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Hi, Peter.

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I feel like you're a man

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who needs no introduction.

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Welcome to honest Money.

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Pleasure.

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Thanks for having me.

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Yeah.

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I wanted to start with,

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a little bit

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about your clients.

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So you, A partner

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at the Bitcoin advisor.

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You co-founded that with

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Andy, I believe.

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And,

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I've also read somewhere

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that you manage over $1

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billion worth of clients

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assets.

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That's

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a lot of money.

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Yeah, a lot of trust

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placed in you guys.

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And one of the things

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that I love about,

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what you've explained in

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the podcast is the concept

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of a triple point asset.

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And, even just yesterday,

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I saw someone comment on

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Brian's post on LinkedIn

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that Bitcoin is

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not a store of value.

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It is not a medium

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of exchange,

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and it's not a

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unit of account.

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So how would you explain that

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to to your clients?

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That's a beautiful

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framing for that.

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And I think

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the beauty of that,

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the world we live in

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is that

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everything is subjective

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to that person

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making that comment.

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Bitcoin is none

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of those things.

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But to you and I, Bitcoin

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represents a store of value

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medium exchange

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and unit of account.

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And I think

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the very unique thing

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that Bitcoin

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represents to us

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that takes a lot of work

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to understand

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Bitcoin in this fashion.

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But once you see it

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you can't unsee it.

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Is that

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Bitcoin is what I call

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the first triple point asset,

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meaning

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it is

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the best store of value.

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It's the best medium exchange

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and it's

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the best unit of account.

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Now

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these things typically

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take time

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to evolve and develop,

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and for the world

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to reach consensus

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on each of

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those three things.

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But objectively,

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Bitcoin is a

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better store of value

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than gold, and gold's

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been used for 5000 years

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or more

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to determine

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a store of value.

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Maybe exchange

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is the world's run

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by the US dollar, but,

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you can suffer sanctions.

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You can have your cash

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it removed from you.

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If you're Russia,

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you can have $500 billion

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worth of farmers

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have stolen from you.

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And now,

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I'm not saying this

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to be political.

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I'm just telling you

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that these are the

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objective

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facts of the matter.

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But none of that can happen

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when you own and control

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your own Bitcoin.

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And that is a very unique,

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7.2 Bitcoin versus

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app traditional maybe

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exchange in

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the US dollar.

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And the final boss

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of all of this is

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the unit of account.

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And there are Bitcoiners

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who have reached

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what I call

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terminal bitcoin meaning

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they can't get any

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more bitcoin.

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They've sold their house,

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they've sold their business,

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they've sold their

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all their other assets.

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They're literally sitting on

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a pile of bitcoin.

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It's all in Bitcoin.

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And there's nothing further

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they can do.

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And one

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and those people

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are basically running

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on a Bitcoin standard

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or Bitcoin

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represents a unit of account.

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So they

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they reconcile the Bitcoin

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with every transaction.

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And if the bitcoin stacks

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not increasing

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it's decreasing.

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And they're

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probably wondering

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how do I slow the bleed

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on that.

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And this is where

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what is very unique

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about Bitcoin

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with being a triple point

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asset is for the first time

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in history,

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we've got one asset

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that can rule

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the three functions of money.

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And therein lies

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the absolute special thing

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that is Bitcoin.

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And because

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it's the first

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time in history

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that we've had

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one asset to rule them all

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when it comes

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to the functions of money,

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a lot of people will

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dismiss it.

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So there's

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an instant dismissal

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of store value

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because it's highly volatile.

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Well, that's in their view

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and their world

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that it's highly volatile.

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But if you've

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been in Bitcoin

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5 or 10 years then

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the volatility Bitcoin is

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is something to be

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glamorized, not shunned.

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Because that's

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how you get the huge returns

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you do

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when it comes to

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medium exchange.

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I think a lot of people

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are wanting to push

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the medium exchange narrative

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with Bitcoin immediately,

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but I can tell you

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from someone

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whose job is to preserve

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wealth,

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the last thing

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you want to be spending

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is your best

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performing asset.

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So I look at that

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and think the the exchange

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function of money

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right now is

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somewhat of,

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it's a dichotomy for me,

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because at the one time

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I want it

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to be globally universal

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in acceptance

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as a medium exchange,

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but at the same time, I.

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It's hard

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to sell your best asset

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to buy a cup of coffee.

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I look at that and think,

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that's the

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internal

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problems that you have.

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Until you reach

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terminal bitcoin,

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where you don't have anything

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to sell to buy Bitcoin,

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then you don't really have

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that problem.

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You always have

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cash available to buy.

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But in a bitcoin as well

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then people will suffer that

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that problem.

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And then

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the final one

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is this unit of account.

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You know

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how you accounting for your

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yeah wins

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and losses

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in the financial year.

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Do you look at it

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in terms of say it all said

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it's going up X amount

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or do you

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denominate in Bitcoin

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where you know

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you either have more bitcoin

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or less bitcoin

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than they had a year ago.

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And this is where I think

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everyone will move to that.

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The latter option

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where financial success

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is determined

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by how much bitcoin

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you either gained or lost

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in that financial year.

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Yeah.

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Yeah. Absolutely.

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And I completely

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can relate to that.

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Friction between using it

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as a, as a store of value

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and medium of exchange.

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Because I do like to spend

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my bitcoins symbolically here

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and there to support

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other bitcoiners.

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And recently I lost a bet

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and I calculated that

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that t which,

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which was like $50

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now is going to cost

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like just under

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$2,000 in 20 years.

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Yeah.

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It's like the most

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expensive shit

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I have ever, ever

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spent money on.

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But yeah,

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I would love to know,

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what strategies

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you use

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to to speak to your clients

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about the volatility,

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how do you

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manage their emotions

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and the,

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the perceptions

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that they have of Bitcoin?

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Because obviously

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you're fighting against

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mainstream media

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and all the FUD

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that's out there.

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So how do you deal

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with that?

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I think I come

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from a

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very privileged position

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that because we, you know,

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we deal with

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all types of assets.

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A lot of clients

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give me a lot,

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a lot of grace when it comes

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to introducing

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new concepts to them.

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And this was never more

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so than nearly ten years ago

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when we talked about Bitcoin.

309
00:06:43,500 --> 00:06:44,583
The initial framing of that

310
00:06:44,583 --> 00:06:45,791
was framed around,

311
00:06:45,916 --> 00:06:47,375
the weighting

312
00:06:47,416 --> 00:06:48,541
to the portfolio

313
00:06:48,541 --> 00:06:50,916
and then the expected return

314
00:06:50,916 --> 00:06:51,958
and the expected

315
00:06:51,958 --> 00:06:53,333
catastrophic losses,

316
00:06:53,333 --> 00:06:55,000
and triangulating

317
00:06:55,000 --> 00:06:56,166
that into an argument

318
00:06:56,166 --> 00:06:57,208
that clients understood,

319
00:06:57,208 --> 00:06:58,625
which went very simply.

320
00:06:59,250 --> 00:07:00,166
The recommendation

321
00:07:00,166 --> 00:07:01,583
is to put 1 or 2%

322
00:07:01,583 --> 00:07:02,791
of your net assets

323
00:07:02,958 --> 00:07:04,166
into this investment.

324
00:07:04,583 --> 00:07:08,291
There is a 25 to 50% chance

325
00:07:08,291 --> 00:07:08,708
that it is

326
00:07:08,708 --> 00:07:09,916
a catastrophic loss,

327
00:07:10,333 --> 00:07:10,708
and you're going

328
00:07:10,708 --> 00:07:11,416
to lose everything.

329
00:07:12,500 --> 00:07:14,000
In portfolio terms, that

330
00:07:14,000 --> 00:07:15,541
represents a bad day

331
00:07:15,541 --> 00:07:16,708
in the stock market.

332
00:07:16,750 --> 00:07:17,708
It wouldn't even represent

333
00:07:17,708 --> 00:07:18,750
a bad day these days

334
00:07:18,750 --> 00:07:19,583
because the volatility

335
00:07:19,583 --> 00:07:20,458
has gotten bad

336
00:07:20,458 --> 00:07:20,916
much higher

337
00:07:20,916 --> 00:07:22,083
in the stock market.

338
00:07:22,083 --> 00:07:23,250
It's really a bad morning.

339
00:07:23,625 --> 00:07:25,625
But the potential gain

340
00:07:25,625 --> 00:07:26,833
on this is, you know, you

341
00:07:26,875 --> 00:07:27,291
you're going to

342
00:07:27,291 --> 00:07:28,625
sit on a potential 100

343
00:07:28,625 --> 00:07:30,166
X in the next ten years.

344
00:07:30,416 --> 00:07:31,125
And what's

345
00:07:31,125 --> 00:07:32,333
transpired over those

346
00:07:32,458 --> 00:07:33,458
just over nine years

347
00:07:33,458 --> 00:07:34,291
that we've been giving

348
00:07:34,291 --> 00:07:35,458
that advice

349
00:07:35,500 --> 00:07:37,000
is we've seen clients

350
00:07:37,416 --> 00:07:39,833
have nearly a 200 x return

351
00:07:39,833 --> 00:07:40,208
on that

352
00:07:40,208 --> 00:07:40,958
2% of their

353
00:07:40,958 --> 00:07:42,166
initial investment.

354
00:07:42,208 --> 00:07:43,625
So obviously it's grown into

355
00:07:43,625 --> 00:07:44,958
an outsized portion

356
00:07:44,958 --> 00:07:46,166
of the portfolio.

357
00:07:46,333 --> 00:07:47,458
And then the

358
00:07:47,458 --> 00:07:48,708
next conversation

359
00:07:48,708 --> 00:07:49,250
that we have with

360
00:07:49,250 --> 00:07:50,333
clients is who

361
00:07:50,333 --> 00:07:51,625
who say that huge gain

362
00:07:51,750 --> 00:07:52,958
now represents more than

363
00:07:52,958 --> 00:07:54,458
50% of the net assets.

364
00:07:55,083 --> 00:07:56,041
Is the conversation

365
00:07:56,041 --> 00:07:56,708
around clients

366
00:07:56,708 --> 00:07:57,916
wanting to sell some of that?

367
00:07:57,916 --> 00:07:58,833
And it's like, hang on a so

368
00:07:59,833 --> 00:08:00,416
we're now at a

369
00:08:00,416 --> 00:08:01,208
different stage

370
00:08:01,208 --> 00:08:02,333
of this investment

371
00:08:02,333 --> 00:08:03,541
cycle for Bitcoin.

372
00:08:03,583 --> 00:08:05,333
And my expectation is

373
00:08:05,333 --> 00:08:05,958
there's a 100

374
00:08:05,958 --> 00:08:06,500
x return

375
00:08:06,500 --> 00:08:07,708
in the next ten years.

376
00:08:07,875 --> 00:08:08,791
Do we really want to be

377
00:08:08,791 --> 00:08:09,708
selling this asset

378
00:08:09,708 --> 00:08:11,125
when property

379
00:08:11,125 --> 00:08:12,333
looks very soft

380
00:08:12,625 --> 00:08:13,500
commodities.

381
00:08:13,500 --> 00:08:15,416
Well take your pick.

382
00:08:15,416 --> 00:08:16,250
There is probably going

383
00:08:16,250 --> 00:08:16,791
to be some

384
00:08:16,791 --> 00:08:18,333
some form of inflation there.

385
00:08:18,333 --> 00:08:19,916
But you look at stock markets

386
00:08:19,916 --> 00:08:21,875
it looks way overpriced,

387
00:08:22,333 --> 00:08:23,541
probably looks overpriced.

388
00:08:24,041 --> 00:08:25,291
Bonds are on investable.

389
00:08:25,625 --> 00:08:26,708
Do we really want to be

390
00:08:26,708 --> 00:08:27,333
selling down

391
00:08:27,333 --> 00:08:28,666
our best performing asset

392
00:08:28,666 --> 00:08:30,333
to jump into these other,

393
00:08:30,333 --> 00:08:31,541
other options and.

394
00:08:33,458 --> 00:08:34,583
I'm more successful

395
00:08:34,583 --> 00:08:35,916
than not in talking clients

396
00:08:35,916 --> 00:08:36,208
out of

397
00:08:36,208 --> 00:08:37,416
selling their Bitcoin to

398
00:08:37,416 --> 00:08:38,708
to pursue those other things,

399
00:08:38,708 --> 00:08:39,958
because the other options

400
00:08:40,041 --> 00:08:41,458
at the moment just aren't,

401
00:08:42,500 --> 00:08:42,958
aren't really

402
00:08:42,958 --> 00:08:44,333
that palatable or offer

403
00:08:44,458 --> 00:08:45,666
a good outlook for

404
00:08:45,666 --> 00:08:46,833
for the next ten years.

405
00:08:46,833 --> 00:08:47,250
Yeah.

406
00:08:47,250 --> 00:08:49,291
And yeah, that makes sense.

407
00:08:49,291 --> 00:08:50,291
And I'm glad that

408
00:08:50,291 --> 00:08:52,958
they are taking your advice

409
00:08:52,958 --> 00:08:54,208
because yeah, I just

410
00:08:54,750 --> 00:08:56,083
it sounds really scary

411
00:08:56,125 --> 00:08:57,750
to hear that someone's,

412
00:08:57,750 --> 00:08:58,833
you know, has this asset

413
00:08:58,833 --> 00:08:59,708
that's outperforming.

414
00:08:59,708 --> 00:09:00,125
And then they

415
00:09:00,125 --> 00:09:00,750
want to trade it

416
00:09:00,750 --> 00:09:01,958
for something else.

417
00:09:02,125 --> 00:09:03,666
Yeah.

418
00:09:04,416 --> 00:09:05,041
But what do you

419
00:09:05,041 --> 00:09:05,750
believe, Peter?

420
00:09:05,750 --> 00:09:06,666
Like what do you think

421
00:09:06,666 --> 00:09:09,625
is the, the,

422
00:09:09,625 --> 00:09:11,208
the market

423
00:09:11,208 --> 00:09:12,500
size for bitcoin.

424
00:09:12,500 --> 00:09:14,125
Are you thinking

425
00:09:14,125 --> 00:09:15,750
like 500 trillion

426
00:09:15,833 --> 00:09:16,500
that it could

427
00:09:16,500 --> 00:09:18,875
potentially reach or what.

428
00:09:18,916 --> 00:09:19,291
What are your

429
00:09:19,291 --> 00:09:21,000
personal opinions on.

430
00:09:21,000 --> 00:09:22,250
Substantially more than that

431
00:09:22,791 --> 00:09:23,416
really.

432
00:09:23,416 --> 00:09:24,916
I think we're going to be 10

433
00:09:24,916 --> 00:09:26,291
to $20 quadrillion

434
00:09:26,583 --> 00:09:27,666
worth of market cap.

435
00:09:28,833 --> 00:09:29,791
And so everyone

436
00:09:29,791 --> 00:09:31,000
I talk to

437
00:09:31,166 --> 00:09:32,000
looks at that and says,

438
00:09:32,000 --> 00:09:32,291
but there's

439
00:09:32,291 --> 00:09:33,500
only $1 quadrillion

440
00:09:33,500 --> 00:09:34,708
worth of value in the world.

441
00:09:35,083 --> 00:09:35,625
How could it be

442
00:09:35,625 --> 00:09:36,750
bigger than all

443
00:09:36,750 --> 00:09:37,791
that's there now?

444
00:09:37,791 --> 00:09:39,000
And it's like, well,

445
00:09:39,125 --> 00:09:39,875
it's going to grow

446
00:09:39,875 --> 00:09:41,083
the pot dramatically.

447
00:09:41,583 --> 00:09:42,208
All of the asset

448
00:09:42,208 --> 00:09:42,750
values are going

449
00:09:42,750 --> 00:09:43,958
to get inflated

450
00:09:44,250 --> 00:09:45,458
to infinity,

451
00:09:45,916 --> 00:09:46,583
and Bitcoin

452
00:09:46,583 --> 00:09:47,291
is going to take up

453
00:09:47,291 --> 00:09:48,125
a larger and larger

454
00:09:48,125 --> 00:09:48,958
market share of that

455
00:09:48,958 --> 00:09:49,416
to the point

456
00:09:49,416 --> 00:09:50,833
where it's over 50%.

457
00:09:50,833 --> 00:09:51,416
I actually think

458
00:09:51,416 --> 00:09:52,083
it'll end up being

459
00:09:52,083 --> 00:09:53,833
probably more like 90% of

460
00:09:53,833 --> 00:09:54,541
total assets.

461
00:09:54,541 --> 00:09:56,333
Will be held in Bitcoin.

462
00:09:56,708 --> 00:09:57,750
Because Bitcoin offers

463
00:09:57,750 --> 00:09:58,833
the greatest functionality,

464
00:09:58,833 --> 00:10:00,000
the greatest return,

465
00:10:00,333 --> 00:10:01,500
the greatest security

466
00:10:01,500 --> 00:10:02,750
and peace of mind

467
00:10:02,750 --> 00:10:03,833
in holding that asset.

468
00:10:03,833 --> 00:10:04,625
It also gives you

469
00:10:04,625 --> 00:10:05,791
the greatest optionality.

470
00:10:05,791 --> 00:10:07,916
And once people understand

471
00:10:07,916 --> 00:10:08,708
all those points

472
00:10:08,708 --> 00:10:09,458
around Bitcoin

473
00:10:09,458 --> 00:10:10,916
being the greatest asset

474
00:10:10,916 --> 00:10:12,125
ever invented,

475
00:10:12,375 --> 00:10:13,291
more and more people

476
00:10:13,291 --> 00:10:14,291
will migrate more

477
00:10:14,291 --> 00:10:15,250
and more of their assets

478
00:10:15,250 --> 00:10:15,958
to it.

479
00:10:15,958 --> 00:10:17,000
And I look at,

480
00:10:17,000 --> 00:10:17,333
you know,

481
00:10:17,333 --> 00:10:17,583
you look

482
00:10:17,583 --> 00:10:18,833
through most of the Bitcoin

483
00:10:18,833 --> 00:10:19,125
and who've

484
00:10:19,125 --> 00:10:20,291
been around a long time.

485
00:10:20,625 --> 00:10:21,791
This sitting on 90%

486
00:10:21,791 --> 00:10:23,000
plus in bitcoin.

487
00:10:23,583 --> 00:10:24,208
And I look at that

488
00:10:24,208 --> 00:10:25,416
and I think well

489
00:10:25,875 --> 00:10:27,000
that effectively means

490
00:10:27,000 --> 00:10:28,250
in that client's world

491
00:10:28,375 --> 00:10:29,791
basically it's Bitcoin

492
00:10:29,791 --> 00:10:30,458
is ten x

493
00:10:30,458 --> 00:10:31,625
all the other assets.

494
00:10:32,250 --> 00:10:33,583
And given

495
00:10:33,583 --> 00:10:34,333
that we're ten years

496
00:10:34,333 --> 00:10:35,583
ahead of most advisors,

497
00:10:36,250 --> 00:10:36,833
why wouldn't

498
00:10:36,833 --> 00:10:37,500
the rest of the world

499
00:10:37,500 --> 00:10:38,791
catch up to that point where

500
00:10:39,541 --> 00:10:41,000
90% of their assets

501
00:10:41,000 --> 00:10:41,833
are held in Bitcoin

502
00:10:41,833 --> 00:10:43,375
and only 10% is held

503
00:10:43,375 --> 00:10:44,583
in real world assets?

504
00:10:45,000 --> 00:10:45,750
That makes perfect

505
00:10:45,750 --> 00:10:46,291
sense to me.

506
00:10:46,291 --> 00:10:47,791
So that that puts the market

507
00:10:47,791 --> 00:10:49,416
cap of Bitcoin potentiality

508
00:10:49,416 --> 00:10:50,791
at $10

509
00:10:50,791 --> 00:10:52,000
quadrillion.

510
00:10:52,041 --> 00:10:53,125
And we're currently at two.

511
00:10:54,708 --> 00:10:55,291
What's that?

512
00:10:55,291 --> 00:10:56,458
Might be a

513
00:10:56,458 --> 00:10:57,666
5000 return,

514
00:10:57,666 --> 00:10:58,875
frankly.

515
00:10:59,166 --> 00:11:00,375
But like zeros

516
00:11:00,583 --> 00:11:02,375
I'm not I'm not going to have

517
00:11:02,375 --> 00:11:03,791
to visualize this after that.

518
00:11:03,958 --> 00:11:04,625
Basically there's

519
00:11:04,625 --> 00:11:05,375
a lot of return

520
00:11:05,375 --> 00:11:06,083
left in front of me.

521
00:11:06,083 --> 00:11:07,000
So if you're selling that

522
00:11:07,000 --> 00:11:07,458
because you think

523
00:11:07,458 --> 00:11:08,166
the party's over,

524
00:11:08,166 --> 00:11:09,291
or most importantly,

525
00:11:09,291 --> 00:11:09,833
if you say, I'm

526
00:11:09,833 --> 00:11:10,708
not going to buy bitcoin

527
00:11:10,708 --> 00:11:11,916
because I'm too late,

528
00:11:12,291 --> 00:11:13,041
you're thinking about it

529
00:11:13,041 --> 00:11:14,166
the wrong way.

530
00:11:14,166 --> 00:11:14,875
There's

531
00:11:14,875 --> 00:11:16,375
more gains in front of us

532
00:11:16,375 --> 00:11:16,916
and behind us.

533
00:11:16,916 --> 00:11:18,291
So jump on board.

534
00:11:18,958 --> 00:11:20,458
Yeah, absolutely.

535
00:11:20,458 --> 00:11:21,875
And I'm always interested in

536
00:11:21,875 --> 00:11:23,041
so what I'm hearing you, it's

537
00:11:23,041 --> 00:11:24,000
not a matter of

538
00:11:24,000 --> 00:11:26,166
if I am curious to know

539
00:11:26,166 --> 00:11:27,500
when and how you think

540
00:11:27,500 --> 00:11:28,708
this might happen.

541
00:11:28,791 --> 00:11:30,125
Globally

542
00:11:30,125 --> 00:11:31,375
and in Australia.

