Exclusive Bitcoin Interview With Michael Saylor, Anthony Scaramucci and Mark Yusko!

today is going to be a huge show one of the biggest shows we've ever done in fact maybe

the biggest show we've ever done and that's not because bitcoin is now breaking out as you can

see forty 44 814 and it's not because the major old coins are running i don't know if you guys

have seen this but salina is up again 17.4 this week tara luna holding very strong we're going

to talk about tara luna today because of what they've been doing in the amount of bitcoin

they've been buying they've got a serious plan and we're going to talk to some of the biggest

giga chads in the industry about this plan and today it's friday and you know on fridays it's

our big banter show and today's big banter show is probably going to be i don't know

what the biggest banter show we've ever done it's huge it's gonna be huge it's gonna be

let's see what you've got guess because i can see the guests in the waiting room

right so i can see their faces in the wedding room and when the song was playing i just saw

the smile on michael sailor said i just i saw you smiling thinking what is this song about

welcome my friend welcome back you guys are crazy

we definitely are crazy we're different y'all crazy i don't know if you remember

but the last time i interviewed you we had a power cut we were living in south

africa and we were having power cuts in africa in the middle of the stream

we had a power cut i don't know if you remember that that was about a year ago

well don't run out of power all righty guys so welcome welcome welcome back as you know

i'm kryptoman and today is friday on fridays with banta i think today is going to be one of

the biggest banters ever ever ever we've got mark michael cell here we've got two other

massive guests here today and it's on a day where bitcoin is breaking out again and i've got almost

a guarantee that it's going to hit 45 000 during the stream i i know for a fact if not mark zusko

is going to buy it up to 45 000 live right here on the stream he's given us a a written undertaking

that if bitcoin doesn't hit 45 000 during the stream he will market buy it up to 45 000.

um we may even talk about alts we may even talk about odds so let's get straight into it let's not

waste any more time if you're new to the channel subscribe to the channel the fastest growing

channel in crypto the one with the the most loyal crypto community in the world yeah that's you guys

uh if you are here and you want to get this content out there just smash the like button

that's all we ask for we work hard every single day bringing you the best crypto

content the biggest guess and all we ask you to do is just smash the like button that is it

alrighty let's go we've got our friends here from all corners of the world we've got mark

just go welcome back my friend long time no see oh great to be with you always fun

there he is there he is there he is can you hear us can you see us

yeah absolutely can you hear me absolutely

thanks for having me amazing guys all right let's get into it um i guess we are having a

bitcoin breakout and this is all happening on a week where russia on a day where russia came out

and said that if you're a friendly country then you may be allowed to pay for oil and gas using

bitcoin i don't know if you guys saw that if you didn't see that uh let's have a look at a

chair two quick final questions for you uh one i couldn't get through an interview without asking

about crypto but in particular russia just said that they would accept bitcoin as a payment uh for

their energy uh of course what does that say to you about where we are in the crypto conversation

well crypto is obviously grown by leaps and bounds and um it's now playing a significant

role not really so much in transactions right but in investment decisions of lots of americans and

the president just issued a couple of weeks ago an executive order tasking us in other agencies

with thinking about the regulation of crypto i mean you're less skeptical about it than

in previous i mean we've been talking about it together for a long time now and i think you've

had a skepticism about crypto technology i have a little bit of skepticism because

i'm um very i think valid concerns around it some have to do with financial stability consumer

investor protection um use for illicit transactions and other things on the

other hand there are benefits from crypto and we recognize that innovation in the payment system

can be a healthy thing we would like to come out eventually with recommendations that

will create a regulatory environment in which healthy innovation is final all right so is

this a change in tune by the us and janet yellen particularly after the executive order

because i recall that before the executive order we would never get this kind of talk

i think it's an iconic 97 seconds actually i mean it's very emblematic of what's been going over the

over the past few years i mean i mean if i were to parse the real significant high points of that

you have andrew who represents mainstream media stating i can't get through an interview without

talking about this roll the clock back two or three years ago i don't think that was true so

that's the mainstream media embracing the reformation then you have janet saying

then you have andrew saying you know a nation state has considered adopting

uh bitcoin as a as a technology for payments i think that's a second iconic thing i think

when she says lots of americans have this as part of their investment strategy that's a third

iconic event when she says she says we got to regulate it responsibly that's that's

nothing more than what you would expect any adult working in an administration to say

you would say the same thing if i put you in charge of something i got to handle it responsibly

and then and then the final statement and andrew kind of cuts her off slightly where she says we're

going to create an environment where innovation can can continue right was a pretty big deal in

essence it's the white house the most powerful government in the world embracing bitcoin and

also also endorsing the crypto reformation we're really living through a reformation right now and

and you're watching history being made right in front of your eyes one day people will look back

at this 30 years from now and say this is this is when the entire inversion of the monetary

order took place and more than the monetary order right it transcends even any one industry

wow mark what do you i mean did you pick up as much as michael picked up the card

i mean i i definitely picked up all the points but i i would never say it as eloquently as as michael

just did you know look i think we're in this evolutionary period and to have her say that we

want to encourage innovation is the antithesis of the way most incumbents react when the disruptive

