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Hi, Andy.

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Hi.

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Welcome to the

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Honest Money Show.

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Hi.

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Thank you for having me.

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I am so excited

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to have you on.

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We both share a passion,

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which is superannuation

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funds and bitcoin.

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So I thought it would

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be really, really great

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to have you on

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to talk about

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these things,

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because I know

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we're both quite engaged

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in the community,

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in this space,

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and it's something

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that is very dear

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to my heart.

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So, once again,

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thanks for coming on.

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I, I wanted to perhaps

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maybe start with,

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helping

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Australians understand

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that there is an option

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for them

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to move their Bitcoin

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into super.

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Why they should do that

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and how to go about it.

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So perhaps let's

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start with the why.

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What is

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the performance,

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that has happened

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in Bitcoin compared

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to the

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average superannuation

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fund in Australia?

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Yeah, it's

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a great question.

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And,

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I spend a lot of my days

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talking to,

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clients of the Bitcoin

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advisor and,

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talking to them

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about retirement

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and superannuation and,

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fundamentally it comes

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initially from

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a place of, I'm

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a bitcoin or,

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and I want more Bitcoin.

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So people often

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look at the

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portfolio of wealth

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that they have

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or the money

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that they have.

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And superannuation

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is usually

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a kind of glaringly

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underused

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and misunderstood,

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part of someone's

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portfolio.

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And when they understand

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that they want

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more Bitcoin,

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then it becomes a very,

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you know, obvious

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place to go

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and look and go, oh,

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well,

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how do I buy

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Bitcoin with

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my superannuation.

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In managed funds

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they kind of average 8

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to 12% per year.

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So performance isn't,

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you know, comparable

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to bitcoin obviously.

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Bitcoin is more volatile

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and that's

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a consideration.

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But fundamentally,

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you know,

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there is always

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an option

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to be able

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to move

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your superannuation

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out of a managed fund,

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set up a

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self-managed fund,

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and then you

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can allocate

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to whatever you like,

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including Bitcoin.

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And so,

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increasingly lots

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and lots

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and lots of people

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I speak to and,

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work with,

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moving their

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superannuation

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out of those

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managed funds

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and into Bitcoin.

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And it's a

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lot more straightforward

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a process

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than most people think.

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It's not as complicated

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as it's made out to be,

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the kind of

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traditional wealth

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industry

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and accountants,

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generally aren't

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very well-educated on

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the current state

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of self-managed super,

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and Bitcoin

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particularly, and

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so there's

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lots of kind

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of bad advice out there

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or, half formed advice.

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So, you know, that's

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what we do

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at the Bitcoin advisor.

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And with the website

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we created,

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Bitcoin super.io,

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to help

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people understand

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what's possible,

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how to do it,

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how quick it can be

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and how much

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you can invest.

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And you know what

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a good starting point

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looks like.

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And everyone's

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circumstances are

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different and,

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unique and individual.

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And, so, you know,

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what's right

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for one person

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might not be right

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for another person.

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But,

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more often than not,

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we find,

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a lot of people

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are doing

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100% allocation,

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to answer the question

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around performance,

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you know, 8 to 12%

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in a managed fund.

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But Bitcoin's,

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you know, compound

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annual growth

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rate is about 80%

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a year

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over the last ten years.

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So it really is

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like ten times

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outperforming

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the traditional,

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traditional managed

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fund industry.

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You know, past

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performance

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is no guarantee

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of future performance.

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But,

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that kind of average

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over a ten year period

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is the sort of period

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that managed funds

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measure themselves

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over as well.

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And so,

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everyone thinks

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Bitcoin is very new.

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Well, it's

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been around 16 years

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and that sort

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of performance over

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the last ten years

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is a very good,

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measure for,

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comparing it against

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managed funds.

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Yeah, yeah.

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And,

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you helped me

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last year, like,

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I remember having a chat

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with you

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in terms of the, the

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how to the mechanics

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of how to move my

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money across.

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But the story

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you might not know is,

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is what sort of sparked

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that, desire in me.

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So I already

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had gotten into Bitcoin

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like I had some money

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put aside

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for a business.

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I realized that

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the compound

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00:04:10,416 --> 00:04:11,250
annual growth rate

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was going

231
00:04:11,541 --> 00:04:12,333
to be much better

232
00:04:12,333 --> 00:04:12,916
in Bitcoin

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00:04:12,916 --> 00:04:13,583
than if I kept

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doing this business.

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So I like

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moved some money

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across into Bitcoin.

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So it was already quote

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unquote a Bitcoin.

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And then I was at a

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00:04:20,083 --> 00:04:20,875
Sydney made up

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00:04:20,875 --> 00:04:21,958
and someone tapped me

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on the shoulder

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and said,

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at what price point

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00:04:25,041 --> 00:04:25,583
are you going

247
00:04:25,583 --> 00:04:26,750
to move your,

248
00:04:27,000 --> 00:04:28,041
super into Bitcoin?

249
00:04:28,041 --> 00:04:28,375
I'm like,

250
00:04:28,375 --> 00:04:29,583
you can do that.

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He's like, yes.

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00:04:31,541 --> 00:04:32,583
So that's kind of

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00:04:32,583 --> 00:04:33,625
where I learned that

254
00:04:33,625 --> 00:04:34,500
the only way to do it

255
00:04:34,500 --> 00:04:35,125
at the moment

256
00:04:35,125 --> 00:04:35,750
in Australia

257
00:04:35,750 --> 00:04:36,291
is through

258
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a self-managed

259
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super fund.

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I went through

261
00:04:38,875 --> 00:04:39,500
the process

262
00:04:39,500 --> 00:04:40,166
and I can say

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00:04:40,166 --> 00:04:41,333
thanks to you,

264
00:04:41,583 --> 00:04:43,291
I have made in one year,

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$83,169

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00:04:47,250 --> 00:04:48,833
in $0.91.

267
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That's it's

268
00:04:49,958 --> 00:04:51,000
amazing, right?

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00:04:51,000 --> 00:04:52,208
Yeah.

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00:04:52,458 --> 00:04:53,208
That's insane.

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00:04:53,208 --> 00:04:54,416
That's one year.

272
00:04:55,166 --> 00:04:56,166
It just as I expected

273
00:04:56,166 --> 00:04:57,041
close to the managed

274
00:04:57,041 --> 00:04:57,333
funds.

275
00:04:57,333 --> 00:04:58,375
It's so far ahead.

276
00:04:58,375 --> 00:04:59,041
And you know,

277
00:04:59,041 --> 00:05:00,000
even with drawdowns

278
00:05:00,000 --> 00:05:01,208
I quite regularly,

279
00:05:01,250 --> 00:05:02,541
post a chart on,

280
00:05:02,958 --> 00:05:04,375
x that basically

281
00:05:04,375 --> 00:05:05,541
shows that if,

282
00:05:05,750 --> 00:05:08,666
I think it was 2019,

283
00:05:09,083 --> 00:05:10,375
if you put $50,000

284
00:05:10,375 --> 00:05:11,541
into AustralianSuper,

285
00:05:12,166 --> 00:05:13,333
and at the same time

286
00:05:13,333 --> 00:05:15,500
put $50,000 into Bitcoin

287
00:05:15,500 --> 00:05:16,708
through an sMSf,

288
00:05:16,958 --> 00:05:17,833
how would it perform

289
00:05:17,833 --> 00:05:18,500
each year?

290
00:05:18,500 --> 00:05:18,958
And I think the

291
00:05:18,958 --> 00:05:20,250
worst drawdown was,

292
00:05:20,916 --> 00:05:21,541
something

293
00:05:21,541 --> 00:05:22,000
I can't remember

294
00:05:22,000 --> 00:05:22,375
something like

295
00:05:22,375 --> 00:05:23,666
40 something percent.

296
00:05:24,541 --> 00:05:25,416
But basically that

297
00:05:25,416 --> 00:05:28,208
$50,000 in 2019, in,

298
00:05:28,833 --> 00:05:29,916
AustralianSuper

299
00:05:29,916 --> 00:05:32,291
would turn to $76,000

300
00:05:32,291 --> 00:05:33,708
by the time you got to

301
00:05:33,958 --> 00:05:35,791
the end of the previous

302
00:05:35,791 --> 00:05:36,416
financial year.

303
00:05:36,416 --> 00:05:37,791
So, end of June

304
00:05:37,791 --> 00:05:38,791
just gone.

305
00:05:38,791 --> 00:05:39,750
And in Bitcoin,

306
00:05:39,750 --> 00:05:40,041
it would have

307
00:05:40,041 --> 00:05:41,333
gone from $50,000

308
00:05:41,333 --> 00:05:43,416
to about $600,000.

309
00:05:43,708 --> 00:05:45,291
So it's not even

310
00:05:45,291 --> 00:05:45,875
and that's even

311
00:05:45,875 --> 00:05:46,750
with a big drawdown

312
00:05:46,750 --> 00:05:47,208
in the middle.

313
00:05:47,208 --> 00:05:49,333
So yes, it's volatile,

314
00:05:49,333 --> 00:05:50,250
but it's volatile

315
00:05:50,250 --> 00:05:50,916
to the upside.

316
00:05:50,916 --> 00:05:51,750
We know that money

317
00:05:51,750 --> 00:05:52,458
is continually

318
00:05:52,458 --> 00:05:53,666
being debased.

319
00:05:53,708 --> 00:05:54,625
And therefore Bitcoin

320
00:05:54,625 --> 00:05:55,166
will continue

321
00:05:55,166 --> 00:05:55,791
to go up over

322
00:05:55,791 --> 00:05:57,000
the long term.

323
00:05:57,000 --> 00:05:57,875
And that makes it

324
00:05:57,875 --> 00:05:58,833
the perfect vehicle

325
00:05:58,833 --> 00:06:00,166
for a superannuation

326
00:06:00,375 --> 00:06:00,958
because you're not going

327
00:06:00,958 --> 00:06:01,708
to touch that money

328
00:06:01,708 --> 00:06:03,041
until you're 60 or

329
00:06:03,041 --> 00:06:04,250
67 or,

330
00:06:04,250 --> 00:06:04,750
the point

331
00:06:04,750 --> 00:06:05,416
at which you reach

332
00:06:05,416 --> 00:06:06,625
Preservation Age.

333
00:06:06,875 --> 00:06:07,875
And so why not

334
00:06:07,875 --> 00:06:08,541
put it in the best

335
00:06:08,541 --> 00:06:09,750
performing asset class?

336
00:06:10,166 --> 00:06:10,541
And these

337
00:06:10,541 --> 00:06:11,416
things are never one

338
00:06:11,416 --> 00:06:12,291
way streets either.

339
00:06:12,291 --> 00:06:13,041
You can always

340
00:06:13,041 --> 00:06:14,250
readjust later.

341
00:06:14,708 --> 00:06:15,208
You know,

342
00:06:15,208 --> 00:06:16,416
one thing I,

343
00:06:16,666 --> 00:06:17,166
I'm quite

344
00:06:17,166 --> 00:06:17,791
happy with, you know,

345
00:06:17,791 --> 00:06:18,375
I've been doing

346
00:06:18,375 --> 00:06:19,375
my self-managed super

347
00:06:19,375 --> 00:06:20,583
for about four years.

348
00:06:20,750 --> 00:06:21,958
Four and a half years.

349
00:06:22,333 --> 00:06:23,458
I already have more

350
00:06:23,458 --> 00:06:24,583
in my self-managed super

351
00:06:24,583 --> 00:06:25,125
now than

352
00:06:25,125 --> 00:06:26,083
I would have had

353
00:06:26,083 --> 00:06:26,500
I stayed

354
00:06:26,500 --> 00:06:27,708
with AustralianSuper.

355
00:06:28,125 --> 00:06:28,833
And retired

356
00:06:28,833 --> 00:06:29,708
in ten years time.

357
00:06:29,708 --> 00:06:30,916
11 years time.

358
00:06:31,166 --> 00:06:31,833
And so now

359
00:06:31,833 --> 00:06:32,666
I can readjust

360
00:06:32,666 --> 00:06:33,500
that self-managed

361
00:06:33,500 --> 00:06:34,750
super portfolio, knowing

362
00:06:34,750 --> 00:06:35,958
that I've already got

363
00:06:35,958 --> 00:06:37,375
plenty in super

364
00:06:37,375 --> 00:06:38,125
that's going to last me

365
00:06:38,125 --> 00:06:39,333
through my retirement.

366
00:06:39,458 --> 00:06:39,791
And I can

367
00:06:39,791 --> 00:06:40,666
always reallocate.

368
00:06:40,666 --> 00:06:41,541
I'm not going to

369
00:06:41,541 --> 00:06:42,208
because Bitcoin

370
00:06:42,208 --> 00:06:42,625
is still

371
00:06:42,625 --> 00:06:43,583
the fastest horse

372
00:06:43,583 --> 00:06:44,000
in the race.

373
00:06:44,000 --> 00:06:45,208
And, I don't see that

374
00:06:45,208 --> 00:06:46,333
changing in any

375
00:06:46,333 --> 00:06:47,541
anytime soon.

376
00:06:47,750 --> 00:06:48,666
But fundamentally

377
00:06:48,666 --> 00:06:50,458
outperform so much that,

378
00:06:50,458 --> 00:06:51,833
you know, even over 3 or

379
00:06:51,833 --> 00:06:52,708
4 years,

380
00:06:52,708 --> 00:06:53,541
you're so far

381
00:06:53,541 --> 00:06:54,083
ahead of where

382
00:06:54,083 --> 00:06:55,000
you would ever be

383
00:06:55,000 --> 00:06:56,250
with a managed fund.

384
00:06:56,791 --> 00:06:57,666
It's almost silly

385
00:06:57,666 --> 00:06:58,875
not to the the risk

386
00:06:58,875 --> 00:07:00,000
is not being allocated

387
00:07:00,000 --> 00:07:00,500
to Bitcoin

388
00:07:00,500 --> 00:07:01,916
rather than, being,

389
00:07:01,916 --> 00:07:02,708
you know, allocated

390
00:07:02,708 --> 00:07:03,208
to bitcoin.

391
00:07:04,791 --> 00:07:06,125
Yeah, absolutely.

392
00:07:06,125 --> 00:07:07,583
And for me, I've noticed

393
00:07:07,583 --> 00:07:08,875
I also feel a little bit

394
00:07:08,875 --> 00:07:09,666
more comfortable

395
00:07:09,666 --> 00:07:10,666
with the draw back

396
00:07:10,666 --> 00:07:12,000
drawdowns in in

397
00:07:12,000 --> 00:07:12,750
super than in

398
00:07:12,750 --> 00:07:14,000
my personal stash.

399
00:07:14,000 --> 00:07:15,125
Because for me

400
00:07:15,125 --> 00:07:16,250
that is very much

401
00:07:16,250 --> 00:07:17,875
the long, long term,

402
00:07:18,375 --> 00:07:19,125
investment.

403
00:07:19,125 --> 00:07:21,083
Whereas expect

404
00:07:21,083 --> 00:07:22,458
with my personal stash

405
00:07:22,458 --> 00:07:23,250
at some point

406
00:07:23,250 --> 00:07:24,791
I will want to

407
00:07:25,250 --> 00:07:25,916
sell some.

408
00:07:25,916 --> 00:07:27,125
Not not a lot, but.

409
00:07:28,125 --> 00:07:29,125
Well, we'll see.

410
00:07:29,125 --> 00:07:29,875
I don't know

411
00:07:29,875 --> 00:07:30,416
at this point.

412
00:07:30,416 --> 00:07:31,375
I'm trying to like, hold

413
00:07:31,375 --> 00:07:32,333
for as many cycles

414
00:07:32,333 --> 00:07:32,875
as possible

415
00:07:32,875 --> 00:07:34,083
without touching it.

416
00:07:34,625 --> 00:07:35,458
But eventually

417
00:07:35,458 --> 00:07:36,291
it kind of do

418
00:07:36,291 --> 00:07:37,041
want to live off

419
00:07:37,041 --> 00:07:38,250
my bitcoin.

420
00:07:38,541 --> 00:07:39,375
I honestly view it

421
00:07:39,375 --> 00:07:40,333
as a savings account.

422
00:07:40,333 --> 00:07:40,916
That's that's

423
00:07:40,916 --> 00:07:41,500
how I think

424
00:07:41,500 --> 00:07:42,208
about bitcoin.

425
00:07:42,208 --> 00:07:42,750
And I,

426
00:07:42,750 --> 00:07:44,125
I see my personal stash

427
00:07:44,125 --> 00:07:44,666
of bitcoin

428
00:07:44,666 --> 00:07:45,833
as my savings account.

429
00:07:46,250 --> 00:07:47,083
And what's the savings

430
00:07:47,083 --> 00:07:47,666
account for?

431
00:07:47,666 --> 00:07:49,125
It's for spending on,

432
00:07:49,375 --> 00:07:50,458
you know, special events

433
00:07:50,458 --> 00:07:51,208
or rainy days

434
00:07:51,208 --> 00:07:52,541
or emergencies or

435
00:07:52,583 --> 00:07:53,750
something like that.

436
00:07:53,833 --> 00:07:54,083
So I'm

437
00:07:54,083 --> 00:07:55,291
not in the camp of never

438
00:07:55,291 --> 00:07:56,125
sell your Bitcoin,

439
00:07:56,125 --> 00:07:56,625
I believe.

440
00:07:56,625 --> 00:07:56,958
You know,

441
00:07:56,958 --> 00:07:57,958
it's a savings account.

442
00:07:57,958 --> 00:07:58,916
And if you need to spend

443
00:07:58,916 --> 00:07:59,750
some of your savings,

444
00:07:59,750 --> 00:08:00,541
whether it's,

445
00:08:00,541 --> 00:08:00,791
you know,

446
00:08:00,791 --> 00:08:01,500
taking your kids

447
00:08:01,500 --> 00:08:02,666
on holiday or,

448
00:08:03,041 --> 00:08:03,791
buying a car

449
00:08:03,791 --> 00:08:04,791
that you always wanted

450
00:08:04,791 --> 00:08:05,458
or upgrading

451
00:08:05,458 --> 00:08:05,958
your house,

452
00:08:05,958 --> 00:08:06,708
then that's

453
00:08:06,708 --> 00:08:07,375
what it's for.

454
00:08:07,375 --> 00:08:08,333
Like, you know,

455
00:08:08,333 --> 00:08:08,916
nobody wants

456
00:08:08,916 --> 00:08:10,208
their gravestone to have

457
00:08:10,208 --> 00:08:10,916
how many bitcoin

458
00:08:10,916 --> 00:08:12,000
they saved?

459
00:08:12,000 --> 00:08:12,291
They want to

460
00:08:12,291 --> 00:08:12,833
be remembered

461
00:08:12,833 --> 00:08:13,500
for the great life

462
00:08:13,500 --> 00:08:13,958
that they had

463
00:08:13,958 --> 00:08:14,458
and the things

464
00:08:14,458 --> 00:08:15,666
that they enjoyed and,

465
00:08:15,875 --> 00:08:16,583
the experiences

466
00:08:16,583 --> 00:08:16,833
they had

467
00:08:16,833 --> 00:08:17,333
with their family

468
00:08:17,333 --> 00:08:17,750
and friends.

469
00:08:17,750 --> 00:08:18,666
So for me,

470
00:08:18,666 --> 00:08:19,625
it's a savings account.

471
00:08:19,625 --> 00:08:20,958
And you know, Bitcoin

472
00:08:20,958 --> 00:08:22,250
and super is exactly

473
00:08:22,250 --> 00:08:22,708
that too.

474
00:08:22,708 --> 00:08:23,916
It's you're saving

475
00:08:23,916 --> 00:08:25,000
for your retirement.

476
00:08:25,000 --> 00:08:26,208
So that,

477
00:08:26,250 --> 00:08:27,416
you know, we often joke,

478
00:08:27,500 --> 00:08:27,791
you know,

479
00:08:27,791 --> 00:08:28,583
who wants a soup

480
00:08:28,583 --> 00:08:29,583
and bingo retirement

481
00:08:29,583 --> 00:08:30,541
when you can have

482
00:08:30,541 --> 00:08:31,125
a champagne

483
00:08:31,125 --> 00:08:32,333
and caviar retirement.

484
00:08:32,583 --> 00:08:33,625
And Bitcoin will enable

485
00:08:33,625 --> 00:08:33,833
that.

486
00:08:33,833 --> 00:08:34,916
And, you know, it's,

487
00:08:35,916 --> 00:08:36,458
I'm much more

488
00:08:36,458 --> 00:08:38,000
excited about retirement

489
00:08:38,000 --> 00:08:39,166
and having access

490
00:08:39,166 --> 00:08:39,875
to those funds

491
00:08:39,875 --> 00:08:41,333
than worrying about,

492
00:08:41,333 --> 00:08:42,083
you know, scrimping

493
00:08:42,083 --> 00:08:43,250
and saving and,

494
00:08:43,250 --> 00:08:44,250
having a struggle

495
00:08:44,250 --> 00:08:44,916
in retirement.

496
00:08:44,916 --> 00:08:46,375
So soup is all about

497
00:08:46,375 --> 00:08:46,875
providing

498
00:08:46,875 --> 00:08:48,083
for a great retirement.

499
00:08:48,750 --> 00:08:49,916
Yeah, absolutely.

500
00:08:49,916 --> 00:08:50,708
I want to travel.

501
00:08:50,708 --> 00:08:51,625
I want to go hiking.

502
00:08:51,625 --> 00:08:52,166
I want to live

503
00:08:52,166 --> 00:08:53,375
a good retirement, not,

504
00:08:53,375 --> 00:08:55,041
you know, collect stamps

505
00:08:55,125 --> 00:08:57,125
and look at coupons

506
00:08:57,125 --> 00:08:57,958
and things like that.

507
00:08:57,958 --> 00:08:59,125
So I,

508
00:08:59,125 --> 00:08:59,958
I feel very good

509
00:08:59,958 --> 00:09:00,458
about that.

510
00:09:00,458 --> 00:09:02,041
But I wanted to ask you,

511
00:09:02,041 --> 00:09:02,750
there's a lot of

512
00:09:02,750 --> 00:09:04,041
women in the community

513
00:09:04,041 --> 00:09:05,625
who might not have a lot

514
00:09:05,625 --> 00:09:07,041
in their superannuation,

515
00:09:07,041 --> 00:09:08,000
whether it is

516
00:09:08,000 --> 00:09:09,041
by circumstance,

517
00:09:09,041 --> 00:09:09,750
such as their

518
00:09:09,750 --> 00:09:10,500
sole trader

519
00:09:10,500 --> 00:09:11,708
and therefore

520
00:09:11,708 --> 00:09:13,166
not putting as much away

521
00:09:13,166 --> 00:09:14,458
into their retirement,

522
00:09:14,458 --> 00:09:14,958
or they've

523
00:09:14,958 --> 00:09:15,750
taken time off

524
00:09:15,750 --> 00:09:16,916
for motherhood

525
00:09:17,166 --> 00:09:18,500
again, had no income

526
00:09:18,500 --> 00:09:19,708
during that time.