543
00:11:31,375 --> 00:11:32,208
Like, what are you

544
00:11:32,208 --> 00:11:32,708
what are some of

545
00:11:32,708 --> 00:11:33,125
the trends

546
00:11:33,125 --> 00:11:34,458
that you're seeing this cycle

547
00:11:34,458 --> 00:11:35,791
from your clients of people?

548
00:11:35,791 --> 00:11:38,041
Like getting it all.

549
00:11:38,583 --> 00:11:39,791
Like the biggest thing

550
00:11:39,791 --> 00:11:41,291
I'm saying, which I didn't

551
00:11:41,291 --> 00:11:42,500
think we'd have it.

552
00:11:42,958 --> 00:11:43,791
Well, I'm

553
00:11:43,791 --> 00:11:44,333
surprised it's

554
00:11:44,333 --> 00:11:45,000
taken this long,

555
00:11:45,000 --> 00:11:45,791
but now that it's here,

556
00:11:45,791 --> 00:11:46,333
I'm surprised

557
00:11:46,333 --> 00:11:47,125
it's actually happening

558
00:11:47,125 --> 00:11:47,458
where we're

559
00:11:47,458 --> 00:11:48,375
having conversations

560
00:11:48,375 --> 00:11:49,333
with clients.

561
00:11:49,333 --> 00:11:50,916
A lot of our clients

562
00:11:50,916 --> 00:11:52,083
are baby boomers.

563
00:11:52,208 --> 00:11:53,041
They're sitting on

564
00:11:53,041 --> 00:11:54,791
considerable assets,

565
00:11:55,000 --> 00:11:55,541
and we're

566
00:11:55,541 --> 00:11:56,791
having conversations

567
00:11:56,791 --> 00:11:57,333
going through

568
00:11:57,333 --> 00:11:58,500
their balance sheet

569
00:11:58,583 --> 00:11:59,250
to determine

570
00:11:59,250 --> 00:12:00,208
what are the best assets

571
00:12:00,208 --> 00:12:01,000
to be selling to

572
00:12:01,000 --> 00:12:02,000
trade into Bitcoin.

573
00:12:03,333 --> 00:12:04,291
And these are

574
00:12:04,291 --> 00:12:04,958
multi-million

575
00:12:04,958 --> 00:12:06,125
dollar properties,

576
00:12:06,875 --> 00:12:07,750
multi-million dollar

577
00:12:07,750 --> 00:12:08,958
ship or folios.

578
00:12:09,541 --> 00:12:10,333
And they look

579
00:12:10,333 --> 00:12:10,916
at this thinking

580
00:12:10,916 --> 00:12:12,208
now we think this is wrong.

581
00:12:12,333 --> 00:12:13,083
Run its course.

582
00:12:13,083 --> 00:12:13,916
We need exposure

583
00:12:13,916 --> 00:12:15,000
in this new asset class.

584
00:12:15,000 --> 00:12:15,375
And we think

585
00:12:15,375 --> 00:12:16,166
this is the future.

586
00:12:16,166 --> 00:12:18,041
And if you ask me, would

587
00:12:18,041 --> 00:12:19,250
baby boomers be

588
00:12:19,500 --> 00:12:20,708
seeking out our services

589
00:12:20,708 --> 00:12:22,041
to have those conversations

590
00:12:22,500 --> 00:12:23,125
without me

591
00:12:23,125 --> 00:12:24,750
having to explain to them

592
00:12:24,833 --> 00:12:26,458
what what benefits are I,

593
00:12:27,333 --> 00:12:28,791
I didn't see that coming.

594
00:12:28,791 --> 00:12:30,000
So that I think is

595
00:12:31,000 --> 00:12:32,166
a growing line of capital

596
00:12:32,166 --> 00:12:33,333
that is going to force

597
00:12:33,958 --> 00:12:35,583
a huge amount of capital

598
00:12:35,583 --> 00:12:36,958
into the Bitcoin sector.

599
00:12:37,541 --> 00:12:38,916
And this is where these

600
00:12:39,125 --> 00:12:39,833
these clients

601
00:12:39,833 --> 00:12:40,625
are typically buy

602
00:12:40,625 --> 00:12:41,458
and hold clients.

603
00:12:41,458 --> 00:12:42,666
They don't make huge changes

604
00:12:42,666 --> 00:12:43,625
to their portfolio.

605
00:12:43,625 --> 00:12:44,916
They make huge

606
00:12:44,916 --> 00:12:46,083
investment decisions

607
00:12:46,375 --> 00:12:47,375
very carefully,

608
00:12:47,375 --> 00:12:48,583
very methodically over

609
00:12:48,583 --> 00:12:49,458
very small.

610
00:12:49,458 --> 00:12:50,500
Well,

611
00:12:51,666 --> 00:12:52,875
maybe over decades.

612
00:12:53,166 --> 00:12:55,500
Do they do changes like this.

613
00:12:55,500 --> 00:12:56,708
And, and this is

614
00:12:57,250 --> 00:12:58,250
a significant trend

615
00:12:58,250 --> 00:12:59,458
change what we're seeing.

616
00:12:59,458 --> 00:13:00,458
Yeah.

617
00:13:00,458 --> 00:13:01,625
Absolutely.

618
00:13:02,000 --> 00:13:03,750
And do you believe

619
00:13:03,750 --> 00:13:04,750
that Bitcoin will be

620
00:13:04,750 --> 00:13:06,083
an S-curve of adoption,

621
00:13:06,083 --> 00:13:06,708
or do you think it's

622
00:13:06,708 --> 00:13:08,000
going to be more linear?

623
00:13:09,291 --> 00:13:10,416
I think we're definitely

624
00:13:10,416 --> 00:13:11,583
in an S-curve.

625
00:13:11,833 --> 00:13:12,833
I don't think it's linear.

626
00:13:12,833 --> 00:13:15,000
You know, I think

627
00:13:15,708 --> 00:13:16,875
and this is the

628
00:13:18,250 --> 00:13:19,375
the madness of Crowds,

629
00:13:19,375 --> 00:13:20,583
I think is is probably

630
00:13:20,583 --> 00:13:21,875
a great book to read on this.

631
00:13:21,875 --> 00:13:23,458
And nothing creates

632
00:13:23,458 --> 00:13:25,500
a mania better than money.

633
00:13:25,958 --> 00:13:27,041
And people getting rich.

634
00:13:27,041 --> 00:13:27,458
People do

635
00:13:27,458 --> 00:13:28,750
stupid things to get rich

636
00:13:28,750 --> 00:13:29,458
and they take risks

637
00:13:29,458 --> 00:13:30,083
that they shouldn't.

638
00:13:30,083 --> 00:13:31,291
And this is

639
00:13:31,291 --> 00:13:31,958
the ironic thing

640
00:13:31,958 --> 00:13:33,208
of that Bitcoin is that you,

641
00:13:34,541 --> 00:13:35,583
you can actually do

642
00:13:35,583 --> 00:13:36,833
risk your life dramatically,

643
00:13:37,750 --> 00:13:38,750
have huge exposure

644
00:13:38,750 --> 00:13:39,208
to Bitcoin.

645
00:13:39,208 --> 00:13:41,166
And what most people

646
00:13:41,166 --> 00:13:42,416
look at as wildly

647
00:13:42,416 --> 00:13:43,708
risky is actually very,

648
00:13:43,833 --> 00:13:45,416
very safe and secure.

649
00:13:45,750 --> 00:13:46,625
And that's that's

650
00:13:46,625 --> 00:13:47,125
the one thing

651
00:13:47,125 --> 00:13:48,916
that most normies

652
00:13:48,916 --> 00:13:49,375
have trouble

653
00:13:49,375 --> 00:13:50,291
wrapping their head around.

654
00:13:50,291 --> 00:13:51,041
I think Bitcoin's

655
00:13:51,041 --> 00:13:52,250
wildly risky,

656
00:13:52,291 --> 00:13:52,541
and I

657
00:13:52,541 --> 00:13:53,791
just want to caveat that by

658
00:13:53,791 --> 00:13:54,750
saying Bitcoin's

659
00:13:54,750 --> 00:13:55,958
wildly volatile,

660
00:13:56,333 --> 00:13:57,125
but the solution

661
00:13:57,125 --> 00:13:57,833
to volatility

662
00:13:57,833 --> 00:13:58,541
is just holding it

663
00:13:58,541 --> 00:13:59,750
for a long period of time.

664
00:14:00,083 --> 00:14:00,916
And if you do that,

665
00:14:00,916 --> 00:14:01,708
you get rewarded

666
00:14:01,708 --> 00:14:02,958
with the best returns on it

667
00:14:03,666 --> 00:14:04,458
out of any asset.

668
00:14:05,583 --> 00:14:06,416
Yeah.

669
00:14:06,416 --> 00:14:07,541
Yeah, absolutely.

670
00:14:07,541 --> 00:14:08,958
I definitely

671
00:14:08,958 --> 00:14:09,708
I keep saying this

672
00:14:09,708 --> 00:14:10,875
in almost every episode.

673
00:14:10,875 --> 00:14:11,250
To me

674
00:14:11,250 --> 00:14:13,125
Bitcoin is the safest asset.

675
00:14:13,125 --> 00:14:15,083
There's nothing out there

676
00:14:15,083 --> 00:14:16,708
that I feel more secure

677
00:14:17,250 --> 00:14:18,000
holding.

678
00:14:18,000 --> 00:14:19,208
And yeah

679
00:14:19,416 --> 00:14:21,375
I but yeah,

680
00:14:21,375 --> 00:14:23,583
do you see it making inroads

681
00:14:23,583 --> 00:14:24,000
as like

682
00:14:24,000 --> 00:14:25,416
the preferred collateral for

683
00:14:25,416 --> 00:14:26,583
banks

684
00:14:26,916 --> 00:14:28,666
and money

685
00:14:28,666 --> 00:14:29,875
market players?

686
00:14:30,750 --> 00:14:31,958
I've got no doubt.

687
00:14:32,375 --> 00:14:33,833
I've got absolutely no doubt

688
00:14:33,833 --> 00:14:35,208
whether I think

689
00:14:35,208 --> 00:14:35,708
Wall Street's

690
00:14:35,708 --> 00:14:36,708
starting to understand it.

691
00:14:36,708 --> 00:14:37,291
Because one thing

692
00:14:37,291 --> 00:14:38,000
Wall Street loves

693
00:14:38,000 --> 00:14:39,208
is volatility.

694
00:14:39,916 --> 00:14:40,583
And Bitcoin's

695
00:14:40,583 --> 00:14:41,416
the most volatile

696
00:14:41,416 --> 00:14:42,625
asset out there.

697
00:14:42,750 --> 00:14:43,500
Obviously

698
00:14:43,500 --> 00:14:44,791
there's more volatile assets

699
00:14:44,791 --> 00:14:45,750
in the treasury companies,

700
00:14:45,750 --> 00:14:46,458
but that's really

701
00:14:46,458 --> 00:14:47,250
a leveraged play

702
00:14:47,250 --> 00:14:48,333
on the volatile asset.

703
00:14:48,333 --> 00:14:49,500
So the

704
00:14:49,500 --> 00:14:50,166
the one thing

705
00:14:50,166 --> 00:14:51,333
that I love about Bitcoin

706
00:14:51,333 --> 00:14:52,541
and this is whether or not

707
00:14:52,583 --> 00:14:53,791
Wall Street likes it or not,

708
00:14:53,791 --> 00:14:54,500
the government

709
00:14:54,500 --> 00:14:55,500
will mandate it.

710
00:14:55,500 --> 00:14:56,833
I'm absolutely certain

711
00:14:56,833 --> 00:14:57,791
that it's

712
00:14:57,791 --> 00:14:58,291
the problem

713
00:14:58,291 --> 00:14:58,708
that we've had

714
00:14:58,708 --> 00:14:59,375
with Wall Street

715
00:14:59,375 --> 00:15:00,333
up until this, up

716
00:15:00,333 --> 00:15:01,541
until Bitcoin's arrival,

717
00:15:01,916 --> 00:15:03,041
and an institutional level

718
00:15:03,041 --> 00:15:04,125
anyways, that

719
00:15:04,125 --> 00:15:05,291
you could not divorce

720
00:15:05,291 --> 00:15:06,500
Wall Street speculation

721
00:15:06,500 --> 00:15:07,958
from Main Street consequence.

722
00:15:08,625 --> 00:15:09,125
So Wall

723
00:15:09,125 --> 00:15:10,500
Street was taking a huge hit

724
00:15:10,500 --> 00:15:11,708
with other people's money,

725
00:15:12,083 --> 00:15:12,958
and Main Street

726
00:15:12,958 --> 00:15:13,791
was picking up

727
00:15:13,791 --> 00:15:14,875
the bill for it

728
00:15:14,875 --> 00:15:15,875
when it all fucked up

729
00:15:15,875 --> 00:15:18,166
and went to shit pun Palace.

730
00:15:18,333 --> 00:15:19,541
Those words

731
00:15:19,625 --> 00:15:20,958
Main Street had to pay for it

732
00:15:21,125 --> 00:15:22,375
and the government oversaw it

733
00:15:22,375 --> 00:15:22,958
and they

734
00:15:22,958 --> 00:15:23,541
there was nothing

735
00:15:23,541 --> 00:15:24,458
they could do about it.

736
00:15:24,458 --> 00:15:25,375
They just had to pass

737
00:15:25,375 --> 00:15:26,416
the bill on and say, sorry,

738
00:15:26,416 --> 00:15:27,625
you guys are good for it.

739
00:15:27,750 --> 00:15:28,583
Now, technically,

740
00:15:29,916 --> 00:15:31,125
Little Man didn't pay for it,

741
00:15:31,125 --> 00:15:32,458
but the collective did

742
00:15:32,458 --> 00:15:33,541
because it got kicked up

743
00:15:33,541 --> 00:15:34,708
to the sovereign level

744
00:15:34,750 --> 00:15:35,875
and all of a sudden

745
00:15:35,875 --> 00:15:37,041
the government is now

746
00:15:37,041 --> 00:15:38,125
basically paying the bill

747
00:15:38,125 --> 00:15:39,333
for these Wall Street

748
00:15:39,458 --> 00:15:41,041
execs speculating

749
00:15:41,708 --> 00:15:42,791
the beauty of Bitcoin is,

750
00:15:42,791 --> 00:15:43,375
is that there's

751
00:15:43,375 --> 00:15:44,875
no Main Street consequence

752
00:15:44,875 --> 00:15:46,083
for Wall Street

753
00:15:46,458 --> 00:15:47,666
speculation.

754
00:15:48,208 --> 00:15:49,375
And what does that mean?

755
00:15:49,375 --> 00:15:50,916
Well, if the Wall

756
00:15:50,916 --> 00:15:52,125
Street

757
00:15:52,750 --> 00:15:53,708
buyers, sellers,

758
00:15:53,708 --> 00:15:54,916
traders, whatever it is,

759
00:15:55,000 --> 00:15:56,250
if they blow themselves up

760
00:15:56,416 --> 00:15:57,625
using bitcoin,

761
00:15:57,666 --> 00:15:58,291
there's no main

762
00:15:58,291 --> 00:15:59,458
street consequence.

763
00:15:59,458 --> 00:16:00,833
There's no housing bubble

764
00:16:00,833 --> 00:16:01,500
that's going to burst.

765
00:16:01,500 --> 00:16:01,875
There's no

766
00:16:01,875 --> 00:16:03,333
cost of living crisis

767
00:16:03,333 --> 00:16:03,750
that's going to

768
00:16:03,750 --> 00:16:05,041
get exacerbated.

769
00:16:05,375 --> 00:16:06,458
There's no,

770
00:16:06,458 --> 00:16:07,541
commodities

771
00:16:07,541 --> 00:16:08,416
that are going to blow up

772
00:16:08,416 --> 00:16:09,625
and all of a sudden, like

773
00:16:09,833 --> 00:16:11,041
bananas, $10

774
00:16:11,041 --> 00:16:12,208
a kilo,

775
00:16:12,333 --> 00:16:12,958
we don't have

776
00:16:12,958 --> 00:16:14,083
the main street consequence.

777
00:16:14,083 --> 00:16:14,875
And this to me is

778
00:16:14,875 --> 00:16:16,083
the really exciting thing, is

779
00:16:16,083 --> 00:16:17,250
that it allows Wall Street

780
00:16:17,250 --> 00:16:19,583
to speculate in a bubble

781
00:16:20,041 --> 00:16:21,250
without

782
00:16:21,541 --> 00:16:23,083
affecting real world assets.

783
00:16:23,083 --> 00:16:23,458
And

784
00:16:24,625 --> 00:16:25,333
I've got a lot of,

785
00:16:25,333 --> 00:16:27,375
my father's, my true love,

786
00:16:27,375 --> 00:16:27,958
telling me that

787
00:16:27,958 --> 00:16:29,166
you can't live in a bitcoin.

788
00:16:30,083 --> 00:16:31,083
And for that reason,

789
00:16:31,083 --> 00:16:32,291
precisely, is the reason

790
00:16:32,291 --> 00:16:33,583
why Wall Street

791
00:16:33,583 --> 00:16:34,791
is going to speculate on it

792
00:16:35,208 --> 00:16:36,125
for the very reason

793
00:16:36,125 --> 00:16:37,333
Wall Street can't, you know,

794
00:16:37,416 --> 00:16:38,625
we can't live in it

795
00:16:38,916 --> 00:16:39,750
is the very reason

796
00:16:39,750 --> 00:16:40,208
that they're going

797
00:16:40,208 --> 00:16:41,416
to gamble their lots on it,

798
00:16:42,000 --> 00:16:42,666
because there's

799
00:16:42,666 --> 00:16:43,416
no Main Street

800
00:16:43,416 --> 00:16:44,291
consequence for it.

801
00:16:44,291 --> 00:16:45,041
And if you sort of

802
00:16:45,041 --> 00:16:45,708
follow this back

803
00:16:45,708 --> 00:16:46,958
to to the original,

804
00:16:47,916 --> 00:16:48,958
the genesis point of this

805
00:16:48,958 --> 00:16:50,166
was really in the 1980s

806
00:16:50,166 --> 00:16:51,375
when Larry Fink,

807
00:16:51,458 --> 00:16:52,625
ironically, who created

808
00:16:52,625 --> 00:16:53,833
the Bitcoin ETF

809
00:16:54,125 --> 00:16:55,166
back in the 1990s,

810
00:16:55,166 --> 00:16:56,208
he wanted to monetize

811
00:16:56,208 --> 00:16:57,041
basically American

812
00:16:57,041 --> 00:16:57,791
property market.

813
00:16:57,791 --> 00:16:58,791
And how did he do that?

814
00:16:58,791 --> 00:17:00,250
He created residential,

815
00:17:00,375 --> 00:17:01,583
and commercial

816
00:17:01,666 --> 00:17:03,000
backed, mortgage securities.

817
00:17:03,583 --> 00:17:04,416
And

818
00:17:04,416 --> 00:17:05,583
and that was a way

819
00:17:05,583 --> 00:17:07,083
to monetize and gamble

820
00:17:07,083 --> 00:17:07,875
on the American

821
00:17:07,875 --> 00:17:08,583
housing market

822
00:17:08,583 --> 00:17:09,750
or real estate market.

823
00:17:10,166 --> 00:17:11,250
Property was nowhere.

824
00:17:11,250 --> 00:17:12,291
Wasn't financial loss

825
00:17:12,291 --> 00:17:13,500
in any way, shape or form?

826
00:17:13,500 --> 00:17:14,708
It took him nearly

827
00:17:14,708 --> 00:17:15,958
25, 30 years

828
00:17:16,291 --> 00:17:17,166
to get to the point

829
00:17:17,166 --> 00:17:18,541
that created the GFC.

830
00:17:19,333 --> 00:17:19,958
Ironically,

831
00:17:19,958 --> 00:17:21,250
the genesis point of the GFC

832
00:17:21,250 --> 00:17:22,583
started with Larry Larry

833
00:17:22,583 --> 00:17:24,125
Fink creating those options.

834
00:17:24,416 --> 00:17:25,750
Now he no way, in

835
00:17:25,750 --> 00:17:27,000
no way, shape or form wanted

836
00:17:27,000 --> 00:17:28,333
to create the housing market

837
00:17:28,333 --> 00:17:28,708
that went

838
00:17:28,708 --> 00:17:29,416
and caused

839
00:17:29,416 --> 00:17:31,833
the GFC back in 2008,

840
00:17:31,833 --> 00:17:33,000
but that were the unintended

841
00:17:33,000 --> 00:17:34,208
consequences

842
00:17:34,291 --> 00:17:35,791
of Wall Street speculation

843
00:17:35,958 --> 00:17:37,291
with Main Street consequence.

844
00:17:37,875 --> 00:17:38,708
Now fast forward

845
00:17:38,708 --> 00:17:39,583
to where we are now.

846
00:17:39,583 --> 00:17:40,250
Larry Fink,

847
00:17:40,250 --> 00:17:41,250
who knows a thing or two

848
00:17:41,250 --> 00:17:42,625
about tokenizing things,

849
00:17:42,875 --> 00:17:43,958
has created the world's

850
00:17:43,958 --> 00:17:44,791
first, largest

851
00:17:44,791 --> 00:17:46,000
and biggest ETF,

852
00:17:46,416 --> 00:17:48,000
and the Blackrock eighth.

853
00:17:48,666 --> 00:17:49,708
And he is going to find

854
00:17:49,708 --> 00:17:50,625
a way to monetize

855
00:17:50,625 --> 00:17:51,250
that and allow

856
00:17:51,250 --> 00:17:52,541
Wall Street speculation.

857
00:17:52,666 --> 00:17:54,333
And the beauty of this is,

858
00:17:54,333 --> 00:17:55,541
is that it removes

859
00:17:55,625 --> 00:17:56,791
the main street consequence

860
00:17:56,791 --> 00:17:58,041
where housing prices

861
00:17:58,041 --> 00:17:59,708
go up, interest rates

862
00:17:59,708 --> 00:18:00,916
get smashed around,

863
00:18:00,958 --> 00:18:02,541
housing becomes unaffordable.