innovation is threatening them you know what they want to do is fight and i i tweeted about this a

while ago as look from 2009 to 15 was the first they they ignore you face that's just a bunch

of nerds and geeks and we don't care right then the second phase own 15 to kind of 21 last year

was then they laugh at you oh you guys are so stupid like what what is this then it's

we fight you and that was the you know the end of last year through this year

it was all about the fight we're going to regulate and gensler's out there and all this stuff and the

fight that what she just said i agree is iconic 97 seconds was much more productive in that

we all want rules right our kids want rules you know we want we want boundaries we want to know

uh responsible regulation almost an oxymoron no i'm just kidding around um but actually that's

that's the goal so i i do think so much of it is is really important that you can have a you know

face-to-face chat that isn't bashing the disrupter that isn't bashing the idea of innovation and and

progress i think it's fantastic is this because of the biden executive order because i think that for

me the turning point was the executive order i don't recall any talk like this before the

executive order and now we're after the executive order in the executive order they acknowledge that

one in four households in the united states have crypto um i think they acknowledge that they want

to be world leaders is this a turning point uh mooch is this one of the is do you think

the executive order was a turning point so you you guys know that i have my 11 day phd

in washington's gum baggery right you guys know that right i didn't know that yeah they handed me

an honorary doctorate so i know how they operate we used to talk about fortnites now we talk about

mooches right exactly so let me just say this to you follow the money okay because there is

a water wall of money entering washington from the different associations and lobbying groups

i'll make a prediction on your show that the 2 2024 final two presidential candidates will be pro

crypto pro blockchain follow the money second thing i'll say to you guys is that they got the

life scared out of them during that infrastructure bill uh michael and i actually talked about this a

few few months back the the pro bitcoiners or crypto were trying to put in pro language the

anti-ones are trying to put in anthony's like probably the stupidest politician in the world

elizabeth warren you know they were putting that in right and then all of a sudden everyone got

freaked out because you have 73 million people that own the stuff and you know what that is guys

it's a decentralized lobbying organization you know you guys know what dows are this is a d low

decentralized lobbying organization 73 million people descending on these people calling them

that's how washington works so anyway that's my two cents i think go ahead can i mention in a

moment of tourette syndrome that elizabeth warren is the stupidest politician that i've ever met

in my life i think i did right mr levin let's consider one of putin's cronies who already has

a billion or so in crypto that he wants to hide from the governments that are enforcing sanctions

on oligarchs now can this oligarch make it harder to trace his money if he hops from one blockchain

to another if he deposits those tokens into a couple of wallets that don't require him

to provide identifying information and if he uses a mixing service that launders his money with

other people's money thank you senator so the um the scenario that you you describe

um where an oligarch has a billion dollars to be able to launder requires significant amounts of

liquidity to be able to obfuscate that amount of money through the use of cryptocurrency in fact

you know many times we've been able to identify i'm sorry let me just remind you what my question

was again what i'm asking is i'm sure you've all i'm sure you've all seen this i'm sure you've all

seen this and you can see how open-minded she is and how she's there you learn not to speak

right we noticed yeah we noticed the clip uh on changing to a constructive cheerful topic

i think if you roll the clock back to the entry of the bide administration the the seminal events

in the industry were biden being elected biden uh biden has been very constructive uh with regard to

innovation if you look at the financial regulators that came in with the biden administration

including janet yellen and and gary genser and the like they're very informed very constructive

if you actually you know you could say this was a surprise but if you if you looked at the written

testimony that janet yellen gave while she was being vetted by congress while they

were deciding on her appointment she said pretty much the same words that she just said to andrew

in that in that one minute clip she said you know we need to responsibly regulate it and

and this is a force for innovation and good and progress and i think gensler has said the

same thing and i think the other administrators i mean the other regulators have said the same thing

so i i agree i agree with the observation last week was a massive milestone but if you

were surprised by last week you weren't paying attention for the past year and a half because

all of the indicators that uh that uh the political system the white house congress and

the senate are pro crypto and pro bitcoin in in specific all of those things have been there since

the election and i'd say um i'd say what we saw last week was the president of the united states

directing 18 government agencies to figure out how to embrace this new revolution and reminding

everybody that there are 40 million americans that are pro crypto and pro bitcoin and there's

nobody anti right so the only you know even in the senate you know elizabeth warren doesn't

represent her own party or the opposition party view right she she is a sort of a a party of one

yeah but i mean she's not she's not the only one you've got brad sherman he's he's another one

that wears that cap and there are many others in fact i think i saw one someone taking on naibukele

on twitter with this new senate bill right so i mean there is some opposition to it

you're acting like a media person you're just kind of picking at us to try to create controversy

in fact there's no controversy the majority of congress likes what's happening the majority of

the senate is supportive of bitcoin the majority of regulators in the white house are in support of

a bitcoin the majority of regulators everywhere in the world are supportive of bitcoin and if

what you want to do is use it as digital property there's not even any controversy

but you have to dig for the controversy and if you if you push hard enough like

they won't let me transfer it secretly without paying taxes on it and i'm really angry about that

you can find some controversy but in fact this is such an obvious it's such an obvious

