcoin goes
00:41:58 up. Fiat currency just goes down, baby. I'm going down, down, down. I have a house bought with
00:42:06 Bitcoin. So let's see here. So I believe, I believe that there's going to be a pretty,
00:42:18 a pretty wild phenomenon where everybody's going to want Bitcoin at the same time,
00:42:24 which is going to fulfill people's idea of the multi-hundred thousand dollar Bitcoin
00:42:30 and so they won't sell. And so they won't sell. Now how hard do people fight to get on
00:42:38 a lifeboat when the ship is really going down?
00:42:43 They fight pretty hard. So what they will do is they will bid up the price of Bitcoin to get
00:42:49 hold of some Bitcoin. And then what will happen is that will drive the price up and a few people
00:42:56 will sell. But if people are expecting a huge run, they won't sell. And so as the demand goes
00:43:04 up through the ETFs, through the people panicking because the life, because the Titanic's going down
00:43:08 and who knows, you know, what might happen if, I know he wants to dollarize,
00:43:12 the Argentinian guy, he wants to dollarize, not go to Bitcoin, but he's going to toast
00:43:20 the central bank, who knows what, who else might follow suit, right? And so, and El Salvador now
00:43:26 reports three and a half million dollar win, that they've gained three and a half million
00:43:29 dollars on their Bitcoin investment. So that's all pretty cool, right? And people are going to
00:43:33 need a place to keep their money safe when the real inflation hits. And the real inflation is
00:43:39 still to hit, right? Now, how much of the Bitcoin price is going to go up because the dollar is
00:43:43 falling? Who knows, right? But it's where you want to be, right? It's where you want to be for sure.
00:43:50 BlackRock has a majority stake in four of the five largest Bitcoin mining companies.
00:43:55 This is from James V. Stratton. Miners will continue to offload Bitcoin for revenue to
00:44:03 companies like BlackRock via OTC, which won't affect the price short term and reduce sell
00:44:10 pressure. By BlackRock owning miners, they're guaranteeing the supply in the future. The miners,
00:44:14 this mitigates miners downside and the higher Bitcoin goes, the more profitable miners are.
00:44:19 Right, but the halving is a challenge for them, right?
00:44:21 So, Cointelegraph reports that increases in Bitcoin's price
00:44:37 was predominantly driven by activities in the spot market.
00:44:45 Spot market, also called the cash market, I'll just read you this, is a public financial market
00:44:50 in which financial instruments or commodities are traded for immediate delivery, right? So,
00:44:54 the spot market is delivered right now. The futures market is contracts based upon buy and sell prices
00:45:00 in the future, which is how you make money from stocks going down or the value going
00:45:04 down. So, it's people wanting to take immediate delivery rather than gambling on price in the
00:45:10 future. Now, why do people want to take immediate delivery? Because they think the price is going
00:45:13 to go up, I think, right? So, the recent increase in Bitcoin's price to 42k US plus now, I think,
00:45:23 a little higher, was predominantly driven by activities in the spot market rather than the
00:45:26 liquidation of Bitcoin futures. Despite the widespread belief that the rally was fueled
00:45:30 by short liquidations, analysis of Bitcoin futures data suggests otherwise. Over the last week,
00:45:35 Bitcoin saw a significant 14.5% increase, reaching a 20-month peak at 41.130 by December 4th. This
00:45:42 occurred amidst a substantial liquidation of short Bitcoin futures, totaling 100 million in just
00:45:47 a day, right? Short of the people who were betting it's going to go down. However,
00:45:52 a closer examination of Bitcoin derivatives data tells a different story, emphasizing the role of
00:45:56 spot market transactions. Bitcoin futures, particularly those traded on the Chicago
00:46:01 mercantile exchange, significantly influence spot market prices, although they do not involve the
00:46:07 actual exchange of physical Bitcoin. This high level of interest in Bitcoin futures, with a
00:46:11 total open interest of $20 billion, indicates strong engagement from professional investors.