527
00:09:19,791 --> 00:09:21,458
So if someone's got like

528
00:09:21,458 --> 00:09:23,166
less than 50,000

529
00:09:23,166 --> 00:09:24,958
in their superannuation,

530
00:09:24,958 --> 00:09:25,458
is that

531
00:09:25,458 --> 00:09:27,000
still a good opportunity

532
00:09:27,000 --> 00:09:29,166
for them to enter?

533
00:09:30,000 --> 00:09:31,166
Like I guess

534
00:09:31,375 --> 00:09:32,000
a self-managed

535
00:09:32,000 --> 00:09:32,541
super fund

536
00:09:32,541 --> 00:09:33,416
with all the fees

537
00:09:33,416 --> 00:09:34,791
and annual audits

538
00:09:34,791 --> 00:09:36,000
and things like that?

539
00:09:36,208 --> 00:09:37,041
I think,

540
00:09:37,041 --> 00:09:37,583
you know, everyone's

541
00:09:37,583 --> 00:09:38,333
circumstances are

542
00:09:38,333 --> 00:09:39,000
slightly different,

543
00:09:39,000 --> 00:09:40,041
and there's probably 2

544
00:09:40,041 --> 00:09:40,750
or 3 different

545
00:09:40,750 --> 00:09:42,083
scenarios there which,

546
00:09:43,083 --> 00:09:43,916
you know,

547
00:09:43,916 --> 00:09:44,791
would be yes,

548
00:09:44,791 --> 00:09:46,000
no, or maybe,

549
00:09:46,416 --> 00:09:47,750
but certainly, you know,

550
00:09:48,000 --> 00:09:48,750
we have clients

551
00:09:48,750 --> 00:09:49,125
who start

552
00:09:49,125 --> 00:09:50,916
with $20,000 and,

553
00:09:51,541 --> 00:09:51,791
you know,

554
00:09:51,791 --> 00:09:52,958
they're on the beginning

555
00:09:52,958 --> 00:09:53,583
of their journey

556
00:09:53,583 --> 00:09:55,000
with superannuation and,

557
00:09:55,583 --> 00:09:56,291
basically,

558
00:09:56,291 --> 00:09:56,541
you know,

559
00:09:56,541 --> 00:09:57,625
it's a good opportunity

560
00:09:57,625 --> 00:09:58,375
to buy them

561
00:09:58,375 --> 00:09:59,916
with Bitcoin, the fees,

562
00:10:00,291 --> 00:10:01,250
you know, probably

563
00:10:01,250 --> 00:10:02,625
13, $1,400

564
00:10:02,625 --> 00:10:03,458
a year for a super.

565
00:10:03,458 --> 00:10:03,750
So they're

566
00:10:03,750 --> 00:10:04,958
not that high.

567
00:10:05,291 --> 00:10:06,000
That's obviously

568
00:10:06,000 --> 00:10:07,083
a large percentage

569
00:10:07,083 --> 00:10:08,333
when your balance is

570
00:10:08,333 --> 00:10:09,083
only sort of 20,

571
00:10:09,083 --> 00:10:10,250
30, 40 grand.

572
00:10:10,625 --> 00:10:11,208
But when the

573
00:10:11,208 --> 00:10:11,708
performance of

574
00:10:11,708 --> 00:10:13,750
Bitcoin is 83% a year,

575
00:10:14,250 --> 00:10:15,208
it really pale

576
00:10:15,208 --> 00:10:16,416
into insignificance.

577
00:10:16,625 --> 00:10:17,791
So often the kind of

578
00:10:17,791 --> 00:10:19,125
traditional accountancy

579
00:10:19,125 --> 00:10:20,291
or wealth advice

580
00:10:20,291 --> 00:10:20,916
you'd get is

581
00:10:20,916 --> 00:10:22,375
you need like two,

582
00:10:22,375 --> 00:10:24,250
three, four, $500,000

583
00:10:24,250 --> 00:10:25,041
to do a self-managed

584
00:10:25,041 --> 00:10:26,000
super make it viable

585
00:10:26,000 --> 00:10:27,208
because it's expensive.

586
00:10:27,208 --> 00:10:27,666
But I think

587
00:10:27,666 --> 00:10:29,083
that's outdated.

588
00:10:29,708 --> 00:10:30,791
Purely from the fact,

589
00:10:30,791 --> 00:10:31,041
you know,

590
00:10:31,041 --> 00:10:31,375
they talk

591
00:10:31,375 --> 00:10:32,583
about fees, but,

592
00:10:32,666 --> 00:10:33,541
generally when

593
00:10:33,541 --> 00:10:34,208
an accountant

594
00:10:34,208 --> 00:10:34,625
is talking

595
00:10:34,625 --> 00:10:34,916
about a

596
00:10:34,916 --> 00:10:36,291
self-managed super, it's

597
00:10:36,291 --> 00:10:37,500
usually where,

598
00:10:37,625 --> 00:10:38,625
the client is going

599
00:10:38,625 --> 00:10:39,333
to be trading

600
00:10:39,333 --> 00:10:40,166
in and out of shares.

601
00:10:40,166 --> 00:10:40,625
They think they

602
00:10:40,625 --> 00:10:41,083
can do better

603
00:10:41,083 --> 00:10:42,083
than the managed funds.

604
00:10:42,083 --> 00:10:43,125
They're investing

605
00:10:43,125 --> 00:10:43,541
in all sorts

606
00:10:43,541 --> 00:10:44,416
of crazy things,

607
00:10:44,416 --> 00:10:45,125
and there's lots

608
00:10:45,125 --> 00:10:46,083
of transactions

609
00:10:46,083 --> 00:10:47,250
and complexity.

610
00:10:47,250 --> 00:10:48,500
And when you buy

611
00:10:48,500 --> 00:10:49,541
and hold Bitcoin,

612
00:10:49,541 --> 00:10:50,541
it couldn't be simpler.

613
00:10:50,541 --> 00:10:52,166
Your, doing one

614
00:10:52,166 --> 00:10:52,625
purchase

615
00:10:52,625 --> 00:10:53,916
with your rollover out,

616
00:10:53,916 --> 00:10:54,416
which is your

617
00:10:54,416 --> 00:10:55,166
initial balance

618
00:10:55,166 --> 00:10:56,375
of however much you're

619
00:10:56,375 --> 00:10:57,291
moving in.

620
00:10:57,291 --> 00:10:58,416
Plus then your

621
00:10:58,416 --> 00:10:59,708
compulsory contributions

622
00:10:59,708 --> 00:11:00,083
on a,

623
00:11:00,083 --> 00:11:01,250
on a rolling basis.

624
00:11:01,541 --> 00:11:02,875
And so you might do

625
00:11:02,875 --> 00:11:03,416
like 12

626
00:11:03,416 --> 00:11:04,375
transactions a year

627
00:11:04,375 --> 00:11:05,000
if you get paid

628
00:11:05,000 --> 00:11:06,208
your super monthly,

629
00:11:06,291 --> 00:11:07,166
could even before

630
00:11:07,166 --> 00:11:08,166
if you paid quarterly.

631
00:11:08,166 --> 00:11:09,208
So,

632
00:11:09,208 --> 00:11:10,041
I think the rules around

633
00:11:10,041 --> 00:11:10,583
that are changing

634
00:11:10,583 --> 00:11:11,000
so that you

635
00:11:11,000 --> 00:11:11,666
have to receive

636
00:11:11,666 --> 00:11:12,041
super

637
00:11:12,041 --> 00:11:12,541
when you get

638
00:11:12,541 --> 00:11:13,750
your salary.

639
00:11:14,083 --> 00:11:14,875
But ultimately,

640
00:11:14,875 --> 00:11:15,750
it's not complex.

641
00:11:15,750 --> 00:11:16,041
It's not a

642
00:11:16,041 --> 00:11:17,250
complicated thing.

643
00:11:17,583 --> 00:11:18,166
And therefore

644
00:11:18,166 --> 00:11:19,041
the performance

645
00:11:19,041 --> 00:11:20,333
dramatically outweighs

646
00:11:20,333 --> 00:11:21,541
the cost of doing it.

647
00:11:22,250 --> 00:11:23,500
And so it makes it cost

648
00:11:23,500 --> 00:11:23,875
effective

649
00:11:23,875 --> 00:11:24,625
at a fairly low

650
00:11:24,625 --> 00:11:25,625
amount of balance

651
00:11:25,625 --> 00:11:26,833
to be able to do this,

652
00:11:27,125 --> 00:11:28,041
and provide you

653
00:11:28,041 --> 00:11:28,791
the best possible

654
00:11:28,791 --> 00:11:29,458
opportunity

655
00:11:29,458 --> 00:11:30,666
of growing your balance

656
00:11:30,791 --> 00:11:31,500
dramatically.

657
00:11:31,500 --> 00:11:32,875
So, you know, to take

658
00:11:33,166 --> 00:11:34,041
20 grand

659
00:11:34,041 --> 00:11:35,541
and add 83%

660
00:11:35,541 --> 00:11:36,833
and compound that over,

661
00:11:37,458 --> 00:11:38,416
eight, ten, 12,

662
00:11:38,416 --> 00:11:39,625
24 years,

663
00:11:39,916 --> 00:11:41,166
before you retire, then,

664
00:11:41,166 --> 00:11:41,458
you know,

665
00:11:41,458 --> 00:11:41,666
you're

666
00:11:41,666 --> 00:11:42,500
providing yourself

667
00:11:42,500 --> 00:11:42,833
a really

668
00:11:42,833 --> 00:11:44,000
significant opportunity

669
00:11:44,208 --> 00:11:45,375
for a decent retirement.

670
00:11:45,791 --> 00:11:46,583
So small amounts

671
00:11:46,583 --> 00:11:47,750
is absolutely possible.

672
00:11:48,291 --> 00:11:49,250
I think,

673
00:11:49,250 --> 00:11:49,791
you know,

674
00:11:49,791 --> 00:11:50,833
and big nuance

675
00:11:50,833 --> 00:11:52,041
to this, that I

676
00:11:52,083 --> 00:11:52,583
often talk

677
00:11:52,583 --> 00:11:53,291
about as well,

678
00:11:54,958 --> 00:11:56,250
I personally don't

679
00:11:56,250 --> 00:11:57,208
think it's a good idea

680
00:11:57,208 --> 00:11:59,375
to, contribute to super

681
00:11:59,666 --> 00:12:00,833
anything other than what

682
00:12:00,833 --> 00:12:01,833
you have to.

683
00:12:01,833 --> 00:12:02,541
It's much better

684
00:12:02,541 --> 00:12:03,041
to stack

685
00:12:03,041 --> 00:12:04,500
Bitcoin outside of super

686
00:12:04,708 --> 00:12:05,833
than it is inside.

687
00:12:05,833 --> 00:12:07,041
But all of those funds

688
00:12:07,041 --> 00:12:08,250
that are compulsory,

689
00:12:08,458 --> 00:12:09,416
and already there

690
00:12:09,416 --> 00:12:10,375
or going to be there

691
00:12:10,375 --> 00:12:11,000
through

692
00:12:11,000 --> 00:12:11,500
compulsory

693
00:12:11,500 --> 00:12:12,666
contributions,

694
00:12:12,666 --> 00:12:13,916
of course, allocate them

695
00:12:13,916 --> 00:12:14,458
to Bitcoin

696
00:12:14,458 --> 00:12:15,208
for the performance

697
00:12:15,208 --> 00:12:15,416
that you're

698
00:12:15,416 --> 00:12:16,500
going to get.

699
00:12:16,500 --> 00:12:17,416
But never make

700
00:12:17,416 --> 00:12:18,208
any discretionary

701
00:12:18,208 --> 00:12:19,583
contributions to super.

702
00:12:20,291 --> 00:12:21,166
Because I think

703
00:12:21,166 --> 00:12:22,250
the counterparty risk

704
00:12:22,250 --> 00:12:23,458
is too great.

705
00:12:23,541 --> 00:12:24,250
The government are

706
00:12:24,250 --> 00:12:25,250
moving the goalposts.

707
00:12:25,250 --> 00:12:26,000
They will continue

708
00:12:26,000 --> 00:12:27,208
to move the goalposts,

709
00:12:27,583 --> 00:12:28,375
that they're looking

710
00:12:28,375 --> 00:12:29,958
at a $4.5 trillion

711
00:12:30,250 --> 00:12:31,458
of superannuation money.

712
00:12:31,875 --> 00:12:32,666
And they're working out

713
00:12:32,666 --> 00:12:33,708
as many creative ways

714
00:12:33,708 --> 00:12:34,291
as they can

715
00:12:34,291 --> 00:12:34,625
to try

716
00:12:34,625 --> 00:12:34,916
and get

717
00:12:34,916 --> 00:12:35,875
their hands on that

718
00:12:35,875 --> 00:12:36,708
to fund

719
00:12:36,708 --> 00:12:37,416
their profligate

720
00:12:37,416 --> 00:12:37,916
spending.

721
00:12:37,916 --> 00:12:39,666
So, fundamentally,

722
00:12:39,666 --> 00:12:40,583
I would really say,

723
00:12:40,583 --> 00:12:40,791
you know,

724
00:12:40,791 --> 00:12:41,416
in the soul

725
00:12:41,416 --> 00:12:42,583
Traders example

726
00:12:42,583 --> 00:12:43,791
that you used,

727
00:12:43,791 --> 00:12:44,708
much better for that

728
00:12:44,708 --> 00:12:45,916
sole trader to,

729
00:12:46,458 --> 00:12:47,625
allocate, you know,

730
00:12:47,625 --> 00:12:48,833
company bitcoin,

731
00:12:49,250 --> 00:12:50,333
or personal bitcoin

732
00:12:50,333 --> 00:12:51,125
than to start

733
00:12:51,125 --> 00:12:52,166
contributing to super

734
00:12:52,166 --> 00:12:52,458
when they

735
00:12:52,458 --> 00:12:53,666
absolutely don't have to

736
00:12:54,083 --> 00:12:54,208
because

737
00:12:54,208 --> 00:12:55,125
that counterparty risk

738
00:12:55,125 --> 00:12:55,875
is just too great.

739
00:12:56,875 --> 00:12:57,416
Yeah.

740
00:12:57,416 --> 00:12:58,291
Absolutely not.

741
00:12:58,291 --> 00:12:59,166
I agree with that.

742
00:12:59,166 --> 00:12:59,958
I before

743
00:12:59,958 --> 00:13:00,958
I got into Bitcoin,

744
00:13:00,958 --> 00:13:02,250
I did start

745
00:13:02,250 --> 00:13:03,750
thinking of allocating

746
00:13:03,750 --> 00:13:04,958
like I was allocating,

747
00:13:05,250 --> 00:13:07,041
additional contributions

748
00:13:07,041 --> 00:13:07,750
into my super

749
00:13:07,750 --> 00:13:09,041
because I didn't know

750
00:13:09,041 --> 00:13:09,583
of Bitcoin.

751
00:13:09,583 --> 00:13:10,166
I didn't use

752
00:13:10,166 --> 00:13:10,750
it as a tool.

753
00:13:10,750 --> 00:13:11,333
I didn't realize

754
00:13:11,333 --> 00:13:12,500
how powerful it was.

755
00:13:12,833 --> 00:13:14,750
So I was very much

756
00:13:14,750 --> 00:13:15,625
in that traditional

757
00:13:15,625 --> 00:13:16,416
finance mind

758
00:13:16,416 --> 00:13:16,916
where I was like,

759
00:13:16,916 --> 00:13:17,666
I need to have

760
00:13:17,666 --> 00:13:19,000
something decent

761
00:13:19,000 --> 00:13:20,208
to retire with.

762
00:13:20,333 --> 00:13:21,208
But now, like,

763
00:13:21,208 --> 00:13:21,875
my mind

764
00:13:21,875 --> 00:13:23,166
has completely shifted

765
00:13:23,166 --> 00:13:24,125
because I've seen

766
00:13:24,125 --> 00:13:25,000
the performance

767
00:13:25,000 --> 00:13:26,333
and it just doesn't

768
00:13:26,333 --> 00:13:26,916
make sense.

769
00:13:26,916 --> 00:13:27,916
And and like,

770
00:13:27,916 --> 00:13:28,625
like you said, you're

771
00:13:28,625 --> 00:13:29,375
absolutely right.

772
00:13:29,375 --> 00:13:30,083
They do keep

773
00:13:30,083 --> 00:13:31,250
moving the goalposts.

774
00:13:31,541 --> 00:13:33,416
And it is so frustrating

775
00:13:33,416 --> 00:13:34,208
because when we

776
00:13:34,208 --> 00:13:35,416
look back at history,

777
00:13:35,500 --> 00:13:36,458
the reason why

778
00:13:36,458 --> 00:13:37,083
they set up

779
00:13:37,083 --> 00:13:38,291
superannuation

780
00:13:38,416 --> 00:13:39,416
in the first place

781
00:13:39,416 --> 00:13:41,125
was because to help

782
00:13:41,125 --> 00:13:41,833
people save

783
00:13:41,833 --> 00:13:42,833
for their retirement

784
00:13:42,833 --> 00:13:43,208
and now

785
00:13:43,208 --> 00:13:43,708
they've turned

786
00:13:43,708 --> 00:13:44,416
around and go,

787
00:13:44,416 --> 00:13:45,208
oh look, there's

788
00:13:45,208 --> 00:13:45,875
this old money.

789
00:13:45,875 --> 00:13:46,125
Like,

790
00:13:46,125 --> 00:13:47,458
let's put a pause in it.

791
00:13:47,875 --> 00:13:49,375
And yeah, we can

792
00:13:49,375 --> 00:13:50,541
we can talk about,

793
00:13:50,833 --> 00:13:52,250
some of the taxation

794
00:13:52,250 --> 00:13:53,666
changes, proposed

795
00:13:53,666 --> 00:13:54,500
taxation changes

796
00:13:54,500 --> 00:13:55,708
a little bit later on.

797
00:13:56,250 --> 00:13:57,041
But before we do,

798
00:13:57,041 --> 00:13:57,500
I wanted to

799
00:13:57,500 --> 00:13:58,333
maybe get into

800
00:13:58,333 --> 00:13:59,541
the mechanics.

801
00:13:59,916 --> 00:14:00,625
You do have

802
00:14:00,625 --> 00:14:01,875
a great resource

803
00:14:01,875 --> 00:14:03,458
on your website

804
00:14:04,083 --> 00:14:04,916
as to the step

805
00:14:04,916 --> 00:14:06,083
by step guide,

806
00:14:06,750 --> 00:14:07,333
in how

807
00:14:07,333 --> 00:14:08,916
you can move your,

808
00:14:09,458 --> 00:14:11,291
entire superannuation

809
00:14:11,291 --> 00:14:12,000
fund from

810
00:14:12,000 --> 00:14:12,666
your super fund

811
00:14:12,666 --> 00:14:13,583
into a self-managed

812
00:14:13,583 --> 00:14:14,208
super fund.

813
00:14:14,208 --> 00:14:14,666
And there's like

814
00:14:14,666 --> 00:14:15,416
about ten

815
00:14:15,416 --> 00:14:16,625
steps for memory.

816
00:14:17,583 --> 00:14:18,833
Most of this steps

817
00:14:18,833 --> 00:14:20,333
are not done by you.

818
00:14:20,333 --> 00:14:20,750
They're done

819
00:14:20,750 --> 00:14:22,041
by your super admin,

820
00:14:22,041 --> 00:14:22,833
for example.

821
00:14:22,833 --> 00:14:23,375
But you kind of

822
00:14:23,375 --> 00:14:24,666
just need to be aware of

823
00:14:24,958 --> 00:14:25,916
where you are.

824
00:14:25,916 --> 00:14:27,375
And there are a couple

825
00:14:27,375 --> 00:14:28,875
of critical decisions

826
00:14:28,875 --> 00:14:29,791
that you as

827
00:14:29,791 --> 00:14:30,458
an individual

828
00:14:30,458 --> 00:14:31,583
have to make before

829
00:14:31,583 --> 00:14:32,958
you make that,

830
00:14:33,083 --> 00:14:33,875
think from memory.

831
00:14:33,875 --> 00:14:34,500
The first one

832
00:14:34,500 --> 00:14:35,250
is deciding

833
00:14:35,250 --> 00:14:36,583
whether you want to be

834
00:14:36,625 --> 00:14:37,000
set up

835
00:14:37,000 --> 00:14:38,250
as a family trust.

836
00:14:38,250 --> 00:14:39,625
Yeah, as a family

837
00:14:39,625 --> 00:14:40,833
trust or a,

838
00:14:41,125 --> 00:14:43,208
a corporate trust to.

839
00:14:43,250 --> 00:14:44,458
Yeah. So,

840
00:14:45,041 --> 00:14:46,166
we we've recently kind

841
00:14:46,166 --> 00:14:46,708
of updated

842
00:14:46,708 --> 00:14:47,416
things on Bitcoin

843
00:14:47,416 --> 00:14:48,083
super to make it

844
00:14:48,083 --> 00:14:48,583
even easier,

845
00:14:48,583 --> 00:14:49,250
we've partnered

846
00:14:49,250 --> 00:14:50,458
with a company called

847
00:14:50,958 --> 00:14:52,250
you do smsf

848
00:14:52,791 --> 00:14:53,083
really

849
00:14:53,083 --> 00:14:54,208
great organization.

850
00:14:54,208 --> 00:14:54,625
They've set up

851
00:14:54,625 --> 00:14:55,166
thousands

852
00:14:55,166 --> 00:14:55,833
of self-managed

853
00:14:55,833 --> 00:14:56,333
super funds

854
00:14:56,333 --> 00:14:56,875
over the years.

855
00:14:56,875 --> 00:14:58,333
And just in the last

856
00:14:58,500 --> 00:14:59,000
six months,

857
00:14:59,000 --> 00:14:59,916
we've started working

858
00:14:59,916 --> 00:15:00,625
a bit more closely

859
00:15:00,625 --> 00:15:01,750
with them.

860
00:15:01,750 --> 00:15:02,791
And so,

861
00:15:02,791 --> 00:15:03,833
it makes it even easier.

862
00:15:03,833 --> 00:15:04,708
So there are a number

863
00:15:04,708 --> 00:15:05,250
of different ways

864
00:15:05,250 --> 00:15:06,458
you can set up an sMSf.

865
00:15:07,041 --> 00:15:08,250
We used to,

866
00:15:08,333 --> 00:15:09,500
recommend a super fund,

867
00:15:09,500 --> 00:15:10,083
and that's

868
00:15:10,083 --> 00:15:11,291
still a great option.