innovation in the economy that if people got away from the trollish fixation on finding someone

to disagree with a hyperbolic statement i will make they would realize that there's a hundred

trillion dollars of money that needs to flow into this economy and it's not there yet and everybody

everybody is is uh loudly endorsing it if you're listening yeah i i i would only add and

again i don't i don't disagree at all i actually completely agree i would add just one little twist

which is there is a constituency that doesn't like it and that's the the major financial institutions

uh and they will i believe try to use regulators and policy makers to slow down the disruption

you know no different than any other incumbent in history when threatened by a disruptive innovation

and you know we we saw it recently with the the sec fines on on block fi uh look

you know when when when the organization deems something not a security then to find somebody

for selling an unregistered security doesn't really make sense doesn't doesn't have to it's an

attempt to slow the draining of deposits from the legacy banking system i i think that's a big issue

i think i think we can all agree that there's this natural resistance to extraordinary disruptive

change in the human civilization and there always has been right whether it's electricity or fire or

explosives or or internet technology or television or music you know these kids are listening to

crazy stuff on records there's always that but if we take a snapshot three years ago versus

today today you have you know you have the ceo of goldman sachs the ceo of jp morgan you just

had larry fink just you know yesterday saying this is an idea whose time has come you've got

this rippling effect through all the big money managers all the hedge funds all the bulge back

you know two years ago merrill lynch didn't when i started buying bitcoin i called merrill lynch

like well we can buy you some gold we can't buy bitcoin you know we can't even talk about bitcoin

we'll get fired all 25 000 of our financial advisors will get fired for even talking about it

now those same people they're sending me every week you know crypto research wells fargo

merrill lynch city group but it was worse yeah michael right everybody if someone made their

money in crypto you couldn't take them as a new client the financial advisor was restricted from

taking a client if their proceeds guys wealth came from guys they borrowed my fund at morgan stanley

okay i just want you to think about this the morgan stanley research department

has put a hold on skybridge series g because i put a five percent position on on bitcoin that has

grown to 20 i didn't do anything other than just hold it and so now they're putting out a research

note that the skybridge series g is uh on hold you're not allowed to own it and it's tremendously

volatile and they haven't they own too much bitcoin i think michael faced the same issues

we're still in the stage of adoption where there's where there is friction and there's prejudice and

there is fear right there is so i think i think we can all agree that there's there's still that

but the but it the indicia right the indicia of institutional adoption

and uh and the likelihood that the institution and the establishment embraced this has never

been clearer than it is today let's say it's going to be a 36 month 24 month 36 month 48 month delay

before banks catch up but smaller banks are embracing are offering bitcoin services the

larger banks not yet but you know morgan stanley their morgan stanley goldman sachs there are parts

of those banks that are very reactionary and they push back and on the other hand you know

another part of morgan stanley ends up owning 500 million dollars worth of my stock right at

the same time that the part of morgan stanley doesn't want anybody to buy your fund and so

these are you know these are not monolithic conglomerates right these tend to be

massive organizations with a hundred different divisions each of them making independent

decisions and yeah you gotta figure economically month by month it's we went over a new uh a new

individual a new leader a new executive uh division every month and we that'll continue

for the decade i guess from 2022 to 2030 i think that's how long it takes for a lot of these major

financial institutions to rewire their thinking and their plumbing and their risk controls

and what about what what about we could complain about that or we could revel in it

the the good fortune there is if everybody completely rationally embraced this thing

bitcoin would cost you three million dollars a coin and you would lose you know the next 20x

opportunity for you so you almost don't want them to figure it out too fast

because otherwise you're the stupid money i'd rather be the smart money and wait for

the stupid money to learn over the course of five to ten years because we need someone

to be buying this stuff when it hits five million dollars a coin anthony right what about countries

what about countries i mean we so we had el salvador uh jumping into the water they've had a

bit of a rocky ride but we've got i think there's a great president there who's determined to make

this work issued the first volcano bonds there is there is speculation that honduras may be next

we did see the thing with russia yesterday uh saying that from friendly countries they'll

start except accepting bitcoin i mean do you think that we're now entering an era of country adoption

we've spoken a little bit about institutional adoption how far is country adoption

i think the sovereign wealth funds will come first i i mean the first adoption will be

any sovereign wealth fund like uh you know uae or saudi arabia or norway or switzerland that

would hold big tech stocks if you would if you would hold 10 billion dollars worth of apple

or google or facebook or amazon i think some of those will roll into bitcoin because it's just

another tech investment for them and it's and it's totally within their mandate i think that

i think that some countries are being forced to consider other payment options i mean

the you know like the russians are being forced you don't if you get kicked off of

swift you know that that drives and catalyzes something and then i think you know i think

it'll be a while but we're really waiting for a small mid-sized company that has its own currency

to print its currency and buy bitcoin i don't think it's a this year thing or a next year thing

but at some point somebody will figure it out if you if you're selling 50 billion dollars

worth of commodities or exports every year and you're using the dollar as your treasury reserve

asset you're propping up a hundred trillion dollar currency that's lose that's you know inflating at