864
00:18:02,833 --> 00:18:03,500
All of a sudden

865
00:18:03,500 --> 00:18:04,833
people are using, you know,

866
00:18:04,833 --> 00:18:06,125
housing as a store of value.

867
00:18:06,125 --> 00:18:07,083
All of those things

868
00:18:07,083 --> 00:18:08,041
get demonetized

869
00:18:08,041 --> 00:18:09,125
and sucked out of that.

870
00:18:09,125 --> 00:18:11,041
That whole ecosphere of that,

871
00:18:11,708 --> 00:18:12,541
that financial

872
00:18:12,541 --> 00:18:13,708
asset class

873
00:18:13,791 --> 00:18:15,000
and gets put into Bitcoin.

874
00:18:15,250 --> 00:18:16,083
And that's a net

875
00:18:16,083 --> 00:18:17,333
benefit for all of us.

876
00:18:18,375 --> 00:18:18,791
Yeah.

877
00:18:18,791 --> 00:18:19,541
Jim.

878
00:18:19,541 --> 00:18:19,958
Yeah, I

879
00:18:19,958 --> 00:18:20,375
hadn't I

880
00:18:20,375 --> 00:18:21,375
hadn't thought of about it

881
00:18:21,375 --> 00:18:22,625
like no consequences

882
00:18:22,625 --> 00:18:24,291
other than maybe someone on,

883
00:18:24,833 --> 00:18:25,958
you know, LinkedIn saying

884
00:18:25,958 --> 00:18:26,375
I told you

885
00:18:26,375 --> 00:18:27,541
it was a scam once.

886
00:18:27,958 --> 00:18:29,000
Once the bubble

887
00:18:29,000 --> 00:18:30,208
like you

888
00:18:30,875 --> 00:18:32,041
once we have a drawback.

889
00:18:32,333 --> 00:18:34,541
But yeah, I've loved,

890
00:18:34,541 --> 00:18:36,333
Larry's journey with Bitcoin.

891
00:18:36,333 --> 00:18:37,500
Obviously he was

892
00:18:38,125 --> 00:18:39,583
he was very against that.

893
00:18:39,583 --> 00:18:40,958
And now he's seems to be

894
00:18:40,958 --> 00:18:42,458
very, very for it.

895
00:18:42,458 --> 00:18:43,750
And you know

896
00:18:43,750 --> 00:18:44,791
seeing those results

897
00:18:44,791 --> 00:18:46,541
of the Bitcoin ETF launch.

898
00:18:46,583 --> 00:18:48,583
It's just it's just wild.

899
00:18:48,583 --> 00:18:49,916
And I'm surprised

900
00:18:49,916 --> 00:18:51,125
that this isn't

901
00:18:51,875 --> 00:18:52,458
talked about

902
00:18:52,458 --> 00:18:53,791
more in mainstream media.

903
00:18:53,791 --> 00:18:55,000
Like how is something like

904
00:18:55,000 --> 00:18:56,208
this still

905
00:18:56,875 --> 00:18:57,625
you know

906
00:18:57,625 --> 00:18:58,625
kind of you need to be

907
00:18:58,625 --> 00:19:00,125
in the know to

908
00:19:00,208 --> 00:19:01,708
to to notice these things.

909
00:19:01,708 --> 00:19:03,333
It's even in his,

910
00:19:03,333 --> 00:19:04,750
letter, 2025

911
00:19:04,750 --> 00:19:05,791
letter to shareholders

912
00:19:05,791 --> 00:19:07,000
and investors.

913
00:19:07,000 --> 00:19:08,375
He's talking bitcoin,

914
00:19:08,625 --> 00:19:09,791
you know, potentially

915
00:19:09,791 --> 00:19:10,958
replacing the USD

916
00:19:10,958 --> 00:19:12,541
as the global reserve asset.

917
00:19:13,041 --> 00:19:14,750
And the media is crickets

918
00:19:14,750 --> 00:19:15,208
about it.

919
00:19:15,208 --> 00:19:16,625
It's just it's wild.

920
00:19:16,625 --> 00:19:18,125
Like what what do you think

921
00:19:18,208 --> 00:19:19,375
will be some of the

922
00:19:20,375 --> 00:19:21,541
things that might slow

923
00:19:21,541 --> 00:19:22,958
down adoption for Bitcoin.

924
00:19:23,083 --> 00:19:24,291
Very good question.

925
00:19:25,125 --> 00:19:25,541
I think

926
00:19:25,541 --> 00:19:26,750
if we continue to have

927
00:19:27,291 --> 00:19:28,000
the operation

928
00:19:28,000 --> 00:19:29,208
checkpoint 2.0,

929
00:19:29,458 --> 00:19:30,208
the difficulty

930
00:19:30,208 --> 00:19:31,291
in actually sending money

931
00:19:31,291 --> 00:19:32,458
to the exchanges,

932
00:19:32,708 --> 00:19:33,500
I think that's going

933
00:19:33,500 --> 00:19:34,708
to slow down adoption.

934
00:19:36,083 --> 00:19:36,875
I think it's

935
00:19:36,875 --> 00:19:38,041
we have

936
00:19:39,000 --> 00:19:40,208
a major blow up

937
00:19:40,250 --> 00:19:41,958
in one of the major exchanges

938
00:19:41,958 --> 00:19:42,875
that will obviously

939
00:19:42,875 --> 00:19:44,208
rock the confidence

940
00:19:44,375 --> 00:19:44,916
in that

941
00:19:44,916 --> 00:19:46,125
it will slow adoption, but

942
00:19:46,125 --> 00:19:47,583
it won't actually undermine

943
00:19:47,583 --> 00:19:48,750
the protocol.

944
00:19:50,083 --> 00:19:50,666
There's a whole

945
00:19:50,666 --> 00:19:51,208
host of things

946
00:19:51,208 --> 00:19:52,416
that I think we can see,

947
00:19:52,958 --> 00:19:53,791
obviously, probably

948
00:19:53,791 --> 00:19:54,625
one of the biggest things

949
00:19:54,625 --> 00:19:55,458
if this

950
00:19:55,458 --> 00:19:56,458
if the government starts

951
00:19:56,458 --> 00:19:57,000
ramping up

952
00:19:57,000 --> 00:19:57,541
interest rates

953
00:19:57,541 --> 00:19:57,833
to where

954
00:19:57,833 --> 00:19:59,041
they probably should be.

955
00:19:59,291 --> 00:20:00,000
Yeah.

956
00:20:00,000 --> 00:20:01,583
If we had a major increase

957
00:20:01,583 --> 00:20:02,333
in interest rates,

958
00:20:02,333 --> 00:20:03,916
we had government

959
00:20:03,916 --> 00:20:04,625
cut spending

960
00:20:04,625 --> 00:20:05,250
and actually lived

961
00:20:05,250 --> 00:20:06,166
within their means,

962
00:20:06,166 --> 00:20:07,291
we reverted to a gold

963
00:20:07,291 --> 00:20:08,458
standard or equivalent.

964
00:20:09,750 --> 00:20:10,708
These things,

965
00:20:10,708 --> 00:20:11,166
basically

966
00:20:11,166 --> 00:20:12,333
describing a unicorn

967
00:20:12,333 --> 00:20:13,583
that will never exist, but

968
00:20:13,916 --> 00:20:15,541
the taxing is happening.

969
00:20:15,791 --> 00:20:16,083
You know,

970
00:20:16,083 --> 00:20:16,750
it's not going to happen

971
00:20:16,750 --> 00:20:17,916
anytime soon.

972
00:20:17,916 --> 00:20:20,541
And contrary to that,

973
00:20:20,541 --> 00:20:21,166
we'll probably

974
00:20:21,166 --> 00:20:23,000
say governments really stop

975
00:20:23,000 --> 00:20:24,041
ripping into the printer

976
00:20:24,041 --> 00:20:25,833
and exercising

977
00:20:26,166 --> 00:20:27,458
that ability to print money

978
00:20:27,875 --> 00:20:28,958
in the very near term.

979
00:20:28,958 --> 00:20:29,875
So a lot of

980
00:20:29,875 --> 00:20:30,916
people are calling for it.

981
00:20:30,916 --> 00:20:32,041
This the expectation

982
00:20:32,041 --> 00:20:32,791
that that will happen

983
00:20:32,791 --> 00:20:33,875
and that will have

984
00:20:33,875 --> 00:20:35,041
a positive effect

985
00:20:35,041 --> 00:20:36,916
on on the price of Bitcoin

986
00:20:36,916 --> 00:20:38,125
when we have

987
00:20:38,750 --> 00:20:39,458
the confluence

988
00:20:39,458 --> 00:20:40,583
of rates dropping

989
00:20:40,583 --> 00:20:42,208
and the prices,

990
00:20:42,208 --> 00:20:44,291
the money printing go to,

991
00:20:44,416 --> 00:20:45,791
that will obviously

992
00:20:45,791 --> 00:20:46,708
be very beneficial

993
00:20:46,708 --> 00:20:47,250
for Bitcoin.

994
00:20:47,250 --> 00:20:48,583
So price appreciation

995
00:20:48,583 --> 00:20:50,458
they will be extraordinary

996
00:20:50,458 --> 00:20:51,666
I'd expect.

997
00:20:51,791 --> 00:20:54,125
Yeah I'm very glad to see

998
00:20:54,125 --> 00:20:54,750
what's going to happen

999
00:20:54,750 --> 00:20:55,583
now in September.

1000
00:20:55,583 --> 00:20:56,458
Do you have an opinion

1001
00:20:56,458 --> 00:20:56,750
as to

1002
00:20:56,750 --> 00:20:57,458
whether the fed

1003
00:20:57,458 --> 00:20:59,291
will hold or lower rates,

1004
00:20:59,291 --> 00:21:00,000
or what do you think

1005
00:21:00,000 --> 00:21:00,750
they're going to do?

1006
00:21:02,041 --> 00:21:02,875
Question.

1007
00:21:02,875 --> 00:21:03,333
There's huge

1008
00:21:03,333 --> 00:21:04,125
pressure on power

1009
00:21:04,125 --> 00:21:05,291
to drop them, but

1010
00:21:06,875 --> 00:21:08,208
it's I think he's fine.

1011
00:21:08,208 --> 00:21:09,625
He's doing a dance with Trump

1012
00:21:09,625 --> 00:21:11,291
at the moment, and I wouldn't

1013
00:21:11,291 --> 00:21:11,875
be surprised

1014
00:21:11,875 --> 00:21:12,333
if he didn't

1015
00:21:12,333 --> 00:21:13,791
drop rates at all in the sit.

1016
00:21:13,791 --> 00:21:14,916
Now we're going to sit on it

1017
00:21:14,916 --> 00:21:16,083
for another little bit and

1018
00:21:16,500 --> 00:21:17,708
just sort of

1019
00:21:17,708 --> 00:21:18,000
build

1020
00:21:18,000 --> 00:21:19,208
that pressure in the market.

1021
00:21:19,500 --> 00:21:21,750
So I'm a bit ambivalent

1022
00:21:21,750 --> 00:21:23,000
and it's above my pay

1023
00:21:23,000 --> 00:21:23,250
grade

1024
00:21:23,250 --> 00:21:24,250
to really comment on that.

1025
00:21:24,250 --> 00:21:26,041
But speculating on it,

1026
00:21:26,041 --> 00:21:26,958
looking at the posturing

1027
00:21:26,958 --> 00:21:27,708
on both sides,

1028
00:21:27,708 --> 00:21:29,000
reading the paper and say,

1029
00:21:29,500 --> 00:21:30,083
we're going to have

1030
00:21:30,083 --> 00:21:32,208
a Mexican standoff, you know,

1031
00:21:32,750 --> 00:21:33,958
rates will go nowhere.

1032
00:21:34,833 --> 00:21:35,500
Yeah,

1033
00:21:35,500 --> 00:21:36,833
it definitely feels like

1034
00:21:36,833 --> 00:21:38,041
it's very political,

1035
00:21:38,041 --> 00:21:39,666
more than anything.

1036
00:21:39,666 --> 00:21:41,250
So, yeah, no matter what

1037
00:21:41,250 --> 00:21:41,916
the outcome is,

1038
00:21:41,916 --> 00:21:42,750
I'm probably won't

1039
00:21:42,750 --> 00:21:43,958
be surprised.

1040
00:21:44,000 --> 00:21:46,291
But, yeah.

1041
00:21:46,416 --> 00:21:48,541
So do you have a timeline?

1042
00:21:48,541 --> 00:21:50,541
Like, how do you see bitcoin

1043
00:21:50,916 --> 00:21:52,166
regulator realizing

1044
00:21:52,166 --> 00:21:53,458
the financial system?

1045
00:21:54,583 --> 00:21:56,083
Oh yes.

1046
00:21:56,083 --> 00:21:56,708
I think it will

1047
00:21:56,708 --> 00:21:58,083
absolutely re collateralized

1048
00:21:58,125 --> 00:21:59,333
or refinance last

1049
00:22:00,916 --> 00:22:02,166
an underfunded system.

1050
00:22:02,208 --> 00:22:03,500
I think it's going to take

1051
00:22:03,500 --> 00:22:05,041
10 to 15 years to do that.

1052
00:22:05,041 --> 00:22:06,333
And I think the fastest way

1053
00:22:06,333 --> 00:22:07,500
to do that is with

1054
00:22:08,416 --> 00:22:09,750
principal protected markets

1055
00:22:09,750 --> 00:22:11,583
where you staple government

1056
00:22:11,583 --> 00:22:13,958
treasuries to Bitcoin

1057
00:22:14,375 --> 00:22:16,541
and you guarantee

1058
00:22:16,541 --> 00:22:17,083
the capital

1059
00:22:17,083 --> 00:22:18,291
of those investments.

1060
00:22:18,958 --> 00:22:21,041
But you take a portion

1061
00:22:21,041 --> 00:22:21,750
of that

1062
00:22:21,750 --> 00:22:23,041
principal protected note

1063
00:22:23,041 --> 00:22:24,166
and you buy direct

1064
00:22:24,166 --> 00:22:24,875
Bitcoin with it

1065
00:22:24,875 --> 00:22:26,041
and you stay put together.

1066
00:22:26,250 --> 00:22:27,666
Now, on a five year note

1067
00:22:28,708 --> 00:22:29,250
on the numbers

1068
00:22:29,250 --> 00:22:29,916
that I've looked at,

1069
00:22:29,916 --> 00:22:31,500
if you were to.

1070
00:22:33,666 --> 00:22:35,208
Put inside $1 billion

1071
00:22:35,208 --> 00:22:36,541
into a principal protected

1072
00:22:36,541 --> 00:22:37,833
note, 800 million of

1073
00:22:37,833 --> 00:22:39,375
that went into a government

1074
00:22:39,375 --> 00:22:40,750
treasury paying 5%.

1075
00:22:40,750 --> 00:22:41,916
So that

1076
00:22:41,916 --> 00:22:43,208
the interest accumulated

1077
00:22:43,208 --> 00:22:44,875
to the original capital

1078
00:22:44,875 --> 00:22:45,875
that you put in, that's

1079
00:22:45,875 --> 00:22:46,291
where you get

1080
00:22:46,291 --> 00:22:47,791
the capital protection from.

1081
00:22:48,458 --> 00:22:49,291
And that allows you to

1082
00:22:49,291 --> 00:22:50,500
then put 20% of that

1083
00:22:50,500 --> 00:22:51,750
capital into Bitcoin.

1084
00:22:51,750 --> 00:22:53,041
By my calculations,

1085
00:22:53,041 --> 00:22:54,500
you will get a 200%

1086
00:22:54,500 --> 00:22:55,708
return on Bitcoin

1087
00:22:55,833 --> 00:22:57,041
and 100% return

1088
00:22:57,041 --> 00:22:58,333
of your initial capital.

1089
00:22:58,333 --> 00:22:59,541
So you've effectively

1090
00:22:59,625 --> 00:23:00,833
tripled the equity

1091
00:23:01,000 --> 00:23:02,541
of your initial investment.

1092
00:23:03,125 --> 00:23:03,875
And all of a sudden

1093
00:23:03,875 --> 00:23:05,291
that gets capitalized

1094
00:23:05,291 --> 00:23:06,500
into Bitcoin.

1095
00:23:07,083 --> 00:23:07,833
So I look at that

1096
00:23:07,833 --> 00:23:08,125
and think

1097
00:23:08,125 --> 00:23:09,125
that is the fastest,

1098
00:23:09,125 --> 00:23:10,500
easiest way to do that

1099
00:23:10,500 --> 00:23:12,625
with the least consequences.

1100
00:23:12,791 --> 00:23:13,750
And this is the problem

1101
00:23:13,750 --> 00:23:15,291
that really I don't think

1102
00:23:15,666 --> 00:23:16,625
a lot of the economists

1103
00:23:16,625 --> 00:23:17,250
have really looked

1104
00:23:17,250 --> 00:23:18,458
at the way to solve

1105
00:23:18,458 --> 00:23:19,708
these problems is to inflate

1106
00:23:19,708 --> 00:23:20,541
our way out of it,

1107
00:23:21,666 --> 00:23:22,125
way out

1108
00:23:22,125 --> 00:23:23,333
of it with

1109
00:23:23,666 --> 00:23:25,083
the lowest consequences,

1110
00:23:25,083 --> 00:23:25,750
the greatest bang

1111
00:23:25,750 --> 00:23:26,375
for your buck,

1112
00:23:26,375 --> 00:23:28,250
and most importantly,

1113
00:23:28,250 --> 00:23:29,333
the best outcomes

1114
00:23:29,333 --> 00:23:30,208
from a society.

1115
00:23:30,208 --> 00:23:30,458
Well,

1116
00:23:30,458 --> 00:23:31,666
I look at this and think

1117
00:23:32,916 --> 00:23:33,458
the best bang

1118
00:23:33,458 --> 00:23:33,958
for your buck,

1119
00:23:33,958 --> 00:23:35,041
the best return on that,

1120
00:23:35,041 --> 00:23:35,791
the best multiply

1121
00:23:35,791 --> 00:23:36,458
that you're going to get

1122
00:23:36,458 --> 00:23:38,166
is putting that that cash

1123
00:23:38,166 --> 00:23:38,666
into the

1124
00:23:38,666 --> 00:23:39,875
smallest market possible

1125
00:23:40,000 --> 00:23:41,208
and the most tightly held on

1126
00:23:41,208 --> 00:23:42,416
that happens to be Bitcoin.

1127
00:23:42,958 --> 00:23:43,625
The beauty of that

1128
00:23:43,625 --> 00:23:44,333
is, is that there's

1129
00:23:44,333 --> 00:23:45,750
no downstream consequences

1130
00:23:45,750 --> 00:23:46,500
for increased

1131
00:23:46,500 --> 00:23:47,708
cost of housing.

1132
00:23:47,708 --> 00:23:48,583
You know, pumping money

1133
00:23:48,583 --> 00:23:49,666
into the housing market

1134
00:23:49,666 --> 00:23:50,166
or lowering

1135
00:23:50,166 --> 00:23:50,791
interest rates

1136
00:23:50,791 --> 00:23:51,583
is going to force up

1137
00:23:51,583 --> 00:23:52,791
the cost of housing.

1138
00:23:52,833 --> 00:23:53,750
It's going to force up

1139
00:23:53,750 --> 00:23:54,958
cost of living.

1140
00:23:55,166 --> 00:23:56,083
Everything's

1141
00:23:56,083 --> 00:23:57,208
going to get more expensive.

1142
00:23:57,208 --> 00:23:58,083
And the inflation rate, it's

1143
00:23:58,083 --> 00:23:58,958
going to go through the roof.

1144
00:23:58,958 --> 00:23:59,291
But if you

1145
00:23:59,291 --> 00:24:00,500
pump it into Bitcoin,

1146
00:24:00,708 --> 00:24:01,250
there are none of

1147
00:24:01,250 --> 00:24:02,000
those downstream

1148
00:24:02,000 --> 00:24:03,208
negative consequences.

1149
00:24:03,458 --> 00:24:04,666
And you actually solve

1150
00:24:04,666 --> 00:24:05,333
what you really need

1151
00:24:05,333 --> 00:24:05,958
to solve for,

1152
00:24:05,958 --> 00:24:07,875
which is the recapitalizing

1153
00:24:07,875 --> 00:24:08,958
of the financial markets.

1154
00:24:08,958 --> 00:24:10,708
And yeah, I'm very curious.

1155
00:24:10,708 --> 00:24:12,333
I'm going a little bit down

1156
00:24:12,333 --> 00:24:13,750
a speculative route here,

1157
00:24:13,750 --> 00:24:15,333
but I'm curious to know

1158
00:24:15,666 --> 00:24:17,333
what types of jurisdictions

1159
00:24:17,333 --> 00:24:18,333
do you think will lead

1160
00:24:18,333 --> 00:24:20,541
the way with global adoption?

1161
00:24:21,750 --> 00:24:22,958
I think the strongest,

1162
00:24:23,250 --> 00:24:24,250
the strongest.

1163
00:24:24,250 --> 00:24:25,416
At the moment

1164
00:24:25,416 --> 00:24:26,166
we've had

1165
00:24:26,166 --> 00:24:27,375
the weakest

1166
00:24:27,416 --> 00:24:28,625
governments around the world,

1167
00:24:28,708 --> 00:24:30,125
or economies

1168
00:24:30,125 --> 00:24:30,708
around the world

1169
00:24:30,708 --> 00:24:31,958
have adopted it like El

1170
00:24:31,958 --> 00:24:32,708
Salvador is now

1171
00:24:32,708 --> 00:24:33,458
a beacon of light

1172
00:24:33,458 --> 00:24:34,458
in the Bitcoin community.

1173
00:24:34,458 --> 00:24:35,958
But when they first started

1174
00:24:35,958 --> 00:24:37,166
that it was

1175
00:24:37,291 --> 00:24:38,083
hell on earth,

1176
00:24:38,083 --> 00:24:38,958
quite literally

1177
00:24:38,958 --> 00:24:39,791
one of the highest murder

1178
00:24:39,791 --> 00:24:41,000
rates on earth.