869
00:15:11,333 --> 00:15:11,666
It's just

870
00:15:11,666 --> 00:15:12,875
much more kind of,

871
00:15:13,000 --> 00:15:13,916
self set up

872
00:15:13,916 --> 00:15:14,375
and lots of

873
00:15:14,375 --> 00:15:15,583
paperwork yourself.

874
00:15:16,083 --> 00:15:17,666
And with you do now,

875
00:15:18,000 --> 00:15:19,166
basically they,

876
00:15:19,166 --> 00:15:19,541
they help

877
00:15:19,541 --> 00:15:20,250
do it all for you.

878
00:15:20,250 --> 00:15:20,875
So it's very much

879
00:15:20,875 --> 00:15:22,750
a hands off, process.

880
00:15:22,750 --> 00:15:23,625
They'll really step you

881
00:15:23,625 --> 00:15:24,500
through everything,

882
00:15:24,500 --> 00:15:25,041
hold your hand

883
00:15:25,041 --> 00:15:25,416
all the way

884
00:15:25,416 --> 00:15:26,250
through the process.

885
00:15:26,250 --> 00:15:26,875
It makes it a lot

886
00:15:26,875 --> 00:15:27,750
easier and quicker

887
00:15:27,750 --> 00:15:28,083
because they're

888
00:15:28,083 --> 00:15:29,291
very, efficient

889
00:15:29,291 --> 00:15:30,500
at doing that.

890
00:15:30,750 --> 00:15:31,500
And the costs

891
00:15:31,500 --> 00:15:32,250
are very similar.

892
00:15:32,250 --> 00:15:33,291
So, it's

893
00:15:33,291 --> 00:15:34,083
a really effective

894
00:15:34,083 --> 00:15:35,208
way of doing it.

895
00:15:35,208 --> 00:15:36,125
And really,

896
00:15:36,125 --> 00:15:36,625
you know, what

897
00:15:36,625 --> 00:15:37,791
we tend to do is,

898
00:15:38,166 --> 00:15:39,083
you know, introduce

899
00:15:39,083 --> 00:15:41,333
clients to, you do.

900
00:15:41,333 --> 00:15:42,458
And then basically

901
00:15:42,458 --> 00:15:42,875
they're taken

902
00:15:42,875 --> 00:15:43,583
through the process

903
00:15:43,583 --> 00:15:44,083
and it takes

904
00:15:44,083 --> 00:15:45,291
about four weeks.

905
00:15:45,875 --> 00:15:46,625
And they'll

906
00:15:46,625 --> 00:15:47,333
talk you through

907
00:15:47,333 --> 00:15:47,666
whether it's

908
00:15:47,666 --> 00:15:48,458
a corporate trustee

909
00:15:48,458 --> 00:15:49,666
or a personal trustee.

910
00:15:50,125 --> 00:15:51,166
Generally, we recommend

911
00:15:51,166 --> 00:15:51,916
corporate trustee

912
00:15:51,916 --> 00:15:52,833
is the default

913
00:15:52,833 --> 00:15:53,375
because you can have

914
00:15:53,375 --> 00:15:54,000
a single member

915
00:15:54,000 --> 00:15:55,208
in the fund.

916
00:15:55,541 --> 00:15:56,291
Similarly

917
00:15:56,291 --> 00:15:56,833
you can have up

918
00:15:56,833 --> 00:15:57,166
to six

919
00:15:57,166 --> 00:15:58,375
members in the fund.

920
00:15:58,500 --> 00:15:59,125
So we have quite

921
00:15:59,125 --> 00:16:00,333
a few clients who have,

922
00:16:00,833 --> 00:16:01,708
husband and wife

923
00:16:01,708 --> 00:16:03,500
and adult children or,

924
00:16:03,750 --> 00:16:04,166
parents

925
00:16:04,166 --> 00:16:05,250
in the fund as well.

926
00:16:05,250 --> 00:16:06,625
And that's that spreads

927
00:16:06,625 --> 00:16:07,375
the cost of that

928
00:16:07,375 --> 00:16:08,000
and maintenance

929
00:16:08,000 --> 00:16:08,666
of that fund.

930
00:16:09,625 --> 00:16:10,333
You do also

931
00:16:10,333 --> 00:16:10,875
obviously, then

932
00:16:10,875 --> 00:16:11,416
look after

933
00:16:11,416 --> 00:16:12,000
your annual

934
00:16:12,000 --> 00:16:13,500
tax return and,

935
00:16:14,791 --> 00:16:16,000
your audit,

936
00:16:16,250 --> 00:16:17,125
make sure everything

937
00:16:17,125 --> 00:16:18,291
you know, functions

938
00:16:18,291 --> 00:16:19,541
properly and easily and,

939
00:16:19,791 --> 00:16:20,416
really makes it

940
00:16:20,416 --> 00:16:21,000
a very hands

941
00:16:21,000 --> 00:16:21,625
off process.

942
00:16:21,625 --> 00:16:22,916
So generally very,

943
00:16:22,916 --> 00:16:24,083
very simple.

944
00:16:24,416 --> 00:16:25,458
As an individual,

945
00:16:25,458 --> 00:16:26,125
then you're just kind

946
00:16:26,125 --> 00:16:27,458
of responsible for,

947
00:16:28,125 --> 00:16:29,000
when the compulsory

948
00:16:29,000 --> 00:16:30,000
contributions come in

949
00:16:30,000 --> 00:16:31,208
from your employer,

950
00:16:31,458 --> 00:16:32,083
making sure

951
00:16:32,083 --> 00:16:33,083
that, you know,

952
00:16:33,083 --> 00:16:34,291
they go to your,

953
00:16:34,333 --> 00:16:35,125
exchange account,

954
00:16:35,125 --> 00:16:35,666
which is set up

955
00:16:35,666 --> 00:16:36,000
in the name

956
00:16:36,000 --> 00:16:37,166
of your super fund,

957
00:16:37,250 --> 00:16:37,875
and then obviously

958
00:16:37,875 --> 00:16:38,708
buying the Bitcoin

959
00:16:38,708 --> 00:16:39,916
and storing that,

960
00:16:40,125 --> 00:16:40,791
however you want to

961
00:16:40,791 --> 00:16:41,125
store it.

962
00:16:41,125 --> 00:16:41,833
And again,

963
00:16:41,833 --> 00:16:42,041
you know,

964
00:16:42,041 --> 00:16:42,791
that's something we help

965
00:16:42,791 --> 00:16:44,000
clients with as well,

966
00:16:44,000 --> 00:16:45,166
as the bitcoin advisers,

967
00:16:45,166 --> 00:16:46,083
collaborative security.

968
00:16:46,083 --> 00:16:48,458
But people are entirely,

969
00:16:48,791 --> 00:16:49,958
free to kind of store

970
00:16:49,958 --> 00:16:50,458
their bitcoin

971
00:16:50,458 --> 00:16:51,666
as they see fit.

972
00:16:51,750 --> 00:16:52,166
And again,

973
00:16:52,166 --> 00:16:52,541
that's kind

974
00:16:52,541 --> 00:16:53,708
of one of the,

975
00:16:53,708 --> 00:16:54,958
unintended benefits

976
00:16:54,958 --> 00:16:55,916
of having Bitcoin

977
00:16:55,916 --> 00:16:56,750
and super

978
00:16:56,750 --> 00:16:57,750
you're actually,

979
00:16:57,750 --> 00:16:58,708
putting that money

980
00:16:58,708 --> 00:17:00,000
under your own custody

981
00:17:00,000 --> 00:17:01,208
and control.

982
00:17:01,375 --> 00:17:02,583
And so,

983
00:17:02,750 --> 00:17:03,500
you know, if something

984
00:17:03,500 --> 00:17:04,791
dramatic happens, then,

985
00:17:05,375 --> 00:17:06,625
potentially super funds

986
00:17:06,625 --> 00:17:07,833
in managed funds,

987
00:17:08,208 --> 00:17:09,000
can, you know,

988
00:17:09,000 --> 00:17:09,708
lose value

989
00:17:09,708 --> 00:17:10,916
and disappear or,

990
00:17:11,333 --> 00:17:12,541
as you know, happened

991
00:17:12,541 --> 00:17:13,083
even just a

992
00:17:13,083 --> 00:17:14,291
few weeks ago,

993
00:17:14,291 --> 00:17:14,708
I think it was

994
00:17:14,708 --> 00:17:15,916
a $100 million

995
00:17:15,916 --> 00:17:17,125
collapse of,

996
00:17:17,541 --> 00:17:18,750
an investment firm,

997
00:17:19,125 --> 00:17:20,000
that was running,

998
00:17:20,000 --> 00:17:20,250
you know,

999
00:17:20,250 --> 00:17:21,458
a pretty sketchy,

1000
00:17:21,833 --> 00:17:23,208
superannuation process.

1001
00:17:23,208 --> 00:17:24,125
And,

1002
00:17:24,125 --> 00:17:24,958
they basically ran off

1003
00:17:24,958 --> 00:17:25,500
with everything,

1004
00:17:25,500 --> 00:17:26,541
at least with Bitcoin

1005
00:17:26,541 --> 00:17:27,750
and self-custody.

1006
00:17:27,875 --> 00:17:28,583
You're looking after

1007
00:17:28,583 --> 00:17:29,250
that yourself,

1008
00:17:29,250 --> 00:17:29,666
and it's

1009
00:17:29,666 --> 00:17:30,625
under your own control

1010
00:17:30,625 --> 00:17:31,791
and your own keys and,

1011
00:17:32,166 --> 00:17:33,083
makes you self-sovereign

1012
00:17:33,083 --> 00:17:33,750
with your

1013
00:17:33,750 --> 00:17:34,041
with your

1014
00:17:34,041 --> 00:17:34,750
superannuation.

1015
00:17:34,750 --> 00:17:35,333
So it's not

1016
00:17:35,333 --> 00:17:36,416
at risk of someone

1017
00:17:36,416 --> 00:17:37,625
walking off with it,

1018
00:17:37,833 --> 00:17:38,750
you know.

1019
00:17:38,750 --> 00:17:39,083
Yeah.

1020
00:17:39,083 --> 00:17:40,250
And the double standards

1021
00:17:40,250 --> 00:17:40,625
when these

1022
00:17:40,625 --> 00:17:42,125
happen in happens

1023
00:17:42,125 --> 00:17:42,750
in traditional

1024
00:17:42,750 --> 00:17:43,375
finance it's

1025
00:17:43,375 --> 00:17:44,541
very much hush hush.

1026
00:17:44,666 --> 00:17:45,291
When it happens

1027
00:17:45,291 --> 00:17:46,958
in Bitcoin it's it's

1028
00:17:46,958 --> 00:17:48,166
yeah it's it's

1029
00:17:48,166 --> 00:17:48,750
a completely

1030
00:17:48,750 --> 00:17:49,500
different stories

1031
00:17:49,500 --> 00:17:50,541
like Bitcoin is terrible

1032
00:17:50,541 --> 00:17:51,208
in this in that

1033
00:17:51,208 --> 00:17:52,791
which just is not true.

1034
00:17:53,333 --> 00:17:53,416
Yeah.

1035
00:17:54,916 --> 00:17:55,875
Yeah.

1036
00:17:55,875 --> 00:17:57,083
But on

1037
00:17:57,083 --> 00:17:57,750
that they

1038
00:17:57,750 --> 00:17:58,583
actually have been

1039
00:17:58,583 --> 00:18:00,541
a number of things

1040
00:18:00,541 --> 00:18:02,375
in Australian headlines

1041
00:18:02,791 --> 00:18:03,875
as to like super

1042
00:18:03,875 --> 00:18:05,083
funds doing

1043
00:18:05,291 --> 00:18:06,500
sketchy things.

1044
00:18:08,375 --> 00:18:09,208
I know the case

1045
00:18:09,208 --> 00:18:09,833
that you mentioned,

1046
00:18:09,833 --> 00:18:10,500
but there was one

1047
00:18:10,500 --> 00:18:10,916
as well

1048
00:18:10,916 --> 00:18:12,208
earlier on this year

1049
00:18:12,208 --> 00:18:13,250
where

1050
00:18:13,250 --> 00:18:14,375
I think it was hesta

1051
00:18:14,375 --> 00:18:15,291
when I say

1052
00:18:15,291 --> 00:18:16,583
maybe I'm wrong, but.

1053
00:18:16,625 --> 00:18:17,041
They turn

1054
00:18:17,041 --> 00:18:17,708
the systems off

1055
00:18:17,708 --> 00:18:19,000
for like six months.

1056
00:18:19,000 --> 00:18:20,166
What, like a system?

1057
00:18:20,166 --> 00:18:21,250
That was horrendous.

1058
00:18:21,250 --> 00:18:22,458
Was that Mr..

1059
00:18:22,666 --> 00:18:23,875
Yeah, yeah,

1060
00:18:24,000 --> 00:18:25,250
it just so many

1061
00:18:25,250 --> 00:18:26,750
red flags for me.

1062
00:18:26,750 --> 00:18:27,958
And I do feel a

1063
00:18:27,958 --> 00:18:29,125
lot more secure

1064
00:18:29,375 --> 00:18:31,791
having my own retirement

1065
00:18:31,791 --> 00:18:33,000
in my own hands.

1066
00:18:33,875 --> 00:18:34,625
And I do keep it

1067
00:18:34,625 --> 00:18:35,333
very separate

1068
00:18:35,333 --> 00:18:36,416
from my personal stash.

1069
00:18:36,416 --> 00:18:37,166
So I've got separate

1070
00:18:37,166 --> 00:18:37,500
wallets,

1071
00:18:37,500 --> 00:18:38,250
separate accounts,

1072
00:18:38,250 --> 00:18:39,625
separate everything.

1073
00:18:40,375 --> 00:18:41,125
So don't muddy

1074
00:18:41,125 --> 00:18:41,750
the waters.

1075
00:18:41,750 --> 00:18:42,750
And I always advise

1076
00:18:42,750 --> 00:18:44,000
people to do the same.

1077
00:18:45,333 --> 00:18:45,458
Yeah.

1078
00:18:45,458 --> 00:18:46,750
I think it

1079
00:18:46,750 --> 00:18:47,333
leads to a

1080
00:18:47,333 --> 00:18:48,291
really important point.

1081
00:18:48,291 --> 00:18:49,500
Not just the,

1082
00:18:49,958 --> 00:18:51,000
stability or doing

1083
00:18:51,000 --> 00:18:51,833
sketchy things or

1084
00:18:51,833 --> 00:18:53,041
being run badly.

1085
00:18:53,458 --> 00:18:54,083
If you actually

1086
00:18:54,083 --> 00:18:55,250
ask your super fund,

1087
00:18:55,500 --> 00:18:56,541
where are my funds

1088
00:18:56,541 --> 00:18:57,208
invested,

1089
00:18:57,208 --> 00:18:58,416
they'll give you very

1090
00:18:58,416 --> 00:18:59,166
kind of top

1091
00:18:59,166 --> 00:19:00,458
line allocations

1092
00:19:00,458 --> 00:19:02,041
to Australian shares,

1093
00:19:02,041 --> 00:19:03,250
U.S shares,

1094
00:19:03,458 --> 00:19:04,666
fixed income,

1095
00:19:05,250 --> 00:19:06,500
alternative investments.

1096
00:19:06,500 --> 00:19:07,416
And,

1097
00:19:07,416 --> 00:19:08,458
you know, other things.

1098
00:19:08,458 --> 00:19:09,250
You actually

1099
00:19:09,250 --> 00:19:10,208
have no idea

1100
00:19:10,208 --> 00:19:10,708
where your money

1101
00:19:10,708 --> 00:19:11,875
is invested.

1102
00:19:12,000 --> 00:19:13,208
And you know,

1103
00:19:13,250 --> 00:19:14,208
even things like,

1104
00:19:14,208 --> 00:19:14,875
I think Matt

1105
00:19:14,875 --> 00:19:15,750
Barry did a tweet

1106
00:19:15,750 --> 00:19:16,916
a couple of days ago,

1107
00:19:17,416 --> 00:19:17,666
you know,

1108
00:19:17,666 --> 00:19:18,625
the entrepreneur

1109
00:19:18,625 --> 00:19:19,375
in Australia

1110
00:19:19,375 --> 00:19:19,916
that he,

1111
00:19:19,916 --> 00:19:20,541
he'd wandered

1112
00:19:20,541 --> 00:19:21,750
around Australian,

1113
00:19:22,250 --> 00:19:23,208
commercial real estate

1114
00:19:23,208 --> 00:19:24,583
looking for, new office

1115
00:19:24,583 --> 00:19:25,791
space, I think,

1116
00:19:25,958 --> 00:19:26,500
and he said

1117
00:19:26,500 --> 00:19:27,708
it was just a disaster

1118
00:19:27,708 --> 00:19:28,916
in Sydney CBD.

1119
00:19:29,000 --> 00:19:29,333
You know,

1120
00:19:29,333 --> 00:19:30,708
the offices he went into

1121
00:19:30,750 --> 00:19:32,333
might have like, 15%

1122
00:19:32,333 --> 00:19:33,541
occupancy.

1123
00:19:33,958 --> 00:19:34,166
You know,

1124
00:19:34,166 --> 00:19:34,625
most of the

1125
00:19:34,625 --> 00:19:35,833
floors are empty.

1126
00:19:36,250 --> 00:19:37,250
They're discounting X,

1127
00:19:37,250 --> 00:19:38,458
Y, and Z, like

1128
00:19:38,458 --> 00:19:39,541
the returns

1129
00:19:39,541 --> 00:19:40,750
that those,

1130
00:19:40,791 --> 00:19:41,666
commercial real estate

1131
00:19:41,666 --> 00:19:42,583
properties are earning.

1132
00:19:42,583 --> 00:19:44,250
It must just be dire.

1133
00:19:44,541 --> 00:19:45,541
Now, who owns

1134
00:19:45,541 --> 00:19:45,916
all of that

1135
00:19:45,916 --> 00:19:46,833
commercial real estate?

1136
00:19:46,833 --> 00:19:47,625
It's a lot of the

1137
00:19:47,625 --> 00:19:48,833
superannuation funds.

1138
00:19:49,041 --> 00:19:49,583
And so

1139
00:19:49,583 --> 00:19:50,541
those superannuation

1140
00:19:50,541 --> 00:19:51,291
funds are holding

1141
00:19:51,291 --> 00:19:51,833
that commercial

1142
00:19:51,833 --> 00:19:53,000
real estate at whatever

1143
00:19:53,000 --> 00:19:53,666
valuation

1144
00:19:53,666 --> 00:19:54,583
they put on them

1145
00:19:54,583 --> 00:19:55,791
because they're self,

1146
00:19:55,833 --> 00:19:56,708
valuing them

1147
00:19:56,708 --> 00:19:57,916
and they don't have to

1148
00:19:57,958 --> 00:19:59,125
revalue them.

1149
00:19:59,666 --> 00:20:00,291
I mean, it's something

1150
00:20:00,291 --> 00:20:01,583
like every three years,

1151
00:20:02,125 --> 00:20:03,208
at their own discretion.

1152
00:20:03,208 --> 00:20:04,708
And so, you know,

1153
00:20:04,708 --> 00:20:05,791
that was all based on

1154
00:20:05,791 --> 00:20:08,083
like 80, 90% occupancy,

1155
00:20:08,083 --> 00:20:08,875
which is clearly

1156
00:20:08,875 --> 00:20:09,416
not the case

1157
00:20:09,416 --> 00:20:10,625
anymore post-Covid,

1158
00:20:11,083 --> 00:20:12,208
and will continue

1159
00:20:12,208 --> 00:20:12,833
to decline

1160
00:20:12,833 --> 00:20:13,791
with kind of advent

1161
00:20:13,791 --> 00:20:14,333
of AI

1162
00:20:14,333 --> 00:20:15,250
and everything else.

1163
00:20:15,250 --> 00:20:15,791
And so

1164
00:20:15,791 --> 00:20:17,041
whatever valuations

1165
00:20:17,041 --> 00:20:17,541
those super

1166
00:20:17,541 --> 00:20:18,291
funds are putting

1167
00:20:18,291 --> 00:20:18,833
on the money

1168
00:20:18,833 --> 00:20:19,666
that you've got invested

1169
00:20:19,666 --> 00:20:20,875
with them.

1170
00:20:20,875 --> 00:20:21,125
Yeah.

1171
00:20:21,125 --> 00:20:22,500
That's just one example

1172
00:20:22,500 --> 00:20:23,250
of probably

1173
00:20:23,250 --> 00:20:23,958
a bunch of

1174
00:20:23,958 --> 00:20:24,958
bad investments

1175
00:20:24,958 --> 00:20:26,125
that are overvalued,

1176
00:20:26,125 --> 00:20:27,000
which means that,

1177
00:20:27,000 --> 00:20:27,208
you know,

1178
00:20:27,208 --> 00:20:27,708
by the time

1179
00:20:27,708 --> 00:20:28,916
you get to retirement,

1180
00:20:28,916 --> 00:20:29,750
are those funds

1181
00:20:29,750 --> 00:20:30,291
going to be worth

1182
00:20:30,291 --> 00:20:31,166
the same amount of money

1183
00:20:31,166 --> 00:20:32,250
as you think they are?

1184
00:20:32,250 --> 00:20:33,416
Possibly not.

1185
00:20:33,625 --> 00:20:34,250
And if there's,

1186
00:20:34,250 --> 00:20:36,041
you know, another 2008

1187
00:20:36,041 --> 00:20:37,291
style recession or,

1188
00:20:37,541 --> 00:20:38,750
economic collapse

1189
00:20:38,833 --> 00:20:39,833
that can destroy

1190
00:20:39,833 --> 00:20:40,666
a lot of the value

1191
00:20:40,666 --> 00:20:41,875
in your superannuation,

1192
00:20:42,250 --> 00:20:42,666
that isn't

1193
00:20:42,666 --> 00:20:43,625
going to come back.

1194
00:20:43,625 --> 00:20:44,416
And that's

1195
00:20:44,416 --> 00:20:45,083
quite different

1196
00:20:45,083 --> 00:20:45,750
with Bitcoin.

1197
00:20:45,750 --> 00:20:45,958
You know,

1198
00:20:45,958 --> 00:20:46,666
Bitcoin is

1199
00:20:46,666 --> 00:20:47,541
price volatile.

1200
00:20:47,541 --> 00:20:47,875
But it's a

1201
00:20:47,875 --> 00:20:49,083
nice an asset.

1202
00:20:49,208 --> 00:20:49,958
But you know the

1203
00:20:49,958 --> 00:20:50,916
amount of Bitcoin

1204
00:20:50,916 --> 00:20:52,041
you hold will remain

1205
00:20:52,041 --> 00:20:52,916
the amount of bitcoin

1206
00:20:52,916 --> 00:20:54,083
that you hold.