00:46:16 Despite this, only 200 million in Bitcoin futures shorts were liquidated in the same period, just
00:46:22 1% of the total open contracts. This is minor compared to the $190 billion in spot market
00:46:28 trading volume. Analysis of perpetual contracts and monthly futures contracts also shows no
00:46:33 excessive optimism in the derivatives market. The perpetual contracts funding rate was briefly at
00:46:38 0.04% per 8 hours on December 4th, equating to just 0.9% per week, indicating a lack of
00:46:45 urgency among traders. The premium on Bitcoin fixed-term futures contracts was around 11%
00:46:51 to 12%, far from the over 30% seen in previous rallies. This suggests that the recent rise in
00:46:56 Bitcoin's value is more likely due to spot market accumulation and a decrease in the number of coins
00:47:00 available on exchanges, with a net outflow of 8,275 Bitcoin from exchanges in the past week.
00:47:08 Right, so of course when Bitcoins leave exchanges it's mostly because people are putting them in
00:47:13 cold storage and they're digging in for a long bull market, at least that would be my guess.
00:47:19 They don't anticipate selling in any particular short-term time frame.
00:47:24 All right, so a lot of detail here, a lot of detail, which is great.
00:47:30 And let's see here. Once the next halving occurs April of next year, for the first time in
00:47:37 history, Bitcoin will have a lower emissions rate than gold, right, so Bitcoin mining will
00:47:42 have a lower emissions rate than gold mining, which is kind of cool. And of course all or most
00:47:50 of the ETFs are expected to be approved midway through January, and you'd want to get in there
00:47:55 ahead of that time. According to Anthony Pompliano, the Bitcoin ETF issuers are updating their
00:48:01 applications so fast that you have to think they're all preparing for an approval at the
00:48:04 same time that will kick off one of the most insane marketing blitzes in financial markets history,
00:48:08 as these large firms compete for billions in AUM.
00:48:12 So that's very, very cool.
00:48:17 A mysterious Bitcoin address has quickly amassed a fortune in Bitcoin,
00:48:23 totaling over three billion dollars, becoming the third largest Bitcoin address globally.
00:48:27 This activity was tracked by Bitinfo charts, which showed that the wallet began its accumulation in
00:48:31 mid-May, and by the end of June had risen to the status of the largest unidentified Bitcoin whale
00:48:36 in the world. Since its first transaction, the wallet has consistently added to its holdings
00:48:41 and has not sold any Bitcoin. The address's initial transaction was a modest 0.25 Bitcoin,
00:48:47 but its most recent acquisition was a substantial 6,600 Bitcoin. Currently the
00:48:52 address holds 118,300 Bitcoin, valued at around 3.09 billion dollars.
00:49:01 Ranking just behind the cold wallets of prominent exchanges Binance and Bitfinex,
00:49:04 there is speculation that this new large address could belong to another crypto exchange,
00:49:08 reorganizing its Bitcoin reserves. This theory gains some credibility from Sentiment, an on-chain
00:49:13 analytics company, which recently reported active Bitcoin whale behavior even during the crypto
00:49:18 market's downturn. Despite the market's fluctuations, the number of large Bitcoin
00:49:22 wallets has remained stable. So yeah, that's if there's another market that actually has
00:49:29 provable Bitcoin reserves and can show you the address. That would be pretty cool and pretty
00:49:35 powerful as well. Shouldn't holders be buying and selling in Bitcoin instead of just holding it? I
00:49:44 think that would further legitimize it as a currency. Isn't holding it for purpose of increased
00:49:48 value in fiat only legitimizing fiat? Isn't holding it for purpose of increased value in fiat only
00:49:56 legitimizing fiat? I don't understand that, Nick. People aren't holding on to Bitcoin to sell
00:50:04 Bitcoin but to buy the planet. In my understanding of it, and obviously I don't know, just my
00:50:12 understanding of it is that people aren't holding on to Bitcoin so that they can trade it for
00:50:20 fiat. It's a good way to measure the value of Bitcoin,
00:50:23 but they're holding on to Bitcoin so that they can end up buying the planet, right?
00:50:32 Because once Bitcoin to direct commodities becomes a thing,
00:50:37 it's just... You know what it is? I don't know if you guys have this.
00:50:47 When you get a certain measurement in your head, it's tough to shake it later.