1179
00:24:42,750 --> 00:24:43,958
The president of El Salvador

1180
00:24:43,958 --> 00:24:46,291
now has done the killings,

1181
00:24:46,291 --> 00:24:47,708
just done an incredible job

1182
00:24:47,708 --> 00:24:48,458
turning that

1183
00:24:48,458 --> 00:24:49,958
that country around to now

1184
00:24:49,958 --> 00:24:51,750
being a beacon of hope symbol

1185
00:24:51,750 --> 00:24:52,958
for the world.

1186
00:24:52,958 --> 00:24:54,000
I think

1187
00:24:54,000 --> 00:24:55,208
we now have

1188
00:24:55,291 --> 00:24:56,208
in the current U.S.

1189
00:24:56,208 --> 00:24:57,416
administration,

1190
00:24:58,208 --> 00:24:58,500
yet

1191
00:24:58,500 --> 00:24:58,916
the most

1192
00:24:58,916 --> 00:25:00,375
powerful administration

1193
00:25:00,375 --> 00:25:01,583
or government on Earth

1194
00:25:01,708 --> 00:25:02,541
and acceptance.

1195
00:25:02,541 --> 00:25:04,291
And I wouldn't

1196
00:25:04,291 --> 00:25:05,250
say dependance yet,

1197
00:25:05,250 --> 00:25:06,041
but they will become

1198
00:25:06,041 --> 00:25:07,291
a dependance on Bitcoin.

1199
00:25:07,791 --> 00:25:08,583
And we're starting

1200
00:25:08,583 --> 00:25:09,500
to see the regulatory

1201
00:25:09,500 --> 00:25:10,083
frameworks

1202
00:25:10,083 --> 00:25:10,958
build out around that.

1203
00:25:10,958 --> 00:25:12,166
And one of the things

1204
00:25:12,166 --> 00:25:12,541
that I think

1205
00:25:12,541 --> 00:25:13,791
is absolutely huge, it's

1206
00:25:13,791 --> 00:25:15,041
sort of gone by the wayside

1207
00:25:15,041 --> 00:25:17,625
and I've just a house

1208
00:25:17,708 --> 00:25:18,875
full of good news,

1209
00:25:18,916 --> 00:25:21,000
is this repeal of 721,

1210
00:25:21,000 --> 00:25:23,500
which now allows the banks

1211
00:25:23,500 --> 00:25:24,916
to Cassidy Bitcoin

1212
00:25:24,916 --> 00:25:25,583
on their balance

1213
00:25:25,583 --> 00:25:27,041
sheet without it being.

1214
00:25:29,541 --> 00:25:30,791
Economically unviable.

1215
00:25:31,333 --> 00:25:32,875
So there's no reserve capital

1216
00:25:32,875 --> 00:25:33,666
that needs to be held

1217
00:25:33,666 --> 00:25:34,500
when you hold Bitcoin

1218
00:25:34,500 --> 00:25:35,708
on the balance sheet.

1219
00:25:35,791 --> 00:25:36,583
The repeal of said

1220
00:25:36,583 --> 00:25:37,791
121 remove

1221
00:25:37,791 --> 00:25:38,791
that need

1222
00:25:38,791 --> 00:25:39,541
for additional

1223
00:25:39,541 --> 00:25:40,750
capital to be held

1224
00:25:40,791 --> 00:25:41,791
so now they can

1225
00:25:41,791 --> 00:25:43,208
economically hold clients

1226
00:25:43,208 --> 00:25:43,583
bitcoin

1227
00:25:43,583 --> 00:25:44,791
on their balance sheet.

1228
00:25:44,875 --> 00:25:46,208
And that is the first step

1229
00:25:46,208 --> 00:25:48,000
of mainstreaming

1230
00:25:48,000 --> 00:25:49,791
this into clients

1231
00:25:49,791 --> 00:25:51,000
globally.

1232
00:25:51,458 --> 00:25:52,791
The US is basically

1233
00:25:52,791 --> 00:25:54,000
at the top of the

1234
00:25:54,083 --> 00:25:55,208
tip of the spear.

1235
00:25:55,208 --> 00:25:56,041
Everything is now

1236
00:25:56,041 --> 00:25:57,250
downstream of that.

1237
00:25:57,375 --> 00:25:58,708
The US has given a go ahead

1238
00:25:58,708 --> 00:25:59,916
to make that happen.

1239
00:26:00,041 --> 00:26:01,208
We're going to see savings

1240
00:26:01,208 --> 00:26:02,041
and loan products

1241
00:26:02,041 --> 00:26:03,291
now build out on the back

1242
00:26:03,291 --> 00:26:03,583
of it,

1243
00:26:03,583 --> 00:26:04,416
and you're going to have

1244
00:26:04,416 --> 00:26:05,625
every bank in the world

1245
00:26:06,333 --> 00:26:06,875
clamoring

1246
00:26:06,875 --> 00:26:08,041
to Cassidy you Bitcoin.

1247
00:26:08,166 --> 00:26:08,791
Which yeah,

1248
00:26:08,791 --> 00:26:10,583
which makes me curious

1249
00:26:10,583 --> 00:26:11,166
as well

1250
00:26:11,166 --> 00:26:11,750
as to how

1251
00:26:11,750 --> 00:26:13,208
that's going to trickle down

1252
00:26:13,208 --> 00:26:14,875
into Australia because

1253
00:26:15,500 --> 00:26:16,333
I always wonder,

1254
00:26:16,333 --> 00:26:16,791
like what's

1255
00:26:16,791 --> 00:26:18,291
going to be that catalyst

1256
00:26:18,291 --> 00:26:19,833
to start setting things off.

1257
00:26:19,833 --> 00:26:22,125
It's still very, very much

1258
00:26:22,333 --> 00:26:23,458
a niche thing here.

1259
00:26:23,458 --> 00:26:24,000
And I wonder

1260
00:26:24,000 --> 00:26:24,750
if is going to be

1261
00:26:24,750 --> 00:26:25,708
the institutions

1262
00:26:25,708 --> 00:26:25,916
that are

1263
00:26:25,916 --> 00:26:26,791
going to lead

1264
00:26:26,791 --> 00:26:28,416
the adoption in Australia,

1265
00:26:28,416 --> 00:26:29,958
or whether the retail sector

1266
00:26:29,958 --> 00:26:30,916
is going to wake up.

1267
00:26:30,916 --> 00:26:31,416
Like what?

1268
00:26:31,416 --> 00:26:33,208
What do you think,

1269
00:26:33,208 --> 00:26:33,875
is going to happen

1270
00:26:33,875 --> 00:26:34,541
with Australia?

1271
00:26:35,666 --> 00:26:36,750
The question I think the

1272
00:26:36,750 --> 00:26:38,000
superannuation industry

1273
00:26:38,000 --> 00:26:39,666
is going to have to start

1274
00:26:39,958 --> 00:26:41,166
allocating more heavily

1275
00:26:41,166 --> 00:26:42,333
to Bitcoin

1276
00:26:42,458 --> 00:26:44,541
and everyone who works in

1277
00:26:44,541 --> 00:26:45,083
Australia has

1278
00:26:45,083 --> 00:26:46,208
a superannuation account

1279
00:26:46,208 --> 00:26:47,416
or pension account,

1280
00:26:47,500 --> 00:26:48,875
and that will probably be

1281
00:26:48,875 --> 00:26:49,625
the Trojan horse

1282
00:26:49,625 --> 00:26:50,791
for the Australians,

1283
00:26:50,791 --> 00:26:52,000
because this will

1284
00:26:52,291 --> 00:26:53,458
not only help to re.

1285
00:26:53,458 --> 00:26:54,750
Well, our banks don't need

1286
00:26:54,750 --> 00:26:55,583
recapitalizing

1287
00:26:55,583 --> 00:26:56,708
to be very strong

1288
00:26:56,708 --> 00:26:57,541
on a global scale

1289
00:26:57,541 --> 00:26:58,750
relative to everyone else.

1290
00:26:59,083 --> 00:27:00,291
But,

1291
00:27:00,458 --> 00:27:01,666
our banks are heavily

1292
00:27:01,833 --> 00:27:03,000
will they act wide

1293
00:27:03,541 --> 00:27:04,000
relative

1294
00:27:04,000 --> 00:27:05,541
to residential property.

1295
00:27:05,916 --> 00:27:07,333
So all our banks do now

1296
00:27:07,333 --> 00:27:08,250
is basically lend

1297
00:27:08,250 --> 00:27:09,583
to residential property.

1298
00:27:10,125 --> 00:27:10,833
There's no business

1299
00:27:10,833 --> 00:27:11,791
lending of any note

1300
00:27:11,791 --> 00:27:12,958
in Australia.

1301
00:27:13,291 --> 00:27:14,708
It's a very difficult market

1302
00:27:14,708 --> 00:27:15,541
to get that done in.

1303
00:27:15,541 --> 00:27:16,750
And I think

1304
00:27:16,833 --> 00:27:17,583
the repeal of said

1305
00:27:17,583 --> 00:27:18,875
121 in the US

1306
00:27:18,875 --> 00:27:19,416
is actually going

1307
00:27:19,416 --> 00:27:20,125
to have downstream

1308
00:27:20,125 --> 00:27:21,541
consequences to US fear that

1309
00:27:21,875 --> 00:27:22,625
hopefully removes

1310
00:27:22,625 --> 00:27:23,250
the operation.

1311
00:27:23,250 --> 00:27:24,416
Chokepoint 2.0

1312
00:27:24,416 --> 00:27:25,166
shows the banks

1313
00:27:25,166 --> 00:27:26,375
how to monetizes

1314
00:27:26,666 --> 00:27:27,666
and most importantly

1315
00:27:27,666 --> 00:27:28,500
gets every,

1316
00:27:28,500 --> 00:27:29,541
you know, gets Bitcoin

1317
00:27:29,541 --> 00:27:30,083
in the hands of

1318
00:27:30,083 --> 00:27:30,750
every Australian.

1319
00:27:50,875 --> 00:27:51,458
Yeah.

1320
00:27:51,458 --> 00:27:53,875
And the whole operation 2.0

1321
00:27:53,875 --> 00:27:54,750
I always wonder

1322
00:27:54,750 --> 00:27:56,333
if there is something similar

1323
00:27:56,875 --> 00:27:57,708
in Australia

1324
00:27:57,708 --> 00:27:58,250
like that

1325
00:27:58,250 --> 00:27:59,541
that we don't know of.

1326
00:28:00,625 --> 00:28:01,750
It would certainly make sense

1327
00:28:01,750 --> 00:28:02,333
because it feels

1328
00:28:02,333 --> 00:28:03,500
like there is,

1329
00:28:03,791 --> 00:28:04,791
but it's not.

1330
00:28:04,791 --> 00:28:05,333
It hasn't

1331
00:28:05,333 --> 00:28:07,000
really come to light yet.

1332
00:28:07,000 --> 00:28:07,750
It just seems

1333
00:28:07,750 --> 00:28:09,000
that it is driven

1334
00:28:09,000 --> 00:28:09,791
largely

1335
00:28:09,791 --> 00:28:11,541
by consumer protection.

1336
00:28:12,083 --> 00:28:12,833
But I do wonder

1337
00:28:12,833 --> 00:28:13,583
if there is something

1338
00:28:13,583 --> 00:28:14,541
bigger at play.

1339
00:28:14,541 --> 00:28:17,083
And why there is.

1340
00:28:17,083 --> 00:28:19,458
Yeah, so much stalling of

1341
00:28:19,458 --> 00:28:20,708
of allowing people

1342
00:28:20,708 --> 00:28:22,000
to transfer their funds

1343
00:28:22,000 --> 00:28:23,208
into bitcoin.

1344
00:28:23,458 --> 00:28:24,291
I'm not sure.

1345
00:28:24,291 --> 00:28:25,125
But let me tell you

1346
00:28:25,125 --> 00:28:26,458
a comical story,

1347
00:28:26,458 --> 00:28:27,291
which literally happened

1348
00:28:27,291 --> 00:28:28,583
just in the past two weeks.

1349
00:28:28,916 --> 00:28:31,625
We had a client of ours,

1350
00:28:32,125 --> 00:28:35,250
he had sold down

1351
00:28:36,708 --> 00:28:37,583
seven figures

1352
00:28:37,583 --> 00:28:38,791
in Bitcoin

1353
00:28:39,291 --> 00:28:40,208
to do something.

1354
00:28:40,208 --> 00:28:41,791
And so there was a sale on

1355
00:28:41,791 --> 00:28:43,000
an exchange

1356
00:28:43,250 --> 00:28:44,000
that was passed

1357
00:28:44,000 --> 00:28:45,083
through to a business

1358
00:28:45,083 --> 00:28:46,291
banking account

1359
00:28:46,375 --> 00:28:47,291
that business banking

1360
00:28:47,291 --> 00:28:48,583
account then went to

1361
00:28:49,791 --> 00:28:50,291
go and buy

1362
00:28:50,291 --> 00:28:51,500
something else.

1363
00:28:51,500 --> 00:28:52,583
And then there was

1364
00:28:52,583 --> 00:28:53,666
a flow of money back

1365
00:28:53,666 --> 00:28:54,958
the other way of,

1366
00:28:55,625 --> 00:28:57,833
just on five figures.

1367
00:28:57,833 --> 00:28:59,541
So less than $30,000

1368
00:28:59,541 --> 00:29:00,708
millions went one way

1369
00:29:00,958 --> 00:29:01,958
from the exchange

1370
00:29:01,958 --> 00:29:03,166
to the bank and out.

1371
00:29:03,500 --> 00:29:04,958
And then there was about 30

1372
00:29:04,958 --> 00:29:06,250
or $40,000 flowing

1373
00:29:06,250 --> 00:29:06,875
from the bank

1374
00:29:06,875 --> 00:29:08,750
back to the exchange to do

1375
00:29:08,750 --> 00:29:09,958
whatever needed doing that.

1376
00:29:10,500 --> 00:29:11,166
And the bank

1377
00:29:11,166 --> 00:29:12,125
put a

1378
00:29:12,125 --> 00:29:13,583
kibosh on the transaction

1379
00:29:13,583 --> 00:29:14,750
and stopped it and said, no,

1380
00:29:14,750 --> 00:29:15,250
you're not allowed

1381
00:29:15,250 --> 00:29:16,458
to do a swap.

1382
00:29:16,458 --> 00:29:18,916
What are we worried about?

1383
00:29:19,166 --> 00:29:19,875
You know,

1384
00:29:19,875 --> 00:29:20,791
fraudulent behavior

1385
00:29:20,791 --> 00:29:21,333
and the rest of it,

1386
00:29:21,333 --> 00:29:22,458
he said, just have a look

1387
00:29:22,458 --> 00:29:24,000
at the transaction history

1388
00:29:24,375 --> 00:29:25,166
on this account.

1389
00:29:25,166 --> 00:29:26,666
There's millions one way.

1390
00:29:26,666 --> 00:29:27,625
And now I'm sending

1391
00:29:27,625 --> 00:29:28,750
$40,000 back.

1392
00:29:28,750 --> 00:29:30,500
This way, please.

1393
00:29:30,833 --> 00:29:32,208
And so anyway,

1394
00:29:32,291 --> 00:29:33,125
I was on the phone

1395
00:29:33,125 --> 00:29:33,708
with the bank.

1396
00:29:34,750 --> 00:29:36,125
Luckily they had a banker

1397
00:29:36,125 --> 00:29:36,625
that they could

1398
00:29:36,625 --> 00:29:37,791
actually speak to

1399
00:29:37,791 --> 00:29:39,458
and problem solved.

1400
00:29:39,458 --> 00:29:40,291
But there is a

1401
00:29:40,291 --> 00:29:41,166
very real problem

1402
00:29:41,166 --> 00:29:42,208
with sending money

1403
00:29:42,208 --> 00:29:42,750
from your bank

1404
00:29:42,750 --> 00:29:43,958
account to the exchange

1405
00:29:44,208 --> 00:29:45,416
that,

1406
00:29:46,250 --> 00:29:46,708
that's probably

1407
00:29:46,708 --> 00:29:47,958
one of the biggest hurdles

1408
00:29:47,958 --> 00:29:49,250
that we have to overcome in

1409
00:29:49,250 --> 00:29:50,458
trying to get clients,

1410
00:29:50,708 --> 00:29:51,916
Bitcoin.

1411
00:29:52,083 --> 00:29:52,708
Yeah.

1412
00:29:52,708 --> 00:29:54,625
Yeah, it's really frustrating

1413
00:29:54,625 --> 00:29:55,666
because yeah, family

1414
00:29:55,666 --> 00:29:56,208
and friends

1415
00:29:56,208 --> 00:29:56,750
that, that,

1416
00:29:56,750 --> 00:29:57,083
you know,

1417
00:29:57,083 --> 00:29:58,166
want to move their money in.

1418
00:29:58,166 --> 00:29:59,416
They're obviously law abiding

1419
00:29:59,416 --> 00:30:00,125
citizens

1420
00:30:00,125 --> 00:30:01,250
have had bank accounts

1421
00:30:01,250 --> 00:30:02,541
for decades

1422
00:30:02,541 --> 00:30:04,541
with no suspicious behavior.

1423
00:30:04,541 --> 00:30:05,500
And then all of a sudden

1424
00:30:05,500 --> 00:30:07,416
they want to put some money

1425
00:30:07,708 --> 00:30:08,958
into Bitcoin.

1426
00:30:08,958 --> 00:30:09,833
And these just seems

1427
00:30:09,833 --> 00:30:10,166
to be

1428
00:30:10,166 --> 00:30:12,000
like the biggest problem.

1429
00:30:12,000 --> 00:30:13,458
And yeah, it's it's

1430
00:30:13,458 --> 00:30:15,208
very frustrating for sure.

1431
00:30:15,208 --> 00:30:17,250
I hope it changes sooner

1432
00:30:17,250 --> 00:30:18,458
rather than later.

1433
00:30:18,916 --> 00:30:20,750
Yeah.

1434
00:30:20,833 --> 00:30:22,208
But I want to go back

1435
00:30:22,208 --> 00:30:23,958
to the Bitcoin advisor

1436
00:30:23,958 --> 00:30:24,416
a little bit

1437
00:30:24,416 --> 00:30:26,166
and more about your clients.

1438
00:30:26,166 --> 00:30:27,166
So you guys

1439
00:30:27,166 --> 00:30:28,791
recently have launched

1440
00:30:28,791 --> 00:30:30,416
a specialized product called

1441
00:30:30,416 --> 00:30:31,750
Loan My Coins.

1442
00:30:31,750 --> 00:30:33,083
And maybe

1443
00:30:33,083 --> 00:30:34,291
you can walk us through

1444
00:30:34,291 --> 00:30:35,875
how that product works.

1445
00:30:35,875 --> 00:30:37,458
And who is it for.

1446
00:30:37,583 --> 00:30:38,250
It's it's

1447
00:30:38,250 --> 00:30:39,416
a very unique product.

1448
00:30:39,416 --> 00:30:40,791
And I've just

1449
00:30:41,125 --> 00:30:42,416
put this candidate in

1450
00:30:42,708 --> 00:30:43,916
in front, up front

1451
00:30:44,000 --> 00:30:45,708
that it's probably not

1452
00:30:45,708 --> 00:30:46,666
for 99%

1453
00:30:46,666 --> 00:30:47,750
of the people listening.

1454
00:30:47,750 --> 00:30:49,583
So it's a very unique product

1455
00:30:49,583 --> 00:30:51,083
that works

1456
00:30:51,083 --> 00:30:52,541
by basically,

1457
00:30:52,750 --> 00:30:53,875
it's a bitcoin to

1458
00:30:53,875 --> 00:30:54,541
bitcoin loan

1459
00:30:54,541 --> 00:30:55,583
rather than a bitcoin

1460
00:30:55,583 --> 00:30:56,750
to see it launched.

1461
00:30:57,125 --> 00:30:58,750
And the beauty of this is,

1462
00:30:58,750 --> 00:31:00,833
is that enables us to achieve

1463
00:31:00,833 --> 00:31:02,041
some very unique things

1464
00:31:02,041 --> 00:31:03,416
in the Bitcoin mining space.

1465
00:31:03,416 --> 00:31:04,625
And I'll just briefly rattle

1466
00:31:04,625 --> 00:31:05,750
those off.

1467
00:31:05,750 --> 00:31:06,416
The first is

1468
00:31:06,416 --> 00:31:07,916
there's no counterparty risk.

1469
00:31:08,125 --> 00:31:09,291
So when

1470
00:31:09,708 --> 00:31:10,791
borrowing on your bitcoin

1471
00:31:10,791 --> 00:31:11,291
probably one of

1472
00:31:11,291 --> 00:31:12,083
the biggest concerns

1473
00:31:12,083 --> 00:31:13,791
is having counterparty risk.

1474
00:31:13,791 --> 00:31:14,333
Whether or not

1475
00:31:14,333 --> 00:31:14,916
you'll actually

1476
00:31:14,916 --> 00:31:16,166
get the return

1477
00:31:16,166 --> 00:31:17,333
of your Bitcoin.

1478
00:31:17,500 --> 00:31:18,208
With this, there's

1479
00:31:18,208 --> 00:31:19,416
no need to worry about it.

1480
00:31:20,333 --> 00:31:20,750
The second

1481
00:31:20,750 --> 00:31:22,041
point is that it's

1482
00:31:23,291 --> 00:31:23,750
there's no

1483
00:31:23,750 --> 00:31:24,958
margin call

1484
00:31:25,000 --> 00:31:26,166
on this product.

1485
00:31:26,166 --> 00:31:27,125
So because it's bitcoin

1486
00:31:27,125 --> 00:31:28,541
the bitcoin if

1487
00:31:28,541 --> 00:31:30,000
Bitcoin drops 50%

1488
00:31:30,000 --> 00:31:30,833
with every other

1489
00:31:30,833 --> 00:31:32,041
loan out there,

1490
00:31:32,041 --> 00:31:33,416
you would face a margin call.