10 15 20 a year so that that's just shipping that's in essence shipping all of your treasury

to the dollar over the course of a decade if you switched that and you started buying cny you'd

be propping up the chinese currency instead of instead of propping up a hundred trillion

dollar currency you'd be propping up a 20 or 30 trillion dollar currency and that's the benefit

of the chinese if you switch to gold you would be propping up a 12 trillion dollar currency

and if you switch to bitcoin you would be propping up a less than one trillion dollar currency so

if people were rational i don't think they are by the way luckily for us 98 of them aren't

because you couldn't be in the top two percent if everybody else was as smart or smarter than

you could you right so so i guess uh they're not really totally rational but if you were rational

you know the obvious thing to do if you're an export country is you start exporting in bitcoin

and then you treasure you you sweep your cash flows into bitcoin and then you know you probably

make like 500 billion or a trillion dollars because you did that if you're the first mover

who will do that well i mean why wouldn't you do that by the way what why hasn't apple bought

20 billion dollars of bitcoin and made a hundred billion dollars overnight yet the

answer is they're afraid and they have political constraints they're afraid of their shareholders

the accounting makes it ugly so you know you wonder why don't they just bend over

and make a trillion dollars remember when i tweeted to elon i said you know you

you know don't i didn't say buy a billion worth of bitcoin i said buy 10 billion worth of bitcoin

and then issue 10 billion dollars of converts and buy 10 billion more and you make a hundred billion

and then all the s p follows you and you make a trillion well he didn't quite do that right

i mean he did a little i'm okay with the billion and a half but the point is why doesn't someone do

a 25 billion dollar buy at google and the answer is because of politics and institutional inertia

and uh you know some people don't want the trillion okay so why doesn't a government do it

politics institutional inertia when will they do it well you know that this is the butterfly effect

right guys it's like how do you predict when someone gets whacked on the side of the head and

knocked out of their comfort zone and decides to go and bend over and pick up the trillion dollars

so i don't know right like my real point is any of a thousand people could do it and maybe none

of them will do it but if you're betting that not a single one of them wants the trillion dollars it

seems to me like over a decade somebody wants the trillion dollars i just don't know who will have

the courage and the clarity of conviction to do it it makes me think of this michael i'm just going

to hold this up for a second because i was reading this over the weekend actually thought of you the

lords of easy money by christopher leonard how the federal reserve broke the american economy and so

one thing michael talks about i hear mark talking about it as well when you print the money like

this the wealthy make money because their assets go up in nominal digits but the poor and middle

class get hammered because they're literally thieving their time in labor bitcoin solves that

mark tell us how bitcoin styles that right because you talk about it all the time all the time no it

and you know from 1776 to 1913 a dollar was worth a dollar right why is it called a dollar

we stole it from the rothschilds in holland it was a dolar and and it worked great there was a little

fluctuation around two wars uh and it wasn't until the creation of the creature from jekyll island in

1913 that the dollar started its inexorable path to zero and there've been 775 paper currencies in

the history of the world three quarters of them no longer exist the other 25 will disappear and they

are disappearing and and one of the things that i think is interesting back to michael's point about

why didn't somebody pick up the trillion dollars it's like the old joke right there's 20 bill

guy's walking with the economist he walks by walks right by it the economy says or he says he comes

why didn't you pick it up says if there was a 20 bill there someone would have already picked it up

so uh that's that's why people don't do it and and to to anthony's question um why is this so

important if you think about the the what happened to the dollar as more were printed as this myth

that inflation is good for you is a good thing why would a system where over a 30-year period

half of your purchasing power disappears why would that be good i ask people all the time what's the

cheapest price you remember for gas michael mooch what do you remember mine's 33 cents

i'm not probably older than you i'm going to say 27 cents i'm probably older than you

and it was leaded okay just give you a sense exactly but okay so i paid 4.99 for a gallon

the other day versus 33 when i got my license it's the same gallon of gas it does the exact

same thing it's actually a little less good because got ethanol in it now so produce

same amount of heat in an internal combustion engine why what's not that the gas is better

it's that the dollar got worse i live in north carolina chapel north carolina i'm wearing my

carolina blue go heels right play tonight here's the thing housing prices in this city are up 40

in the last 18 months did the houses grow did they get more efficient did something good happen to

the homes no they wore out they went down in value but the dollar lost value and here's the there's

the sinister part people say oh it just happened uh-uh to mooch's point it's part of the plan

the plan is to impoverish the masses make them dependent on the people at the top

give them handouts what did gavin newsom just say oh i'll give you money what did quebec just

say oh i'll give you money what did germany just say i'll give you money that's dictator playbook