1207
00:20:54,083 --> 00:20:55,500
And so as the cycles

1208
00:20:55,500 --> 00:20:57,125
continue or price

1209
00:20:57,125 --> 00:20:58,500
appreciations continue

1210
00:20:58,500 --> 00:20:59,458
and the scarcity

1211
00:20:59,458 --> 00:21:00,958
of bitcoin for me,

1212
00:21:00,958 --> 00:21:01,958
it gives me an awful

1213
00:21:01,958 --> 00:21:02,333
lot more

1214
00:21:02,333 --> 00:21:03,500
confidence that,

1215
00:21:03,833 --> 00:21:04,583
I know how much

1216
00:21:04,583 --> 00:21:05,750
Bitcoin is in my super,

1217
00:21:06,208 --> 00:21:07,000
I know how much

1218
00:21:07,000 --> 00:21:07,416
I'm adding

1219
00:21:07,416 --> 00:21:07,708
to that

1220
00:21:07,708 --> 00:21:08,875
on a regular basis.

1221
00:21:08,875 --> 00:21:09,625
So I know

1222
00:21:09,625 --> 00:21:10,250
how much bitcoin

1223
00:21:10,250 --> 00:21:10,791
I'm going to have

1224
00:21:10,791 --> 00:21:12,000
by the time I retire.

1225
00:21:12,166 --> 00:21:13,333
You can't say the same

1226
00:21:13,333 --> 00:21:14,333
about the dollar value

1227
00:21:14,333 --> 00:21:16,333
of your, managed fund

1228
00:21:16,500 --> 00:21:17,541
because you're not

1229
00:21:17,541 --> 00:21:18,208
in control

1230
00:21:18,208 --> 00:21:18,833
of any of that.

1231
00:21:18,833 --> 00:21:20,833
And the, the valuations

1232
00:21:20,833 --> 00:21:21,416
of some of

1233
00:21:21,416 --> 00:21:22,083
these investments

1234
00:21:22,083 --> 00:21:22,541
that they have

1235
00:21:22,541 --> 00:21:23,500
are just garbage.

1236
00:21:23,500 --> 00:21:24,333
So it's

1237
00:21:24,333 --> 00:21:25,458
really concerning to me.

1238
00:21:25,458 --> 00:21:26,541
And I think

1239
00:21:26,541 --> 00:21:27,291
the risks of

1240
00:21:27,291 --> 00:21:28,041
not doing it

1241
00:21:28,041 --> 00:21:29,000
far outweigh

1242
00:21:29,000 --> 00:21:30,208
the risks of doing it.

1243
00:21:30,250 --> 00:21:30,750
And you

1244
00:21:30,750 --> 00:21:31,625
begin to realize

1245
00:21:31,625 --> 00:21:32,250
that more and more

1246
00:21:32,250 --> 00:21:32,666
when you

1247
00:21:32,666 --> 00:21:33,000
when you're

1248
00:21:33,000 --> 00:21:33,958
on the other side of

1249
00:21:33,958 --> 00:21:34,916
having done the move.

1250
00:21:36,000 --> 00:21:37,125
Yeah, absolutely.

1251
00:21:37,125 --> 00:21:37,708
That sounds

1252
00:21:37,708 --> 00:21:39,041
like a huge red flag

1253
00:21:39,291 --> 00:21:40,375
for them to be marking

1254
00:21:40,375 --> 00:21:41,333
their own homework

1255
00:21:41,333 --> 00:21:41,916
like that.

1256
00:21:41,916 --> 00:21:42,958
It's yeah, yeah.

1257
00:21:42,958 --> 00:21:44,166
What could go wrong?

1258
00:21:46,458 --> 00:21:46,791
Yeah.

1259
00:21:46,791 --> 00:21:48,083
But I wanted to ask

1260
00:21:48,083 --> 00:21:49,291
you if,

1261
00:21:49,791 --> 00:21:50,708
for people

1262
00:21:50,708 --> 00:21:51,541
who've already set up

1263
00:21:51,541 --> 00:21:52,750
their sMSf

1264
00:21:52,750 --> 00:21:55,250
as a, family trust,

1265
00:21:55,250 --> 00:21:56,041
how like, is it

1266
00:21:56,041 --> 00:21:56,750
fairly easy

1267
00:21:56,750 --> 00:21:58,708
to swap switch

1268
00:21:58,708 --> 00:21:59,958
to corporate later

1269
00:21:59,958 --> 00:22:01,250
on when they decide

1270
00:22:01,250 --> 00:22:01,833
that they want

1271
00:22:01,833 --> 00:22:03,000
to do that? Yeah.

1272
00:22:03,000 --> 00:22:03,291
If it's a

1273
00:22:03,291 --> 00:22:04,208
personal structure,

1274
00:22:04,208 --> 00:22:05,125
then you can move it

1275
00:22:05,125 --> 00:22:05,625
to a corporate

1276
00:22:05,625 --> 00:22:06,083
structure.

1277
00:22:06,083 --> 00:22:06,833
And obviously

1278
00:22:06,833 --> 00:22:07,625
any of the management

1279
00:22:07,625 --> 00:22:08,250
firms can help

1280
00:22:08,250 --> 00:22:08,708
you do that.

1281
00:22:08,708 --> 00:22:09,333
And I don't think it's

1282
00:22:09,333 --> 00:22:10,291
a complicated thing

1283
00:22:10,291 --> 00:22:11,500
to do.

1284
00:22:11,625 --> 00:22:12,250
I generally,

1285
00:22:12,250 --> 00:22:13,250
like I said, recommend

1286
00:22:13,250 --> 00:22:14,208
a corporate trustee

1287
00:22:14,208 --> 00:22:14,875
just upfront.

1288
00:22:14,875 --> 00:22:15,583
It's a little bit

1289
00:22:15,583 --> 00:22:16,041
more cost,

1290
00:22:16,041 --> 00:22:17,000
but you can pay that

1291
00:22:17,000 --> 00:22:18,000
back to yourself

1292
00:22:18,000 --> 00:22:18,750
out of your super.

1293
00:22:18,750 --> 00:22:19,250
So it's only a

1294
00:22:19,250 --> 00:22:20,458
temporary outlay.

1295
00:22:20,833 --> 00:22:21,208
But yeah,

1296
00:22:21,208 --> 00:22:22,125
you can certainly move

1297
00:22:22,125 --> 00:22:23,500
from a, personal

1298
00:22:23,500 --> 00:22:24,958
trustee to a corporate

1299
00:22:24,958 --> 00:22:26,083
trustee fairly easily.

1300
00:22:27,041 --> 00:22:27,333
Yeah.

1301
00:22:27,333 --> 00:22:28,125
It's not a

1302
00:22:28,125 --> 00:22:28,375
not a

1303
00:22:28,375 --> 00:22:29,583
complicated exercise.

1304
00:22:30,166 --> 00:22:31,375
Nice, nice.

1305
00:22:32,291 --> 00:22:33,500
Now let's

1306
00:22:33,500 --> 00:22:34,916
maybe talk about

1307
00:22:34,916 --> 00:22:36,500
how we can keep

1308
00:22:36,500 --> 00:22:38,125
our superannuation

1309
00:22:38,250 --> 00:22:39,000
for as long as

1310
00:22:39,000 --> 00:22:40,166
possible and,

1311
00:22:40,625 --> 00:22:41,791
and let's

1312
00:22:41,791 --> 00:22:43,916
touch on division to 96,

1313
00:22:43,916 --> 00:22:44,333
because I know

1314
00:22:44,333 --> 00:22:45,291
that's quite,

1315
00:22:45,291 --> 00:22:46,041
a big concern

1316
00:22:46,041 --> 00:22:46,750
for a lot of people

1317
00:22:46,750 --> 00:22:47,958
in Australia.

1318
00:22:48,083 --> 00:22:48,958
I have been

1319
00:22:48,958 --> 00:22:50,333
following the debates

1320
00:22:50,333 --> 00:22:51,541
on all social medias,

1321
00:22:51,583 --> 00:22:52,791
including Instagram

1322
00:22:52,791 --> 00:22:53,458
and Twitter

1323
00:22:53,458 --> 00:22:54,250
and LinkedIn,

1324
00:22:54,250 --> 00:22:56,333
and it's interesting

1325
00:22:56,333 --> 00:22:57,500
to hear both sides

1326
00:22:57,500 --> 00:22:59,000
of the perspective,

1327
00:22:59,416 --> 00:23:01,125
and just how misinformed

1328
00:23:01,125 --> 00:23:02,333
some people are.

1329
00:23:02,666 --> 00:23:03,291
Yeah, I think

1330
00:23:03,291 --> 00:23:04,291
I think there's really

1331
00:23:04,291 --> 00:23:05,625
a few moving parts

1332
00:23:05,625 --> 00:23:06,375
to it.

1333
00:23:06,375 --> 00:23:07,458
First and foremost, it's

1334
00:23:07,458 --> 00:23:08,666
not been legislated yet,

1335
00:23:08,666 --> 00:23:09,541
so everything's

1336
00:23:09,541 --> 00:23:10,083
a little bit

1337
00:23:10,083 --> 00:23:11,291
speculative until,

1338
00:23:11,875 --> 00:23:13,500
that legislation passes,

1339
00:23:13,708 --> 00:23:14,333
if indeed

1340
00:23:14,333 --> 00:23:15,541
it does in the current,

1341
00:23:15,833 --> 00:23:16,666
proposed form,

1342
00:23:16,666 --> 00:23:17,791
we absolutely hope

1343
00:23:17,791 --> 00:23:18,291
that, you know,

1344
00:23:18,291 --> 00:23:19,166
they see sense,

1345
00:23:20,250 --> 00:23:20,875
before they

1346
00:23:20,875 --> 00:23:21,208
make any

1347
00:23:21,208 --> 00:23:22,166
stupid decisions.

1348
00:23:22,166 --> 00:23:23,375
Clearly, the

1349
00:23:23,875 --> 00:23:24,291
the most

1350
00:23:24,291 --> 00:23:25,583
contentious component

1351
00:23:25,583 --> 00:23:25,916
of it

1352
00:23:25,916 --> 00:23:27,041
is taxing unrealized

1353
00:23:27,041 --> 00:23:28,250
capital gains.

1354
00:23:28,500 --> 00:23:29,708
You know,

1355
00:23:30,041 --> 00:23:31,208
all taxes, theft.

1356
00:23:31,208 --> 00:23:31,500
And I'm

1357
00:23:31,500 --> 00:23:32,666
pretty open about,

1358
00:23:33,041 --> 00:23:34,250
talking about that.

1359
00:23:34,416 --> 00:23:34,916
But at the end

1360
00:23:34,916 --> 00:23:35,250
of the day,

1361
00:23:35,250 --> 00:23:36,041
unrealized capital

1362
00:23:36,041 --> 00:23:36,583
gains tax

1363
00:23:36,583 --> 00:23:38,291
is just egregious theft.

1364
00:23:38,291 --> 00:23:39,000
You haven't

1365
00:23:39,000 --> 00:23:39,333
you haven't

1366
00:23:39,333 --> 00:23:40,416
realized that money.

1367
00:23:40,416 --> 00:23:41,041
So the

1368
00:23:41,041 --> 00:23:41,791
they're asking you

1369
00:23:41,791 --> 00:23:42,375
to pay

1370
00:23:42,375 --> 00:23:42,875
for something

1371
00:23:42,875 --> 00:23:43,375
that you haven't

1372
00:23:43,375 --> 00:23:43,875
earned yet.

1373
00:23:43,875 --> 00:23:45,000
So,

1374
00:23:45,000 --> 00:23:45,708
so I think it's

1375
00:23:45,708 --> 00:23:46,375
it's pretty bad.

1376
00:23:46,375 --> 00:23:46,583
And the

1377
00:23:46,583 --> 00:23:47,750
unintended consequences

1378
00:23:47,833 --> 00:23:49,083
of that are significant.

1379
00:23:49,708 --> 00:23:50,583
Obviously it's on

1380
00:23:50,583 --> 00:23:51,333
balances over

1381
00:23:51,333 --> 00:23:52,208
$3 million.

1382
00:23:52,208 --> 00:23:53,875
And so most people,

1383
00:23:54,375 --> 00:23:54,916
will be like,

1384
00:23:54,916 --> 00:23:55,041
well,

1385
00:23:55,041 --> 00:23:55,541
I'm never going

1386
00:23:55,541 --> 00:23:55,750
to get

1387
00:23:55,750 --> 00:23:57,250
to $3 million of super.

1388
00:23:58,166 --> 00:23:58,458
Yeah.

1389
00:23:58,458 --> 00:23:59,000
Fair enough.

1390
00:23:59,000 --> 00:24:00,291
There's 80,000 people

1391
00:24:00,291 --> 00:24:00,791
in the country,

1392
00:24:00,791 --> 00:24:01,833
apparently, that,

1393
00:24:01,833 --> 00:24:02,750
do have a balance

1394
00:24:02,750 --> 00:24:03,208
of greater

1395
00:24:03,208 --> 00:24:04,583
than $3 million

1396
00:24:04,583 --> 00:24:05,250
in their super

1397
00:24:05,250 --> 00:24:05,750
all the way

1398
00:24:05,750 --> 00:24:06,500
up to hundreds

1399
00:24:06,500 --> 00:24:07,458
of millions of dollars.

1400
00:24:07,458 --> 00:24:08,708
And, I don't think

1401
00:24:08,708 --> 00:24:09,916
anyone, you know,

1402
00:24:10,166 --> 00:24:11,583
particularly argues

1403
00:24:11,583 --> 00:24:12,208
that, you know,

1404
00:24:12,208 --> 00:24:13,666
okay, maybe we move from

1405
00:24:13,666 --> 00:24:15,041
15 to 30%,

1406
00:24:15,791 --> 00:24:16,416
tax rate

1407
00:24:16,416 --> 00:24:17,333
on balances

1408
00:24:17,333 --> 00:24:18,208
over 3 million.

1409
00:24:18,208 --> 00:24:19,041
Okay. You know,

1410
00:24:20,125 --> 00:24:20,791
I don't agree

1411
00:24:20,791 --> 00:24:21,333
with it, but at

1412
00:24:21,333 --> 00:24:22,541
the same time, it's not,

1413
00:24:22,666 --> 00:24:23,333
you know, it's

1414
00:24:23,333 --> 00:24:23,833
not the worst

1415
00:24:23,833 --> 00:24:25,041
thing in the world.

1416
00:24:25,750 --> 00:24:26,541
But to tax it

1417
00:24:26,541 --> 00:24:27,208
when it's unrealized,

1418
00:24:27,208 --> 00:24:27,833
capital gains

1419
00:24:27,833 --> 00:24:29,208
can, can cause

1420
00:24:29,208 --> 00:24:29,875
some really

1421
00:24:29,875 --> 00:24:30,875
significant problems.

1422
00:24:30,875 --> 00:24:31,541
And you know,

1423
00:24:31,541 --> 00:24:32,333
we kind of game

1424
00:24:32,333 --> 00:24:33,291
to the numbers out.

1425
00:24:33,291 --> 00:24:34,083
And,

1426
00:24:34,083 --> 00:24:35,083
if you had a $3

1427
00:24:35,083 --> 00:24:35,833
million balance

1428
00:24:35,833 --> 00:24:37,041
of bitcoin

1429
00:24:37,041 --> 00:24:37,541
because it's

1430
00:24:37,541 --> 00:24:38,416
a volatile asset,

1431
00:24:38,416 --> 00:24:39,000
it could cause

1432
00:24:39,000 --> 00:24:40,166
some significant issues.

1433
00:24:40,166 --> 00:24:42,083
So if Bitcoin did

1434
00:24:42,083 --> 00:24:43,250
a ten in a year,

1435
00:24:43,250 --> 00:24:43,708
which,

1436
00:24:43,708 --> 00:24:44,875
you know, doesn't seem

1437
00:24:45,000 --> 00:24:46,291
unfeasible with the,

1438
00:24:46,625 --> 00:24:47,375
scarce supply,

1439
00:24:47,375 --> 00:24:48,666
it it's a possibility.

1440
00:24:49,041 --> 00:24:49,500
It's certainly

1441
00:24:49,500 --> 00:24:50,875
a non-zero possibility.

1442
00:24:51,583 --> 00:24:52,166
So you would

1443
00:24:52,166 --> 00:24:53,458
go from $3 million

1444
00:24:53,458 --> 00:24:54,625
to $30 million.

1445
00:24:54,875 --> 00:24:56,125
That would be a $27

1446
00:24:56,125 --> 00:24:57,041
million gain.

1447
00:24:57,041 --> 00:24:57,583
And so you would

1448
00:24:57,583 --> 00:24:58,958
be paying 30%

1449
00:24:58,958 --> 00:25:01,416
tax on that $27 million,

1450
00:25:01,416 --> 00:25:01,916
which would be

1451
00:25:01,916 --> 00:25:02,333
about eight

1452
00:25:02,333 --> 00:25:03,541
and $1 million.

1453
00:25:04,333 --> 00:25:05,375
If the following year

1454
00:25:05,375 --> 00:25:06,125
Bitcoin's price

1455
00:25:06,125 --> 00:25:07,375
crashed 80%,

1456
00:25:07,375 --> 00:25:08,583
for example,

1457
00:25:08,750 --> 00:25:09,083
you would

1458
00:25:09,083 --> 00:25:09,958
then have a tax

1459
00:25:09,958 --> 00:25:10,583
bill greater

1460
00:25:10,583 --> 00:25:11,125
than the balance

1461
00:25:11,125 --> 00:25:11,958
of your super fund

1462
00:25:11,958 --> 00:25:12,500
and you would have to

1463
00:25:12,500 --> 00:25:13,708
declare insolvency.

1464
00:25:14,250 --> 00:25:14,916
If you're then

1465
00:25:14,916 --> 00:25:16,125
a company director,

1466
00:25:16,500 --> 00:25:17,708
you would have to

1467
00:25:17,916 --> 00:25:18,750
not be a company

1468
00:25:18,750 --> 00:25:19,458
director anymore,

1469
00:25:19,458 --> 00:25:19,791
so you would

1470
00:25:19,791 --> 00:25:21,000
lose your job.

1471
00:25:21,416 --> 00:25:22,541
And if you were holding

1472
00:25:22,541 --> 00:25:23,166
a financial

1473
00:25:23,166 --> 00:25:24,000
services license

1474
00:25:24,000 --> 00:25:24,750
and that was the case,

1475
00:25:24,750 --> 00:25:25,458
you would no longer

1476
00:25:25,458 --> 00:25:25,791
be allowed

1477
00:25:25,791 --> 00:25:26,083
to hold

1478
00:25:26,083 --> 00:25:26,541
the financial

1479
00:25:26,541 --> 00:25:27,625
services losses.

1480
00:25:27,625 --> 00:25:28,083
And so the

1481
00:25:28,083 --> 00:25:28,708
unintended

1482
00:25:28,708 --> 00:25:29,708
consequences for

1483
00:25:29,708 --> 00:25:30,416
a Bitcoin are

1484
00:25:30,416 --> 00:25:31,250
quite dramatic.

1485
00:25:32,250 --> 00:25:33,416
And, you know, it

1486
00:25:33,958 --> 00:25:34,583
that's why

1487
00:25:34,583 --> 00:25:34,958
it kind of

1488
00:25:34,958 --> 00:25:35,750
the unrealized capital

1489
00:25:35,750 --> 00:25:36,000
gains

1490
00:25:36,000 --> 00:25:36,625
component is

1491
00:25:36,625 --> 00:25:37,791
just dreadful.

1492
00:25:38,625 --> 00:25:39,625
You know, the broader

1493
00:25:39,625 --> 00:25:40,833
kind of superannuation,

1494
00:25:41,458 --> 00:25:42,083
cohort

1495
00:25:42,083 --> 00:25:43,000
of farmers

1496
00:25:43,000 --> 00:25:43,875
and other people

1497
00:25:43,875 --> 00:25:44,750
who are wealthy

1498
00:25:44,750 --> 00:25:46,208
who have their farms

1499
00:25:46,208 --> 00:25:47,458
in the super because

1500
00:25:47,458 --> 00:25:48,333
it's the best place

1501
00:25:48,333 --> 00:25:49,416
to keep them,

1502
00:25:49,416 --> 00:25:50,625
to prevent,

1503
00:25:50,708 --> 00:25:51,291
to preserve

1504
00:25:51,291 --> 00:25:52,500
generational wealth.

1505
00:25:53,625 --> 00:25:54,833
In that instance,

1506
00:25:54,833 --> 00:25:55,375
you know,

1507
00:25:55,375 --> 00:25:56,958
what does the farmer do

1508
00:25:56,958 --> 00:25:58,166
if you know the

1509
00:25:58,166 --> 00:25:58,958
who values

1510
00:25:58,958 --> 00:25:59,541
their farm

1511
00:25:59,541 --> 00:26:00,250
and says, well,

1512
00:26:00,250 --> 00:26:01,083
your farm is now

1513
00:26:01,083 --> 00:26:02,375
worth X amount more.

1514
00:26:02,375 --> 00:26:03,833
So you I was $1 million.

1515
00:26:03,833 --> 00:26:04,791
Like, it's,

1516
00:26:04,791 --> 00:26:06,208
it's a really egregious,

1517
00:26:07,000 --> 00:26:08,208
you know, problem.

1518
00:26:08,625 --> 00:26:09,375
You know, does

1519
00:26:09,375 --> 00:26:10,166
your auditor

1520
00:26:10,166 --> 00:26:10,833
turn round to you

1521
00:26:10,833 --> 00:26:11,333
and say, well,

1522
00:26:11,333 --> 00:26:12,750
your farm is worth

1523
00:26:12,750 --> 00:26:14,000
$15 million?

1524
00:26:14,875 --> 00:26:15,541
And now it's

1525
00:26:15,541 --> 00:26:16,958
worth $20 million

1526
00:26:16,958 --> 00:26:18,166
because I say so.

1527
00:26:18,583 --> 00:26:19,458
And then the next year,

1528
00:26:19,458 --> 00:26:20,208
maybe it crashes.

1529
00:26:20,208 --> 00:26:20,375
Like,

1530
00:26:20,375 --> 00:26:21,083
do you have to

1531
00:26:21,083 --> 00:26:21,625
sell, like,

1532
00:26:21,625 --> 00:26:22,083
a quarter

1533
00:26:22,083 --> 00:26:22,875
of a back paddock

1534
00:26:22,875 --> 00:26:24,083
to cover a tax bill?