1491
00:31:33,416 --> 00:31:34,916
And you'd either have to pay

1492
00:31:34,916 --> 00:31:36,291
the loan out or alternatively

1493
00:31:36,291 --> 00:31:38,250
top up the cap of the bitcoin

1494
00:31:38,708 --> 00:31:39,875
to avoid that margin

1495
00:31:39,875 --> 00:31:41,166
call with this product.

1496
00:31:41,333 --> 00:31:42,708
There's no magical.

1497
00:31:42,958 --> 00:31:44,083
So you're not subject

1498
00:31:44,083 --> 00:31:44,750
to the whims

1499
00:31:44,750 --> 00:31:44,958
and the

1500
00:31:44,958 --> 00:31:46,208
volatility of Bitcoin,

1501
00:31:46,208 --> 00:31:47,958
which is a huge bonus because

1502
00:31:48,666 --> 00:31:49,041
because of

1503
00:31:49,041 --> 00:31:50,083
Bitcoin's volatility,

1504
00:31:50,083 --> 00:31:51,875
it can with people out of

1505
00:31:52,250 --> 00:31:54,500
and lose the the collateral

1506
00:31:54,500 --> 00:31:56,208
they put up as a security.

1507
00:31:56,208 --> 00:31:57,291
And this is one thing

1508
00:31:57,291 --> 00:31:58,250
that I was acutely aware

1509
00:31:58,250 --> 00:31:59,458
that I didn't want to do.

1510
00:32:00,291 --> 00:32:01,458
The third point is

1511
00:32:01,750 --> 00:32:02,583
because it's bitcoin,

1512
00:32:02,583 --> 00:32:03,041
a bitcoin,

1513
00:32:03,041 --> 00:32:05,208
we can borrow effectively 95%

1514
00:32:06,625 --> 00:32:07,583
on our bitcoin stack.

1515
00:32:07,583 --> 00:32:08,791
So if you put in

1516
00:32:09,083 --> 00:32:10,000
two bitcoin you can

1517
00:32:10,000 --> 00:32:11,458
borrow 1.9 bitcoin

1518
00:32:12,750 --> 00:32:14,250
relative to any other lender.

1519
00:32:14,250 --> 00:32:14,958
That's borrowing

1520
00:32:14,958 --> 00:32:15,875
bitcoin to say it,

1521
00:32:15,875 --> 00:32:16,916
the maximum length

1522
00:32:16,916 --> 00:32:17,541
you can get there

1523
00:32:17,541 --> 00:32:18,291
is maybe somewhere

1524
00:32:18,291 --> 00:32:19,500
between 50 to

1525
00:32:19,708 --> 00:32:20,500
maybe if you like

1526
00:32:20,500 --> 00:32:21,708
me, 60%.

1527
00:32:22,375 --> 00:32:22,916
But with this

1528
00:32:22,916 --> 00:32:23,500
you can actually

1529
00:32:23,500 --> 00:32:24,875
borrow up to 95%

1530
00:32:24,875 --> 00:32:26,000
on your bitcoin,

1531
00:32:26,000 --> 00:32:26,750
which represents

1532
00:32:26,750 --> 00:32:27,958
a huge difference.

1533
00:32:29,625 --> 00:32:30,500
Most importantly,

1534
00:32:30,500 --> 00:32:31,708
if you're

1535
00:32:32,041 --> 00:32:32,833
putting in Bitcoin

1536
00:32:32,833 --> 00:32:34,708
as collateral for a loan,

1537
00:32:35,750 --> 00:32:36,416
what this means

1538
00:32:36,416 --> 00:32:37,250
is that you can either

1539
00:32:37,250 --> 00:32:38,541
get double the amount back

1540
00:32:39,291 --> 00:32:40,291
in a loan,

1541
00:32:40,291 --> 00:32:41,208
or alternatively,

1542
00:32:41,208 --> 00:32:43,166
you can have half the amount

1543
00:32:43,166 --> 00:32:44,333
of collateral

1544
00:32:44,833 --> 00:32:46,041
put up at risk.

1545
00:32:46,333 --> 00:32:47,750
And that to me represents

1546
00:32:47,750 --> 00:32:49,250
a huge de-risking

1547
00:32:49,250 --> 00:32:50,458
of borrowing on your Bitcoin,

1548
00:32:50,958 --> 00:32:51,750
because ultimately

1549
00:32:51,750 --> 00:32:52,375
you want to put up

1550
00:32:52,375 --> 00:32:53,750
as little capital as possible

1551
00:32:54,166 --> 00:32:55,125
to get the maximum

1552
00:32:55,125 --> 00:32:55,583
loan amount.

1553
00:32:55,583 --> 00:32:57,416
And this is the problem

1554
00:32:57,416 --> 00:32:59,583
with the Bitcoin defeat loans

1555
00:32:59,583 --> 00:33:00,083
is that you

1556
00:33:00,083 --> 00:33:01,541
have wildly volatile

1557
00:33:02,916 --> 00:33:04,125
collateral

1558
00:33:04,250 --> 00:33:05,041
that you can

1559
00:33:05,041 --> 00:33:06,250
get a margin call on

1560
00:33:06,375 --> 00:33:07,041
and that you have

1561
00:33:07,041 --> 00:33:08,250
counterparty risk.

1562
00:33:08,375 --> 00:33:10,083
And so outside

1563
00:33:10,083 --> 00:33:11,333
of the first 48 hours

1564
00:33:11,333 --> 00:33:12,958
of the the loan contract,

1565
00:33:12,958 --> 00:33:14,208
where you've got your Bitcoin

1566
00:33:14,208 --> 00:33:15,416
sitting in escrow,

1567
00:33:15,833 --> 00:33:17,208
there is no counterparty risk

1568
00:33:17,208 --> 00:33:18,250
because you've effectively

1569
00:33:18,250 --> 00:33:19,708
got back what you put in.

1570
00:33:20,208 --> 00:33:22,333
And we spent a lot of time

1571
00:33:22,333 --> 00:33:23,541
and money

1572
00:33:23,541 --> 00:33:25,375
on legal,

1573
00:33:25,500 --> 00:33:26,791
to ensure

1574
00:33:26,791 --> 00:33:27,958
that the contract

1575
00:33:27,958 --> 00:33:28,458
is structured

1576
00:33:28,458 --> 00:33:28,833
in a way

1577
00:33:28,833 --> 00:33:30,583
that there's no counterclaim

1578
00:33:30,583 --> 00:33:32,041
from a third party creditor

1579
00:33:32,041 --> 00:33:33,250
down the line.

1580
00:33:33,833 --> 00:33:34,916
And that's really important

1581
00:33:34,916 --> 00:33:36,416
because so the problem

1582
00:33:36,416 --> 00:33:36,833
that happened

1583
00:33:36,833 --> 00:33:38,541
with your block phone Celsius

1584
00:33:38,541 --> 00:33:39,708
in years gone by is,

1585
00:33:39,958 --> 00:33:40,958
is that

1586
00:33:40,958 --> 00:33:41,958
Bitcoin has put up there

1587
00:33:41,958 --> 00:33:43,041
bitcoin as collateral.

1588
00:33:43,041 --> 00:33:44,541
So you had $1 million loan,

1589
00:33:45,291 --> 00:33:46,083
you'd had to put up

1590
00:33:46,083 --> 00:33:47,916
$2 million of bitcoin.

1591
00:33:48,250 --> 00:33:49,708
And that got

1592
00:33:49,708 --> 00:33:50,875
your million dollar loan.

1593
00:33:51,208 --> 00:33:52,375
And what most people did

1594
00:33:52,375 --> 00:33:52,833
is they went

1595
00:33:52,833 --> 00:33:54,041
and bought Bitcoin.

1596
00:33:54,208 --> 00:33:55,041
And then to avoid

1597
00:33:55,041 --> 00:33:56,291
the fear of a margin call,

1598
00:33:56,291 --> 00:33:56,833
they took that

1599
00:33:56,833 --> 00:33:57,916
million dollars in Bitcoin

1600
00:33:57,916 --> 00:33:59,125
that they had just bought.

1601
00:33:59,125 --> 00:34:00,041
And they added that

1602
00:34:00,041 --> 00:34:00,833
to the collateral

1603
00:34:00,833 --> 00:34:01,583
of the security

1604
00:34:01,583 --> 00:34:02,583
that the lender was holding.

1605
00:34:02,583 --> 00:34:03,708
Now the lender

1606
00:34:03,708 --> 00:34:04,708
then Celsius or

1607
00:34:04,708 --> 00:34:06,208
BlockFi went bust.

1608
00:34:07,208 --> 00:34:07,708
Their

1609
00:34:07,708 --> 00:34:08,458
their debt

1610
00:34:08,458 --> 00:34:09,833
obligations or their assets

1611
00:34:09,833 --> 00:34:11,208
got sold off to third party

1612
00:34:11,208 --> 00:34:12,416
creditors.

1613
00:34:12,458 --> 00:34:13,541
You as the Bitcoin owner

1614
00:34:13,541 --> 00:34:14,250
who put your bitcoin

1615
00:34:14,250 --> 00:34:15,458
up as collateral,

1616
00:34:15,583 --> 00:34:16,791
they lost your bitcoin

1617
00:34:17,125 --> 00:34:18,125
and then they sold off

1618
00:34:18,125 --> 00:34:18,833
the obligation

1619
00:34:18,833 --> 00:34:19,583
that you had to them

1620
00:34:19,583 --> 00:34:20,750
to a third party credit.

1621
00:34:20,750 --> 00:34:21,875
And so now you've got to deal

1622
00:34:21,875 --> 00:34:23,125
with a third party creditor

1623
00:34:23,458 --> 00:34:24,416
who wants their million

1624
00:34:24,416 --> 00:34:25,791
dollars back, despite

1625
00:34:25,791 --> 00:34:26,666
the fact that they've lost

1626
00:34:26,666 --> 00:34:28,125
$3 million of your Bitcoin.

1627
00:34:28,791 --> 00:34:29,958
To me.

1628
00:34:30,208 --> 00:34:30,500
Yeah.

1629
00:34:30,500 --> 00:34:31,625
One of the first rules

1630
00:34:31,625 --> 00:34:33,083
of any advice

1631
00:34:33,083 --> 00:34:34,250
that we deliver to,

1632
00:34:34,333 --> 00:34:35,541
whether it's wealthy families

1633
00:34:35,541 --> 00:34:37,000
or bitcoiners is

1634
00:34:37,541 --> 00:34:38,291
it's not about

1635
00:34:38,291 --> 00:34:39,583
return on capital,

1636
00:34:39,583 --> 00:34:41,125
it's return of capital.

1637
00:34:41,541 --> 00:34:43,208
And so these legal structures

1638
00:34:43,208 --> 00:34:44,416
that we put in place

1639
00:34:44,708 --> 00:34:46,041
protect you in the event

1640
00:34:46,041 --> 00:34:46,583
that the,

1641
00:34:46,583 --> 00:34:47,958
the lender goes broke.

1642
00:34:48,541 --> 00:34:49,750
And that's really important.

1643
00:34:50,000 --> 00:34:50,666
There's going to be

1644
00:34:50,666 --> 00:34:51,666
no counterclaim

1645
00:34:51,666 --> 00:34:52,458
for the bitcoins

1646
00:34:52,458 --> 00:34:53,666
that you received.

1647
00:34:53,750 --> 00:34:54,791
And that is really,

1648
00:34:54,791 --> 00:34:55,375
really important.

1649
00:34:55,375 --> 00:34:56,583
So what I think is

1650
00:34:56,625 --> 00:34:57,291
really unique

1651
00:34:57,291 --> 00:34:58,458
is we've

1652
00:34:58,583 --> 00:34:59,833
created a loan product

1653
00:34:59,958 --> 00:35:01,666
that is very unique.

1654
00:35:01,750 --> 00:35:02,750
And when you first hear

1655
00:35:02,750 --> 00:35:04,041
about it, you're like, oh,

1656
00:35:04,041 --> 00:35:05,208
that doesn't make any sense.

1657
00:35:05,500 --> 00:35:06,583
And then you start

1658
00:35:06,583 --> 00:35:07,291
thinking about it

1659
00:35:07,291 --> 00:35:08,708
from a Bitcoin perspective

1660
00:35:08,708 --> 00:35:09,958
denominated in bitcoin.

1661
00:35:09,958 --> 00:35:11,166
And you think, oh,

1662
00:35:11,375 --> 00:35:12,625
okay, I understand this.

1663
00:35:12,625 --> 00:35:13,625
I think this makes sense.

1664
00:35:13,625 --> 00:35:16,583
And where I will say,

1665
00:35:16,583 --> 00:35:17,125
what I think

1666
00:35:17,125 --> 00:35:19,041
the ideal use case for this

1667
00:35:19,041 --> 00:35:20,208
loan product is

1668
00:35:20,333 --> 00:35:22,041
if you can find a,

1669
00:35:22,500 --> 00:35:23,333
an investment

1670
00:35:23,333 --> 00:35:24,916
that outperforms Bitcoin

1671
00:35:25,291 --> 00:35:26,500
plus 5%

1672
00:35:26,875 --> 00:35:28,041
is the hurdle rate

1673
00:35:28,333 --> 00:35:29,041
for whether or not

1674
00:35:29,041 --> 00:35:29,375
you'd want

1675
00:35:29,375 --> 00:35:30,583
to use this product.

1676
00:35:30,708 --> 00:35:31,875
Having said that,

1677
00:35:31,875 --> 00:35:32,750
it's also a very

1678
00:35:32,750 --> 00:35:33,666
dangerous product.

1679
00:35:33,666 --> 00:35:35,541
If you say, oh great, 5%,

1680
00:35:36,250 --> 00:35:36,958
interest

1681
00:35:36,958 --> 00:35:38,666
rate with a 95% loan,

1682
00:35:38,666 --> 00:35:40,083
I'm going to go and buy a car

1683
00:35:40,083 --> 00:35:41,958
or a sauna or whatever

1684
00:35:41,958 --> 00:35:42,416
you want to do

1685
00:35:42,416 --> 00:35:43,583
with your money.

1686
00:35:43,583 --> 00:35:44,166
That's going to be

1687
00:35:44,166 --> 00:35:45,416
the most expensive loan

1688
00:35:45,416 --> 00:35:46,083
you're ever going

1689
00:35:46,083 --> 00:35:46,666
to take out,

1690
00:35:46,666 --> 00:35:47,916
and you're going to lose it

1691
00:35:47,958 --> 00:35:48,916
on your Bitcoin.

1692
00:35:48,916 --> 00:35:51,208
And so this is where I think

1693
00:35:51,208 --> 00:35:51,583
and you know,

1694
00:35:51,583 --> 00:35:52,583
I do a really good job

1695
00:35:52,583 --> 00:35:53,958
of understanding

1696
00:35:53,958 --> 00:35:54,625
what the clients

1697
00:35:54,625 --> 00:35:55,833
are wanting to do with that

1698
00:35:56,333 --> 00:35:58,083
in order to determine

1699
00:35:58,083 --> 00:35:58,666
whether or not

1700
00:35:58,666 --> 00:35:59,875
it's a great fit for them.

1701
00:35:59,875 --> 00:36:01,125
Because I can tell you, we've

1702
00:36:01,458 --> 00:36:03,708
probably told more than half

1703
00:36:03,708 --> 00:36:04,416
of the people

1704
00:36:04,416 --> 00:36:05,125
inquiring, probably

1705
00:36:05,125 --> 00:36:06,291
more like 80%

1706
00:36:06,500 --> 00:36:07,333
that what

1707
00:36:07,333 --> 00:36:08,541
they're inquiring for.

1708
00:36:08,541 --> 00:36:09,833
It's not a good use case.

1709
00:36:10,291 --> 00:36:11,541
And the fundamental

1710
00:36:11,541 --> 00:36:12,875
premise of the Bitcoin

1711
00:36:12,875 --> 00:36:14,083
advisor is to help

1712
00:36:14,125 --> 00:36:15,500
get bitcoins off exchange

1713
00:36:15,708 --> 00:36:16,583
and help clients

1714
00:36:16,583 --> 00:36:17,750
get more Bitcoin.

1715
00:36:17,875 --> 00:36:19,041
And so we want to

1716
00:36:19,041 --> 00:36:20,291
use that loan product

1717
00:36:20,291 --> 00:36:21,791
in a way to get more bitcoin,

1718
00:36:21,791 --> 00:36:23,125
not to help clients lose it.

1719
00:36:23,125 --> 00:36:25,708
And so we've been very,

1720
00:36:25,708 --> 00:36:26,125
I think we've

1721
00:36:26,125 --> 00:36:26,791
been really good

1722
00:36:26,791 --> 00:36:27,416
at explaining

1723
00:36:27,416 --> 00:36:28,625
to clients the downside

1724
00:36:28,625 --> 00:36:29,791
of using such a product,

1725
00:36:29,791 --> 00:36:30,916
because it

1726
00:36:30,916 --> 00:36:32,291
with any financial position

1727
00:36:32,291 --> 00:36:33,958
there is risk and helping

1728
00:36:33,958 --> 00:36:34,875
explain to clients

1729
00:36:34,875 --> 00:36:35,458
what are the,

1730
00:36:35,458 --> 00:36:36,625
you know, the pros and cons

1731
00:36:36,625 --> 00:36:37,791
of pursuing

1732
00:36:37,916 --> 00:36:39,208
a product like this.

1733
00:36:39,208 --> 00:36:40,250
Yeah, absolutely.

1734
00:36:40,250 --> 00:36:42,000
And this timing

1735
00:36:42,083 --> 00:36:43,375
this timing,

1736
00:36:43,375 --> 00:36:44,958
the the Bitcoin price

1737
00:36:44,958 --> 00:36:46,166
also play into that.

1738
00:36:46,166 --> 00:36:48,208
Like for example, if you were

1739
00:36:48,208 --> 00:36:48,666
if a client

1740
00:36:48,666 --> 00:36:49,791
was to take this loan

1741
00:36:49,791 --> 00:36:51,000
at the top of the market

1742
00:36:51,000 --> 00:36:51,958
and then Bitcoin's

1743
00:36:51,958 --> 00:36:53,416
going down in price,

1744
00:36:53,666 --> 00:36:54,625
would that be

1745
00:36:54,625 --> 00:36:56,458
potentially the ideal timing?

1746
00:36:57,291 --> 00:36:58,166
Yes I would

1747
00:36:58,166 --> 00:36:59,666
if you want to short Bitcoin.

1748
00:37:00,583 --> 00:37:02,166
So if you think

1749
00:37:02,958 --> 00:37:03,625
if we went to

1750
00:37:03,625 --> 00:37:04,791
$1 billion tomorrow

1751
00:37:04,958 --> 00:37:05,583
you think

1752
00:37:05,583 --> 00:37:06,833
this is not sustainable,

1753
00:37:06,833 --> 00:37:07,875
we think it's going to be

1754
00:37:07,875 --> 00:37:09,625
coming back down to 200,000.

1755
00:37:10,375 --> 00:37:11,833
That might be an ideal time

1756
00:37:11,833 --> 00:37:13,250
to actually take a loan

1757
00:37:13,250 --> 00:37:14,458
out on your Bitcoin

1758
00:37:14,625 --> 00:37:16,750
and basically convert it

1759
00:37:16,791 --> 00:37:17,875
cash.

1760
00:37:17,875 --> 00:37:19,041
What's the price

1761
00:37:19,333 --> 00:37:20,583
know absolutely plummet.

1762
00:37:21,041 --> 00:37:22,041
And then you can buy

1763
00:37:22,041 --> 00:37:23,375
in back at 200,000

1764
00:37:23,375 --> 00:37:24,500
and you've effectively bought

1765
00:37:24,500 --> 00:37:25,708
for more Bitcoin

1766
00:37:25,708 --> 00:37:27,083
or four times more bitcoin

1767
00:37:27,083 --> 00:37:28,250
than you originally had.

1768
00:37:28,750 --> 00:37:30,125
So that would be

1769
00:37:30,125 --> 00:37:31,083
the ideal outcome.

1770
00:37:31,083 --> 00:37:31,708
Having said that,

1771
00:37:31,708 --> 00:37:33,083
you'd have to be very brave,

1772
00:37:33,708 --> 00:37:34,708
very clever.

1773
00:37:34,708 --> 00:37:36,208
And that's not something

1774
00:37:36,583 --> 00:37:37,916
that's in my wheelhouse.

1775
00:37:37,916 --> 00:37:38,958
I would never attempt that.

1776
00:37:38,958 --> 00:37:40,291
I'm I'm not smart enough

1777
00:37:40,291 --> 00:37:41,000
to do that.

1778
00:37:41,000 --> 00:37:41,916
So I love it.

1779
00:37:41,916 --> 00:37:43,291
I just when I was trying

1780
00:37:43,291 --> 00:37:44,583
to research this product,

1781
00:37:44,583 --> 00:37:46,625
I was also kind of asking

1782
00:37:46,625 --> 00:37:47,875
all sorts of weird questions.

1783
00:37:47,875 --> 00:37:49,083
I was grok

1784
00:37:49,083 --> 00:37:50,166
and,

1785
00:37:50,166 --> 00:37:51,000
I'm very curious

1786
00:37:51,000 --> 00:37:51,625
to know, Peter,

1787
00:37:51,625 --> 00:37:53,416
is this product available

1788
00:37:53,416 --> 00:37:54,666
only in Australia or is it

1789
00:37:54,666 --> 00:37:55,875
available worldwide?

1790
00:37:55,875 --> 00:37:57,833
Can anyone globally?

1791
00:37:58,375 --> 00:37:59,541
So this I'm glad

1792
00:37:59,541 --> 00:38:00,083
you said that,

1793
00:38:00,083 --> 00:38:01,250
because I've wondered

1794
00:38:01,250 --> 00:38:02,708
if one of your clients

1795
00:38:02,708 --> 00:38:03,625
might potentially

1796
00:38:03,625 --> 00:38:04,791
be Michael Saylor,

1797
00:38:05,416 --> 00:38:06,208
and then one of

1798
00:38:06,208 --> 00:38:07,041
the rabbit holes

1799
00:38:07,041 --> 00:38:07,708
that I went down,

1800
00:38:07,708 --> 00:38:08,166
I was like,

1801
00:38:08,166 --> 00:38:08,708
would this

1802
00:38:08,708 --> 00:38:10,041
be insider trading?

