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If you're watching this video, you're going to learn three big things.

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Number one, how to handle a gnarly Bitcoin dip without losing your mind or your conviction.

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Ooh.

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Number two, why Bitcoin is still a powerful savings tool for you,

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even after its price gets chopped in half.

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Number three, why self-custody matters if you want to truly own your Bitcoin.

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Ooh, self-custody.

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Today's guest is Conrad from Bitcoin Well.

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He is a longtime Bitcoiner.

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helping folks like you and me stack sats straight into self-custody.

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So if you're brand new to Bitcoin,

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come on inside the world's biggest Bitcoin welcome center for today's show.

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Welcome to Sat Chats, the Bitcoin podcast where we chat about sats.

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Sats are the smallest part of a Bitcoin the same way pennies are the smallest part of a dweller.

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with Sat Chats.

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We are building the world's biggest Bitcoin welcome center

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to serve as your gateway to generational wealth.

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So if you are brand new to Bitcoin,

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we want to chat about Sats with you.

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Literally you, brand new Bitcoiner.

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Head to satchats.com to grab your slot in the studio today.

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I'm your host, Stuart.

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And I'm your co-host, Anna Bevan.

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And with us today, back for his Bitcoin baby update, is number 75, Conrad.

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Hey, folks.

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How's it going?

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Conrad here from Bitcoin Well, community manager here reporting in.

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And I'm very happy to be back.

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Thanks for hosting me, guys.

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Yeah.

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I mean, he's a double-digit guest.

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Number 75.

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Yeah.

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That's pretty noise.

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That's pretty noise.

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Season one.

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All right.

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Now, a lot has happened since you came on the show.

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We taped your show June, early June of last year.

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So since then, Bitcoin was like around 106 when we were taping.

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Everybody was feeling pretty juicy.

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Then we get up to 126 in October.

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We're like, dude, let's, I mean, I was like, let's go.

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And then we like just recently had a very nasty Thursday where it was like,

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still off of a cliff, man. So what was your emotional journey through the new all time high

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and now back into the 60s since your appearance on the show, all the emotions, everything?

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That's a great question, Stuart. So I've been fortunate to have been around Bitcoin since about

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2017. And I think since then, how I feel about price climbs, price falls, short, short, you know,

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mini bear markets, mini dips, extended bear markets, all of those things, I feel about them

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a little bit differently, because I know Bitcoin is going to stick around. I know Bitcoin is going

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to succeed. So these things more seem like minor disruptions or minor delays to mass adoption,

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hyper-Bitcoinization, as some folks have called it.

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I'm not worried about Bitcoin, even if the price falls.

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It fell about 50%.

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We're about 50% down from the all-time high of about 126.

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We're in the mid-60s right now.

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I just see it as my dollar buys me twice as much Bitcoin today

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than it did a few months ago.

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I think most people are still not understanding Bitcoin,

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which is why the price is so low.

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And I think how Bitcoin is going to be better understood

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will reflect its price later on.

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I think right now we're kind of just early,

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still early to Bitcoin clearly.

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And I'd love to talk about that a little bit more

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relative to the macro politics we're seeing,

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macroeconomic environment,

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and as well as how other assets are performing

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relative to Bitcoin.

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I think that really speaks to how

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we're still all so early to Bitcoin.

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So do you feel that way?

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Like, ooh, I get twice as much Bitcoin

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or as the most brand new Bitcoiner,

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are you like, yo, what happened to my Bitcoin?

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I definitely think that I see it as I get twice as much Bitcoin.

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And I will say that I feel that way strongly because I sit next to you every day.

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We talk to seasoned Bitcoiners who are like, talk to me in five years.

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Like, this is not a dip.

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Like, just chill out.

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Just continue to dollar cost average.

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Continue to buy your Bitcoin.

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You'll thank yourself later.