1535
00:26:24,125 --> 00:26:25,333
Like, it's an,

1536
00:26:25,458 --> 00:26:25,958
you know,

1537
00:26:25,958 --> 00:26:27,000
the stated rules

1538
00:26:27,000 --> 00:26:27,291
are that

1539
00:26:27,291 --> 00:26:27,750
you have to have

1540
00:26:27,750 --> 00:26:28,708
enough cash on hand

1541
00:26:28,708 --> 00:26:29,000
to be able

1542
00:26:29,000 --> 00:26:29,958
to do it, but,

1543
00:26:29,958 --> 00:26:31,041
you know, farming

1544
00:26:31,041 --> 00:26:32,541
notoriously can be,

1545
00:26:32,541 --> 00:26:34,333
you know, a very wild

1546
00:26:34,333 --> 00:26:34,958
set of swings

1547
00:26:34,958 --> 00:26:35,875
in terms of cash flows.

1548
00:26:35,875 --> 00:26:36,583
So it's going to cause

1549
00:26:36,583 --> 00:26:37,250
all sorts of problems

1550
00:26:37,250 --> 00:26:38,458
for that, that cohort.

1551
00:26:39,041 --> 00:26:39,833
So, you know,

1552
00:26:39,833 --> 00:26:40,541
I just think

1553
00:26:40,541 --> 00:26:41,916
generally speaking, it's

1554
00:26:41,916 --> 00:26:43,375
terrible legislation.

1555
00:26:44,125 --> 00:26:45,083
Hopefully,

1556
00:26:45,083 --> 00:26:46,041
you know, they see sense

1557
00:26:46,041 --> 00:26:46,541
and remove

1558
00:26:46,541 --> 00:26:47,333
the unrealized

1559
00:26:47,333 --> 00:26:48,541
capital gains component.

1560
00:26:49,500 --> 00:26:50,375
You know,

1561
00:26:50,375 --> 00:26:51,500
ultimately, I'm glad

1562
00:26:51,500 --> 00:26:52,583
my superannuation

1563
00:26:52,583 --> 00:26:53,250
is in Bitcoin

1564
00:26:53,250 --> 00:26:53,541
because it's

1565
00:26:53,541 --> 00:26:54,416
under my control

1566
00:26:54,416 --> 00:26:55,500
in my wallet,

1567
00:26:55,500 --> 00:26:56,666
secured with my keys.

1568
00:26:56,666 --> 00:26:58,250
And, you know,

1569
00:26:58,250 --> 00:26:58,833
that gives me

1570
00:26:58,833 --> 00:27:00,041
optionality should,

1571
00:27:00,125 --> 00:27:00,416
that should

1572
00:27:00,416 --> 00:27:01,166
these sorts of things

1573
00:27:01,166 --> 00:27:01,666
come to bear.

1574
00:27:01,666 --> 00:27:02,625
So 

1575
00:27:22,375 --> 00:27:23,750
Yeah, absolutely.

1576
00:27:23,750 --> 00:27:25,125
I saw on Instagram

1577
00:27:25,125 --> 00:27:25,791
like because I've been

1578
00:27:25,791 --> 00:27:26,416
following this

1579
00:27:26,416 --> 00:27:27,125
for a while now

1580
00:27:27,125 --> 00:27:28,333
and people were saying

1581
00:27:28,500 --> 00:27:29,583
this only benefits

1582
00:27:29,583 --> 00:27:30,708
the rich.

1583
00:27:30,708 --> 00:27:31,791
They get like

1584
00:27:31,791 --> 00:27:32,458
tax breaks

1585
00:27:32,458 --> 00:27:33,666
from from super.

1586
00:27:33,791 --> 00:27:34,583
And the way that

1587
00:27:34,583 --> 00:27:35,333
it was worded,

1588
00:27:35,333 --> 00:27:36,625
I thought like it

1589
00:27:36,625 --> 00:27:37,833
almost sounded like

1590
00:27:37,916 --> 00:27:39,250
it's only that rich.

1591
00:27:39,250 --> 00:27:40,375
They get a tax break

1592
00:27:40,375 --> 00:27:41,583
and nobody else.

1593
00:27:41,875 --> 00:27:43,208
And it's quite like

1594
00:27:43,208 --> 00:27:44,500
a manipulative way

1595
00:27:44,500 --> 00:27:45,541
to state something

1596
00:27:45,541 --> 00:27:46,041
because that's

1597
00:27:46,041 --> 00:27:47,000
actually not the case.

1598
00:27:47,000 --> 00:27:47,916
Maybe they're the ones

1599
00:27:47,916 --> 00:27:49,041
utilizing this,

1600
00:27:49,041 --> 00:27:50,125
but it's available

1601
00:27:50,125 --> 00:27:51,333
to everyone.

1602
00:27:51,500 --> 00:27:52,500
It's an incredibly

1603
00:27:52,500 --> 00:27:53,583
socialist argument

1604
00:27:53,583 --> 00:27:54,791
to say that,

1605
00:27:54,833 --> 00:27:56,000
a tax not levied

1606
00:27:56,000 --> 00:27:57,041
is a tax break.

1607
00:27:57,041 --> 00:27:57,291
It's an

1608
00:27:57,291 --> 00:27:58,166
absolute nonsense.

1609
00:27:58,166 --> 00:27:59,708
The the law is the law.

1610
00:27:59,708 --> 00:28:00,416
The tax rules are

1611
00:28:00,416 --> 00:28:01,625
the tax rules.

1612
00:28:01,708 --> 00:28:02,291
You pay what?

1613
00:28:02,291 --> 00:28:03,500
Taxes due?

1614
00:28:03,791 --> 00:28:04,416
Just because

1615
00:28:04,416 --> 00:28:05,625
they could tax you more

1616
00:28:05,625 --> 00:28:06,208
doesn't mean you're

1617
00:28:06,208 --> 00:28:07,041
getting a tax break.

1618
00:28:07,041 --> 00:28:07,416
It's an

1619
00:28:07,416 --> 00:28:08,541
absolute nonsense.

1620
00:28:08,541 --> 00:28:10,375
So, you do

1621
00:28:10,375 --> 00:28:11,791
often hear in kind of,

1622
00:28:11,875 --> 00:28:13,041
you know, socialist,

1623
00:28:13,583 --> 00:28:14,375
media and,

1624
00:28:15,416 --> 00:28:16,000
you know,

1625
00:28:16,000 --> 00:28:16,625
on the news and

1626
00:28:16,625 --> 00:28:17,416
other things like,

1627
00:28:17,416 --> 00:28:18,625
you know,

1628
00:28:18,666 --> 00:28:19,166
they're getting

1629
00:28:19,166 --> 00:28:19,791
a tax break

1630
00:28:19,791 --> 00:28:21,000
of millions of dollars.

1631
00:28:21,000 --> 00:28:21,625
Well, they're not

1632
00:28:21,625 --> 00:28:22,250
because it's not

1633
00:28:22,250 --> 00:28:23,125
levy tax.

1634
00:28:23,125 --> 00:28:24,750
So, it's just what

1635
00:28:24,750 --> 00:28:25,916
the rules are.

1636
00:28:26,125 --> 00:28:26,750
And so,

1637
00:28:26,750 --> 00:28:28,000
you know, to my mind,

1638
00:28:28,000 --> 00:28:29,958
it is absolutely kind

1639
00:28:29,958 --> 00:28:30,625
of a garbage

1640
00:28:30,625 --> 00:28:31,541
argument to,

1641
00:28:31,541 --> 00:28:32,458
to suggest that,

1642
00:28:32,458 --> 00:28:32,875
you know,

1643
00:28:32,875 --> 00:28:34,041
just because you're

1644
00:28:34,041 --> 00:28:35,416
getting 15% instead

1645
00:28:35,416 --> 00:28:36,625
of 30% that,

1646
00:28:36,916 --> 00:28:37,583
you're costing

1647
00:28:37,583 --> 00:28:38,083
the government

1648
00:28:38,083 --> 00:28:39,291
X amount of money

1649
00:28:39,625 --> 00:28:40,333
if you follow

1650
00:28:40,333 --> 00:28:41,333
that argument through,

1651
00:28:41,333 --> 00:28:42,791
anything less than 100%

1652
00:28:42,791 --> 00:28:43,291
is a gift

1653
00:28:43,291 --> 00:28:44,041
from the government.

1654
00:28:44,041 --> 00:28:45,291
Well, we know that's not

1655
00:28:45,291 --> 00:28:45,708
the case.

1656
00:28:45,708 --> 00:28:46,208
And taxes

1657
00:28:46,208 --> 00:28:46,916
are way too high

1658
00:28:46,916 --> 00:28:48,125
as as they are,

1659
00:28:48,625 --> 00:28:49,416
because spending

1660
00:28:49,416 --> 00:28:50,583
is too high as it is,

1661
00:28:50,583 --> 00:28:51,291
which is why

1662
00:28:51,291 --> 00:28:51,666
they're looking

1663
00:28:51,666 --> 00:28:52,583
to tax more and more

1664
00:28:52,583 --> 00:28:53,083
because they keep

1665
00:28:53,083 --> 00:28:54,291
spending more and more.

1666
00:28:54,583 --> 00:28:54,916
You know,

1667
00:28:54,916 --> 00:28:56,541
you can see how badly

1668
00:28:56,541 --> 00:28:57,166
the economy in

1669
00:28:57,166 --> 00:28:58,875
the UK is going

1670
00:28:58,875 --> 00:29:00,458
for all the same reasons

1671
00:29:00,458 --> 00:29:00,875
that we're

1672
00:29:00,875 --> 00:29:02,083
following them.

1673
00:29:02,458 --> 00:29:03,166
So, you know,

1674
00:29:03,166 --> 00:29:03,916
all the argument

1675
00:29:03,916 --> 00:29:05,083
about on levy taxes

1676
00:29:05,083 --> 00:29:06,291
being a break is,

1677
00:29:06,625 --> 00:29:07,541
to my mind, garbage.

1678
00:29:07,541 --> 00:29:07,875
And I just

1679
00:29:07,875 --> 00:29:08,458
don't accept it.

1680
00:29:09,500 --> 00:29:09,958
Yeah,

1681
00:29:09,958 --> 00:29:11,125
absolutely.

1682
00:29:11,208 --> 00:29:13,208
And speaking of UK,

1683
00:29:13,208 --> 00:29:14,250
did you hear

1684
00:29:14,250 --> 00:29:14,875
like I haven't

1685
00:29:14,875 --> 00:29:15,666
verified this,

1686
00:29:15,666 --> 00:29:17,125
but apparently now they,

1687
00:29:17,458 --> 00:29:18,458
giving four year

1688
00:29:18,458 --> 00:29:19,916
visas tax free

1689
00:29:19,916 --> 00:29:21,250
to try to attract people

1690
00:29:21,250 --> 00:29:22,333
back into the country.

1691
00:29:22,333 --> 00:29:23,375
Is that true?

1692
00:29:23,375 --> 00:29:23,916
Or

1693
00:29:23,916 --> 00:29:24,916
I heard that somewhere.

1694
00:29:24,916 --> 00:29:26,125
And so New Zealand

1695
00:29:26,125 --> 00:29:27,000
does something similar

1696
00:29:27,000 --> 00:29:28,416
where it's a four year

1697
00:29:28,416 --> 00:29:29,000
tax break

1698
00:29:29,000 --> 00:29:30,625
on, overseas income.

1699
00:29:30,625 --> 00:29:31,458
So, you know,

1700
00:29:31,458 --> 00:29:32,000
there's plenty

1701
00:29:32,000 --> 00:29:32,875
of wealthy people

1702
00:29:32,875 --> 00:29:33,458
in Australia

1703
00:29:33,458 --> 00:29:34,166
looking at what

1704
00:29:34,166 --> 00:29:34,833
the labor government

1705
00:29:34,833 --> 00:29:35,166
are doing

1706
00:29:35,166 --> 00:29:35,583
and going, well,

1707
00:29:35,583 --> 00:29:36,291
I'm off to New Zealand

1708
00:29:36,291 --> 00:29:37,500
for four years and,

1709
00:29:37,666 --> 00:29:38,541
I'll take a tax break.

1710
00:29:38,541 --> 00:29:40,041
So, you know,

1711
00:29:40,041 --> 00:29:40,375
there's lots

1712
00:29:40,375 --> 00:29:41,000
of incentives

1713
00:29:41,000 --> 00:29:41,333
in different

1714
00:29:41,333 --> 00:29:42,000
jurisdictions.

1715
00:29:42,000 --> 00:29:43,208
And this is what,

1716
00:29:43,500 --> 00:29:43,916
you know,

1717
00:29:43,916 --> 00:29:44,583
those socialist

1718
00:29:44,583 --> 00:29:44,916
governments

1719
00:29:44,916 --> 00:29:46,375
don't really consider

1720
00:29:46,375 --> 00:29:47,583
is that, you know, if

1721
00:29:47,666 --> 00:29:48,708
if the wealthy are

1722
00:29:48,708 --> 00:29:49,916
taxed more,

1723
00:29:50,125 --> 00:29:51,000
they have the freedom

1724
00:29:51,000 --> 00:29:52,625
to move and they do,

1725
00:29:53,125 --> 00:29:53,541
you know,

1726
00:29:53,541 --> 00:29:54,750
Britain's example

1727
00:29:54,750 --> 00:29:55,708
recently of

1728
00:29:55,708 --> 00:29:56,791
how much capital gains

1729
00:29:56,791 --> 00:29:58,000
tax the,

1730
00:29:58,250 --> 00:29:59,666
taking is halved.

1731
00:30:00,291 --> 00:30:01,166
They put the rates up

1732
00:30:01,166 --> 00:30:01,916
so all the

1733
00:30:01,916 --> 00:30:02,500
wealthy people

1734
00:30:02,500 --> 00:30:03,958
pissed off, like it's

1735
00:30:03,958 --> 00:30:04,791
just what happens.

1736
00:30:04,791 --> 00:30:06,375
So, I think,

1737
00:30:06,375 --> 00:30:06,833
you know, a high

1738
00:30:06,833 --> 00:30:08,250
tax environment is just

1739
00:30:08,250 --> 00:30:09,458
catastrophic for,

1740
00:30:09,750 --> 00:30:10,916
for the nation, I think.

1741
00:30:11,250 --> 00:30:12,083
Yeah.

1742
00:30:12,083 --> 00:30:12,833
And there was a

1743
00:30:12,833 --> 00:30:13,708
lot of naivete

1744
00:30:13,708 --> 00:30:14,666
that I noticed

1745
00:30:14,666 --> 00:30:15,416
in a discussion

1746
00:30:15,416 --> 00:30:16,625
that I had with someone,

1747
00:30:17,458 --> 00:30:18,833
about this tax and,

1748
00:30:19,083 --> 00:30:20,333
fundamentally boiled

1749
00:30:20,333 --> 00:30:21,625
down to them saying,

1750
00:30:21,833 --> 00:30:22,875
well,

1751
00:30:22,875 --> 00:30:23,791
if more people

1752
00:30:23,791 --> 00:30:24,333
get caught

1753
00:30:24,333 --> 00:30:24,916
in this net

1754
00:30:24,916 --> 00:30:25,583
in the future,

1755
00:30:25,583 --> 00:30:26,250
the government's

1756
00:30:26,250 --> 00:30:27,416
going to reverse it.

1757
00:30:27,416 --> 00:30:28,041
And I'm like,

1758
00:30:28,041 --> 00:30:29,708
no, no, no, no, no, no.

1759
00:30:29,750 --> 00:30:31,333
Like, look, when I say

1760
00:30:31,333 --> 00:30:32,541
in Australia,

1761
00:30:32,916 --> 00:30:33,375
it doesn't, it

1762
00:30:33,375 --> 00:30:34,583
never reversed.

1763
00:30:34,708 --> 00:30:36,000
It's never reversed.

1764
00:30:36,000 --> 00:30:36,708
If anything, it

1765
00:30:36,708 --> 00:30:38,041
just goes the other way.

1766
00:30:40,250 --> 00:30:41,458
But yeah.

1767
00:30:41,916 --> 00:30:42,333
Okay.

1768
00:30:42,333 --> 00:30:44,000
So let's now

1769
00:30:44,625 --> 00:30:46,250
dive into the transition

1770
00:30:46,250 --> 00:30:47,541
to retirement.

1771
00:30:48,000 --> 00:30:49,291
So for those people

1772
00:30:49,291 --> 00:30:50,875
who are, close to it,

1773
00:30:51,458 --> 00:30:52,333
what what is it

1774
00:30:52,333 --> 00:30:53,541
that they need to know?

1775
00:30:54,166 --> 00:30:54,958
Yeah, it's a

1776
00:30:54,958 --> 00:30:55,500
it's a really

1777
00:30:55,500 --> 00:30:55,958
good question.

1778
00:30:55,958 --> 00:30:56,458
And it's

1779
00:30:56,458 --> 00:30:56,875
not the

1780
00:30:56,875 --> 00:30:57,750
most straightforward

1781
00:30:57,750 --> 00:30:58,458
of systems.

1782
00:30:58,458 --> 00:30:59,333
And there's kind of

1783
00:30:59,333 --> 00:31:00,333
lots of rules around

1784
00:31:00,333 --> 00:31:01,583
preservation age and,

1785
00:31:02,125 --> 00:31:02,708
whether you can be

1786
00:31:02,708 --> 00:31:03,541
working or not

1787
00:31:03,541 --> 00:31:04,708
and how it works.

1788
00:31:04,708 --> 00:31:05,000
And then

1789
00:31:05,000 --> 00:31:06,000
obviously layering

1790
00:31:06,000 --> 00:31:07,291
in the complexity

1791
00:31:07,291 --> 00:31:08,500
of Bitcoin, it's

1792
00:31:08,791 --> 00:31:09,708
is quite interesting

1793
00:31:09,708 --> 00:31:10,041
as well.

1794
00:31:10,041 --> 00:31:11,250
But

1795
00:31:11,250 --> 00:31:11,541
yeah,

1796
00:31:11,541 --> 00:31:12,541
a lot of clients

1797
00:31:12,541 --> 00:31:13,166
are nearing

1798
00:31:13,166 --> 00:31:14,083
or in retirement,

1799
00:31:14,083 --> 00:31:14,875
so we spend

1800
00:31:14,875 --> 00:31:15,416
a lot of time

1801
00:31:15,416 --> 00:31:15,916
talking to them

1802
00:31:15,916 --> 00:31:16,416
about how to

1803
00:31:16,416 --> 00:31:17,000
manage this.

1804
00:31:17,000 --> 00:31:18,291
And, you know,

1805
00:31:18,291 --> 00:31:18,500
one of

1806
00:31:18,500 --> 00:31:19,333
the first questions

1807
00:31:19,333 --> 00:31:19,708
is will

1808
00:31:19,708 --> 00:31:20,250
Bitcoin doesn't

1809
00:31:20,250 --> 00:31:21,416
generate a yield.

1810
00:31:21,833 --> 00:31:23,583
And so how am I going

1811
00:31:23,583 --> 00:31:25,166
to live on Bitcoin

1812
00:31:25,166 --> 00:31:25,708
when I retire?

1813
00:31:25,708 --> 00:31:26,791
Do I sell bits of it.

1814
00:31:26,791 --> 00:31:28,000
Do I borrow against it?

1815
00:31:28,166 --> 00:31:29,208
How do I do these things?

1816
00:31:29,208 --> 00:31:30,500
And so we spend a bit

1817
00:31:30,500 --> 00:31:30,750
of time

1818
00:31:30,750 --> 00:31:31,458
talking about that.

1819
00:31:31,458 --> 00:31:32,833
But initially,

1820
00:31:33,250 --> 00:31:34,583
you can declare yourself

1821
00:31:34,708 --> 00:31:35,916
retired in Australia

1822
00:31:35,916 --> 00:31:37,125
at 60 years old.

1823
00:31:37,458 --> 00:31:38,125
As long as you're

1824
00:31:38,125 --> 00:31:38,791
not earning

1825
00:31:38,791 --> 00:31:39,375
and you can say

1826
00:31:39,375 --> 00:31:40,625
to the ATO, I am not.

1827
00:31:40,958 --> 00:31:41,416
No longer

1828
00:31:41,416 --> 00:31:42,083
earning an income,

1829
00:31:42,083 --> 00:31:42,958
and then,

1830
00:31:42,958 --> 00:31:43,875
you can transition

1831
00:31:43,875 --> 00:31:44,500
to retirement.

1832
00:31:44,500 --> 00:31:46,875
So, before retirement,

1833
00:31:46,875 --> 00:31:48,083
you are in,

1834
00:31:48,833 --> 00:31:50,000
accumulation phase

1835
00:31:50,375 --> 00:31:51,416
and post-retirement

1836
00:31:51,416 --> 00:31:52,666
you're in pension phase.

1837
00:31:53,166 --> 00:31:54,166
And so there's something

1838
00:31:54,166 --> 00:31:54,916
called the transfer

1839
00:31:54,916 --> 00:31:56,125
balance cap,

1840
00:31:56,125 --> 00:31:56,791
which is

1841
00:31:56,791 --> 00:31:57,875
the amount of money

1842
00:31:57,875 --> 00:31:58,500
that you're allowed

1843
00:31:58,500 --> 00:31:59,708
to move from,

1844
00:31:59,958 --> 00:32:01,166
accumulation phase,

1845
00:32:01,583 --> 00:32:02,625
into pension phase,

1846
00:32:02,625 --> 00:32:03,833
tax free forever.

1847
00:32:03,958 --> 00:32:04,875
That currently sits

1848
00:32:04,875 --> 00:32:06,083
at $2 million,

1849
00:32:06,791 --> 00:32:08,458
and tends to increment

1850
00:32:08,458 --> 00:32:10,083
in $100,000

1851
00:32:10,083 --> 00:32:10,500
units

1852
00:32:10,500 --> 00:32:11,500
depending on inflation.

1853
00:32:11,500 --> 00:32:12,125
So some years

1854
00:32:12,125 --> 00:32:13,333
it might not go up.

1855
00:32:13,416 --> 00:32:13,958
Other years,

1856
00:32:13,958 --> 00:32:14,625
like this year

1857
00:32:14,625 --> 00:32:16,041
it just went up $100,000

1858
00:32:16,041 --> 00:32:16,875
from 1.9 million

1859
00:32:16,875 --> 00:32:18,041
to 2 million.

1860
00:32:18,500 --> 00:32:20,166
So I did some kind of,

1861
00:32:21,083 --> 00:32:21,458
take it

1862
00:32:21,458 --> 00:32:22,250
with a pinch of salt,

1863
00:32:22,250 --> 00:32:23,458
mental arithmetic around

1864
00:32:23,458 --> 00:32:24,208
what that would

1865
00:32:24,208 --> 00:32:25,375
look like for me.