101. dictatorships have been doing that for years you create a problem they're impoverishing the

masses your cronies all get rich because the value of their asses go assets goes up because

you inflate the currency away zimbabwe venezuela argentina and then you hand them free stuff to

buy their votes i ask all the time how can these bad people stay in power they pay for the votes

so is that is that the next step here i mean you've got rampant inflation in the in the us

they're they're admitting to seven eight percent call it eight percent that's that's what they're

admitting to uh but i mean if you look at this it's pretty clear that inflation is not seven

or eight percent uh housing prices are at all-time highs uh you've got the war in russia and ukraine

maybe even doing a little bit of a favor because now they can blame the increase in food prices and

already that's the narrative the narrative is you know putin's causing inflation everyone's

forgotten that the fed caused inflation or the or the government caused inflation what happens with

this inflation what happens with this inflation problem this year it's not inflation ran that's

the problem it's not inflation it's currency debasement it's debauching the currency there's a

difference inflation is caused by demand poll this is not demand poll inflation this is not the 1970s

this is the 1940s in 1937 we were in qe and zero interest rates for seven years since 1930 in

response to the to the crash and in 1937 the fed tried to raise rates from 0 to 25 basis points

and turned a garden variety recession into the great depression and for the next decade until

what they do a war okay and war is the solution for everything so whenever there's economic

problems okay if russia's got economic problems what do they do they start dropping bombs in the

desert if we have economic problems we do we start dropping bombs in the desert afghanistan has been

occupied for a hundred years between the united states and america i mean between russia and the

united states back and forth back and forth it's an economic remedy for the problems that

are created by bad policy and the bad policy the bad monetary policy is what's gotten us here and

this idea that the fed can somehow stop that thing that you just showed the 98 increase in

commodity prices by 25 basis points in interest rates comical absolutely comical so what happens

what happens next i mean economists are predicting or if you look at what the prediction chart is

7.74 rate hikes for 2022 whatever that means in terms of the number they're talking about

7.7 full rate hikes there won't be three take the under take the way under and what happens

you better buy bitcoin because bitcoin is going to go up a lot because bitcoin is not going to

get better one bitcoin equals one bitcoin forever and always one bitcoin equals one bitcoin it's

not the bitcoin gets better is it the currency we value it in gets worse bitcoin's never had a bear

market in argentina it's never had a bear market in turkey it's never had a bear market in rubles

it had a bear market in dollars because people forgot how valuable it was today the likelihood

that that the fed and other central banks around the world are going to stop easing

and stop doing qe comical there is no way out when you get over-indebted

whether you're a family whether you're a government you have four choices you can pay

it back if we taxed the wealth of everyone in this country we couldn't pay back the debt forget the

income if we taxed the wealth we couldn't pay back the debt so you can't do that you can restructure

it can't do that because someone has to take the other side chinese aren't going to take our

restructured debt russians aren't going to take it so that's off table third you can default on it

no chance because there's no left there's no right there's no democrats republicans there's in

and out and when you're in you do or say whatever it takes to stay in and if you default on debt

you're out so you have to debase the currency that is the only way out and that's what

every single one of them is going to do and that means the price of real money gold and bitcoin

let's go up okay so i think we're living through a crypto reformation

and there's going to be a great exodus from the fiat currency system i mean mark's right

about one thing if you look at the swap curve you look at the interest rate curves it's flat

i mean two-year money is the same cost as 30-year money i mean they're all surging up today but like

245 basis points for two years versus 30 years what it's telling you is the marketplace what two

things either the market thinks that we're hitting a recession they're never going to raise interest

rates they're going to raise them two three times and stop and it's not and interest rates are never

going to get above 150 basis points ever that's where they're thinking or what you have is a is

a a non-economic non-market actor just holding down the long end of the yield curve with

infinite money by printing money in either case the conclusion is currencies continue to weaken

second uh second tier currencies collapse third tier currencies all collapse the first

year tier currencies weaken 15 20 and i think if if we come back to the big theory of money here

right under the gold standard if the dollar was backed by gold it was stable to mark's point but

if we thought about it deeply gold is not perfect money gold has actually got a half-life of 35

years the reason the dollar was stable was the economy was growing on average two percent a year

and the supply of money on average was growing at two percent a year and if if both of those

things peg and if you're an economist you realize it's almost impossible to grow anything more than

two or three percent a year over the course of a long period of time so so what you had was stable

money in the form of gold we never had good money like we never had hard if we had perfect money

the value of the dollar wouldn't have stayed constant the value of the dollar would have

increased by two to three percent a year and over the course of 30 years you would have doubled

your wealth by just saving money or more and everything just keeps getting cheaper

so under perfect money you have deflation under gold money you have constant you know constant

prices under fiat money you have rampant inflation and most people they've got this fiction that

you know even if you look at official government documents they keep talking about purchasing power

and they calculate it based on cpi and they tell you that your money lost 95 percent of its value

that is not true right if you look at if you look at the last hundred years take the us

dollar i'm sitting in a house that cost a hundred thousand dollars in 1930 i have the bill of sale

on the wall and zillow thinks it's worth 28 million dollars right now the money lost 99.5

of its value over 80 to 90 years and if you back calculate the real loss of purchasing power

against the market basket of scarce assets of the us dollar you conclude that we're really inflating

the currency seven to eight percent a year every year for a hundred years it happens to correlate

closely with the s p index which has been going up ten percent a year for a hundred years

the conclu we're back to my two percent economic growth point of view which is

you get you get the money supply plus two or three percent in the economy once you do that

what you realize is the very best currency loses 99.5 or 99.8 percent of its value over 100 years

every other currency loses a hundred percent of its value over 100 years

right now the real question is what do you adopt as your treasury reserve asset and if it's if it's

currency and currency derivatives and dollars you have made the institutional decision to surrender