00:50:50 Like somebody says to me, "My weight in kilograms, I don't know, what is that, a billion?"
00:50:55 Or my daughter watches occasional shows on British dieting and it's like, "We lost three and a half
00:51:02 stone." What? Are you measuring people with rocks? What does that mean? And so
00:51:08 people can look at the value of Bitcoin and say, "Well, it's worth this much in fiat because fiat
00:51:15 is what they grew up with." And there's a transition point, right? There's a transition
00:51:21 point. It's like horsepower, right? Like there's an old Jerry Seinfeld bit about like, "How much
00:51:25 are we humiliating the horses now? You know, this rocket has 14,000 horsepower." It's like, "Come on,
00:51:30 man." But you started off with horsepower because that was the closest measure.
00:51:34 Those of you who grow up... I grew up with metric and I grew up with imperial and switching to
00:51:39 metric is not super easy. I still have to do that thing in my head, right?
00:51:44 So right now, it's a great way to say, "How much is a Bitcoin worth?" And you do it to
00:51:48 currency. Sure. Sure. But originally, how much is a dollar worth? Well, it's worth a dollar of gold.
00:51:54 Right? It's just a marker for a dollar of gold and that's drifted from that because of the fiat
00:51:58 nature of it and the unbacked party of it, right? Well, Bitcoin isn't backed by anything.
00:52:05 It's backed by a limitation. It's backed by electricity generation. It's backed by the
00:52:11 collapse of fiat and it's not backed by force. Isn't that a good thing?
00:52:14 Isn't that a good thing?
00:52:18 Earning money isn't backed by theft and you're saying this as bad how?
00:52:26 What happens when they jack up capital gains tax?
00:52:30 See, you're looking at options that may or may not be good or bad,
00:52:37 but if they jack up the capital gains tax, that will affect fiat savings as well.
00:52:42 You say, "Wow, what if they put a special tax on just crypto?" Well, then I imagine that,
00:52:49 you know, not that I would recommend any of this, but I imagine that people will lose their crypto
00:52:53 and boating accidents and then move to another country. I don't know. I mean, who knows, right?
00:53:03 All right, let me just read your comments here.
00:53:06 Historically, the boom is 12 to 18 months after the halving, which would happen in April. Yeah,
00:53:16 personally, I think it'll be faster than that because I think the information flow is so much
00:53:20 better. Imagine Bitcoin's price if theft didn't get cancelled. No, I'm sorry to be annoying.
00:53:31 That's the complete opposite. That's the complete opposite. Okay, forget about me getting cancelled.
00:53:36 How about the government shutting down the bank accounts of peaceful protesters? Do you think
00:53:41 that drove anybody's interest in cryptocurrency? Do you think anybody got sort of interested
00:53:46 when they realized that you could just get debanked? So, de-platforming is massively
00:53:53 enhancing the value of crypto, as far as I understand it. I don't know again for sure, but
00:53:58 no, Bitcoin's price cancellation is one of the things that's driving Bitcoin, right?
00:54:03 All right, my dad bailed after I told him I'm investing long-term and he quit after
00:54:18 nine months and lost a ton. At least he recognizes what I said.
00:54:23 They invented gold so the boomers will have something to buy instead of Bitcoin.
00:54:26 Volatility and speculation are part of adopting a new money. It happens every time.
00:54:34 Well, I mean, every time you learn a new skill, you're not good at it, right? I mean,
00:54:40 I learned how to program in BASIC and I ended up programming in 17 other languages and every time
00:54:45 I learned a new programming language, I made mistakes and it was volatile. So, I don't
00:54:52 understand that volatility is a bad thing. I don't understand.
00:54:54 Why volatility? Volatility is just a scare word, as far as I can tell.
00:55:01 It's just, "Oh, volatile, that's bad!"
00:55:02 So, they won't jack up the rates because the politicians are in Bitcoin as well.