1866
00:32:25,916 --> 00:32:27,083
And, you know,

1867
00:32:27,458 --> 00:32:28,291
if I've got a

1868
00:32:28,291 --> 00:32:29,500
pile of Bitcoin,

1869
00:32:29,625 --> 00:32:31,708
by the time I get to 60,

1870
00:32:33,000 --> 00:32:33,791
I expect

1871
00:32:33,791 --> 00:32:35,000
the transfer balance cap

1872
00:32:35,000 --> 00:32:36,166
to probably be around

1873
00:32:36,166 --> 00:32:37,416
$3 million by then

1874
00:32:37,416 --> 00:32:37,833
because

1875
00:32:37,833 --> 00:32:38,458
it's about

1876
00:32:38,458 --> 00:32:39,666
ten years away.

1877
00:32:39,833 --> 00:32:40,791
And it'll probably,

1878
00:32:40,791 --> 00:32:41,500
with inflation,

1879
00:32:41,500 --> 00:32:42,583
go up 100 grand a year.

1880
00:32:42,583 --> 00:32:44,333
So, we'll call it around

1881
00:32:44,333 --> 00:32:45,125
$3 million

1882
00:32:45,125 --> 00:32:46,333
by the time I retire.

1883
00:32:46,583 --> 00:32:47,666
So you can take

1884
00:32:47,666 --> 00:32:48,500
$3 million

1885
00:32:48,500 --> 00:32:49,250
worth of bitcoin

1886
00:32:49,250 --> 00:32:50,958
and in-kind transfer

1887
00:32:51,000 --> 00:32:52,208
into your pension phase.

1888
00:32:52,708 --> 00:32:53,583
Which means you can just

1889
00:32:53,583 --> 00:32:54,416
take the Bitcoin

1890
00:32:54,416 --> 00:32:55,291
and reallocate it

1891
00:32:55,291 --> 00:32:55,708
over there.

1892
00:32:55,708 --> 00:32:56,166
You don't have

1893
00:32:56,166 --> 00:32:56,541
to sell it

1894
00:32:56,541 --> 00:32:57,750
for dollars and buy

1895
00:32:57,750 --> 00:32:58,375
Bitcoin back

1896
00:32:58,375 --> 00:32:59,083
or anything like that.

1897
00:32:59,083 --> 00:32:59,333
You can

1898
00:32:59,333 --> 00:33:00,541
literally move it,

1899
00:33:00,583 --> 00:33:01,375
as Bitcoin

1900
00:33:01,375 --> 00:33:02,500
out of accumulation

1901
00:33:02,500 --> 00:33:02,833
phase

1902
00:33:02,833 --> 00:33:04,041
into pension phase.

1903
00:33:04,458 --> 00:33:05,791
Then one of the rules

1904
00:33:05,791 --> 00:33:06,708
and the kind

1905
00:33:06,708 --> 00:33:07,583
of social contract

1906
00:33:07,583 --> 00:33:08,750
of superannuation,

1907
00:33:08,958 --> 00:33:09,833
you have to spend

1908
00:33:09,833 --> 00:33:11,666
4% of your balance

1909
00:33:11,666 --> 00:33:12,875
every year,

1910
00:33:13,125 --> 00:33:13,625
to live on.

1911
00:33:13,625 --> 00:33:15,458
Now, you can spend more

1912
00:33:15,458 --> 00:33:15,833
if you want,

1913
00:33:15,833 --> 00:33:17,041
obviously, but,

1914
00:33:17,291 --> 00:33:17,958
you can't spend

1915
00:33:17,958 --> 00:33:18,500
less than that.

1916
00:33:18,500 --> 00:33:19,333
So,

1917
00:33:19,333 --> 00:33:20,166
and that can't be

1918
00:33:20,166 --> 00:33:20,666
in-kind.

1919
00:33:20,666 --> 00:33:22,041
So you do have to sell

1920
00:33:22,041 --> 00:33:23,291
4% of your,

1921
00:33:23,791 --> 00:33:24,750
pension holdings

1922
00:33:24,750 --> 00:33:26,250
every year into cash

1923
00:33:26,250 --> 00:33:27,541
and withdraw it into

1924
00:33:27,541 --> 00:33:28,750
your personal account.

1925
00:33:28,791 --> 00:33:29,541
Now, that doesn't mean

1926
00:33:29,541 --> 00:33:30,208
you can't just

1927
00:33:30,208 --> 00:33:31,375
buy Bitcoin again.

1928
00:33:31,875 --> 00:33:32,541
And hold

1929
00:33:32,541 --> 00:33:33,750
that personally.

1930
00:33:33,958 --> 00:33:35,000
But that sale of

1931
00:33:35,000 --> 00:33:35,541
Bitcoin out

1932
00:33:35,541 --> 00:33:36,416
of your pension

1933
00:33:36,416 --> 00:33:37,500
because it was under

1934
00:33:37,500 --> 00:33:37,916
the transfer

1935
00:33:37,916 --> 00:33:39,000
balance cap,

1936
00:33:39,000 --> 00:33:39,958
is tax free forever.

1937
00:33:39,958 --> 00:33:40,291
So there's no

1938
00:33:40,291 --> 00:33:41,625
capital gains tax paid

1939
00:33:41,625 --> 00:33:42,833
on that transaction.

1940
00:33:43,416 --> 00:33:43,916
And that will

1941
00:33:43,916 --> 00:33:45,083
remain the case.

1942
00:33:45,208 --> 00:33:46,291
So I thought,

1943
00:33:46,291 --> 00:33:46,708
as a bit of

1944
00:33:46,708 --> 00:33:47,666
mental gymnastics

1945
00:33:47,666 --> 00:33:48,625
using the compound

1946
00:33:48,625 --> 00:33:49,083
annual growth

1947
00:33:49,083 --> 00:33:50,208
rate of Bitcoin, which

1948
00:33:50,208 --> 00:33:50,625
who knows

1949
00:33:50,625 --> 00:33:51,833
if that continues?

1950
00:33:52,250 --> 00:33:53,458
Because it is, you know,

1951
00:33:53,875 --> 00:33:54,458
compared to

1952
00:33:54,458 --> 00:33:55,666
other assets, very high.

1953
00:33:56,250 --> 00:33:56,958
But who's to say

1954
00:33:56,958 --> 00:33:57,708
it doesn't go higher

1955
00:33:57,708 --> 00:33:57,958
with the

1956
00:33:57,958 --> 00:33:59,125
scarcity of Bitcoin?

1957
00:33:59,458 --> 00:34:00,041
But at the end

1958
00:34:00,041 --> 00:34:00,500
of the day,

1959
00:34:00,500 --> 00:34:00,958
like what

1960
00:34:00,958 --> 00:34:01,541
would it look like

1961
00:34:01,541 --> 00:34:02,250
in ten years?

1962
00:34:02,250 --> 00:34:03,833
So, if I,

1963
00:34:03,833 --> 00:34:05,125
if you moved 3 million

1964
00:34:05,125 --> 00:34:06,375
into, pension

1965
00:34:06,375 --> 00:34:07,583
phase and you withdrew

1966
00:34:07,583 --> 00:34:08,750
4% a year

1967
00:34:08,916 --> 00:34:09,625
and the compound

1968
00:34:09,625 --> 00:34:10,500
annual growth rate

1969
00:34:10,500 --> 00:34:12,083
continued in ten years

1970
00:34:12,083 --> 00:34:13,375
time, that 4%

1971
00:34:13,375 --> 00:34:13,916
that you would have to

1972
00:34:13,916 --> 00:34:14,375
withdraw

1973
00:34:14,375 --> 00:34:15,000
would be about

1974
00:34:15,000 --> 00:34:16,208
$4 million.

1975
00:34:16,833 --> 00:34:18,083
And you would have about

1976
00:34:18,083 --> 00:34:19,083
$100 million

1977
00:34:19,083 --> 00:34:19,666
in your pension

1978
00:34:20,750 --> 00:34:21,291
challenge.

1979
00:34:21,291 --> 00:34:22,500
Challenge accepted.

1980
00:34:23,000 --> 00:34:23,333
I think.

1981
00:34:23,333 --> 00:34:24,500
So I can,

1982
00:34:25,250 --> 00:34:26,458
I'll have a crack.

1983
00:34:27,958 --> 00:34:29,166
I'll try my best.

1984
00:34:30,750 --> 00:34:31,958
Yeah, yeah.

1985
00:34:33,000 --> 00:34:33,583
I also

1986
00:34:33,583 --> 00:34:34,791
wanted to ask you,

1987
00:34:34,875 --> 00:34:35,875
before you joined

1988
00:34:35,875 --> 00:34:36,166
the call,

1989
00:34:36,166 --> 00:34:37,000
we briefly spoke

1990
00:34:37,000 --> 00:34:37,583
about some of

1991
00:34:37,583 --> 00:34:38,458
the legislation

1992
00:34:38,458 --> 00:34:39,750
changes in the US,

1993
00:34:39,750 --> 00:34:41,333
and now the 401 K,

1994
00:34:41,333 --> 00:34:41,750
which is

1995
00:34:41,750 --> 00:34:42,916
the superannuation

1996
00:34:42,916 --> 00:34:44,250
equivalent in Australia.

1997
00:34:44,791 --> 00:34:46,041
They can now purchase

1998
00:34:46,041 --> 00:34:47,250
Bitcoin directly.

1999
00:34:47,333 --> 00:34:48,625
How far do you think

2000
00:34:48,625 --> 00:34:49,833
Australia is

2001
00:34:49,875 --> 00:34:50,750
from from that.

2002
00:34:50,750 --> 00:34:52,291
Like, what do you think.

2003
00:34:52,625 --> 00:34:53,458
Do you have a.

2004
00:34:53,458 --> 00:34:54,666
Really good question.

2005
00:34:55,875 --> 00:34:56,166
Yeah.

2006
00:34:56,166 --> 00:34:56,500
No, it's

2007
00:34:56,500 --> 00:34:57,708
a really good question.

2008
00:34:57,875 --> 00:34:58,916
And typically,

2009
00:34:58,916 --> 00:34:59,291
you know,

2010
00:34:59,291 --> 00:34:59,833
Australia

2011
00:34:59,833 --> 00:35:00,500
ultimately does

2012
00:35:00,500 --> 00:35:01,833
follow what the US

2013
00:35:01,833 --> 00:35:03,041
banking regulations do

2014
00:35:03,083 --> 00:35:03,625
because

2015
00:35:03,625 --> 00:35:04,583
the Federal Reserve

2016
00:35:04,583 --> 00:35:05,833
and the Treasury

2017
00:35:05,833 --> 00:35:07,541
and the US government

2018
00:35:07,541 --> 00:35:08,208
all set

2019
00:35:08,208 --> 00:35:09,708
this legislation and,

2020
00:35:10,916 --> 00:35:11,833
you know, then the banks

2021
00:35:11,833 --> 00:35:13,041
follow and,

2022
00:35:13,166 --> 00:35:14,166
everything trickles

2023
00:35:14,166 --> 00:35:14,458
down.

2024
00:35:14,458 --> 00:35:15,875
And, it would be highly

2025
00:35:15,875 --> 00:35:17,083
unusual for Australia

2026
00:35:17,083 --> 00:35:17,750
not to follow

2027
00:35:17,750 --> 00:35:18,958
at some point.

2028
00:35:19,250 --> 00:35:20,166
It may be slow.

2029
00:35:20,166 --> 00:35:20,625
It may take

2030
00:35:20,625 --> 00:35:21,333
a number of years

2031
00:35:21,333 --> 00:35:22,083
or a decade.

2032
00:35:22,083 --> 00:35:22,625
Who knows?

2033
00:35:22,625 --> 00:35:24,500
But, I find it very

2034
00:35:24,500 --> 00:35:26,208
strange that if us,

2035
00:35:27,958 --> 00:35:28,916
US citizens

2036
00:35:28,916 --> 00:35:29,458
were able to

2037
00:35:29,458 --> 00:35:30,208
allocate that for.

2038
00:35:30,208 --> 00:35:31,375
I want to,

2039
00:35:31,791 --> 00:35:33,166
to Bitcoin and do that

2040
00:35:33,166 --> 00:35:34,375
however they likes that,

2041
00:35:34,791 --> 00:35:35,416
that we wouldn't

2042
00:35:35,416 --> 00:35:36,625
follow suit because,

2043
00:35:36,958 --> 00:35:38,166
that's the pension

2044
00:35:38,166 --> 00:35:39,708
industry's about $45

2045
00:35:39,708 --> 00:35:41,083
trillion and us

2046
00:35:41,083 --> 00:35:42,791
is about $4.5 trillion.

2047
00:35:43,625 --> 00:35:44,125
You know,

2048
00:35:44,125 --> 00:35:45,291
so it's ten times

2049
00:35:45,291 --> 00:35:46,208
larger over that,

2050
00:35:46,208 --> 00:35:46,833
you know, obviously

2051
00:35:46,833 --> 00:35:47,875
a much larger population

2052
00:35:47,875 --> 00:35:48,416
as well.

2053
00:35:48,416 --> 00:35:48,750
Again,

2054
00:35:48,750 --> 00:35:49,375
probably ten

2055
00:35:49,375 --> 00:35:50,000
times larger.

2056
00:35:50,000 --> 00:35:51,416
So it's relative.

2057
00:35:52,375 --> 00:35:53,250
But I,

2058
00:35:53,250 --> 00:35:53,541
you know,

2059
00:35:53,541 --> 00:35:54,750
I think a lot of that

2060
00:35:54,875 --> 00:35:55,375
forward

2061
00:35:55,375 --> 00:35:56,333
thinking legislation

2062
00:35:56,333 --> 00:35:57,666
out of the states should

2063
00:35:57,666 --> 00:35:58,625
ultimately trickle down

2064
00:35:58,625 --> 00:35:59,333
to Australia.

2065
00:35:59,333 --> 00:36:00,708
And, and become law

2066
00:36:00,708 --> 00:36:01,333
here as well.

2067
00:36:01,333 --> 00:36:02,291
But, you know,

2068
00:36:02,291 --> 00:36:03,000
we are actually

2069
00:36:03,000 --> 00:36:03,708
ahead of the US

2070
00:36:03,708 --> 00:36:04,666
because self-managed

2071
00:36:04,666 --> 00:36:05,083
super lets

2072
00:36:05,083 --> 00:36:06,208
you do it now anyway.

2073
00:36:06,208 --> 00:36:08,125
So, that makes life

2074
00:36:08,125 --> 00:36:08,666
a lot easier.

2075
00:36:08,666 --> 00:36:09,875
But, there's

2076
00:36:09,875 --> 00:36:11,083
obviously the news from,

2077
00:36:11,083 --> 00:36:11,583
you know, a

2078
00:36:11,583 --> 00:36:12,625
bunch of months ago

2079
00:36:12,625 --> 00:36:13,791
from AMP that,

2080
00:36:14,125 --> 00:36:14,958
they made a small

2081
00:36:14,958 --> 00:36:15,708
kind of like 20,

2082
00:36:15,708 --> 00:36:16,416
$30 million

2083
00:36:16,416 --> 00:36:17,625
allocation to Bitcoin.

2084
00:36:17,666 --> 00:36:18,500
I'm sure that's,

2085
00:36:18,500 --> 00:36:18,750
you know,

2086
00:36:18,750 --> 00:36:19,041
the best

2087
00:36:19,041 --> 00:36:20,125
performing component

2088
00:36:20,125 --> 00:36:22,000
in their, managed funds.

2089
00:36:22,000 --> 00:36:22,791
So, you know,

2090
00:36:22,791 --> 00:36:23,500
I'd be surprised

2091
00:36:23,500 --> 00:36:24,083
if more don't

2092
00:36:24,083 --> 00:36:25,791
follow suit, as well.

2093
00:36:25,791 --> 00:36:26,208
Anyway.

2094
00:36:26,208 --> 00:36:27,583
So yeah,

2095
00:36:27,625 --> 00:36:28,458
I remember that

2096
00:36:28,458 --> 00:36:29,291
I forgot about it.

2097
00:36:29,291 --> 00:36:30,375
But they invested

2098
00:36:30,375 --> 00:36:31,416
in Bitcoin futures

2099
00:36:31,416 --> 00:36:32,333
or something

2100
00:36:32,333 --> 00:36:33,750
like a while ago was

2101
00:36:34,000 --> 00:36:35,041
it was in the news once

2102
00:36:35,041 --> 00:36:35,875
and then they passed

2103
00:36:35,875 --> 00:36:36,833
and no one's really

2104
00:36:36,833 --> 00:36:38,083
talked about it since.

2105
00:36:38,291 --> 00:36:39,500
Yeah I think one of the,

2106
00:36:39,625 --> 00:36:40,166
one of the guys

2107
00:36:40,166 --> 00:36:40,875
who made that happen

2108
00:36:40,875 --> 00:36:42,291
at AMP spoke at Bitcoin

2109
00:36:42,291 --> 00:36:43,500
alive,

2110
00:36:43,625 --> 00:36:44,583
earlier

2111
00:36:44,583 --> 00:36:45,375
earlier in the year.

2112
00:36:45,375 --> 00:36:46,833
So but yeah,

2113
00:36:46,958 --> 00:36:47,500
I mean, look,

2114
00:36:47,500 --> 00:36:48,208
it was a forward

2115
00:36:48,208 --> 00:36:49,166
thinking, forward

2116
00:36:49,166 --> 00:36:50,333
thinking,

2117
00:36:50,541 --> 00:36:51,416
moment for them.

2118
00:36:51,416 --> 00:36:52,666
And I'm sure it's,

2119
00:36:52,666 --> 00:36:52,958
you know,

2120
00:36:52,958 --> 00:36:53,541
one of the best

2121
00:36:53,541 --> 00:36:54,541
performing components

2122
00:36:54,541 --> 00:36:55,166
they have like

2123
00:36:55,166 --> 00:36:55,625
nothing else

2124
00:36:55,625 --> 00:36:56,291
is performing like

2125
00:36:56,291 --> 00:36:57,208
Bitcoin right now. So

2126
00:36:58,291 --> 00:36:58,833
yeah.

2127
00:36:58,833 --> 00:36:59,291
Yeah.

2128
00:36:59,291 --> 00:37:00,625
That would have proved

2129
00:37:00,625 --> 00:37:01,833
to be a wise,

2130
00:37:01,916 --> 00:37:03,125
move.

2131
00:37:03,416 --> 00:37:04,500
It's interesting as well

2132
00:37:04,500 --> 00:37:05,708
to see

2133
00:37:06,291 --> 00:37:07,166
how slowly.

2134
00:37:07,166 --> 00:37:08,666
But I am optimistic

2135
00:37:08,666 --> 00:37:09,458
about changes

2136
00:37:09,458 --> 00:37:10,333
in Australia,

2137
00:37:10,333 --> 00:37:11,416
although it's happening

2138
00:37:11,416 --> 00:37:12,625
very, very slowly.

2139
00:37:12,625 --> 00:37:13,500
Like it was lovely

2140
00:37:13,500 --> 00:37:14,708
to see,

2141
00:37:14,958 --> 00:37:15,625
an ASX

2142
00:37:15,625 --> 00:37:17,333
listed company allocate

2143
00:37:18,291 --> 00:37:18,750
I think they've

2144
00:37:18,750 --> 00:37:20,125
got 12 bitcoin.

2145
00:37:20,125 --> 00:37:22,416
I want to say 12.9 nines

2146
00:37:22,583 --> 00:37:23,833
figure I have in my mind

2147
00:37:25,458 --> 00:37:26,791
in, in their

2148
00:37:26,791 --> 00:37:27,625
corporate treasury.

2149
00:37:27,625 --> 00:37:28,583
So that's nice.

2150
00:37:28,583 --> 00:37:29,416
I have a feeling

2151
00:37:29,416 --> 00:37:29,875
that will be

2152
00:37:29,875 --> 00:37:30,375
more people,

2153
00:37:30,375 --> 00:37:31,291
more companies

2154
00:37:31,291 --> 00:37:32,500
that follow suit.

2155
00:37:33,916 --> 00:37:34,791
And monochrome are doing

2156
00:37:34,791 --> 00:37:35,583
a really great job

2157
00:37:35,583 --> 00:37:36,708
with their ETF as well.

2158
00:37:36,708 --> 00:37:37,666
And, world

2159
00:37:37,666 --> 00:37:38,875
leading in terms of,

2160
00:37:39,208 --> 00:37:40,250
in-kind redemptions

2161
00:37:40,250 --> 00:37:41,041
and deposits.

2162
00:37:41,041 --> 00:37:42,125
So,

2163
00:37:42,125 --> 00:37:42,916
that again,

2164
00:37:42,916 --> 00:37:43,958
is a great forerunner.

2165
00:37:43,958 --> 00:37:44,625
I think we will see

2166
00:37:44,625 --> 00:37:45,125
more of that

2167
00:37:45,125 --> 00:37:45,750
with the ETFs

2168
00:37:45,750 --> 00:37:46,875
in the States.

2169
00:37:46,875 --> 00:37:47,291
I think that's

2170
00:37:47,291 --> 00:37:48,083
getting announced

2171
00:37:48,083 --> 00:37:49,291
or being announced.

2172
00:37:49,625 --> 00:37:50,333
But, you know,

2173
00:37:50,333 --> 00:37:51,500
in-kind redemptions

2174
00:37:51,666 --> 00:37:52,458
then actually

2175
00:37:52,458 --> 00:37:53,833
makes, monochrome

2176
00:37:53,833 --> 00:37:55,375
a very viable method

2177
00:37:55,375 --> 00:37:56,041
as an onramp

2178
00:37:56,041 --> 00:37:56,583
and off ramp

2179
00:37:56,583 --> 00:37:57,833
for Bitcoin as well,

2180
00:37:58,083 --> 00:37:59,333
particularly as,

2181
00:37:59,333 --> 00:38:00,541
you know, the banks,

2182
00:38:00,958 --> 00:38:02,250
deep banking people for,

2183
00:38:02,458 --> 00:38:03,041
for wanting to

2184
00:38:03,041 --> 00:38:03,708
buy Bitcoin.

2185
00:38:03,708 --> 00:38:04,208
And I think

2186
00:38:04,208 --> 00:38:05,125
that legislation

2187
00:38:05,125 --> 00:38:05,958
also got signed

2188
00:38:05,958 --> 00:38:07,458
in the US in the last

2189
00:38:07,458 --> 00:38:08,208
24 hours

2190
00:38:08,208 --> 00:38:09,416
by Donald Trump that,

2191
00:38:10,000 --> 00:38:11,000
you know,

2192
00:38:11,000 --> 00:38:11,666
they aren't allowed

2193
00:38:11,666 --> 00:38:12,625
to de bank you anymore.

2194
00:38:12,625 --> 00:38:13,541
So I would expect

2195
00:38:13,541 --> 00:38:14,833
that legislation also

2196
00:38:14,833 --> 00:38:15,458
to trickle down

2197
00:38:15,458 --> 00:38:16,666
to Australia and,

2198
00:38:17,000 --> 00:38:17,666
you know, hopefully

2199
00:38:17,666 --> 00:38:18,000
get rid

2200
00:38:18,000 --> 00:38:18,291
of some

2201
00:38:18,291 --> 00:38:19,500
of these nonsense.