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yeah i think early on like in 2024 when i was starting to stack my first sats it was in the

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60s same as it is yeah and i was like i was like i mean i just if something would just

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and it would like dip to 15 grand i would just like snatch it up i just like bam like i just

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want to go way down like get a bunch have it go way back up and like bam like have that moment

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yeah and today i still feel fine like it was crazy that was my first like real

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good pullback as a bitcoiner the one that we just had yes like where it's coming down 50 percent

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like because it basically was like in the mid 60s it did 60s 70s in 2024 and then in november like

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went above 100k i was like oh my god like yeah and then it kept going this is the first like

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proper pullback and on a personal level i'm like dude whatever you know i i dollar cost average

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every single week no big deal i think as a as a showrunner i know that bitcoin's price ripping up

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equals more subscribers for the show and i'm like because more people are interested in it when

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and i'm like dude bitcoin could you be so kind as to help a brother build the world's biggest

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bitcoin welcome center over here like why you got to be dropping 50 on on a homie that's just

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trying to help people stack more sats right right so i've got a mix of feelings there but i like

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yours conrad because to anna bevan's point most seasoned bitcoiners like have no real feelings

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about this moment it was sort of like whatever stack sats so i also think that they're like

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further from like when they purchased bitcoin for the first time like you like one thing that you

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say often is you use the analogy of waves. So like the further into the ocean you get,

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the less likely you are to feel the wave. And so a lot of brand new Bitcoiners in our audience,

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me and you included now, because it's gone back to where you started buying,

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like we feel the waves. We're just like trying to tell ourselves like soon we'll be in the ocean.

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Yeah, just keep going. Just keep swimming further into the ocean. But we do feel the waves. Like,

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I mean like constantly refreshing like I mean I've now gotten it to I think I can go 24 hours

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without refreshing uh-huh which is a real big thing for me Conrad like that's a big improvement

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I still think I check I think most Bitcoiners still check all the time um it's just like you

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know you you subconsciously you open up your phone your thumb the next thing you know you're

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checking the price like oh okay it's the same as it was five minutes ago um yeah but i just

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stewart to your point about you know subscribers and how the way that you know new folks are to

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kind of come in i think that a lot of that stems to the fact that people are using the price and

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the media as like their main inputs for whether they believe bitcoin is going to be successful or

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not if no one's talking about bitcoin and they don't really see the price a lot of people that

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especially not in Bitcoin currently, are not really thinking about it. But when the price is

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ripping and you're getting articles talking about, oh, this guy said that Bitcoin is good. This guy

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said that Bitcoin is good. This guy said this price is going to happen for Bitcoin. Everyone's

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like, yeah, yeah, yeah. They're excited. But then when the price goes down, this person says this

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bad thing about Bitcoin. This person says this bad thing about Bitcoin. And then people believe

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those bad things. And they believe that because the price is falling down, it means that the

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success of Bitcoin is going to fail. Granted, if Bitcoin hit $0 and stayed there for an extended

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period of time, that would be very bad. But I think the longer you spend on Bitcoin, the more

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you realize that that's not going to happen. And if the price falls suddenly and there happens to

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be an ill-timed article saying that it's something bad about Bitcoin, you are more comfortable with

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Bitcoin as a set of principles rather than a price that moves up and down and that determines your

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success that determines Bitcoin's likelihood of success. It's just on the journey. I would

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recommend for anyone to just take one of those big price charts, zoom them all the way out,

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and then look closely at those big price movements. They seem so small in hindsight and in comparison

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to where we are today. And I think the future, where we are now, will look the same five,

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10 years from now when we look at the price chart. We will look at Bitcoin's adoption.

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another good one to look at I think is hash rate how much that just incredibly increases and like

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if you do the math for how big the hash rate how many ASICs there would be today versus if you took

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the same amount of hash power basic and they did it something like in 2017 or 2024 or 2022 like

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you're going to see this continuous increase and that's where Bitcoin is just constantly growing

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um and there's just this large growing of constant adoption um and we don't really have to worry

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about the price falling and that means that things aren't going to work out um it's better for people

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like us because we can afford more uh we can afford to get more bitcoin like michael michael

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straylor and strategy have bought their 720 000 bitcoin recently right like they're still stacking

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um and they're not worried about the price because they understand that coins they're buying

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every single chance they get, which most people that are in that same kind of knowledge camp

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are still understanding Bitcoin are buying every single chance that they get.