00:55:11 Okay, I'll tell you my sort of final thoughts about this. I want to make sure I'm providing
00:55:18 value here. Obviously, you know, I'm not some big financial expert, so I just want to give you my
00:55:22 thoughts on it. But just hit me with a "why" if I'm providing value and I'll finish with a flourish
00:55:29 just to make sure that I am. And if there's something else you'd like me to talk about in
00:55:33 this sort of area or realm, I'd certainly be happy to do so.
00:55:36 Yes. Well, yes, you helped me, right? So, yes. Okay.
00:55:45 So, if the pandemic taught us one thing, it's that people are pretty programmable,
00:55:52 right? I mean, it's really sad as a whole and we've certainly been fighting against it, but
00:55:56 people are almost infinitely programmable, right? Based upon, I don't know, bad education
00:56:04 or whatever's happening, right? So, here's the thing. People have been programmed
00:56:10 into believing that Bitcoin is speculative and Bitcoin is volatile and it's not backed by
00:56:19 anything and it's magic internet money and it's nerd cash and it isn't going to last. So,
00:56:24 they've been programmed into that, right? In the same way that people really didn't think of
00:56:36 wearing masks for respiratory viruses until they were told they had to and then most people did,
00:56:40 right? They just, people will do what they're told for the most part, right?
00:56:44 And if you understand that, and I'm sorry to be annoying, like, "Will,
00:56:47 if you understand," I'm not trying to be smug. I'm like, once, sorry, once it's better. Once
00:56:52 you understand that, you will understand that the demand for Bitcoin is artificially low because
00:56:57 people are programmed with scare words like volatility and not backed by anything or scare
00:57:00 phrases. But you understand that most people, and this is true, most people have the ability
00:57:08 to turn on a dime and not even notice it. Have you experienced that? Have you seen that?
00:57:13 That most people, and I did a whole presentation years and years ago called the death of reason.
00:57:18 People can absolutely turn on a dime and they don't even notice it.
00:57:26 I mean, there was an experiment I remember referencing in that presentation I did and
00:57:32 you can find it at FDRpodcast.com. You can just look for death of reason and you'll find the
00:57:38 presentation. So a bunch of experimenters, what they did was they put a piece of paper and said,
00:57:43 "Here's your moral argument," and they had people make the moral argument. And then they had the
00:57:47 paper fold over and then it attached itself to another piece of paper. And when it came back
00:57:52 a minute or two later, they said, "Oh, go back, go back. Sorry, we didn't record that. Can you
00:57:55 make the argument again?" And then people make the complete opposite argument, right?
00:58:00 So it could be like, "I'm pro the death penalty," right? And you make that argument,
00:58:04 right? And then the piece of paper would stick and then it would be, "Anti-death penalty. I'm
00:58:09 against the death penalty," and they make that argument. And they wouldn't even notice. They
00:58:12 just made a completely different argument, right? They do what they're told. They shuffle what
00:58:17 they're ordered to. They do the assignments. They nod. They clap. Everyone's clapping. Something's
00:58:22 funny. Everyone's laughing. Something's good, right? So people are just programmable for the
00:58:28 most part, right? And I think it's a shame and we're certainly working to alter that as much
00:58:31 as possible, but people are programmable, right? So people have been programmed into being against
00:58:37 Bitcoin or being skeptical of Bitcoin or it's not real and Bitcoin is bad, right?
00:58:41 Now, please understand what will happen when people are just told that Bitcoin is good.
00:58:49 I mean, you've seen that MPC thing where they change the module, right? Switch from Ukraine
00:58:56 to Israel. They switch and people, they just charge off in the new direction. They don't
00:59:00 even know there's a difference. So people will be told that Bitcoin is bad and of course,
00:59:05 George Orwell wrote about this in 1984 under a totalitarian regime that we've always been
00:59:13 at war with East Asia when they, yesterday, were in fact at war with Eurasia, right?
00:59:16 So the real market pump is going to happen when the narrative flips on Bitcoin and people just
00:59:28 stampede to want it now and there will be no reference to the previous stuff, right?
00:59:33 Bitcoin is the fastest growing, most stable asset in human history and people won't say,
00:59:39 "Well, wait a minute. Yesterday you were just saying it was volatile."
00:59:41 They won't notice it. I mean, I don't know how people live like this. I don't know, but they do.