2202
00:38:19,541 --> 00:38:20,125
Restrictions

2203
00:38:20,125 --> 00:38:20,833
and limitations

2204
00:38:20,833 --> 00:38:21,958
that the banks,

2205
00:38:21,958 --> 00:38:22,541
put in place,

2206
00:38:22,541 --> 00:38:23,833
you know, Commbank limit

2207
00:38:23,833 --> 00:38:25,541
you to $10,000 a month,

2208
00:38:25,541 --> 00:38:26,416
I think, currently.

2209
00:38:26,416 --> 00:38:27,375
And,

2210
00:38:27,375 --> 00:38:28,625
just before the ftxs

2211
00:38:28,666 --> 00:38:29,250
blow up

2212
00:38:29,250 --> 00:38:30,083
a couple of years ago,

2213
00:38:30,083 --> 00:38:30,291
they were

2214
00:38:30,291 --> 00:38:31,041
about to launch

2215
00:38:31,041 --> 00:38:31,583
the ability

2216
00:38:31,583 --> 00:38:32,291
to buy Bitcoin,

2217
00:38:32,291 --> 00:38:33,250
but they got cold feet

2218
00:38:33,250 --> 00:38:34,750
when FTX blew up.

2219
00:38:34,750 --> 00:38:36,250
So the hypocrisy of

2220
00:38:36,458 --> 00:38:37,000
now not

2221
00:38:37,000 --> 00:38:37,625
letting you spend

2222
00:38:37,625 --> 00:38:38,666
more than $10,000

2223
00:38:38,666 --> 00:38:39,958
a month on, on

2224
00:38:39,958 --> 00:38:41,125
Bitcoin is,

2225
00:38:41,166 --> 00:38:42,208
it's quite astonishing.

2226
00:38:42,208 --> 00:38:43,666
And, you know,

2227
00:38:44,000 --> 00:38:45,083
I think simple solutions

2228
00:38:45,083 --> 00:38:45,833
to that sort of thing,

2229
00:38:45,833 --> 00:38:46,583
you know, they'll,

2230
00:38:46,583 --> 00:38:47,458
they'll shout fraud

2231
00:38:47,458 --> 00:38:48,250
from the rooftops.

2232
00:38:48,250 --> 00:38:49,541
But I think crypto

2233
00:38:49,541 --> 00:38:49,916
fraud is

2234
00:38:49,916 --> 00:38:50,833
a small percentage

2235
00:38:50,833 --> 00:38:51,333
of the fraud

2236
00:38:51,333 --> 00:38:52,375
that gets perpetrated.

2237
00:38:52,375 --> 00:38:53,666
And, you know,

2238
00:38:53,666 --> 00:38:54,250
if you're dealing

2239
00:38:54,250 --> 00:38:55,166
with reputable

2240
00:38:55,166 --> 00:38:56,333
Australian exchanges,

2241
00:38:56,333 --> 00:38:57,208
then,

2242
00:38:57,208 --> 00:38:57,541
there shouldn't

2243
00:38:57,541 --> 00:38:58,416
be any limitation.

2244
00:38:58,416 --> 00:38:58,958
You ought to be able

2245
00:38:58,958 --> 00:39:00,208
to white label yourself

2246
00:39:00,208 --> 00:39:00,750
or white

2247
00:39:00,750 --> 00:39:01,916
list yourself from,

2248
00:39:02,458 --> 00:39:03,583
any kind of,

2249
00:39:03,583 --> 00:39:05,000
onerous exemptions

2250
00:39:05,000 --> 00:39:05,708
from you

2251
00:39:05,708 --> 00:39:06,625
spending your own money

2252
00:39:06,625 --> 00:39:07,375
how you want to.

2253
00:39:07,375 --> 00:39:08,583
I mean, you could,

2254
00:39:08,625 --> 00:39:09,291
you could organize

2255
00:39:09,291 --> 00:39:10,208
with a branch that,

2256
00:39:10,208 --> 00:39:10,500
you know,

2257
00:39:10,500 --> 00:39:11,250
you want to go to Crown

2258
00:39:11,250 --> 00:39:12,041
Casino and spend

2259
00:39:12,041 --> 00:39:12,958
$100,000.

2260
00:39:12,958 --> 00:39:13,250
They're not going

2261
00:39:13,250 --> 00:39:13,750
to stop you.

2262
00:39:13,750 --> 00:39:14,750
So why aren't

2263
00:39:14,750 --> 00:39:15,375
you allowed to go

2264
00:39:15,375 --> 00:39:16,041
and buy Bitcoin?

2265
00:39:16,041 --> 00:39:17,375
It's, it's crazy

2266
00:39:17,375 --> 00:39:18,166
kind of legislation.

2267
00:39:18,166 --> 00:39:19,041
So I think back

2268
00:39:19,041 --> 00:39:19,750
to the previous point,

2269
00:39:19,750 --> 00:39:20,500
hopefully that trickles

2270
00:39:20,500 --> 00:39:21,166
down from the states

2271
00:39:21,166 --> 00:39:22,375
pretty quickly to.

2272
00:39:22,791 --> 00:39:23,625
Yeah, it's

2273
00:39:23,625 --> 00:39:24,500
absolutely insane

2274
00:39:24,500 --> 00:39:25,166
because someone

2275
00:39:25,166 --> 00:39:26,125
who does have like

2276
00:39:26,125 --> 00:39:26,541
say say

2277
00:39:26,541 --> 00:39:27,500
they have $1 million

2278
00:39:27,500 --> 00:39:28,583
to invest in Bitcoin.

2279
00:39:28,583 --> 00:39:29,458
How long is it

2280
00:39:29,458 --> 00:39:30,083
going to take them

2281
00:39:30,083 --> 00:39:30,458
to move

2282
00:39:30,458 --> 00:39:31,166
that money across

2283
00:39:31,166 --> 00:39:31,583
if they're with

2284
00:39:31,583 --> 00:39:32,791
Commonwealth Bank?

2285
00:39:32,833 --> 00:39:33,958
And if someone's

2286
00:39:33,958 --> 00:39:34,750
been a customer

2287
00:39:34,750 --> 00:39:35,125
with you

2288
00:39:35,125 --> 00:39:36,583
for like 30, 40, 50

2289
00:39:36,583 --> 00:39:37,791
years, like it's

2290
00:39:37,833 --> 00:39:38,458
it's really

2291
00:39:38,458 --> 00:39:39,416
not a nice thing.

2292
00:39:39,416 --> 00:39:40,666
Like I've spoken to

2293
00:39:40,666 --> 00:39:41,625
some people who are

2294
00:39:41,625 --> 00:39:42,833
with the Commbank and,

2295
00:39:43,083 --> 00:39:44,125
well, not anymore,

2296
00:39:44,125 --> 00:39:45,416
because they moved for

2297
00:39:45,416 --> 00:39:46,583
this very reason.

2298
00:39:47,250 --> 00:39:47,625
Yeah.

2299
00:39:47,625 --> 00:39:48,291
It's a big

2300
00:39:48,291 --> 00:39:48,583
for you

2301
00:39:48,583 --> 00:39:49,791
to your customers.

2302
00:39:50,125 --> 00:39:51,208
And I'm all for,

2303
00:39:51,208 --> 00:39:51,500
you know,

2304
00:39:51,500 --> 00:39:52,416
minimizing fraud

2305
00:39:52,416 --> 00:39:53,000
and making sure

2306
00:39:53,000 --> 00:39:53,541
that people don't

2307
00:39:53,541 --> 00:39:54,208
lose their money

2308
00:39:54,208 --> 00:39:55,166
and everything else.

2309
00:39:55,166 --> 00:39:56,291
But at the same time,

2310
00:39:56,291 --> 00:39:56,583
you know,

2311
00:39:56,583 --> 00:39:57,291
I think the pendulum

2312
00:39:57,291 --> 00:39:58,791
swung way too, way too

2313
00:39:58,791 --> 00:39:59,458
far in the

2314
00:39:59,458 --> 00:40:00,083
wrong direction.

2315
00:40:01,500 --> 00:40:02,416
Yeah, absolutely.

2316
00:40:02,416 --> 00:40:02,833
Especially

2317
00:40:02,833 --> 00:40:04,041
if it's going to like,

2318
00:40:04,500 --> 00:40:06,166
a regulated exchange.

2319
00:40:06,166 --> 00:40:07,333
They they do their own

2320
00:40:07,333 --> 00:40:07,958
enhanced due

2321
00:40:07,958 --> 00:40:09,750
diligence in-house.

2322
00:40:09,750 --> 00:40:11,000
So it doesn't

2323
00:40:11,000 --> 00:40:11,625
it just

2324
00:40:11,625 --> 00:40:12,500
doesn't make sense.

2325
00:40:12,500 --> 00:40:13,291
You are hurting

2326
00:40:13,291 --> 00:40:14,458
small businesses.

2327
00:40:14,458 --> 00:40:14,750
You're

2328
00:40:14,750 --> 00:40:15,958
hurting individuals.

2329
00:40:16,250 --> 00:40:17,958
And it just

2330
00:40:19,041 --> 00:40:19,500
makes me

2331
00:40:19,500 --> 00:40:20,666
remember that,

2332
00:40:21,666 --> 00:40:22,416
meme that we

2333
00:40:22,416 --> 00:40:23,625
love to share.

2334
00:40:23,750 --> 00:40:24,416
If my money's

2335
00:40:24,416 --> 00:40:25,333
in the bank,

2336
00:40:25,333 --> 00:40:26,208
it's not yours.

2337
00:40:26,208 --> 00:40:27,000
It's not money.

2338
00:40:27,000 --> 00:40:28,166
It's not in the bank.

2339
00:40:28,541 --> 00:40:29,750
Yeah, exactly.

2340
00:40:30,875 --> 00:40:32,083
Yeah.

2341
00:40:32,625 --> 00:40:33,708
What else

2342
00:40:33,708 --> 00:40:35,541
can we chat about?

2343
00:40:35,541 --> 00:40:36,208
I'm just trying

2344
00:40:36,208 --> 00:40:36,625
to think.

2345
00:40:36,625 --> 00:40:37,166
Have we missed

2346
00:40:37,166 --> 00:40:38,333
something, Andy?

2347
00:40:38,666 --> 00:40:39,875
I, I just think,

2348
00:40:39,916 --> 00:40:40,791
you know, one

2349
00:40:40,791 --> 00:40:41,416
other point

2350
00:40:41,416 --> 00:40:41,791
that we kind of

2351
00:40:41,791 --> 00:40:43,000
touched on earlier,

2352
00:40:43,166 --> 00:40:44,458
but is really important

2353
00:40:44,458 --> 00:40:45,666
around,

2354
00:40:45,833 --> 00:40:47,000
females,

2355
00:40:47,333 --> 00:40:48,500
you know, doing this

2356
00:40:48,500 --> 00:40:49,041
in terms

2357
00:40:49,041 --> 00:40:50,250
of their superannuation.

2358
00:40:50,916 --> 00:40:51,916
A lot of our clients

2359
00:40:51,916 --> 00:40:52,375
are female,

2360
00:40:52,375 --> 00:40:53,583
whether they're,

2361
00:40:53,666 --> 00:40:54,000
you know,

2362
00:40:54,000 --> 00:40:55,208
married or single

2363
00:40:55,208 --> 00:40:56,458
or single mums or,

2364
00:40:56,958 --> 00:40:58,083
all, all different life

2365
00:40:58,083 --> 00:40:58,750
experiences

2366
00:40:58,750 --> 00:40:59,958
and situations.

2367
00:41:00,208 --> 00:41:00,791
There's clearly

2368
00:41:00,791 --> 00:41:02,000
an earning disparity

2369
00:41:02,000 --> 00:41:03,291
for females and males.

2370
00:41:03,625 --> 00:41:04,541
And like you

2371
00:41:04,541 --> 00:41:05,125
mentioned earlier

2372
00:41:05,125 --> 00:41:06,166
that that can be

2373
00:41:06,166 --> 00:41:07,375
even more,

2374
00:41:07,500 --> 00:41:08,208
exaggerated

2375
00:41:08,208 --> 00:41:08,583
when it comes

2376
00:41:08,583 --> 00:41:09,500
to superannuation

2377
00:41:09,500 --> 00:41:10,708
because of, you know,

2378
00:41:11,000 --> 00:41:12,208
career breaks or

2379
00:41:12,208 --> 00:41:13,583
maternity leave or,

2380
00:41:13,791 --> 00:41:14,625
raising kids

2381
00:41:14,625 --> 00:41:15,666
or any number

2382
00:41:15,666 --> 00:41:16,416
of different reasons.

2383
00:41:16,416 --> 00:41:17,333
And so,

2384
00:41:17,333 --> 00:41:18,208
females generally

2385
00:41:18,208 --> 00:41:18,833
do retire

2386
00:41:18,833 --> 00:41:19,625
with much smaller

2387
00:41:19,625 --> 00:41:20,750
super balances

2388
00:41:20,750 --> 00:41:23,083
than, that male partners

2389
00:41:23,083 --> 00:41:24,291
or husbands or whatever.

2390
00:41:25,041 --> 00:41:26,791
And so I've found

2391
00:41:26,791 --> 00:41:28,000
and we find that,

2392
00:41:28,375 --> 00:41:29,458
the females,

2393
00:41:29,458 --> 00:41:29,875
the ladies

2394
00:41:29,875 --> 00:41:31,083
that we work with,

2395
00:41:31,500 --> 00:41:32,541
it's an enormously

2396
00:41:32,541 --> 00:41:34,041
empowering situation

2397
00:41:34,041 --> 00:41:34,458
to be able

2398
00:41:34,458 --> 00:41:34,791
to get

2399
00:41:34,791 --> 00:41:35,583
your superannuation

2400
00:41:35,583 --> 00:41:36,250
into Bitcoin

2401
00:41:36,250 --> 00:41:37,000
and start

2402
00:41:37,000 --> 00:41:37,916
performing at 80

2403
00:41:37,916 --> 00:41:39,125
plus percent a year,

2404
00:41:39,625 --> 00:41:40,208
and very

2405
00:41:40,208 --> 00:41:41,458
quickly outperforming,

2406
00:41:41,666 --> 00:41:42,458
you know, their husbands

2407
00:41:42,458 --> 00:41:43,625
and partners or friends.

2408
00:41:43,625 --> 00:41:45,208
And, it provides

2409
00:41:45,208 --> 00:41:46,750
a real sense of,

2410
00:41:47,333 --> 00:41:48,666
stability and,

2411
00:41:49,250 --> 00:41:50,250
a massive reduction

2412
00:41:50,250 --> 00:41:51,166
in worry about what

2413
00:41:51,166 --> 00:41:51,833
life looks like

2414
00:41:51,833 --> 00:41:53,000
in retirement,

2415
00:41:53,041 --> 00:41:53,666
particularly

2416
00:41:53,666 --> 00:41:54,208
when they have

2417
00:41:54,208 --> 00:41:55,291
smaller balances

2418
00:41:55,291 --> 00:41:56,416
to start with.

2419
00:41:56,416 --> 00:41:56,750
Once you're

2420
00:41:56,750 --> 00:41:58,250
past three, 4 or 5 years

2421
00:41:58,250 --> 00:41:59,333
of having Bitcoin

2422
00:41:59,333 --> 00:42:00,791
and self-managed super,

2423
00:42:01,416 --> 00:42:02,625
the freedom and,

2424
00:42:03,041 --> 00:42:03,541
you know,

2425
00:42:03,541 --> 00:42:04,083
empowerment

2426
00:42:04,083 --> 00:42:04,791
that, that gives you

2427
00:42:04,791 --> 00:42:05,583
is really

2428
00:42:05,583 --> 00:42:06,333
quite incredible.

2429
00:42:06,333 --> 00:42:08,166
And, I think, you know,

2430
00:42:09,416 --> 00:42:10,583
more so than,

2431
00:42:10,958 --> 00:42:11,875
you know, blokes

2432
00:42:11,875 --> 00:42:13,083
investing in,

2433
00:42:13,208 --> 00:42:14,750
super, in Bitcoin.

2434
00:42:14,750 --> 00:42:15,750
I think it's just

2435
00:42:15,750 --> 00:42:17,041
it really does change,

2436
00:42:17,416 --> 00:42:18,375
change people's lives.

2437
00:42:18,375 --> 00:42:19,791
And, I love nothing

2438
00:42:19,791 --> 00:42:20,541
more than catching up

2439
00:42:20,541 --> 00:42:21,958
with, female clients

2440
00:42:21,958 --> 00:42:22,500
and hearing

2441
00:42:22,500 --> 00:42:23,125
how it's going

2442
00:42:23,125 --> 00:42:24,208
and everything else.

2443
00:42:24,208 --> 00:42:25,500
And, you know,

2444
00:42:25,500 --> 00:42:26,750
I think you mentioned,

2445
00:42:27,083 --> 00:42:28,041
before we

2446
00:42:28,041 --> 00:42:29,250
started talking that,

2447
00:42:29,250 --> 00:42:29,458
you know,

2448
00:42:29,458 --> 00:42:30,291
there are

2449
00:42:30,291 --> 00:42:31,500
people out there who,

2450
00:42:32,041 --> 00:42:33,125
have done this

2451
00:42:33,125 --> 00:42:33,916
and their husbands

2452
00:42:33,916 --> 00:42:34,583
think they're mad

2453
00:42:34,583 --> 00:42:35,375
and don't agree

2454
00:42:35,375 --> 00:42:35,708
with them

2455
00:42:35,708 --> 00:42:36,500
being a Bitcoin.

2456
00:42:36,500 --> 00:42:37,208
But then

2457
00:42:37,208 --> 00:42:38,000
the price of Bitcoin

2458
00:42:38,000 --> 00:42:38,666
appreciates

2459
00:42:38,666 --> 00:42:39,500
that superannuation

2460
00:42:39,500 --> 00:42:40,083
appreciates

2461
00:42:40,083 --> 00:42:40,708
dramatically.

2462
00:42:40,708 --> 00:42:41,541
And,

2463
00:42:41,541 --> 00:42:42,166
it turns their

2464
00:42:42,166 --> 00:42:42,958
husbands heads

2465
00:42:42,958 --> 00:42:44,166
and they're like,

2466
00:42:44,250 --> 00:42:44,750
Holy shit,

2467
00:42:44,750 --> 00:42:45,416
I think you're right.

2468
00:42:45,416 --> 00:42:46,958
And, then,

2469
00:42:47,000 --> 00:42:47,250
you know,

2470
00:42:47,250 --> 00:42:48,041
all sorts of crazy

2471
00:42:48,041 --> 00:42:48,833
things start happening

2472
00:42:48,833 --> 00:42:49,750
and people

2473
00:42:49,750 --> 00:42:50,416
really understand

2474
00:42:50,416 --> 00:42:51,000
what's possible.

2475
00:42:51,000 --> 00:42:52,583
So it's very exciting.

2476
00:42:52,583 --> 00:42:53,750
I think it's, you know,

2477
00:42:53,750 --> 00:42:54,416
a really

2478
00:42:54,416 --> 00:42:55,708
freeing technology.

2479
00:42:55,708 --> 00:42:56,708
I think, you know,

2480
00:42:56,708 --> 00:42:58,083
Bitcoin is freedom is,

2481
00:42:58,500 --> 00:42:59,166
is probably one

2482
00:42:59,166 --> 00:42:59,500
of the most

2483
00:42:59,500 --> 00:43:00,500
profound statements

2484
00:43:00,500 --> 00:43:01,708
about bitcoin,

2485
00:43:01,708 --> 00:43:02,666
and that freedom is

2486
00:43:02,666 --> 00:43:03,875
mental, physical,

2487
00:43:03,875 --> 00:43:04,916
financial and on

2488
00:43:04,916 --> 00:43:05,458
so many

2489
00:43:05,458 --> 00:43:06,125
different levels.

2490
00:43:06,125 --> 00:43:07,541
And I see that,

2491
00:43:07,708 --> 00:43:08,875
you know, in reality,

2492
00:43:08,875 --> 00:43:09,750
every single day

2493
00:43:09,750 --> 00:43:10,958
when I talk to clients,

2494
00:43:11,375 --> 00:43:12,208
who now

2495
00:43:12,208 --> 00:43:12,750
don't worry

2496
00:43:12,750 --> 00:43:13,583
about their retirement

2497
00:43:13,583 --> 00:43:14,416
and know that

2498
00:43:14,416 --> 00:43:14,791
there's going to

2499
00:43:14,791 --> 00:43:15,375
be enough there

2500
00:43:15,375 --> 00:43:16,000
to support them

2501
00:43:16,000 --> 00:43:16,583
and their family

2502
00:43:16,583 --> 00:43:17,833
for as many years

2503
00:43:17,833 --> 00:43:18,208
as they're going

2504
00:43:18,208 --> 00:43:18,750
to be around.

2505
00:43:18,750 --> 00:43:20,000
And, you know,

2506
00:43:20,208 --> 00:43:21,166
just talking about that

2507
00:43:21,166 --> 00:43:21,750
and the transition

2508
00:43:21,750 --> 00:43:22,750
to retirement thing,

2509
00:43:22,750 --> 00:43:23,250
you really

2510
00:43:23,250 --> 00:43:23,916
need to budget

2511
00:43:23,916 --> 00:43:24,666
for like 20

2512
00:43:24,666 --> 00:43:25,708
to 25 years

2513
00:43:25,708 --> 00:43:26,541
of retirement, like,

2514
00:43:26,541 --> 00:43:26,916
that's the

2515
00:43:26,916 --> 00:43:28,125
average lifespan

2516
00:43:28,166 --> 00:43:29,375
post retirement.

2517
00:43:29,541 --> 00:43:30,833
That's a long time.

2518
00:43:30,833 --> 00:43:31,791
And when you look at

2519
00:43:31,791 --> 00:43:32,083
a lot of

2520
00:43:32,083 --> 00:43:33,000
these retirement

2521
00:43:33,000 --> 00:43:33,708
calculators

2522
00:43:33,708 --> 00:43:34,333
and they say, well,

2523
00:43:34,333 --> 00:43:36,541
you need 5 or $600,000

2524
00:43:36,541 --> 00:43:37,958
in your superannuation

2525
00:43:37,958 --> 00:43:38,291
to be able

2526
00:43:38,291 --> 00:43:39,500
to retire comfortably.

2527
00:43:39,625 --> 00:43:40,208
No way.

2528
00:43:40,208 --> 00:43:41,458
It's like three, 4

2529
00:43:41,458 --> 00:43:42,375
or 5 million.