99.5 of your assets to the government over the course of uh 80 90 years so

i guess the metaphor would be you know what if i you know anthony what if i told you i was going

to make you 20 years older so that i could be 20 years younger and what if mark what if i told you

i was going to take all of your children and accelerate their age to age 75 so that i at

age 65 could be rolled back to 30 because i'm so brilliant that i know your future and i should

i should run the country for you for another 30 years what you really have is a parasitic

situation where you're siphoning off the life force and the energy from uh the working class

to the property class from the free market to the centrally controlled government mark

to the government you know from market programs and free commerce to the wards of the state and

to the government initiatives right and from from peacetime pursuits to wartime pursuits

and that's been going on since time immemorial for 10 000 years

it's the story of every empire every city state every country and and the only choice you had

uh in the last ten thousand years was maybe gold but gold was never perfected money it was always

imp it's double imperfect right it's losing two percent of its value a year and also is getting

debased by whoever controls the mint and it's also getting seized so gold is like triple imperfect

money we didn't have anything that looked like theoretically perfect money until january 3rd 2009

and then it took about 10 years of beating on it to determine that it wasn't going

to crumble under some kind of engineering mistake and so now here you are near 2022

and reasonable intelligent people have concluded that this is engineered perfect money that's like

two three four percent of the marketplace 97 of the people don't even know what money means and

if you don't know what money is then you couldn't actually go on a search for engineered perfect

money and uh if you look at the russians and the chinese they've all been hit with a two by four in

the head and they've been invited to consider whether or not a treasury reserve strategy of

holding fiat currency and credit derivatives is in fact perfect money and now they know it isn't

perfect and they either have to look back to the 19th century and gold which was the best idea for

10 000 years but a crappy idea that failed 5 000 times or and we know why because it's centralized

and you can debase it or you roll forward to the 21st century and you ask is there a better idea

and bitcoin is the better idea and you know wrapped in all the crypto technology that comes

with so what's going to happen right intelligent people are going to watch youtube and they're

going to realize that the currency has a half-life right the u.s dollar had a half-life of 10 years

and now it has a half-life of five years and every other currency has a half-life of three years

gold has a half-life of 30 years bitcoin has a half-life of forever infinite forever once people

figure that out you have a mass exodus you know an evacuation not from europe to the new world but

from real space to cyberspace the money goes from analog to digital and it goes from unencrypted

to encrypted and the only place you can run to save your life force to avoid in essence what is a

heat death or an energy death by being having all the energy sucked out of your body is you have to

encrypt your life force right on a network which is beyond nation state control and there's one

of them right bitcoin that's what we're talking about i think that's what happens right i mean the

intelligent people are going to exit right on a you know on an arc of encrypted energy and and the

ignorant ones are not going to exit and they're going to have the life force sucked out of them

right and i love exactly you can be on the right side of this i just i love the fact

that we have the arc of encrypted energy right behind you uh the beautiful boat and

it uh it's a perfect analogy and and look michael's again summed up as eloquently as anyone

ever could all of the as he does logical all the technological innovation and the stuff

that you know like right now we're talking to each other from different places all around the world

in real time in hd we're talking to metal and steel boxes and going through the airwaves how

does that happen i have no earthly idea i like it it's good how does crypt cryptographic security

actually really happen how does all the mining and the nonces and all all that stuff there are

a few people that really understand it but you don't need to what you have to understand is the

essence of what michael's talking about which is if you understand the difference between inflation

is taxation without representation and it's a theft from the masses to the few and that bitcoin

inverts that and creates a deflationary powerful force and the problem is we have this view that

inflation's good deflation is bad no no no no no it's the opposite this idea that you can save

and not have your asset devalued which unleashes your human potential for

creativity for innovation for new business formation for wealth creation

i mean i don't i mean i'm prone to hyperbole but i don't want to be overly hyperbolic

about this but it unleashes the human potential at a level we have never seen

and again this is about exponential growth not linear growth an exponential is really hard

for people right take 20 linear steps across the library here i get to the other side take

20 exponential steps you get to high five you guys in cape town twice around the world twice

anyone listening fold a piece of paper i defy you to fold a normal sheet of paper seven times you

can't do it if you could fold it 20 times it'd be as high as your house 30 times the atmosphere 50

times the sun 100 times the known universe so to mark's point right what's the ratio between

half-life of infinity divided by 35 years how much better is bitcoin infinity versus 35 years of gold

mooch what do you think yeah well first of all i wanna and i said this before we got into the

uh show that i owed the two of you a debt of gratitude for sharing all this information because

the both of you got into bitcoin ahead of me but i was following and studying you guys very carefully

and it gave me my eureka moment and i tell people what was your eureka moment it was when

michael saylor explained to me that bitcoin was attacked 8500 times by different competitors and

what stood the test of time over the 10 or 12 years i don't know if you remember that

conversation michael but we did it on assault talk yeah i turned to my team and said okay we

are not long enough for this stuff we have to and by the way anthony you're still not long enough