00:59:46 They clearly and absolutely and totally do, right? Donald Trump went from like a totally
00:59:53 cool guy who hung out with rappers and was never even considered to be a racist
00:59:57 to a terrible racist and nobody referenced anything before, right?
01:00:00 So that's the reality of where we live. Now, you and I, I hope, I'm sure you do too,
01:00:12 so you and I have some kind of continuity and throughput on our references, right? We can't
01:00:15 just turn on a dime. We can't just say, "Yes, we've always been at war with East Asia."
01:00:20 We notice when things change, right?
01:00:22 Like people will literally say, "Trust the science," when science is all about skepticism,
01:00:33 right? And they don't notice it, right? They don't notice the difference at all.
01:00:38 And so what will happen is people are being scared away from Bitcoin by people on business shows
01:00:48 saying, "Volatility and it's not physical like gold and it's nerd money and it can evaporate
01:00:53 and if the internet goes down and you'll lose everything." So they just get scared away, right?
01:00:57 Because the powers that be aren't comfortable with or don't want to buy Bitcoin. Ah, but when
01:01:05 the powers that be want to buy Bitcoin, whether it's coordinated or spontaneous won't really matter.
01:01:13 People will just be told that Bitcoin is the most precious and powerful
01:01:17 human storage of wealth that has ever existed. It's the internet of money.
01:01:21 And they won't even say the volatility issues have been cured and it's less volatile now and,
01:01:28 you know, "Sorry we said that before," or "Things have changed." They don't do that.
01:01:31 They just say, "Bitcoin is scary," and people are like, "Ah, Bitcoin is scary." And then they'll
01:01:37 say, "Bitcoin is great." People are like, "Ah, Bitcoin is great." Like, they don't even turn on
01:01:41 their time because there's no momentum to even turn. I don't know if I'm explaining this well or
01:01:47 not, but when people are told that Bitcoin is great, they'll just want Bitcoin. Right? I mean,
01:01:54 if you've been around these kind of crazy things that I don't think they happen as much anymore
01:01:58 for a variety of reasons, but like when I was a kid, it was like a teenager, it was like, "Oh,
01:02:03 cabbage patch kids. You got to have cabbage patch kids." And people just went insane. They were just
01:02:07 told that cabbage patch kids was the "it" dress. I mean, look at fashion. This dress is in,
01:02:14 oh that dress is out, but this dress is in. This dress is cool and new, that dress is old and bad.
01:02:20 Right? This designer is the cool, hip DKNY. Right? This designer is the cool, hip, new designer.
01:02:30 And people are like, "Okay, I want that." Right? So when the powers that be realized that it's
01:02:40 time to get into the lifeboats, they'll say that the lifeboats are the new Titanic and then the
01:02:44 old Titanic, they won't even reference it and it'll just vanish from people's mind.
01:02:47 So the garbage pail kids, yeah, or there was the tickle me Elmo was another one. Right? Nobody
01:02:59 knows why. Nobody knows why tickle me Elmo became, but people just do it. Tickle me Elmo,
01:03:04 the kids really want it. If you're a good parent, man, you'll buy. Now, of course, all of this crap
01:03:08 happens because parents dump their kids in daycare and thus need to buy their love and all of that
01:03:11 kind of stuff. But there's always something. When I was a kid, it was the Rubik's Cube stuff and
01:03:16 then it was the fidget spinners for a while. Like there's always some stupid craze running
01:03:19 through people. I mean, I'm sure it's all coordinated from something. Right?
01:03:24 So when the narrative shifts, people will just be like, Bitcoin is great.
01:03:29 Well, weren't you saying that Bitcoin was terrible yesterday? No, no, no, that was just,
01:03:34 you must have misunderstood me. Like they won't. They'll just like now, now they won't.