1803
00:38:10,041 --> 00:38:11,583
And turns out he wouldn't.

1804
00:38:11,583 --> 00:38:12,166
But he would

1805
00:38:12,166 --> 00:38:13,791
have to obviously prove

1806
00:38:14,125 --> 00:38:15,375
and demonstrate that.

1807
00:38:15,375 --> 00:38:16,708
But yeah, he didn't use

1808
00:38:16,708 --> 00:38:17,958
any insider knowledge

1809
00:38:17,958 --> 00:38:19,375
to potentially leverage

1810
00:38:19,375 --> 00:38:20,541
this product.

1811
00:38:20,541 --> 00:38:21,208
But yeah,

1812
00:38:23,166 --> 00:38:24,041
this is what I do

1813
00:38:24,041 --> 00:38:25,250
in my spare time.

1814
00:38:25,583 --> 00:38:26,500
That's a great question.

1815
00:38:26,500 --> 00:38:27,833
I'm glad you brought that up,

1816
00:38:27,833 --> 00:38:29,541
because I think

1817
00:38:31,208 --> 00:38:32,541
this loan product has got

1818
00:38:32,541 --> 00:38:34,166
a lot of use cases for me.

1819
00:38:35,083 --> 00:38:35,666
There are probably

1820
00:38:35,666 --> 00:38:36,958
two major use cases.

1821
00:38:36,958 --> 00:38:38,541
The first is, I think people

1822
00:38:38,541 --> 00:38:39,708
who think that they can

1823
00:38:39,708 --> 00:38:40,916
outperform Bitcoin

1824
00:38:41,166 --> 00:38:42,500
by investing

1825
00:38:42,500 --> 00:38:43,458
in the treasury companies.

1826
00:38:43,458 --> 00:38:44,125
I think there is

1827
00:38:44,125 --> 00:38:45,291
an opportunity,

1828
00:38:45,416 --> 00:38:46,958
a small window of opportunity

1829
00:38:46,958 --> 00:38:48,250
with a huge amount of risk.

1830
00:38:48,625 --> 00:38:49,208
But there is an

1831
00:38:49,208 --> 00:38:50,416
opportunity there.

1832
00:38:50,458 --> 00:38:51,333
And then the other is

1833
00:38:51,333 --> 00:38:53,000
if we have a really strong

1834
00:38:53,000 --> 00:38:54,708
bull market and it's clear

1835
00:38:54,708 --> 00:38:55,166
that there's

1836
00:38:55,166 --> 00:38:56,333
just a whole host of,

1837
00:38:58,291 --> 00:38:59,500
I guess, air

1838
00:38:59,541 --> 00:39:00,250
in the market,

1839
00:39:00,250 --> 00:39:01,833
that really needs a big drop,

1840
00:39:02,291 --> 00:39:02,666
then it's

1841
00:39:02,666 --> 00:39:03,041
probably an

1842
00:39:03,041 --> 00:39:04,250
ideal product to do that

1843
00:39:04,250 --> 00:39:05,208
because

1844
00:39:05,208 --> 00:39:06,416
you get to go to cash.

1845
00:39:06,875 --> 00:39:07,833
It's very little

1846
00:39:07,833 --> 00:39:09,083
to go to cash from

1847
00:39:09,083 --> 00:39:10,291
an expense perspective.

1848
00:39:10,583 --> 00:39:11,500
And then you get to,

1849
00:39:11,500 --> 00:39:12,625
you know, if it drops 80%,

1850
00:39:12,625 --> 00:39:14,041
you can buy back four times

1851
00:39:14,041 --> 00:39:14,750
the amount of Bitcoin

1852
00:39:14,750 --> 00:39:16,083
that you initially sold.

1853
00:39:16,083 --> 00:39:17,833
So I'll look

1854
00:39:17,833 --> 00:39:18,500
at that and think,

1855
00:39:19,583 --> 00:39:20,166
if you can do

1856
00:39:20,166 --> 00:39:21,500
that, fantastic.

1857
00:39:21,500 --> 00:39:23,458
And if you if you can then

1858
00:39:24,083 --> 00:39:24,708
stay humble

1859
00:39:24,708 --> 00:39:25,458
and stack sets

1860
00:39:25,458 --> 00:39:26,916
and just get as much Bitcoin

1861
00:39:26,916 --> 00:39:27,416
as you can.

1862
00:39:27,416 --> 00:39:27,708
And that's

1863
00:39:27,708 --> 00:39:28,916
the ultimate strategy.

1864
00:39:29,541 --> 00:39:30,416
Yeah.

1865
00:39:30,416 --> 00:39:31,541
Yeah absolutely.

1866
00:39:31,541 --> 00:39:32,666
And I'm still in that camp

1867
00:39:32,666 --> 00:39:33,333
where I'm like I'm

1868
00:39:33,333 --> 00:39:34,583
in a accumulation zone

1869
00:39:34,583 --> 00:39:35,125
right now.

1870
00:39:35,125 --> 00:39:36,041
I'm very interested

1871
00:39:36,041 --> 00:39:36,541
in bitcoin

1872
00:39:36,541 --> 00:39:37,583
collateralized loans.

1873
00:39:37,583 --> 00:39:38,458
But I want to spend

1874
00:39:38,458 --> 00:39:39,791
a good amount of time

1875
00:39:39,791 --> 00:39:40,458
learning about it

1876
00:39:40,458 --> 00:39:41,666
before I do anything.

1877
00:39:42,083 --> 00:39:43,291
Yeah.

1878
00:39:43,958 --> 00:39:44,541
But I think

1879
00:39:44,541 --> 00:39:46,166
I also saw,

1880
00:39:46,166 --> 00:39:47,416
in one of your posts as well,

1881
00:39:47,416 --> 00:39:48,166
that this is the

1882
00:39:48,166 --> 00:39:49,375
ideal product for

1883
00:39:49,375 --> 00:39:50,416
someone who's got Bitcoin

1884
00:39:50,416 --> 00:39:52,166
with a low cost base as well.

1885
00:39:52,916 --> 00:39:53,541
Can you explain that

1886
00:39:53,541 --> 00:39:54,750
a little bit more?

1887
00:39:54,875 --> 00:39:55,166
Yeah.

1888
00:39:55,166 --> 00:39:56,333
I think,

1889
00:39:57,708 --> 00:39:58,958
clients with a low cost base.

1890
00:39:58,958 --> 00:40:00,458
And let me explain.

1891
00:40:00,458 --> 00:40:02,041
So the use case of that is,

1892
00:40:02,208 --> 00:40:03,250
we come across

1893
00:40:03,250 --> 00:40:04,791
a whole host of clients who,

1894
00:40:04,833 --> 00:40:06,416
and maybe og

1895
00:40:06,416 --> 00:40:06,958
bitcoiners

1896
00:40:06,958 --> 00:40:07,500
have been around

1897
00:40:07,500 --> 00:40:08,708
for a long time.

1898
00:40:08,958 --> 00:40:09,416
They've got

1899
00:40:10,583 --> 00:40:11,125
really low

1900
00:40:11,125 --> 00:40:12,333
cost base.

1901
00:40:12,333 --> 00:40:13,333
But the catch with that

1902
00:40:13,333 --> 00:40:14,583
is having a low cost base.

1903
00:40:14,583 --> 00:40:15,625
Bitcoin is not only

1904
00:40:15,625 --> 00:40:16,625
to have a low cost base,

1905
00:40:16,625 --> 00:40:17,833
but they also have,

1906
00:40:17,875 --> 00:40:19,291
the bitcoin

1907
00:40:19,291 --> 00:40:20,500
in the wrong entity.

1908
00:40:20,500 --> 00:40:21,458
So in Australia

1909
00:40:21,458 --> 00:40:22,791
you can have family trust

1910
00:40:22,791 --> 00:40:23,958
companies

1911
00:40:24,083 --> 00:40:25,500
or superannuation funds.

1912
00:40:26,250 --> 00:40:26,833
In America

1913
00:40:26,833 --> 00:40:28,041
you can have irrevocable

1914
00:40:28,041 --> 00:40:29,333
trust or offshore trusts.

1915
00:40:29,541 --> 00:40:30,750
In the UK there's

1916
00:40:30,750 --> 00:40:32,000
something similar again.

1917
00:40:32,000 --> 00:40:32,875
So each different

1918
00:40:32,875 --> 00:40:34,041
jurisdiction has its

1919
00:40:34,541 --> 00:40:35,208
equivalent

1920
00:40:35,208 --> 00:40:36,416
or equivalency of that.

1921
00:40:36,791 --> 00:40:37,708
And early

1922
00:40:37,708 --> 00:40:38,875
Bitcoin has got Bitcoin

1923
00:40:38,875 --> 00:40:39,833
at a very early price.

1924
00:40:39,833 --> 00:40:40,708
But they weren't thinking

1925
00:40:40,708 --> 00:40:41,541
that this was going to go

1926
00:40:41,541 --> 00:40:42,708
to $1 million a coin.

1927
00:40:42,958 --> 00:40:43,333
And they were

1928
00:40:43,333 --> 00:40:45,083
going to sit there with tens,

1929
00:40:45,083 --> 00:40:45,708
if not hundreds

1930
00:40:45,708 --> 00:40:46,166
or millions

1931
00:40:46,166 --> 00:40:47,375
of billions of dollars.

1932
00:40:47,708 --> 00:40:49,500
And it's sitting in

1933
00:40:49,500 --> 00:40:51,750
a structure that is both tax,

1934
00:40:51,750 --> 00:40:53,208
well,

1935
00:40:53,541 --> 00:40:54,041
ineffective

1936
00:40:54,041 --> 00:40:55,041
from a tax perspective.

1937
00:40:55,041 --> 00:40:55,916
And it doesn't provide

1938
00:40:55,916 --> 00:40:57,083
the asset protection

1939
00:40:57,500 --> 00:40:58,708
that's needed.

1940
00:40:58,916 --> 00:40:59,625
All of a sudden,

1941
00:40:59,625 --> 00:41:00,833
this loan product

1942
00:41:00,833 --> 00:41:02,958
allows people to shift

1943
00:41:03,625 --> 00:41:04,458
that asset

1944
00:41:04,458 --> 00:41:05,541
into another entity,

1945
00:41:05,541 --> 00:41:06,791
into another top structure.

1946
00:41:06,791 --> 00:41:08,250
And this is where,

1947
00:41:09,166 --> 00:41:09,875
my background

1948
00:41:09,875 --> 00:41:11,083
in estate planning

1949
00:41:11,375 --> 00:41:13,958
and structuring, trusts

1950
00:41:13,958 --> 00:41:15,166
and the like for clients

1951
00:41:15,333 --> 00:41:16,250
is really valuable

1952
00:41:16,250 --> 00:41:17,041
because we can

1953
00:41:17,041 --> 00:41:17,958
effectively shift

1954
00:41:17,958 --> 00:41:19,208
the value of these assets

1955
00:41:19,208 --> 00:41:20,416
to another entity.

1956
00:41:20,833 --> 00:41:22,041
We without a

1957
00:41:22,041 --> 00:41:23,375
major tax consequence

1958
00:41:23,541 --> 00:41:26,125
and most importantly, though,

1959
00:41:26,125 --> 00:41:27,416
about the tax consequence,

1960
00:41:27,416 --> 00:41:28,375
you're not avoiding it.

1961
00:41:28,375 --> 00:41:29,541
You're deferring the tax

1962
00:41:29,541 --> 00:41:30,166
payable on it.

1963
00:41:30,166 --> 00:41:31,375
It's all once payable.

1964
00:41:31,666 --> 00:41:32,708
And to do anything

1965
00:41:32,708 --> 00:41:34,041
other than that is illegal.

1966
00:41:34,041 --> 00:41:35,541
We're not trying to do that

1967
00:41:35,541 --> 00:41:36,791
in any way, shape or form.

1968
00:41:37,291 --> 00:41:38,125
But coupled with

1969
00:41:38,125 --> 00:41:38,916
the opportunity

1970
00:41:38,916 --> 00:41:40,166
inside the bitcoin, treasury

1971
00:41:40,166 --> 00:41:41,375
company

1972
00:41:41,458 --> 00:41:42,291
or companies,

1973
00:41:42,291 --> 00:41:43,541
you can take a very small

1974
00:41:43,541 --> 00:41:44,750
portion of your stack.

1975
00:41:45,083 --> 00:41:46,791
And if you time it right,

1976
00:41:46,916 --> 00:41:48,083
you can actually double

1977
00:41:48,083 --> 00:41:49,083
the size of your stack.

1978
00:41:49,083 --> 00:41:50,291
So you have a,

1979
00:41:50,750 --> 00:41:51,208
a stack

1980
00:41:51,208 --> 00:41:51,666
that's sitting

1981
00:41:51,666 --> 00:41:52,375
in the structures

1982
00:41:52,375 --> 00:41:53,583
that give you the best,

1983
00:41:53,958 --> 00:41:55,541
and most tax effective

1984
00:41:55,708 --> 00:41:56,958
use of your Bitcoin

1985
00:41:56,958 --> 00:41:58,375
as well as an asset

1986
00:41:58,375 --> 00:41:59,583
protected bitcoin.

1987
00:41:59,750 --> 00:42:00,666
And then you've got your

1988
00:42:00,666 --> 00:42:01,916
original stack as well.

1989
00:42:01,916 --> 00:42:03,166
So I look at this and think,

1990
00:42:03,625 --> 00:42:05,125
this is a very unique product

1991
00:42:05,125 --> 00:42:06,458
that has the ability to help

1992
00:42:06,458 --> 00:42:08,000
a lot of bitcoiners

1993
00:42:08,000 --> 00:42:09,250
shift those assets

1994
00:42:09,250 --> 00:42:10,458
into the right structures.

1995
00:42:11,750 --> 00:42:12,208
Without a

1996
00:42:12,208 --> 00:42:13,375
major consequence.

1997
00:42:14,208 --> 00:42:14,708
Yeah.

1998
00:42:14,708 --> 00:42:15,458
Interesting.

1999
00:42:15,458 --> 00:42:16,666
That's very interesting.

2000
00:42:17,083 --> 00:42:18,416
But you also

2001
00:42:18,416 --> 00:42:19,750
mentioned estate planning,

2002
00:42:19,750 --> 00:42:21,083
and I wanted to touch on this

2003
00:42:21,083 --> 00:42:21,500
as well.

2004
00:42:21,500 --> 00:42:21,958
It's one of

2005
00:42:21,958 --> 00:42:23,458
the key things that you do

2006
00:42:23,458 --> 00:42:24,666
with your clients.

2007
00:42:24,958 --> 00:42:26,333
I'm keen to know

2008
00:42:26,333 --> 00:42:27,625
a little bit like high level.

2009
00:42:27,625 --> 00:42:28,208
What are some of

2010
00:42:28,208 --> 00:42:28,916
these strategies

2011
00:42:28,916 --> 00:42:29,333
and how do

2012
00:42:29,333 --> 00:42:30,250
those conversations

2013
00:42:30,250 --> 00:42:30,958
typically go?

2014
00:42:30,958 --> 00:42:32,875
Because I, I feel that

2015
00:42:32,875 --> 00:42:34,041
a lot of people

2016
00:42:34,333 --> 00:42:35,333
don't think about some of

2017
00:42:35,333 --> 00:42:37,708
those more morbid topics,

2018
00:42:37,708 --> 00:42:38,916
but they're so important.

2019
00:42:39,791 --> 00:42:41,333
Yeah, I agree, look,

2020
00:42:41,333 --> 00:42:41,958
no one likes

2021
00:42:41,958 --> 00:42:42,750
talking about death

2022
00:42:42,750 --> 00:42:43,791
and there's nothing,

2023
00:42:43,791 --> 00:42:44,916
nothing fun about it

2024
00:42:44,916 --> 00:42:45,416
whatsoever.

2025
00:42:45,416 --> 00:42:47,125
It's usually a very awkward

2026
00:42:47,125 --> 00:42:48,291
conversation.

2027
00:42:48,416 --> 00:42:49,458
And,

2028
00:42:49,458 --> 00:42:50,666
and the difficulty is

2029
00:42:50,666 --> 00:42:52,000
with Bitcoin anyway, is

2030
00:42:52,000 --> 00:42:53,208
that Bitcoin is

2031
00:42:54,041 --> 00:42:55,541
a digital instrument,

2032
00:42:56,125 --> 00:42:57,333
and there's no

2033
00:42:57,416 --> 00:42:57,958
in the event

2034
00:42:57,958 --> 00:42:58,875
that something goes wrong

2035
00:42:58,875 --> 00:42:59,333
or you don't

2036
00:42:59,333 --> 00:43:00,541
securely transfer your

2037
00:43:00,541 --> 00:43:01,583
Bitcoin on your death,

2038
00:43:02,833 --> 00:43:03,625
there's no appeal

2039
00:43:03,625 --> 00:43:04,833
to authority.

2040
00:43:05,000 --> 00:43:05,791
There's no legal

2041
00:43:05,791 --> 00:43:07,083
decree, there's no government

2042
00:43:07,083 --> 00:43:08,541
mandate that you can

2043
00:43:09,708 --> 00:43:10,833
wangle your way back

2044
00:43:10,833 --> 00:43:12,041
to get those bitcoins.

2045
00:43:12,416 --> 00:43:13,333
Once they are lost,

2046
00:43:13,333 --> 00:43:14,541
they are lost for good.

2047
00:43:14,833 --> 00:43:15,416
There's no way

2048
00:43:15,416 --> 00:43:16,125
to recover them.

2049
00:43:16,125 --> 00:43:17,333
And this is where,

2050
00:43:18,750 --> 00:43:21,333
as as an investment advisor

2051
00:43:21,333 --> 00:43:22,708
who has a fiduciary duty

2052
00:43:22,708 --> 00:43:23,916
to their client.

2053
00:43:23,916 --> 00:43:24,833
The number one thing

2054
00:43:24,833 --> 00:43:26,416
that we do

2055
00:43:26,416 --> 00:43:27,833
is obviously protect

2056
00:43:27,833 --> 00:43:29,208
the the bitcoin,

2057
00:43:29,208 --> 00:43:30,708
but make sure that that

2058
00:43:30,750 --> 00:43:32,041
Bitcoin is recoverable

2059
00:43:32,041 --> 00:43:33,166
in the event of death

2060
00:43:33,166 --> 00:43:34,416
or any other mishap.

2061
00:43:35,125 --> 00:43:35,541
And that's

2062
00:43:35,541 --> 00:43:36,583
how we've developed that

2063
00:43:36,583 --> 00:43:37,875
collaborative security model

2064
00:43:37,875 --> 00:43:38,875
to ensure that there's

2065
00:43:38,875 --> 00:43:40,083
no single point of failure.

2066
00:43:40,541 --> 00:43:41,416
Because the last thing

2067
00:43:41,416 --> 00:43:41,875
I want to do

2068
00:43:41,875 --> 00:43:43,041
is be on the hook for,

2069
00:43:43,041 --> 00:43:43,458
on the hook

2070
00:43:43,458 --> 00:43:44,125
for a client

2071
00:43:44,125 --> 00:43:45,041
who's self-custody

2072
00:43:45,041 --> 00:43:45,625
their Bitcoin

2073
00:43:45,625 --> 00:43:46,375
and they turn around

2074
00:43:46,375 --> 00:43:47,541
and say, oh, will you,

2075
00:43:48,083 --> 00:43:49,250
you tell me how to do it?

2076
00:43:49,250 --> 00:43:50,541
But you didn't tell me X, Y,

2077
00:43:50,541 --> 00:43:51,500
or Z. I'm going to sue you.

2078
00:43:52,500 --> 00:43:53,375
And that's an

2079
00:43:53,375 --> 00:43:55,250
unacceptable on two parts.

2080
00:43:55,250 --> 00:43:56,000
Firstly, the client

2081
00:43:56,000 --> 00:43:57,333
losing Bitcoin and secondly

2082
00:43:57,333 --> 00:43:58,666
being held responsible for it

2083
00:43:59,083 --> 00:44:01,083
wasn't an acceptable

2084
00:44:03,083 --> 00:44:03,916
Wasn't acceptable

2085
00:44:03,916 --> 00:44:04,625
business model

2086
00:44:04,625 --> 00:44:05,708
that we want to do.

2087
00:44:05,708 --> 00:44:07,125
Hence the reason why we did

2088
00:44:07,666 --> 00:44:09,291
the collaborative security

2089
00:44:09,291 --> 00:44:09,791
to ensure

2090
00:44:09,791 --> 00:44:10,916
no single point of failure.

2091
00:44:10,916 --> 00:44:11,625
And I'm really proud

2092
00:44:11,625 --> 00:44:12,000
to say

2093
00:44:12,000 --> 00:44:13,291
that we'd never lost

2094
00:44:13,291 --> 00:44:13,875
a Bitcoin.

2095
00:44:13,875 --> 00:44:15,541
Sadly, we lost,

2096
00:44:16,291 --> 00:44:17,500
our fourth client

2097
00:44:18,000 --> 00:44:18,416
sadly

2098
00:44:18,416 --> 00:44:19,708
passed away who's

2099
00:44:20,125 --> 00:44:21,333
going through this process?

2100
00:44:21,333 --> 00:44:22,458
And hopefully I'll catch up

2101
00:44:22,458 --> 00:44:24,041
with their family next week

2102
00:44:24,041 --> 00:44:25,916
and just the most

2103
00:44:25,916 --> 00:44:27,125
do lots of semis

2104
00:44:27,208 --> 00:44:28,166
you can imagine.