but you know here this is the question i had for both of you not only am i not long enough

but i'm up against the institutional forces of the granny state okay let me tell you

what the granny state is granny state is the warren buffett charlie munger old fogey state

where i've got a lot of clients that are listening to it being rat poison rap poison squared worst

thing that's ever happened to the civilization and so i'm in a constant battle with that guys

and so my question back to you guys is like what do you say to the propeller head ignoramus at

morgan stanley who is doing the due diligence on my fund that blocks people from getting into my

fund because it has 20 exposure to bitcoin and michael's right maybe it should have 60. but by

the way michael you and i both know my funds going to have 60 exposure to bitcoin with me not doing

anything exactly because bitcoin can go from 45 to 200 000 so bitcoin's gonna fix you right bitcoin

fixes everything you plug it into no i understand that but my point is what do you say because

you know this show's awesome there's seven or eight thousand people watching they all get it

but what do you say to the granny state okay my self-described group of people who either

won't listen or oh i can't lose my job bitcoin sounds crazy i i i'm not gonna lose my job over

that dude i'm trying to pull you into the future and by the way this is so hard look this this is

upton sinclair quote it is impossible to convince somebody of something when their livelihood

depends on them not understanding it right absolute that's the problem and to your point okay

jamie dimon it's a fraud yet his own firm puts out 196 page reports saying it's the future of finance

then warren it's rat poison squared but charlie not to be outdone says bitcoin is like trading

in newly harvested dead baby brains what the [ __ ] charlie newly harvested dead baby brains

what that i mean seriously why does he say that let's be constructive and cheerful about this

like i think we're winning the battle right i mean if you look at every single critic

you could make a list of a hundred critics of of bitcoin and digital property over the past

five years right i mean you know larry fink was a rampant critic and he's starting to sound like an

advocate now uh blankfein you know david solomon right the presidents of and the heads of every

major bank they've all flipped first they embrace it with analysis then they'll you know

didn't uh you know ken griffin was a critic and now he's flipped to start trading it right so

all the all the major wall street hedge funds and the major banks and the major regulators

were much more critical 24 months and 36 months ago than they are today i think i would approach

the skeptics and i would say look joe biden says that it's really important to 40 million americans

yeah what do you think about generally the president has a lot of power anthony right

i've noticed that presidents of the united states are able to encourage all sorts of

behaviors some of them i don't even you know advocate but uh they have a lot of power

and i think you could go and say look janet yellen who's the secretary of the treasury

hear her words i mean if you know if you look at what i tweeted uh before i got on this call

i grabbed that 97 seconds you know of fame that we we started the show with and i

and i grabbed yellen's quote the quote is crypto has grown by leaps and bounds and is now playing

a significant role in the investment decisions of lots of americans we would like to create a

regulatory environment in which healthy innovation can continue that is janet yellen to andrew ross

sorkin this morning okay so i think you've got two sets of people you've got the people that kind of

think for themself and they derive from first principles they have to have a certain educational

background a certain life background and they got to invest anywhere from 10 to 100 hours

and to those people you say hey you think for yourself and you're pretty smart would you like to

make a billion dollars if so i need you to spend 10 to 100 hours you know if you're just so rich

that the opportunity cost of your time is higher and you don't want to invest a hundred dollars

to make a billion dollars then i guess you can go focus on something else that's what i

would say to them right and to the and there's another group of people that don't really like

to strike out on their own and they like uh to follow what their leaders tell them

and that means a very powerful politicians and and institutional leaders and leaders in wall street

and to them i would say well i made a list of every wall street leader in the past 12 months

that flipped their tune remember when ray dalio said oh it's so good the government's gonna ban it

and then and then you're like but then guess what the government said they're

gonna actually embrace it okay there's ray we got him you remember when larry fink said this is a

index of money laundering and then oh yeah well he said that before he said um

well it looks like it's going to change the world in his shareholder letter you remember when

michael saylor michael saylor bought four nearly four billion dollars like 3.95 something billion

dollars of bitcoin by the way anthony i am like a thousand percent committed i started with 400

million of capital and i managed to buy 4 billion in bitcoin i don't believe in 5 allocation or 60

allocation i believe in 500 allocation so the michael sailor dude in 2013 said you know this

it's only a matter of time before this stuff goes the way of online gambling it's going away

the world's full of skeptics that flipped their tune you know there would be 24 of them in fact

you can you know if i were you because you're more organized than me and you're a professional and

i just get on crypto banner and i ramble if i was you i'd make a list of like 50 billionaires or 50

uh 50 ceos of 100 billion dollar banks and i would say this is the list of people that were skeptical

and then they became per and they became uh supporters enthusiasts by the way janet yellen

i i parsed the quote but if you read the entire 97 seconds she says of course i was initially

skeptical but now i understand right andrew ross sorkin i can make a list of 100 influential

powerful wealthy people that were skeptical that are enthusiastic you ought to just like serve up

that list these are all the people you know and then you say you're right you should be skeptical

they didn't become enthusiastic until they spent 10 to 100 hours

and if if you're that if you're that rational thinker you should start skeptical and then do

the work if it's worth money to you if you have you know why do why don't certain people that are