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They're not worried about what the Wall Street Journal posts or what Bloomberg posts about

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Bitcoin because that doesn't affect their perception of it, their understanding of it.

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Whereas I would argue that still does for most folks.

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They're still kind of driven by what the media says or what the price says.

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Hmm. Well, you know, another thing I was wondering, going into your episode, Conrad,

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on your first episode with us, number 75, you talked about Bitcoin being a store of value.

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You talked about Bitcoin being an extraordinary savings technology, both of which I agree with.

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And I think you do too, Hibes.

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Same.

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But when we think about the brand new Bitcoiner in our audience, or even a pre-coiner who's like,

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just a full-on beginner. Since your last time on this episode, how do you explain Bitcoin as a store

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of value and a savings technology to a beginner after a big old drawdown like the one that we just

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saw? Yeah, I mean, definitely now is probably a more challenging time to make that argument to

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someone that is not really familiar with Bitcoin. When Bitcoin's price is up and higher than it was

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the day or the week or the month before, it's very easy to tout all of the historical averages.

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Oh, you know, Bitcoin averages a category of 40%. I'm not sure what it was at all time high.

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Now that average will be a little bit lower, assuming that we don't kind of just continue to

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stay low for an extended period of time. But that average always will be higher than other

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traditional assets for one. And for two, I think it just comes down to like the core,

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the principles of what Bitcoin is. There's only 21 million Bitcoin. We have to chase financial

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gains because our currency is designed to lose value on purpose. That inflation is done by

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creating more notes of currency. So that's one kind of way where Bitcoin still remains different.

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And I think it's, I've heard the argument, it's like, we have this thing in finance called the

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efficient market hypothesis. And what this states is that if all the information is known equally

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by everybody, then any particular asset will be perfectly priced in.

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And so because all information about Bitcoin is transparent, the folks, advocates of the

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efficient market hypothesis will say, well, why isn't Bitcoin's price a bajillion dollars,

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whatever a Bitcoiner like me says it ought to be?

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And I would argue in turn that that is, yes, the information is out there.

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It is vastly misunderstood by most people.

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Like go and ask people about Bitcoin and they'll probably tell you like, is Bitcoin a stock?

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One, Bitcoin is too expensive.

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I can't afford it.

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Things that they just don't understand about Bitcoin fundaments on a super surface level, they'll be afraid of it being hacked or it's not secure or it's not stable.

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All these things which are actually not true.

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Bitcoin is incredibly stable.

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Its block production is one of the most stable online systems we've ever seen.

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The uptime on Bitcoin, the network, is unparalleled to any other centralized system because there's no single source that can go down and stop the network.

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So Bitcoin is incredibly resilient.

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But I think the main thing that most people are going to be talking about isn't its supply being stable, is its price is going down over the last few months.

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And that is bad. And that is bad for a savings tool.

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And I would argue, yeah, that's not ideal, especially in the short term.

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But like, let's take a look at gold.

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Like gold, I think most people would agree, even people that aren't even into finance will be on some level that gold is some sort of stable value thing.

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It's always been valuable. It always will be valuable. Gold has had thousands of years to be understood by the whole world.

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And gold also, despite being a large asset, doubled in price like within a very short, within a few months recently.

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And a lot of people, given the global tensions we've been seeing recently with the war in Iran, are predicting an even higher price for gold.

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right? Those same kinds of people would, you know, people in traditional finance would have

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criticized Bitcoin for being, you know, a bubble, whatever, or an illegitimate asset. And even if it

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managed to grow thus far, because it's gotten larger, it's going to fail to keep growing and

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having its like monstrous gains it's had in the past, you know, like hundreds of percent gained

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in a single year. But then you look at something like gold, which it was a $16 trillion market cap,

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like more than 16 times larger than Bitcoin. And then it doubled within a very short amount of time.