2105
00:44:28,166 --> 00:44:29,666
But,

2106
00:44:29,666 --> 00:44:29,916
you know,

2107
00:44:29,916 --> 00:44:30,416
we're going

2108
00:44:30,416 --> 00:44:31,166
through the process

2109
00:44:31,166 --> 00:44:31,916
of transferring

2110
00:44:31,916 --> 00:44:33,208
that to the executor

2111
00:44:33,208 --> 00:44:33,875
of the estate

2112
00:44:33,875 --> 00:44:34,791
and then distributing

2113
00:44:34,791 --> 00:44:35,375
that to all the

2114
00:44:35,375 --> 00:44:37,083
beneficiaries, the, you know,

2115
00:44:37,708 --> 00:44:38,333
all the family

2116
00:44:38,333 --> 00:44:39,500
members involved.

2117
00:44:39,625 --> 00:44:40,750
We've done that three times

2118
00:44:40,750 --> 00:44:41,333
previously.

2119
00:44:41,333 --> 00:44:41,708
We haven't

2120
00:44:41,708 --> 00:44:42,958
lost a single Satoshi,

2121
00:44:42,958 --> 00:44:44,250
and we're about to do that

2122
00:44:44,250 --> 00:44:45,083
for the fourth time.

2123
00:44:45,083 --> 00:44:46,250
And this is where

2124
00:44:46,250 --> 00:44:47,250
when constructing

2125
00:44:47,250 --> 00:44:49,500
those models for Bitcoin is

2126
00:44:49,833 --> 00:44:50,666
where all of that

2127
00:44:50,666 --> 00:44:51,416
not your keys,

2128
00:44:51,416 --> 00:44:52,625
not your coins.

2129
00:44:52,708 --> 00:44:53,666
And a lot of this file

2130
00:44:53,666 --> 00:44:56,083
to think about us actually

2131
00:44:56,083 --> 00:44:57,125
being the single point

2132
00:44:57,125 --> 00:44:57,583
of fire

2133
00:44:57,583 --> 00:44:58,916
in our self-custody set up.

2134
00:44:59,750 --> 00:45:00,416
And that's

2135
00:45:00,416 --> 00:45:01,791
a very difficult thing

2136
00:45:01,791 --> 00:45:02,666
to look in the mirror

2137
00:45:02,666 --> 00:45:03,958
and think, have

2138
00:45:03,958 --> 00:45:05,125
I solved that problem?

2139
00:45:05,333 --> 00:45:06,625
That if I'm no longer here

2140
00:45:06,708 --> 00:45:08,250
and my family recover, that

2141
00:45:09,083 --> 00:45:09,666
when you've got

2142
00:45:09,666 --> 00:45:10,875
tens of thousands or hundreds

2143
00:45:10,875 --> 00:45:11,791
of thousands of dollars

2144
00:45:11,791 --> 00:45:13,000
in Bitcoin,

2145
00:45:13,333 --> 00:45:15,041
no biggie, you've lost it.

2146
00:45:15,041 --> 00:45:16,250
Too bad. Move on.

2147
00:45:16,666 --> 00:45:18,333
But when your entire family's

2148
00:45:18,333 --> 00:45:19,916
net wealth is in Bitcoin,

2149
00:45:20,166 --> 00:45:20,916
or alternatively,

2150
00:45:20,916 --> 00:45:22,250
makes up more than 50%

2151
00:45:22,250 --> 00:45:23,083
of your net assets,

2152
00:45:24,208 --> 00:45:25,166
making sure that you've

2153
00:45:25,166 --> 00:45:26,333
got a proven system

2154
00:45:26,333 --> 00:45:26,958
and you can

2155
00:45:26,958 --> 00:45:27,958
demonstrably prove

2156
00:45:27,958 --> 00:45:29,000
you don't have to trust.

2157
00:45:29,000 --> 00:45:30,250
You can actually verify

2158
00:45:30,250 --> 00:45:30,958
that the system

2159
00:45:30,958 --> 00:45:31,750
you've got works.

2160
00:45:31,750 --> 00:45:32,458
And this is what

2161
00:45:32,458 --> 00:45:33,333
we show clients

2162
00:45:33,333 --> 00:45:34,541
when we go through it,

2163
00:45:34,875 --> 00:45:36,083
then that is a

2164
00:45:37,458 --> 00:45:38,333
for the clients

2165
00:45:38,333 --> 00:45:38,916
who are not

2166
00:45:38,916 --> 00:45:40,041
native bitcoiners,

2167
00:45:40,041 --> 00:45:41,333
that is a huge unlock

2168
00:45:41,333 --> 00:45:43,166
for them because once

2169
00:45:43,166 --> 00:45:44,333
they see that

2170
00:45:44,458 --> 00:45:45,208
their partners

2171
00:45:45,208 --> 00:45:46,375
not gonna lose their bitcoin

2172
00:45:46,375 --> 00:45:47,833
and the person receiving

2173
00:45:47,833 --> 00:45:48,750
it doesn't have to

2174
00:45:48,750 --> 00:45:49,958
learn about bitcoin,

2175
00:45:50,125 --> 00:45:51,000
which is usually

2176
00:45:51,000 --> 00:45:52,041
the big prohibition

2177
00:45:52,041 --> 00:45:53,208
on getting more bitcoin,

2178
00:45:53,416 --> 00:45:54,750
then that's a

2179
00:45:54,750 --> 00:45:56,125
huge mental unlock

2180
00:45:56,458 --> 00:45:57,458
to help the family

2181
00:45:57,458 --> 00:45:58,666
get more bitcoin,

2182
00:45:59,000 --> 00:46:00,708
because the non bitcoin in

2183
00:46:00,708 --> 00:46:01,166
the family

2184
00:46:01,166 --> 00:46:02,291
is no longer responsible

2185
00:46:02,291 --> 00:46:03,500
for the recovery of it,

2186
00:46:03,750 --> 00:46:04,916
the bitcoin in the family

2187
00:46:04,916 --> 00:46:06,083
has outsourced

2188
00:46:06,208 --> 00:46:07,291
their responsibility

2189
00:46:07,291 --> 00:46:08,500
to us.

2190
00:46:08,625 --> 00:46:10,208
We show the family that how

2191
00:46:10,208 --> 00:46:10,583
this is

2192
00:46:10,583 --> 00:46:11,041
how you're going

2193
00:46:11,041 --> 00:46:12,250
to recover it.

2194
00:46:12,333 --> 00:46:13,833
And then once they know

2195
00:46:13,833 --> 00:46:14,625
they can recover it,

2196
00:46:14,625 --> 00:46:15,791
they can't lose it.

2197
00:46:16,041 --> 00:46:17,250
Then there's the

2198
00:46:17,333 --> 00:46:18,541
implicit endorsement

2199
00:46:18,541 --> 00:46:19,750
from the rest of the family

2200
00:46:19,833 --> 00:46:20,458
for the Bitcoin

2201
00:46:20,458 --> 00:46:21,625
to go and buy more Bitcoin.

2202
00:46:21,750 --> 00:46:22,666
And at the end of the day,

2203
00:46:22,666 --> 00:46:23,875
that job is just to help

2204
00:46:23,875 --> 00:46:25,041
clients get more Bitcoin.

2205
00:46:25,458 --> 00:46:26,583
And this is a service

2206
00:46:26,583 --> 00:46:27,375
that helps them do that.

2207
00:46:28,541 --> 00:46:30,500
Yeah yeah I I'm

2208
00:46:30,708 --> 00:46:31,583
I fully agree

2209
00:46:31,583 --> 00:46:33,000
that the biggest risk in

2210
00:46:33,000 --> 00:46:34,791
Bitcoin is the self-custody

2211
00:46:35,250 --> 00:46:35,750
aspect.

2212
00:46:35,750 --> 00:46:36,333
Most people

2213
00:46:36,333 --> 00:46:37,458
think it's volatility.

2214
00:46:37,458 --> 00:46:37,958
But you know

2215
00:46:37,958 --> 00:46:38,708
if you're a Bitcoin

2216
00:46:38,708 --> 00:46:40,250
and you think self-custody

2217
00:46:40,250 --> 00:46:40,916
is the one thing

2218
00:46:40,916 --> 00:46:42,125
you need to get right,

2219
00:46:42,291 --> 00:46:43,583
and even though like I'm

2220
00:46:43,583 --> 00:46:45,083
a bitcoin and I self-custody

2221
00:46:45,125 --> 00:46:46,375
does stress me out

2222
00:46:46,375 --> 00:46:47,583
so much,

2223
00:46:47,791 --> 00:46:49,375
it stresses me out

2224
00:46:49,375 --> 00:46:50,541
more than anything.

2225
00:46:50,541 --> 00:46:51,875
Every time the price like

2226
00:46:51,875 --> 00:46:53,208
there's a ten K candle

2227
00:46:53,208 --> 00:46:53,708
going up,

2228
00:46:53,708 --> 00:46:54,083
I was like,

2229
00:46:54,083 --> 00:46:54,958
why is it still there?

2230
00:46:54,958 --> 00:46:56,166
And I'm checking

2231
00:46:56,208 --> 00:46:56,875
it's still there.

2232
00:46:56,875 --> 00:46:57,833
So yeah,

2233
00:46:57,833 --> 00:46:59,916
I think collaborative custody

2234
00:46:59,916 --> 00:47:00,708
is a really

2235
00:47:00,708 --> 00:47:02,125
interesting model.

2236
00:47:02,125 --> 00:47:03,375
And do you think this is

2237
00:47:03,375 --> 00:47:04,583
kind of where the future is

2238
00:47:04,583 --> 00:47:05,750
going to be

2239
00:47:06,500 --> 00:47:07,250
in Bitcoin,

2240
00:47:07,250 --> 00:47:08,541
like more businesses

2241
00:47:08,541 --> 00:47:09,750
doing this sort of stuff?

2242
00:47:10,458 --> 00:47:10,791
I think

2243
00:47:10,791 --> 00:47:12,000
without a shadow of a doubt,

2244
00:47:12,000 --> 00:47:13,250
because it's a technology

2245
00:47:13,250 --> 00:47:14,583
that it's

2246
00:47:14,583 --> 00:47:15,791
the only asset class

2247
00:47:15,791 --> 00:47:16,583
that lends itself

2248
00:47:16,583 --> 00:47:17,791
to thinking able to do this.

2249
00:47:18,083 --> 00:47:19,041
And I can tell you

2250
00:47:19,041 --> 00:47:20,125
from a whole range

2251
00:47:20,125 --> 00:47:20,958
of different reasons,

2252
00:47:22,000 --> 00:47:22,958
this multi-sig

2253
00:47:22,958 --> 00:47:24,333
collaborative security model

2254
00:47:24,333 --> 00:47:25,958
is an absolute

2255
00:47:26,583 --> 00:47:27,791
game changer.

2256
00:47:27,791 --> 00:47:28,583
From an asset

2257
00:47:28,583 --> 00:47:29,666
protection perspective,

2258
00:47:29,666 --> 00:47:30,833
I think it's

2259
00:47:31,000 --> 00:47:32,125
wildly beneficial.

2260
00:47:32,125 --> 00:47:33,333
One of, you know,

2261
00:47:33,625 --> 00:47:35,083
Bitcoin's huge concerns

2262
00:47:35,083 --> 00:47:37,250
is another 6102 style attack

2263
00:47:37,666 --> 00:47:38,750
where the government comes in

2264
00:47:38,750 --> 00:47:39,958
and just takes a Bitcoin.

2265
00:47:40,583 --> 00:47:41,583
One of the beautiful things

2266
00:47:41,583 --> 00:47:42,333
about what

2267
00:47:42,333 --> 00:47:43,375
what we do at the Bitcoin

2268
00:47:43,375 --> 00:47:44,666
Advisor is we've got clients

2269
00:47:44,666 --> 00:47:45,833
all over the globe.

2270
00:47:45,833 --> 00:47:47,166
We've got,

2271
00:47:48,708 --> 00:47:49,958
when clients work with us,

2272
00:47:50,041 --> 00:47:51,416
we typically have a key

2273
00:47:51,416 --> 00:47:52,250
set up with

2274
00:47:52,250 --> 00:47:53,541
where our keys are in three

2275
00:47:53,541 --> 00:47:55,333
different jurisdictions.

2276
00:47:56,250 --> 00:47:58,541
And so to actually suffer

2277
00:47:58,541 --> 00:48:00,583
a 6102 style attack

2278
00:48:00,583 --> 00:48:01,458
where the government comes

2279
00:48:01,458 --> 00:48:02,666
and takes your bitcoin,

2280
00:48:03,083 --> 00:48:03,708
the client's

2281
00:48:03,708 --> 00:48:04,625
not capable of

2282
00:48:04,625 --> 00:48:05,500
moving the Bitcoin.

2283
00:48:05,500 --> 00:48:06,416
If the government came

2284
00:48:06,416 --> 00:48:07,625
and said that

2285
00:48:08,041 --> 00:48:09,041
because there's keys

2286
00:48:09,041 --> 00:48:10,375
in different jurisdictions

2287
00:48:10,750 --> 00:48:12,208
that protect the client from

2288
00:48:12,541 --> 00:48:13,458
being able to move it.

2289
00:48:15,083 --> 00:48:15,583
So I look

2290
00:48:15,583 --> 00:48:16,791
at these.

2291
00:48:17,041 --> 00:48:18,500
Yeah, this is this is

2292
00:48:18,500 --> 00:48:19,166
this is one of the

2293
00:48:19,166 --> 00:48:20,458
very strong selling point.

2294
00:48:20,666 --> 00:48:21,708
Well this is yeah.

2295
00:48:21,708 --> 00:48:23,583
It is it's a it's often

2296
00:48:23,583 --> 00:48:24,083
overlooked

2297
00:48:24,083 --> 00:48:24,458
and people

2298
00:48:24,458 --> 00:48:25,375
don't comprehend it.

2299
00:48:25,375 --> 00:48:28,166
But where I get to have

2300
00:48:28,375 --> 00:48:30,666
some really great sort

2301
00:48:30,666 --> 00:48:32,041
of intellectual conversations

2302
00:48:32,041 --> 00:48:33,250
is sit on,

2303
00:48:33,250 --> 00:48:35,875
I often get asked to sit

2304
00:48:35,916 --> 00:48:37,125
and present

2305
00:48:37,333 --> 00:48:39,500
to, tax or legal

2306
00:48:39,500 --> 00:48:40,708
communities,

2307
00:48:40,708 --> 00:48:41,958
tax professionals and legal

2308
00:48:41,958 --> 00:48:43,458
professionals on bitcoin.

2309
00:48:43,833 --> 00:48:45,166
And this is one of the points

2310
00:48:45,166 --> 00:48:45,958
I love bringing up,

2311
00:48:45,958 --> 00:48:47,750
because no other asset

2312
00:48:47,750 --> 00:48:49,375
can you hold a key

2313
00:48:49,375 --> 00:48:49,791
in three

2314
00:48:49,791 --> 00:48:50,958
different jurisdictions.

2315
00:48:51,208 --> 00:48:52,375
So if you think about it,

2316
00:48:52,541 --> 00:48:53,708
commercial property is held

2317
00:48:53,708 --> 00:48:54,458
in the jurisdiction

2318
00:48:54,458 --> 00:48:55,791
that the property resides in.

2319
00:48:56,375 --> 00:48:57,541
The stocks are held

2320
00:48:57,541 --> 00:48:58,750
in, you know, on a

2321
00:48:58,791 --> 00:48:59,916
on a national level

2322
00:48:59,916 --> 00:49:01,041
at the National Stock

2323
00:49:01,041 --> 00:49:02,208
Exchange.

2324
00:49:02,250 --> 00:49:03,250
Commodities,

2325
00:49:03,250 --> 00:49:03,958
the same thing

2326
00:49:03,958 --> 00:49:04,375
is actually

2327
00:49:04,375 --> 00:49:05,416
a physical commodity

2328
00:49:05,416 --> 00:49:06,083
that's held there.

2329
00:49:06,083 --> 00:49:07,250
Or there's a not

2330
00:49:07,916 --> 00:49:09,083
according to that

2331
00:49:09,416 --> 00:49:10,583
certificate,

2332
00:49:10,666 --> 00:49:11,791
bonds,

2333
00:49:11,791 --> 00:49:12,416
same thing

2334
00:49:12,416 --> 00:49:13,458
held in the national Bank

2335
00:49:13,458 --> 00:49:14,958
or the central bank.

2336
00:49:15,833 --> 00:49:16,625
However, Bitcoin

2337
00:49:16,625 --> 00:49:18,375
is the only asset on earth

2338
00:49:18,375 --> 00:49:19,541
that can be held in five

2339
00:49:19,541 --> 00:49:20,750
different places at once.

2340
00:49:20,916 --> 00:49:22,333
That is what I love about

2341
00:49:22,333 --> 00:49:23,750
it comes to asset protection.

2342
00:49:24,125 --> 00:49:25,125
Yeah,

2343
00:49:25,125 --> 00:49:26,208
this is what I love about

2344
00:49:27,166 --> 00:49:28,541
learning about Bitcoin.

2345
00:49:28,541 --> 00:49:30,208
It's it's it's the hottest.

2346
00:49:30,500 --> 00:49:30,708
Well it's

2347
00:49:30,708 --> 00:49:31,375
not the hardest thing

2348
00:49:31,375 --> 00:49:32,000
to explain

2349
00:49:32,000 --> 00:49:33,041
but it does

2350
00:49:33,041 --> 00:49:34,166
really take time to

2351
00:49:34,166 --> 00:49:35,625
to get your head around it.

2352
00:49:35,625 --> 00:49:36,958
And that no matter

2353
00:49:36,958 --> 00:49:38,125
how much time you're spending

2354
00:49:38,125 --> 00:49:38,833
and all these

2355
00:49:38,833 --> 00:49:40,041
different aspects of it

2356
00:49:40,041 --> 00:49:41,250
that you learn to admire,

2357
00:49:41,250 --> 00:49:42,791
there's still something else

2358
00:49:42,791 --> 00:49:43,541
that just makes

2359
00:49:43,541 --> 00:49:44,208
you think like

2360
00:49:44,208 --> 00:49:45,416
even that alone

2361
00:49:45,666 --> 00:49:47,333
is such a strong point,

2362
00:49:47,333 --> 00:49:48,000
like such,

2363
00:49:48,000 --> 00:49:49,375
such a strong argument

2364
00:49:49,375 --> 00:49:50,375
for Bitcoin.

2365
00:49:50,375 --> 00:49:51,041
But then there's like

2366
00:49:51,041 --> 00:49:52,250
100 other things

2367
00:49:52,375 --> 00:49:54,125
that I just amazing about it.

2368
00:49:54,458 --> 00:49:55,166
This is yeah,

2369
00:49:55,166 --> 00:49:56,208
this is what I really love.

2370
00:49:56,208 --> 00:49:56,708
I'm.

2371
00:49:56,708 --> 00:49:57,916
Yeah obsessed.

2372
00:50:00,458 --> 00:50:01,583
Yeah I am

2373
00:50:01,583 --> 00:50:04,583
I can't wait to see

2374
00:50:04,583 --> 00:50:05,958
Australians really start

2375
00:50:05,958 --> 00:50:06,791
to understand

2376
00:50:06,791 --> 00:50:08,000
this product more.

2377
00:50:08,000 --> 00:50:09,500
I've seen

2378
00:50:09,708 --> 00:50:11,375
especially this, this cycle.

2379
00:50:11,458 --> 00:50:12,666
It seems like the retail

2380
00:50:12,666 --> 00:50:14,208
isn't quite there fully,

2381
00:50:14,208 --> 00:50:15,333
from what I've heard of,

2382
00:50:15,333 --> 00:50:16,125
haven't been through

2383
00:50:16,125 --> 00:50:16,791
many cycles

2384
00:50:16,791 --> 00:50:17,750
like some other bitcoin

2385
00:50:17,750 --> 00:50:18,166
is have.

2386
00:50:18,166 --> 00:50:19,500
But it's what I hear

2387
00:50:19,500 --> 00:50:20,000
from them

2388
00:50:20,000 --> 00:50:21,208
that you know retail hasn't

2389
00:50:21,208 --> 00:50:22,416
really woken up.

2390
00:50:22,625 --> 00:50:24,333
But there is the odd person

2391
00:50:24,666 --> 00:50:25,791
that's like a

2392
00:50:25,791 --> 00:50:27,250
know me and they

2393
00:50:28,291 --> 00:50:28,791
come to the

2394
00:50:28,791 --> 00:50:29,333
point where I

2395
00:50:29,333 --> 00:50:30,208
understand bitcoin

2396
00:50:30,208 --> 00:50:30,708
and then they're

2397
00:50:30,708 --> 00:50:32,208
selling their property for it

2398
00:50:32,833 --> 00:50:33,541
because that's like

2399
00:50:33,541 --> 00:50:34,916
the moment has clicked

2400
00:50:34,916 --> 00:50:36,125
or they're moving in

2401
00:50:36,125 --> 00:50:37,416
a significant amount

2402
00:50:37,416 --> 00:50:40,375
of their net worth into it.

2403
00:50:40,375 --> 00:50:41,583
And I just I can't

2404
00:50:41,583 --> 00:50:42,833
wait to see, you know,

2405
00:50:42,833 --> 00:50:44,500
more Australians do that.

2406
00:50:44,666 --> 00:50:45,958
And yeah,

2407
00:50:45,958 --> 00:50:47,000
preserve their wealth.

2408
00:50:47,000 --> 00:50:47,958
I think it's going to be

2409
00:50:47,958 --> 00:50:49,000
it's not just Australians,

2410
00:50:49,000 --> 00:50:50,208
it's everyone

2411
00:50:50,333 --> 00:50:51,541
in the globe.

2412
00:50:51,541 --> 00:50:52,166
Yeah.

2413
00:50:52,166 --> 00:50:53,458
I think all of a sudden

2414
00:50:53,791 --> 00:50:54,708
we're going to see a deep

2415
00:50:54,708 --> 00:50:55,375
monetizing

2416
00:50:55,375 --> 00:50:56,500
of all those other assets.

2417
00:50:56,500 --> 00:50:57,625
Like some of those stocks

2418
00:50:57,625 --> 00:50:58,583
are just insane.

2419
00:50:58,583 --> 00:50:59,791
We've got stocks trading.