in their eighties or nineties with a hundred billion dollars why don't they do the work

well the answer is not no character flaw on their part you know no offense but when i'm 95 years old

i'm not going to be spending 500 hours trying to figure out the next telepathic form of money

i'm going to be relaxing and if you poke me and say what do you think about telepathic

money that comes out of like fungi that we you know called in a dna

amplified petri dish i'm gonna be like it sounds like something scary to me i'm not a big fan

and then somebody will run a thing saying 95 year old sailor didn't endorse my telepathic money

but the point is like don't you know just don't poke the bear right yeah you don't need to i mean

i love the approach of making the list mark you also you went through this with your fund when i

think you were one of the first guys to get some of the pension funds on some of the endowments on

on 100 and skepticism is good and i totally agree uh mooch that you know telling people and

and this what we do tell people is being skeptical is totally logical right this is a technological

innovation that is hard to understand just like the internet was hard to understand just like

the mobile net was hard to understand the trust net is really hard to understand it's it's hard

to understand that every asset in the world every stock every bond every currency every commodity

every piece of art every collectible car every box of fine wine every everything every private

business all 700 trillion dollars of it is all going to be tokenized it's all going to trade

seamlessly it's hard to understand that but once you have the epiphany the bitcoin is the base

layer of value over internet protocol the same way that tcp is the thing that we're using right now

you you have that aha moment and look i got introduced to this uh

the same month as the winklevoss twins okay 2013. they're multi-billionaires and i'm not

why because i was skeptical i was i was doing my job i was a fiduciary and i can't have magic

internet money and i have good friend right dan moorhead he took me to san francisco sat me

down and gave it to me on a silver platter said here and like bitcoin and and blockchain like

bitcoin i'm not running drugs on silk road i'm not a cryptography student

i don't get it i put my money in in the crypt in the blockchain fund it's up 17x

awesome bitcoins up 350x bad for me but in 2014 i wrote a letter to my client saying hey

this is interesting yeah this is interesting i read that you know i i remember that letter

i mean mark i do follow you around i read that letter i remember that letter and i remember

saying okay i am missing this i got to get involved and obviously i went into the government

i got my ass kicked and then when i came back out of the government i said it's time for me

to do this but here's one thing i i will say to you guys one glimmer okay i have a middle eastern

endowment slash pension fund they called me and michael will enjoy this they called me to fire me

because of my five percent bitcoin exposure in the fund okay and it's okay listen you can fire me go

ahead but i'm telling you why don't you wait six months at the end of last year the very same guy

that called me to fire me called me to thank me with the following quote thank you for pulling me

into the future and once you started owning it i started understanding it better and now i want to

make an allocation specifically to it you see the difference and that's what michael's saying with

that big list and this is why we have to push people intellectually into it because i tell

people it's like a nacho guys you can't own one you can't you can't take one nacho you're gonna

have 15 nachos you can't own one bitcoin once you get the client to taste the nacho or the bitcoin

they got to dig in and buy more now 100 and and and to your point that that is the coolest thing

when you have somebody who's literally saying i'll fire you like we had people fire me and then by

the way a lot of people did fire me by the way anthony i think you're getting fighters the best

thing that ever happened to you oh yeah right well the president ever happened to you and you know

experience is what we get when we didn't get what we wanted and the experience is useful it makes

you the expert on white house around here and and i will make the one point when's the last time in

your memory maybe you know that the president of united states endorsed a new asset class to

every government agency noted that 40 million americans wanted it's growing exponentially

and ordered everybody to embrace it when when was the last asset class before bitcoin where

that happened no so the answer to that is never but in 200 years in the history of the country

when did the president ever endorse something never but i'm going to give you an analogy which

i think you guys will agree with okay no regulator no state or local government wanted uber but you

know who wanted uber the people wanted uber and so when the president's looking at that he's got 40

million people that already own it it's a complete you know what i mean and so ultimately we're still

in a society where these elected officials have to respond to the will of the people

and so yeah the answer is never but i can show you things where the politicians get moved by

what's going on inside the society guys i have to apologize i have to jump because i have a uh

i have a call to sell bitcoin michael saylor i'll be i'm getting i have an 11 15 call where

i'm going to be telling somebody you got to get their their butts in anthony tell them sailor

was against it before he was for it you told me the whole thing i was i remember the tweet

i remember the 2013 tweet that came back to haunt you it came back to haunt you guys this has been

absolutely incredible okay thank you so so so much everybody happy weekend much love much respect to

all of you michael thank you mark thank you so much it's been wonderful great to be with you

wow wow wow it's never been my job's never been easy actually i've been to

just sit back and listen i felt like i was one of the one of you guys in the stream i

think i gotta watch that again the magic that came out of that show was absolutely insane

all right let's leave it at that overwhelmed insane amazing share it

send it to your friends i know we're going to talk about old coins um but what we'll do is we will do

a weekend stream we'll do a weekend stream where we talk about old coins this weekend miles and i

will come on maybe sheldina will come on sometime on this weekend we'll do a weekend stream because

all coins are running so i will see you guys sometime on the weekend until then wow wow wow

i love how all the comments were about how quiet