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And it still has like 5% gain days. So I think that shows that an asset can be misunderstood

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and misappreciated by a lot of people, but it can still be a store of value tool that will be

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appropriately repriced. Like I don't think there's a single gold bug out there that is

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surprised by gold hitting $5,000. And I bet you that they're not all just selling their gold and

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buying a bunch of worthless paper money, because they know that gold is the ultimate real money.

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And I think Bitcoin is a lot, I like to think of Bitcoin in a lot of ways as being the same as gold,

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just a digital version that allows it to be way, way more efficient, which in the age of the

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internet will just eventually allow it to just win It just so much cheaper and easier to store move transfer around um and you don have to trust anybody like if i if you wanted to sell your entire podcast studio for gold coins you could you would struggle because you can validate

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that the goal is real. Like you would have to trust me bringing you these gold plate gold coins.

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Like what if they're gold plated? What if they're tungsten coins with like wrapped in gold? Like

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you won't know until you do a lot of work to verify that. Whereas if I offered you say, I don't know,

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a hundred Bitcoin or whatever, whatever the studio would be worth. Um, you'd be like, okay, cool.

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like 100 Bitcoin or whatever it is, like I can verify that on my node, I receive it, boom, instantly good to go.

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So the way that Bitcoin can be used is still better than gold.

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Gold is more understood than Bitcoin, but I would argue that Bitcoin will continue to be more and more understood.

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And then its value and price will start to reflect the value that it offers people.

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so what i'm hearing from you is that bitcoin is still a good savings technology because it is what

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it is quite frankly and the more you understand about it the greater your conviction the more you

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kind of push through the waves to get out into the ocean the more you kind of see that what you're

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doing is right and you just got to hang in there you know you mentioned war just a minute ago

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that's something that's going on currently i mean think things haven't gotten more peaceful over the

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past nine months um things haven't gotten less inflated over the past nine months like these

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nation states don't have less debt uh over the past nine months and you know attempts to kind

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to regulate or pass legislation there was like a crypto week i think here in america a month after

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your show yeah but now they're still hemming and hawing trying to figure out whether to pass the

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whatever clarity act or smart act or whatever it's called i mean do you the smart act do you feel like

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in a world where things seem to be getting messier and messier since your last episode

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bitcoin is still the best shield against all that if you just get yourself some bitcoin

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and mine your own business, still the best thing you can do?

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I have a few different analogies on how I like to think about Bitcoin

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and how I'd like to think of it relative to other assets.

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You often hear me comparing it to gold.

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But I think of Bitcoin also as being a life raft.

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I wrote an article about this recently,

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how I think there are certain types of people that need Bitcoin more than others.

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I wrote about how Michael Saylor is,

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I think he's an incredible influencer for Bitcoin. He's taught so many people about Bitcoin.

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And he created a few different things. One, this different lens of Bitcoin relative to inflation

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as a pristine capital. Everything is a melting ice cube, but Bitcoin is the one thing that doesn't

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melt. I think it's a great analogy on the value preservation of Bitcoin. Then he talked about how

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companies can buy Bitcoin to have a stable treasury for the future. And he did that.

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And he did that so much. He bought so much Bitcoin that his company kind of like this is probably normal for most people now, but his company kind of became an ETF, which kind of paved the way for all the other ETFs to exist because it was hard to reject all these Bitcoin ETFs.

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if MicroStrategy was buying and basically being a proxy for a Bitcoin ETF, because the amount of

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Bitcoin that they held relative to their total company value, the Bitcoin dwarfed their company

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value very quickly. And they were basically just buying a Bitcoin ETF with a company attached,

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like company revenue, et cetera. So then that kind of paid the way for all the ETFs. And then

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really, that's when we started to see two things, two mass moves, Wall Street piling in onto ETFs,

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and a lot of people buying ETFs to get exposure to Bitcoin,

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and then a lot of companies buying Bitcoin for their treasury balance sheet.

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Now, I would argue that this is good.

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More people buying Bitcoin is good.

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But like I said in the beginning of this little spiel,

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was that I think certain people need Bitcoin more.