2420
00:51:00,166 --> 00:51:00,916
There's a whole host

2421
00:51:00,916 --> 00:51:02,208
of stocks trading at us.

2422
00:51:02,208 --> 00:51:03,208
You. Yeah.

2423
00:51:03,208 --> 00:51:05,166
At a greater than 20 times

2424
00:51:05,166 --> 00:51:06,958
piece price earnings ratio.

2425
00:51:07,708 --> 00:51:08,583
That means

2426
00:51:08,583 --> 00:51:10,041
you're going to take 20 years

2427
00:51:10,041 --> 00:51:11,333
to get the cash flow from

2428
00:51:11,333 --> 00:51:12,625
that company to pay you back.

2429
00:51:13,750 --> 00:51:14,208
That is a

2430
00:51:14,208 --> 00:51:15,416
huge risk,

2431
00:51:15,416 --> 00:51:16,625
huge risk.

2432
00:51:16,833 --> 00:51:17,458
And if you look at

2433
00:51:17,458 --> 00:51:18,083
a comparative

2434
00:51:18,083 --> 00:51:19,291
PE ratio to Bitcoin,

2435
00:51:19,291 --> 00:51:20,041
you get paid back

2436
00:51:20,041 --> 00:51:20,958
in less than two years

2437
00:51:20,958 --> 00:51:21,833
on average.

2438
00:51:21,833 --> 00:51:23,000
I look at this and think

2439
00:51:23,458 --> 00:51:24,791
in these terms, Bitcoin

2440
00:51:24,791 --> 00:51:26,000
just represents

2441
00:51:26,333 --> 00:51:27,500
such great value

2442
00:51:27,833 --> 00:51:29,208
from an economic perspective,

2443
00:51:29,208 --> 00:51:30,500
from a financial perspective,

2444
00:51:31,166 --> 00:51:31,791
from an estate

2445
00:51:31,791 --> 00:51:32,875
planning perspective,

2446
00:51:32,875 --> 00:51:34,166
from an asset protection

2447
00:51:34,166 --> 00:51:34,708
perspective.

2448
00:51:34,708 --> 00:51:35,625
I love this and think

2449
00:51:35,625 --> 00:51:37,250
once the world understands

2450
00:51:37,250 --> 00:51:38,041
one of the values

2451
00:51:38,041 --> 00:51:39,250
and benefits of

2452
00:51:39,625 --> 00:51:40,791
of this asset,

2453
00:51:41,375 --> 00:51:42,416
and yet

2454
00:51:42,416 --> 00:51:44,500
to have 9,095% of your net

2455
00:51:44,500 --> 00:51:45,416
assets in Bitcoin

2456
00:51:45,416 --> 00:51:46,708
makes perfect sense to me.

2457
00:51:47,041 --> 00:51:47,625
Yeah.

2458
00:51:47,625 --> 00:51:48,875
Yeah, absolutely.

2459
00:51:49,291 --> 00:51:50,166
And the other year on you

2460
00:51:50,166 --> 00:51:52,166
mentioned irrevocable trust

2461
00:51:52,166 --> 00:51:53,333
which reminded me

2462
00:51:53,333 --> 00:51:54,250
of Mark Morse.

2463
00:51:54,250 --> 00:51:54,833
And that was one

2464
00:51:54,833 --> 00:51:56,083
of the events last year

2465
00:51:56,083 --> 00:51:57,541
when I was a complete newb

2466
00:51:57,541 --> 00:51:58,916
that I, that I saw you at.

2467
00:51:59,625 --> 00:52:00,291
And I remember

2468
00:52:00,291 --> 00:52:00,875
you asking him

2469
00:52:00,875 --> 00:52:02,250
a question about the trusts.

2470
00:52:02,875 --> 00:52:04,208
But yeah,

2471
00:52:04,208 --> 00:52:05,750
he he's really interesting.

2472
00:52:05,750 --> 00:52:06,833
I learned a lot from him.

2473
00:52:06,833 --> 00:52:08,125
He mentioned something

2474
00:52:08,125 --> 00:52:10,041
recently on on LinkedIn

2475
00:52:10,458 --> 00:52:11,666
that, you know,

2476
00:52:11,958 --> 00:52:13,041
S&P 500

2477
00:52:13,041 --> 00:52:13,833
is just a proxy

2478
00:52:13,833 --> 00:52:14,791
for inflation.

2479
00:52:14,791 --> 00:52:15,625
And I used to

2480
00:52:15,625 --> 00:52:17,333
love the S&P 500.

2481
00:52:17,333 --> 00:52:18,791
That was like my favorite,

2482
00:52:18,791 --> 00:52:20,458
you know, investment vehicle.

2483
00:52:20,875 --> 00:52:22,583
And now it's just like it's

2484
00:52:22,583 --> 00:52:23,875
just following inflation.

2485
00:52:24,291 --> 00:52:25,208
It's not really

2486
00:52:25,208 --> 00:52:26,208
outperforming it.

2487
00:52:26,208 --> 00:52:27,416
And then you look at gold

2488
00:52:27,416 --> 00:52:28,625
sensitivity

2489
00:52:28,708 --> 00:52:29,458
and bitcoin

2490
00:52:29,458 --> 00:52:30,958
sensitivity to inflation.

2491
00:52:30,958 --> 00:52:31,375
And you're like

2492
00:52:31,375 --> 00:52:32,541
this is clearly

2493
00:52:32,958 --> 00:52:33,791
clearly the

2494
00:52:33,791 --> 00:52:35,375
fastest horse in the race.

2495
00:52:36,625 --> 00:52:37,416
Yeah definitely a

2496
00:52:37,416 --> 00:52:38,625
long term asset.

2497
00:52:38,875 --> 00:52:40,375
I'm also curious to know

2498
00:52:40,375 --> 00:52:41,583
like what is your

2499
00:52:41,625 --> 00:52:43,250
average client

2500
00:52:43,250 --> 00:52:44,500
who who's who.

2501
00:52:45,291 --> 00:52:46,291
Would it be a boomer.

2502
00:52:46,291 --> 00:52:47,708
Would it be female?

2503
00:52:49,375 --> 00:52:50,333
Very good question

2504
00:52:50,333 --> 00:52:51,541
on that.

2505
00:52:54,375 --> 00:52:54,833
Depends

2506
00:52:54,833 --> 00:52:55,916
how you break that down.

2507
00:52:55,916 --> 00:52:58,333
I think most of our clients,

2508
00:52:59,208 --> 00:53:00,125
probably our ideal

2509
00:53:00,125 --> 00:53:01,416
client, would be someone

2510
00:53:01,416 --> 00:53:01,833
who wants

2511
00:53:01,833 --> 00:53:03,416
to allocate in a big way,

2512
00:53:04,250 --> 00:53:05,041
but doesn't have

2513
00:53:05,041 --> 00:53:06,250
the necessary skills

2514
00:53:06,250 --> 00:53:07,500
or confidence to do that.

2515
00:53:08,125 --> 00:53:09,333
Now, that might be

2516
00:53:10,375 --> 00:53:11,583
male or female.

2517
00:53:11,875 --> 00:53:13,250
Typically

2518
00:53:13,250 --> 00:53:14,375
that does break down

2519
00:53:14,375 --> 00:53:15,750
into an older demographic

2520
00:53:15,750 --> 00:53:16,416
because they're not

2521
00:53:16,416 --> 00:53:18,041
technologically savvy.

2522
00:53:18,041 --> 00:53:19,250
Like youngsters.

2523
00:53:19,875 --> 00:53:21,041


2524
00:53:21,583 --> 00:53:23,000
But it typically comes down

2525
00:53:23,000 --> 00:53:23,541
to someone

2526
00:53:23,541 --> 00:53:24,708
who wants to be handheld

2527
00:53:24,708 --> 00:53:26,208
through a process to ensure

2528
00:53:26,208 --> 00:53:26,708
that they're not

2529
00:53:26,708 --> 00:53:27,666
going to make it up.

2530
00:53:27,666 --> 00:53:28,875
And this is where

2531
00:53:29,166 --> 00:53:29,750
the casing

2532
00:53:29,750 --> 00:53:30,833
with Bitcoin and this is,

2533
00:53:32,833 --> 00:53:33,833
say, on a

2534
00:53:33,833 --> 00:53:34,916
on a metal level,

2535
00:53:34,916 --> 00:53:35,916
this is a return to

2536
00:53:35,916 --> 00:53:37,500
consequences for actions

2537
00:53:37,500 --> 00:53:38,083
when it comes

2538
00:53:38,083 --> 00:53:38,666
to Bitcoin

2539
00:53:38,666 --> 00:53:39,333
being a digital

2540
00:53:39,333 --> 00:53:40,541
parent instrument.

2541
00:53:40,583 --> 00:53:41,750
If you mark it out

2542
00:53:41,750 --> 00:53:42,458
there's nothing

2543
00:53:42,458 --> 00:53:43,666
you can do to fix it.

2544
00:53:43,958 --> 00:53:45,000
Absolutely nothing.

2545
00:53:45,000 --> 00:53:46,583
And this is where

2546
00:53:46,583 --> 00:53:46,916
I think

2547
00:53:46,916 --> 00:53:47,375
our service

2548
00:53:47,375 --> 00:53:48,250
is really valuable,

2549
00:53:48,250 --> 00:53:49,583
because when you're working

2550
00:53:49,583 --> 00:53:50,916
with a team

2551
00:53:50,916 --> 00:53:52,125
of professionals

2552
00:53:52,291 --> 00:53:53,083
who haven't lost

2553
00:53:53,083 --> 00:53:54,291
a single Bitcoin,

2554
00:53:54,625 --> 00:53:55,708
that helped

2555
00:53:55,708 --> 00:53:56,875
give clients the

2556
00:53:57,291 --> 00:53:58,458
the confidence to know

2557
00:53:58,458 --> 00:53:59,375
that they can apply

2558
00:53:59,375 --> 00:54:00,333
as much capital

2559
00:54:00,333 --> 00:54:02,083
as they want to this asset,

2560
00:54:02,083 --> 00:54:02,708
and they know

2561
00:54:02,708 --> 00:54:03,916
they're not going to lose it.

2562
00:54:04,333 --> 00:54:05,541
Yes, there's a fee for it,

2563
00:54:06,291 --> 00:54:07,125
but it allows them

2564
00:54:07,125 --> 00:54:08,083
to get allocated

2565
00:54:08,083 --> 00:54:09,458
in the volume that I want.

2566
00:54:09,791 --> 00:54:10,666
Whereas if they went

2567
00:54:10,666 --> 00:54:11,875
and did it themselves,

2568
00:54:12,000 --> 00:54:13,041
they might only invest

2569
00:54:13,041 --> 00:54:14,541
10 or 20% of what they would

2570
00:54:14,541 --> 00:54:15,708
if they actually employed us

2571
00:54:15,708 --> 00:54:16,708
to help them with it.

2572
00:54:16,708 --> 00:54:17,458
And that to me

2573
00:54:17,458 --> 00:54:18,541
is a huge benefit

2574
00:54:18,541 --> 00:54:19,750
because it gets them

2575
00:54:19,750 --> 00:54:21,083
allocated in size

2576
00:54:21,875 --> 00:54:22,750
immediately

2577
00:54:22,750 --> 00:54:24,208
rather than having to go

2578
00:54:24,208 --> 00:54:25,875
through a 3 or 4

2579
00:54:25,875 --> 00:54:27,083
or 5 or 6 year

2580
00:54:27,083 --> 00:54:27,916
learning curve

2581
00:54:27,916 --> 00:54:29,208
to feel comfortable to fully

2582
00:54:29,208 --> 00:54:30,416
self-custody their Bitcoin.

2583
00:54:31,791 --> 00:54:32,666
Yeah,

2584
00:54:32,666 --> 00:54:33,500
I've been through a

2585
00:54:33,500 --> 00:54:34,791
yearlong learning curve

2586
00:54:34,791 --> 00:54:36,000
and I'm no, I'm still not

2587
00:54:36,000 --> 00:54:37,208
fully comfortable.

2588
00:54:40,250 --> 00:54:40,583
Yeah.

2589
00:54:40,583 --> 00:54:41,750
And, I can

2590
00:54:41,750 --> 00:54:42,958
completely,

2591
00:54:42,958 --> 00:54:44,166
see it and understand that

2592
00:54:44,166 --> 00:54:44,750
there's obviously

2593
00:54:44,750 --> 00:54:45,291
a lot of high

2594
00:54:45,291 --> 00:54:47,000
net worth clients that have,

2595
00:54:47,458 --> 00:54:48,541
you know, entire teams

2596
00:54:48,541 --> 00:54:50,000
managing their trad profile

2597
00:54:50,000 --> 00:54:50,625
portfolio.

2598
00:54:50,625 --> 00:54:51,333
And because they're

2599
00:54:51,333 --> 00:54:52,625
very time poor and they don't

2600
00:54:52,625 --> 00:54:54,333
exactly, you know, if

2601
00:54:54,375 --> 00:54:55,583
even if they are

2602
00:54:55,583 --> 00:54:57,625
smart and savvy, they

2603
00:54:57,666 --> 00:54:58,375
they simply don't

2604
00:54:58,375 --> 00:54:58,958
have the time.

2605
00:54:58,958 --> 00:54:59,833
So it makes sense

2606
00:54:59,833 --> 00:55:01,333
to have attained

2607
00:55:01,333 --> 00:55:02,666
supporting you

2608
00:55:03,041 --> 00:55:03,958
through this process,

2609
00:55:03,958 --> 00:55:05,000
especially with something

2610
00:55:05,000 --> 00:55:07,000
as new as and crazy.

2611
00:55:07,000 --> 00:55:08,208
It's bitcoin.

2612
00:55:08,333 --> 00:55:09,291
Yeah.

2613
00:55:09,291 --> 00:55:11,041
I just want to check

2614
00:55:11,041 --> 00:55:12,541
if I've missed any questions.

2615
00:55:12,541 --> 00:55:13,208
Peter.

2616
00:55:13,208 --> 00:55:15,708
I think we have

2617
00:55:15,708 --> 00:55:17,166
really covered a lot

2618
00:55:18,166 --> 00:55:19,708
of ground.

2619
00:55:19,708 --> 00:55:20,541
I've covered

2620
00:55:20,541 --> 00:55:21,875
all the questions that I had.

2621
00:55:22,583 --> 00:55:23,541
This is it

2622
00:55:23,541 --> 00:55:24,583
is there anything

2623
00:55:24,583 --> 00:55:26,125
that you would like to share?

2624
00:55:27,208 --> 00:55:27,500
I think

2625
00:55:27,500 --> 00:55:28,750
probably the the most

2626
00:55:28,750 --> 00:55:29,958
important messages

2627
00:55:29,958 --> 00:55:32,875
Bitcoin is now gaining,

2628
00:55:32,875 --> 00:55:34,541
I guess, mainstream

2629
00:55:34,541 --> 00:55:35,750
notoriety.

2630
00:55:35,875 --> 00:55:36,583
A lot of people

2631
00:55:36,583 --> 00:55:38,208
feel like they have missed it

2632
00:55:38,416 --> 00:55:39,291
and so they don't

2633
00:55:39,291 --> 00:55:40,208
want to touch it.

2634
00:55:40,208 --> 00:55:41,916
And a message to reiterate

2635
00:55:41,916 --> 00:55:42,375
that I think is

2636
00:55:42,375 --> 00:55:43,583
really important is

2637
00:55:44,375 --> 00:55:45,166
when not even

2638
00:55:45,166 --> 00:55:46,375
in the second innings.

2639
00:55:46,416 --> 00:55:46,708
Yeah.

2640
00:55:46,708 --> 00:55:48,291
Of of Bitcoin

2641
00:55:48,458 --> 00:55:49,583
the party has not

2642
00:55:49,583 --> 00:55:50,708
even started yet.

2643
00:55:50,708 --> 00:55:51,708
There's so much capital

2644
00:55:51,708 --> 00:55:52,916
coming to this space.

2645
00:55:53,083 --> 00:55:54,000
Maybe 10 million

2646
00:55:54,000 --> 00:55:55,375
people globally actually

2647
00:55:55,375 --> 00:55:57,000
deeply understand Bitcoin.

2648
00:55:57,416 --> 00:55:57,625
There's

2649
00:55:57,625 --> 00:55:58,833
another 8 billion people

2650
00:55:58,833 --> 00:56:00,708
who need bitcoin not want it.

2651
00:56:00,708 --> 00:56:01,750
They need it.

2652
00:56:01,750 --> 00:56:04,166
And so we're still so really

2653
00:56:04,166 --> 00:56:04,791
there's so much

2654
00:56:04,791 --> 00:56:06,000
upside in front of us.

2655
00:56:06,333 --> 00:56:08,583
My I guess passing

2656
00:56:08,583 --> 00:56:11,041
message would be take action

2657
00:56:11,041 --> 00:56:12,250
if you haven't already.

2658
00:56:12,416 --> 00:56:13,666
So your bits learn

2659
00:56:13,666 --> 00:56:14,875
as much as you can and

2660
00:56:15,125 --> 00:56:16,333
your life will be better off.

2661
00:56:17,375 --> 00:56:18,583
For it.

2662
00:56:18,708 --> 00:56:20,041
Yeah, absolutely.

2663
00:56:20,041 --> 00:56:21,083
Which is another quote

2664
00:56:21,083 --> 00:56:21,625
that I was just

2665
00:56:21,625 --> 00:56:22,458
reminded of that

2666
00:56:22,458 --> 00:56:23,958
you said in another podcast,

2667
00:56:23,958 --> 00:56:25,625
is that Bitcoin rewards.

2668
00:56:26,250 --> 00:56:27,333
I'm going to

2669
00:56:27,333 --> 00:56:28,416
mess this up now.

2670
00:56:28,416 --> 00:56:29,750
It rewards the.

2671
00:56:30,708 --> 00:56:31,375
So sorry it's

2672
00:56:31,375 --> 00:56:33,208
not the big versus the small.

2673
00:56:33,208 --> 00:56:34,666
It's the fast versus

2674
00:56:34,666 --> 00:56:36,125
the slow or something

2675
00:56:36,125 --> 00:56:36,541
like that.

2676
00:56:36,541 --> 00:56:37,791
You said it much better.

2677
00:56:37,958 --> 00:56:38,833
It used to be

2678
00:56:38,833 --> 00:56:39,958
it used to be the big eight,

2679
00:56:39,958 --> 00:56:40,416
the small.

2680
00:56:40,416 --> 00:56:41,250
Now it's the fast

2681
00:56:41,250 --> 00:56:42,166
eight the slow.

2682
00:56:42,166 --> 00:56:43,958
So yes, that's it, that's it.

2683
00:56:44,041 --> 00:56:44,333
It's like

2684
00:56:44,333 --> 00:56:45,583
I got there in the end.

2685
00:56:46,125 --> 00:56:46,708
Yeah.

2686
00:56:46,708 --> 00:56:47,750
Well, thank you

2687
00:56:47,750 --> 00:56:49,291
so much for your time, Peter.

2688
00:56:49,291 --> 00:56:50,583
If someone wants to

2689
00:56:50,583 --> 00:56:51,916
reach out to you

2690
00:56:51,916 --> 00:56:53,125
or Andy, how

2691
00:56:53,125 --> 00:56:54,625
what would be the best way

2692
00:56:54,625 --> 00:56:55,916
to get in contact

2693
00:56:56,541 --> 00:56:57,750
this way to reach out to us

2694
00:56:57,750 --> 00:56:59,083
is probably Onyx.

2695
00:56:59,916 --> 00:57:01,416
It's Peter, BTC

2696
00:57:01,416 --> 00:57:02,750
advisor with an R.

2697
00:57:03,000 --> 00:57:04,708
It's the fastest way

2698
00:57:04,708 --> 00:57:05,875
to get in contact with me.

2699
00:57:05,875 --> 00:57:06,500
Or alternatively,

2700
00:57:06,500 --> 00:57:07,375
go to the website.

2701
00:57:07,375 --> 00:57:09,208
The Bitcoin advisor.com

2702
00:57:09,666 --> 00:57:11,125
and that's advisor with an R.

2703
00:57:11,250 --> 00:57:12,416
You'll see

2704
00:57:12,416 --> 00:57:13,583
both Andy and

2705
00:57:14,041 --> 00:57:15,125
our faces there,

2706
00:57:15,125 --> 00:57:16,708
along with a whole host

2707
00:57:16,708 --> 00:57:18,791
of some of bitcoin as best.

2708
00:57:19,083 --> 00:57:20,041
I think we've got the best

2709
00:57:20,041 --> 00:57:21,375
bitcoin team in bitcoin.

2710
00:57:22,458 --> 00:57:23,416
Literally just a wealth

2711
00:57:23,416 --> 00:57:24,083
of knowledge there

2712
00:57:24,083 --> 00:57:24,708
who can help you

2713
00:57:24,708 --> 00:57:26,000
with just about any bitcoin

2714
00:57:26,000 --> 00:57:27,208
question that you've got.

2715
00:57:27,416 --> 00:57:28,500
And I know we're all mission

2716
00:57:28,500 --> 00:57:29,708
driven to help you safely

2717
00:57:29,708 --> 00:57:30,916
consider your Bitcoin

2718
00:57:31,166 --> 00:57:31,625
and help

2719
00:57:31,625 --> 00:57:32,458
you get more Bitcoin.

2720
00:57:32,458 --> 00:57:34,125
So if there are any questions

2721
00:57:34,125 --> 00:57:35,000
around that

2722
00:57:35,000 --> 00:57:35,708
really welcome

2723
00:57:35,708 --> 00:57:37,083
the opportunity to help in

2724
00:57:37,083 --> 00:57:38,291
any way, shape or form.

2725
00:57:39,500 --> 00:57:40,333
Awesome.

2726
00:57:40,333 --> 00:57:41,458
Thank you so much.

2727
00:57:41,458 --> 00:57:42,666
Thank you for your time.

2728
00:57:42,958 --> 00:57:43,958
And yeah, thank you so much.

2729
00:57:43,958 --> 00:57:45,166
Appreciate all you do.

2730
00:57:45,875 --> 00:57:46,291
Thanks.