2530
00:43:42,375 --> 00:43:42,958
If you're going to have

2531
00:43:42,958 --> 00:43:44,041
a decent retirement

2532
00:43:44,041 --> 00:43:45,291
for 25 years,

2533
00:43:45,458 --> 00:43:47,125
if you look at inflation

2534
00:43:47,125 --> 00:43:47,833
and everything else.

2535
00:43:47,833 --> 00:43:49,250
So, yeah,

2536
00:43:49,291 --> 00:43:51,125
I take all of those guys

2537
00:43:51,125 --> 00:43:51,541
with a big

2538
00:43:51,541 --> 00:43:52,166
pinch of salt,

2539
00:43:52,166 --> 00:43:52,958
and I think,

2540
00:43:52,958 --> 00:43:53,208
you know,

2541
00:43:53,208 --> 00:43:54,416
seeing people,

2542
00:43:54,416 --> 00:43:55,041
comfortable

2543
00:43:55,041 --> 00:43:55,541
knowing that

2544
00:43:55,541 --> 00:43:56,125
their bitcoin

2545
00:43:56,125 --> 00:43:56,333
is going

2546
00:43:56,333 --> 00:43:57,458
to outperform inflation

2547
00:43:57,458 --> 00:43:57,958
and that they're going

2548
00:43:57,958 --> 00:43:58,583
to have a comfortable

2549
00:43:58,583 --> 00:43:59,416
retirement is

2550
00:43:59,416 --> 00:44:00,125
so rewarding.

2551
00:44:01,250 --> 00:44:02,333
Yeah, I

2552
00:44:02,333 --> 00:44:03,083
was going to mention

2553
00:44:03,083 --> 00:44:03,750
that earlier on,

2554
00:44:03,750 --> 00:44:04,375
because that is

2555
00:44:04,375 --> 00:44:05,125
one of the things

2556
00:44:05,125 --> 00:44:05,958
that really,

2557
00:44:05,958 --> 00:44:06,916
really frustrate me

2558
00:44:06,916 --> 00:44:07,375
because I do

2559
00:44:07,375 --> 00:44:08,541
keep seeing those things

2560
00:44:08,541 --> 00:44:09,000
pop up

2561
00:44:09,000 --> 00:44:10,166
as well as advice,

2562
00:44:10,166 --> 00:44:10,875
how much you need

2563
00:44:10,875 --> 00:44:12,375
to have in retirement

2564
00:44:12,375 --> 00:44:12,666
if you're

2565
00:44:12,666 --> 00:44:13,541
a single versus

2566
00:44:13,541 --> 00:44:14,041
a couple.

2567
00:44:14,041 --> 00:44:14,916
And it was like around

2568
00:44:14,916 --> 00:44:17,375
five 600,004.

2569
00:44:17,458 --> 00:44:18,416
If you're a single

2570
00:44:18,416 --> 00:44:19,833
and there's no way that

2571
00:44:19,833 --> 00:44:21,041
that is enough

2572
00:44:21,333 --> 00:44:22,250
money for you,

2573
00:44:22,250 --> 00:44:23,000
even if you

2574
00:44:23,000 --> 00:44:24,250
even if you have your

2575
00:44:24,250 --> 00:44:25,458
mortgage paid off

2576
00:44:25,791 --> 00:44:26,500
and you have

2577
00:44:26,500 --> 00:44:27,208
like you don't,

2578
00:44:27,208 --> 00:44:28,500
which most people don't,

2579
00:44:28,916 --> 00:44:29,916
and most people will

2580
00:44:29,916 --> 00:44:30,625
not by the time

2581
00:44:30,625 --> 00:44:31,125
they retire

2582
00:44:31,125 --> 00:44:31,916
because of the cost

2583
00:44:31,916 --> 00:44:33,125
of living what it is

2584
00:44:33,125 --> 00:44:34,333
now, there's just no way

2585
00:44:35,083 --> 00:44:35,458
for us

2586
00:44:35,458 --> 00:44:37,125
to be told repeatedly

2587
00:44:37,125 --> 00:44:37,791
that this

2588
00:44:37,791 --> 00:44:38,583
is enough money

2589
00:44:38,583 --> 00:44:39,291
to retire.

2590
00:44:39,291 --> 00:44:40,125
And I think it's really,

2591
00:44:40,125 --> 00:44:41,333
really dangerous.

2592
00:44:41,333 --> 00:44:42,583
And it it almost

2593
00:44:42,583 --> 00:44:43,166
feels like there's

2594
00:44:43,166 --> 00:44:43,791
some sort of like,

2595
00:44:43,791 --> 00:44:45,083
institutionalized

2596
00:44:45,666 --> 00:44:47,208
gaslighting in the sense

2597
00:44:47,208 --> 00:44:48,208
that you're meant

2598
00:44:48,208 --> 00:44:49,375
to settle for less.

2599
00:44:49,375 --> 00:44:49,916
This is what

2600
00:44:49,916 --> 00:44:50,625
you should be

2601
00:44:50,625 --> 00:44:51,625
happy with.

2602
00:44:51,625 --> 00:44:52,625
And I want to be

2603
00:44:52,625 --> 00:44:53,875
careful in how worth is,

2604
00:44:53,875 --> 00:44:54,958
because I know

2605
00:44:54,958 --> 00:44:55,583
some people

2606
00:44:55,583 --> 00:44:56,750
are going to retire

2607
00:44:56,750 --> 00:44:57,958
with these sums

2608
00:44:57,958 --> 00:44:58,916
and even less.

2609
00:44:58,916 --> 00:45:00,125
And it is

2610
00:45:00,416 --> 00:45:00,958
like a very

2611
00:45:00,958 --> 00:45:01,791
frightening thought.

2612
00:45:01,791 --> 00:45:03,000
But I don't want that

2613
00:45:03,000 --> 00:45:04,916
to be the cause

2614
00:45:04,916 --> 00:45:05,833
for us to say

2615
00:45:05,833 --> 00:45:07,791
that 600,000 is enough

2616
00:45:07,791 --> 00:45:08,416
for retirement

2617
00:45:08,416 --> 00:45:09,625
for a single person.

2618
00:45:09,625 --> 00:45:10,625
There's nothing.

2619
00:45:10,625 --> 00:45:11,250
Because to me

2620
00:45:11,250 --> 00:45:12,333
that sounds like

2621
00:45:12,333 --> 00:45:13,250
hurry up and die

2622
00:45:13,250 --> 00:45:14,791
sooner and live poorly

2623
00:45:14,791 --> 00:45:16,000
like that.

2624
00:45:16,000 --> 00:45:16,708
In essence.

2625
00:45:16,708 --> 00:45:17,250
Yeah.

2626
00:45:17,250 --> 00:45:18,208
And without trying

2627
00:45:18,208 --> 00:45:18,625
to sound

2628
00:45:18,625 --> 00:45:19,708
too conspiratorial,

2629
00:45:19,708 --> 00:45:20,375
I've probably done

2630
00:45:20,375 --> 00:45:20,875
a good job of

2631
00:45:20,875 --> 00:45:21,583
that already. But,

2632
00:45:22,791 --> 00:45:23,250
yeah, the

2633
00:45:23,250 --> 00:45:24,125
institutional

2634
00:45:24,125 --> 00:45:24,916
gaslighting.

2635
00:45:24,916 --> 00:45:25,625
You know,

2636
00:45:25,625 --> 00:45:26,833
if you look at it,

2637
00:45:26,833 --> 00:45:28,000
these sorts of figures

2638
00:45:28,000 --> 00:45:28,541
are produced

2639
00:45:28,541 --> 00:45:30,083
by the industry bodies

2640
00:45:30,083 --> 00:45:32,000
or associated entities.

2641
00:45:33,041 --> 00:45:34,375
The industry funds

2642
00:45:34,375 --> 00:45:35,250
or the super funds

2643
00:45:35,250 --> 00:45:35,958
are performing

2644
00:45:35,958 --> 00:45:37,375
at 8 to 12% a year.

2645
00:45:37,666 --> 00:45:39,000
So you can't expect

2646
00:45:39,000 --> 00:45:40,041
to have more than that

2647
00:45:40,041 --> 00:45:40,708
because the amount

2648
00:45:40,708 --> 00:45:41,291
that you pay

2649
00:45:41,291 --> 00:45:42,500
in over your lifetime,

2650
00:45:42,666 --> 00:45:43,833
plus the performance

2651
00:45:43,833 --> 00:45:44,458
that they deliver

2652
00:45:44,458 --> 00:45:45,833
for you, is only going

2653
00:45:45,833 --> 00:45:46,291
to get you

2654
00:45:46,291 --> 00:45:46,916
to those sorts

2655
00:45:46,916 --> 00:45:47,375
of numbers.

2656
00:45:47,375 --> 00:45:48,833
So, of course

2657
00:45:48,833 --> 00:45:49,375
they're going to say

2658
00:45:49,375 --> 00:45:49,791
that's what

2659
00:45:49,791 --> 00:45:51,000
you need in retirement,

2660
00:45:51,291 --> 00:45:52,375
their whole industry.

2661
00:45:52,375 --> 00:45:53,750
And you know,

2662
00:45:54,125 --> 00:45:54,750
whole industry

2663
00:45:54,750 --> 00:45:55,958
is predicated on

2664
00:45:56,125 --> 00:45:56,875
making money

2665
00:45:56,875 --> 00:45:57,708
out of your money

2666
00:45:57,708 --> 00:45:58,708
to pay themselves

2667
00:45:58,708 --> 00:45:59,250
lots of money.

2668
00:45:59,250 --> 00:46:00,958
So, you know, they,

2669
00:46:00,958 --> 00:46:02,333
they can't outperform

2670
00:46:02,333 --> 00:46:03,375
or underperform

2671
00:46:03,375 --> 00:46:04,083
massively.

2672
00:46:04,083 --> 00:46:04,458
They're

2673
00:46:04,458 --> 00:46:04,791
they're not

2674
00:46:04,791 --> 00:46:06,000
incentivized to,

2675
00:46:06,750 --> 00:46:07,041
you know,

2676
00:46:07,041 --> 00:46:08,000
if they underperform

2677
00:46:08,000 --> 00:46:09,208
for a couple of years,

2678
00:46:09,208 --> 00:46:10,375
they can be forced

2679
00:46:10,375 --> 00:46:11,541
to close to new members

2680
00:46:11,541 --> 00:46:12,375
and then rolled

2681
00:46:12,375 --> 00:46:13,583
into another fund

2682
00:46:13,708 --> 00:46:15,708
so that legislatively,

2683
00:46:15,708 --> 00:46:16,541
they're encouraged

2684
00:46:16,541 --> 00:46:17,750
to perform as a herd

2685
00:46:17,875 --> 00:46:19,291
8 to 12% a year,

2686
00:46:20,125 --> 00:46:21,208
and not outperform

2687
00:46:21,208 --> 00:46:21,500
because that

2688
00:46:21,500 --> 00:46:22,166
causes others

2689
00:46:22,166 --> 00:46:22,958
to underperform.

2690
00:46:22,958 --> 00:46:24,000
And, you know,

2691
00:46:24,000 --> 00:46:24,666
they're all about

2692
00:46:24,666 --> 00:46:26,375
a diversified portfolio

2693
00:46:26,375 --> 00:46:27,583
and making sure that,

2694
00:46:27,583 --> 00:46:27,833
you know,

2695
00:46:27,833 --> 00:46:29,041
all the risk is spread.

2696
00:46:29,666 --> 00:46:30,291
It comes to

2697
00:46:30,291 --> 00:46:30,958
probably maybe

2698
00:46:30,958 --> 00:46:31,708
a final point,

2699
00:46:32,875 --> 00:46:33,333
you know,

2700
00:46:33,333 --> 00:46:34,583
on diversification

2701
00:46:34,583 --> 00:46:35,750
versus concentration.

2702
00:46:35,750 --> 00:46:35,916
You know,

2703
00:46:35,916 --> 00:46:36,958
a lot of our clients

2704
00:46:36,958 --> 00:46:38,333
have 100% allocation

2705
00:46:38,333 --> 00:46:39,500
to Bitcoin.

2706
00:46:39,833 --> 00:46:40,166
You know,

2707
00:46:40,166 --> 00:46:41,000
that's their choice.

2708
00:46:41,000 --> 00:46:41,375
That's how

2709
00:46:41,375 --> 00:46:42,208
they want to invest.

2710
00:46:42,208 --> 00:46:42,625
It's the best

2711
00:46:42,625 --> 00:46:43,250
performing asset.

2712
00:46:43,250 --> 00:46:44,458
So why wouldn't you.

2713
00:46:45,166 --> 00:46:45,500
But the

2714
00:46:45,500 --> 00:46:46,583
traditional finance

2715
00:46:46,583 --> 00:46:48,375
and accountancy

2716
00:46:48,375 --> 00:46:49,041
industry, wealth

2717
00:46:49,041 --> 00:46:50,250
industry will always say

2718
00:46:50,250 --> 00:46:50,541
you need

2719
00:46:50,541 --> 00:46:52,000
a diversified portfolio

2720
00:46:52,000 --> 00:46:53,208
to protect your wealth.

2721
00:46:53,375 --> 00:46:53,666
Well,

2722
00:46:53,666 --> 00:46:54,208
that's all well

2723
00:46:54,208 --> 00:46:54,500
and good,

2724
00:46:54,500 --> 00:46:55,375
but if you don't have

2725
00:46:55,375 --> 00:46:55,916
the wealth,

2726
00:46:55,916 --> 00:46:56,333
you need a

2727
00:46:56,333 --> 00:46:57,666
concentrated portfolio

2728
00:46:57,666 --> 00:46:58,666
to achieve the wealth

2729
00:46:58,666 --> 00:46:59,875
that you want.

2730
00:46:59,875 --> 00:47:00,416
There's no point

2731
00:47:00,416 --> 00:47:00,791
having a

2732
00:47:00,791 --> 00:47:02,125
diversified portfolio

2733
00:47:02,125 --> 00:47:02,416
if it's

2734
00:47:02,416 --> 00:47:03,666
not growing sufficiently

2735
00:47:03,666 --> 00:47:04,250
to support you

2736
00:47:04,250 --> 00:47:05,125
in retirement.

2737
00:47:05,125 --> 00:47:06,333
So you know that

2738
00:47:06,750 --> 00:47:07,875
that argument for me

2739
00:47:07,875 --> 00:47:08,625
is that that argument

2740
00:47:08,625 --> 00:47:10,125
and I often use

2741
00:47:10,125 --> 00:47:11,083
the anecdote of,

2742
00:47:11,083 --> 00:47:12,333
you know, Jeff Bezos

2743
00:47:12,333 --> 00:47:12,958
isn't the richest

2744
00:47:12,958 --> 00:47:13,625
man in the world

2745
00:47:13,625 --> 00:47:14,125
because he had a

2746
00:47:14,125 --> 00:47:15,416
diversified portfolio.

2747
00:47:15,625 --> 00:47:16,375
It's because he had

2748
00:47:16,375 --> 00:47:17,625
a concentrated portfolio

2749
00:47:17,625 --> 00:47:18,833
of Amazon stock.

2750
00:47:19,166 --> 00:47:19,666
And I

2751
00:47:19,666 --> 00:47:20,666
think it's reasonably

2752
00:47:20,666 --> 00:47:22,083
well documented anecdote

2753
00:47:22,083 --> 00:47:23,125
that Bill gates

2754
00:47:23,125 --> 00:47:23,666
would have been

2755
00:47:23,666 --> 00:47:24,541
the first world's

2756
00:47:24,541 --> 00:47:25,458
first trillionaire

2757
00:47:25,458 --> 00:47:26,666
had he not diversified

2758
00:47:26,666 --> 00:47:27,583
his portfolio away

2759
00:47:27,583 --> 00:47:28,791
from Microsoft stock.

2760
00:47:29,208 --> 00:47:29,833
But, you

2761
00:47:29,833 --> 00:47:31,083
know, Warren Buffett's,

2762
00:47:32,125 --> 00:47:32,333
you know,

2763
00:47:32,333 --> 00:47:33,666
advice he did and

2764
00:47:33,666 --> 00:47:34,833
therefore he's not worth

2765
00:47:34,833 --> 00:47:35,583
$1 trillion.

2766
00:47:35,583 --> 00:47:36,125
He's worth a lot

2767
00:47:36,125 --> 00:47:36,833
less now.

2768
00:47:36,833 --> 00:47:37,250
He's still

2769
00:47:37,250 --> 00:47:37,791
got more money

2770
00:47:37,791 --> 00:47:39,000
than he'll ever need in

2771
00:47:39,083 --> 00:47:40,208
100 generations.

2772
00:47:40,208 --> 00:47:41,416
But at the same time,

2773
00:47:41,875 --> 00:47:42,708
I'm sure he would have

2774
00:47:42,708 --> 00:47:43,208
liked to have been

2775
00:47:43,208 --> 00:47:43,500
the world's

2776
00:47:43,500 --> 00:47:44,708
first trillionaire.

2777
00:47:44,750 --> 00:47:45,916
So the whole kind of

2778
00:47:45,916 --> 00:47:47,625
diversification versus,

2779
00:47:47,791 --> 00:47:48,500
concentration

2780
00:47:48,500 --> 00:47:49,500
portfolio argument,

2781
00:47:49,500 --> 00:47:50,500
I think is a nonsense

2782
00:47:50,500 --> 00:47:51,833
as well, particularly

2783
00:47:51,833 --> 00:47:53,041
when it comes

2784
00:47:53,666 --> 00:47:54,250
for 20 years.

2785
00:47:54,250 --> 00:47:54,958
I might as well give it

2786
00:47:54,958 --> 00:47:55,916
the best opportunity

2787
00:47:55,916 --> 00:47:57,083
to become worth

2788
00:47:57,083 --> 00:47:57,750
as much money

2789
00:47:57,750 --> 00:47:58,458
as possible

2790
00:47:58,458 --> 00:47:59,041
over the course

2791
00:47:59,041 --> 00:47:59,500
of the next,

2792
00:47:59,500 --> 00:48:00,708
you know, ten years.

2793
00:48:01,166 --> 00:48:01,583
Yeah,

2794
00:48:01,583 --> 00:48:02,208
I believe in

2795
00:48:02,208 --> 00:48:03,500
Bitcoin's fundamentals.

2796
00:48:03,500 --> 00:48:04,625
And to me,

2797
00:48:04,625 --> 00:48:05,541
the way I understand

2798
00:48:05,541 --> 00:48:06,916
it, it is a very safe

2799
00:48:07,333 --> 00:48:07,916
asset.

2800
00:48:07,916 --> 00:48:08,791
So it's probably

2801
00:48:08,791 --> 00:48:10,041
one of the safest ones

2802
00:48:10,375 --> 00:48:11,166
and still.

2803
00:48:11,166 --> 00:48:12,083
Probably absolutely.

2804
00:48:12,083 --> 00:48:13,291
Having. Yeah.

2805
00:48:13,500 --> 00:48:14,458
Well the biggest risk

2806
00:48:14,458 --> 00:48:15,416
to Bitcoin is me.

2807
00:48:16,833 --> 00:48:18,291
So so

2808
00:48:18,291 --> 00:48:19,500
yeah, I definitely feel

2809
00:48:19,500 --> 00:48:20,166
very comfortable

2810
00:48:20,166 --> 00:48:21,791
having a 100% allocation

2811
00:48:21,791 --> 00:48:23,125
in Bitcoin in my super.

2812
00:48:23,125 --> 00:48:24,666
And yeah, it's done

2813
00:48:24,666 --> 00:48:26,125
very well for me so far.

2814
00:48:26,125 --> 00:48:27,958
I am also expecting

2815
00:48:27,958 --> 00:48:28,583
drawbacks.

2816
00:48:28,583 --> 00:48:29,333
I'm comfortable

2817
00:48:29,333 --> 00:48:30,166
with that.

2818
00:48:30,166 --> 00:48:31,375
And yeah.

2819
00:48:32,958 --> 00:48:33,958
Very good.

2820
00:48:33,958 --> 00:48:34,375
Yeah.

2821
00:48:34,375 --> 00:48:35,000
Well thank you

2822
00:48:35,000 --> 00:48:36,083
very much for your time.

2823
00:48:36,083 --> 00:48:37,041
It's been a great chat,

2824
00:48:37,041 --> 00:48:38,000
very efficient.

2825
00:48:38,000 --> 00:48:39,208
But we got a lot of

2826
00:48:39,208 --> 00:48:39,916
ground covered.

2827
00:48:39,916 --> 00:48:41,125
But how can people

2828
00:48:41,125 --> 00:48:41,750
contact you

2829
00:48:41,750 --> 00:48:42,291
if they have

2830
00:48:42,291 --> 00:48:42,875
some follow

2831
00:48:42,875 --> 00:48:43,458
up questions?

2832
00:48:43,458 --> 00:48:44,125
What's the best way

2833
00:48:44,125 --> 00:48:45,333
to reach you?

2834
00:48:46,041 --> 00:48:47,625
So I'm on X,

2835
00:48:48,083 --> 00:48:48,958
and the BTC

2836
00:48:48,958 --> 00:48:50,166
advisor,

2837
00:48:50,166 --> 00:48:51,500
you can also Google

2838
00:48:51,500 --> 00:48:52,708
the Bitcoin advisor.

2839
00:48:53,000 --> 00:48:54,291
Bitcoin super.io.

2840
00:48:54,750 --> 00:48:55,875
And we've just recently

2841
00:48:55,875 --> 00:48:56,250
launched

2842
00:48:56,250 --> 00:48:57,458
Learn My coins.com,

2843
00:48:58,083 --> 00:48:58,791
which is,

2844
00:48:58,791 --> 00:48:59,666
a very new

2845
00:48:59,666 --> 00:49:00,375
and innovative

2846
00:49:00,375 --> 00:49:01,250
way to borrow

2847
00:49:01,250 --> 00:49:01,958
against your bitcoin

2848
00:49:01,958 --> 00:49:03,166
with Bitcoin.

2849
00:49:03,291 --> 00:49:03,541
So it's,

2850
00:49:03,541 --> 00:49:04,041
it works

2851
00:49:04,041 --> 00:49:04,458
for a very

2852
00:49:04,458 --> 00:49:05,208
particular trade.

2853
00:49:05,208 --> 00:49:06,500
But, you can find me on

2854
00:49:06,500 --> 00:49:06,625
there.

2855
00:49:06,625 --> 00:49:07,250
All of those things.

2856
00:49:08,625 --> 00:49:09,208
Awesome.

2857
00:49:09,208 --> 00:49:09,708
Thank you

2858
00:49:09,708 --> 00:49:10,958
so much for your time.

2859
00:49:10,958 --> 00:49:12,166
Loved having you on

2860
00:49:13,166 --> 00:49:13,541
now guys.

2861
00:49:13,541 --> 00:49:14,750
Thank you.

2862
00:49:15,000 --> 00:49:16,208
Thanks, Sandy.