01:03:39 So all that happens is somebody has to push a big red button in the propaganda machine
01:03:43 to tell people that Bitcoin is great and everybody will love Bitcoin and Bitcoin will be the greatest
01:03:47 thing in the salvation of everyone and Bitcoin will be the most wonderful invention in the history
01:03:52 of humanity and everybody will want Bitcoins and they won't even remember. Like I don't know how
01:03:55 people live like this. I genuinely don't, but they do. Right? 30 to 50% of people have no inner
01:04:00 dialogue. They're just surfing on the whim of the moment. So what I want to point out is that with
01:04:09 all the fear, uncertainty and doubt that's been pumped into Bitcoin, Bitcoin has been the fastest
01:04:16 growing value storage in all of human history. What happens when they flip the switch to the
01:04:24 NPCs now saying Bitcoin is good, Bitcoin is essential, Bitcoin is necessary, Bitcoin is
01:04:28 salvation, Bitcoin is the future, Bitcoin is the internet of money, Bitcoin is the greatest
01:04:33 invention in the history of humanity, Bitcoin blah, blah, blah, blah, blah, right? I mean,
01:04:39 there are all these shows where people who are transparently trying to do the opposite,
01:04:45 make money. So, I mean, all you need to do is get a couple of Spanish AI generated TikTok
01:04:52 influences with fake AI dancing to talk about how wonderful Bitcoin is while showing some cleavage.
01:04:56 I don't know, I hate to say it, I really do. I really hate to say it, but I mean,
01:05:02 tell me if I'm wrong. Tell me if I'm wrong. Tell me if I'm wrong.
01:05:09 People often just go with the crowd. They don't go with the crowd. No, the crowd goes
01:05:16 with the propaganda. It's not just the crowd wandering around and people following.
01:05:20 Good info on me putting more in the lifeboat. Okay, well, I appreciate, oh, sorry, I forgot
01:05:25 to even ask for tips. If you'd like to tip, that would be excellent and fantastic and wonderful.
01:05:29 I know you're all donors, so don't feel obligated, but if I'm providing something that's going to be
01:05:33 of value to you or in the past, if by talking about Bitcoin, I have provided something that's
01:05:37 provided some value to you, I would certainly appreciate your support. So I appreciate that.
01:05:44 And of course, if you're listening to this later, freedomain.com/donate to help out the show. That
01:05:49 would be most excellent. So hit me with one to 10 on how valuable you find these kinds of chats and
01:05:55 conversations about. Again, I'm no financial expert, but I know a little bit about some
01:05:59 econ and all that. And of course, I've been around Bitcoin forever. So if you find this stuff
01:06:05 valuable, just hit me minus 10, not valuable, plus 10, super valuable. I just really kind of want to
01:06:10 gauge how important it is to do this, this kind of stuff. Obviously, I always want to be providing
01:06:19 as much value as possible. 10, hopefully that's a plus. I'll take the default plus. 11. All right.
01:06:27 All right, well, let's see if we can get these done on a more regular basis. Does this time
01:06:34 work at all for anyone? Was this Monday, Monday, 10pm? Maybe. Monday. 10, 10, 10. No, you're just
01:06:42 giving me binary at this point. Oh, yeah, there is a lady here. Oh, lovely. Not a total sausage
01:06:49 fest. Plus 10, Steph's insight, super valuable. Well, fantastic. I'm pleased for that. Okay,
01:06:55 well, maybe we'll set something up like that. Seven, because your psychology and emotional
01:06:59 turning is more important to me. That's fair. I will watch your original truth about Bitcoin
01:07:03 again. You might want to watch the more recent one. It's great for me. I'm a night owl. Yeah,
01:07:12 me too. Me too. Eight, the future will show how valuable this really is. I hope so. I hope so.
01:07:17 All right. Well, thanks, everyone, so much for a glorious evening. Great questions, great comments.
01:07:23 And to the people that I nag, please, please know that you are absolutely essential to the
01:07:28 conversation as well. And I don't mean anything in terms of hostility. When I nag at you, it is
01:07:33 Oh, I'm glad that you caught the live stream. Thank you so much. Yeah, this is not anything
01:07:39 hostile or negative. And you are an absolutely essential part of the conversation. I really
01:07:43 appreciate you being honest with your thoughts and feelings. And I hope you don't mind too much
01:07:48 if I push back on them. So have yourselves a glorious evening, everyone. Lots of love from
01:07:52 up here and happy coining. I'll talk to you soon. Bye.