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And I don't think that the billionaires, the really rich people,

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need Bitcoin because they don't need the metaphorical life raft.

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They already have metaphorical and literal yachts.

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So these people don't need the life raft to stop them from the Titanic sinking,

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which is when fiat kind of the fiat system starts to crumble. The everyday people are who really need Bitcoin.

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So my kind of joke was I'm like, we don't need another Michael Saylor. We need a Mitchell Mailer, right?

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An equivalent to Michael Saylor, but one that will be able to get the youth, get the younger generations,

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get the people that aren't super sophisticated financially, that don't have these massive, massive financial portfolios,

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where even if they get like a 95% drawdown, they're still richer than most people.

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those aren't like people that need Bitcoin and this seems like a huge challenge but I would argue

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that this is very possible because in the last five six years we saw a bunch of people that had

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previously rejected Bitcoin embrace things like NFTs and DeFi and then get taught to do stock

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option trading for Wall Street Bets through uh for GameSelf through Wall Street Bets um and a lot

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of the Wall Street Bets movement I feel like mirrored some of the principles or some of the

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philosophy of Bitcoin of like, you know, if like there's a corrupt system out there, there's like

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elitists in charge that are disproportionately benefiting from leveraging the system. But if we

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as a group unify and use our knowledge of the system, we can outweigh their elitist position

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and actually gain ourselves the way that they're expecting the game. And we saw this happen with

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GameStop creating the short squeeze. A lot of young people I see getting rich, you know,

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are making a decent amount of chunk of money along the way. And I would argue that those

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things show that a mitchell mailer is possible a bitcoin influencer to help the young people

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understand about bitcoin and that it's a good tool for them to kind of overthrow the elitist system

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that we were seeing in banking and in the fiat system just the inherent characteristics of a

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fiat system bitcoin allows them to kind of flip that power control over and actually have a life

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raft that they're fully in control of they can exit the system and also be fully independent

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because in the end of the day,

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that's why this life raft is so,

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Bitcoin as a life raft is so compelling to me

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is because we're all stuck in this Titanic

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and we can't leave the Titanic.

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And the Titanic hits an iceberg,

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we're all going down with it

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because of our money is all tied to the same system.

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But if we have a quote unquote life raft

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being Bitcoin independent of the system,

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then we can so-called jump ship

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and then still stay afloat,

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still not drown, stay dry, all that good stuff.

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And I think Bitcoin is just still

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the ultimate tool for that.

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So one of the things I would like to see kind of in the next few years is a Mitchell mailer, or it could be like a Spartacus where everyone is kind of collectively being the Mitchell mailer. But I think having this type of greater influence and greater education of what Bitcoin is, I think will help the people understand it. Because these folks are buying tons of Bitcoin, these, these treasury balance folks, you know, over a million Bitcoin has been bought for Bitcoin treasuries. Yet the price has gone down in the last few years.

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um i think that comes down the last thing that touches down on is how these um sophisticated

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investors buy bitcoin is they're not buying it the way bitcoin was being bought in 2017

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or in 2020 um they're not buying it on exchanges they're buying it on over the counter which means

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they're not affecting the price which means the price can actually go down while lots of bitcoin

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is being purchased um and if you if regular folks are buying bitcoin on exchanges that actually

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drives the price up a lot more, which can kind of help the snowball effect of what we know that

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price is a great marketing tool for Bitcoin. So I think there's an education problem happening

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right now in Bitcoin and shows like sat shots that are educated and folks that are educating

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no coiners or people that don't have Bitcoin. I think that's a huge role to play in helping the

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Bitcoin adoption from this current time point. What is over the counter? Over the counter is

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Kind of like, so when you're buying and selling any stock, we'll just use Bitcoin for this example.

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If you go to something like Coinbase or Coinbase Pro or something like that, you'll see whatever the current price is.

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And you'll see the kind of pyramid shape.

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And the pyramid shape, they call it an order book.

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And it is pending trades to buy and sell Bitcoin at various prices.

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So if you see like a bunch of prices to buy, what's the price of Bitcoin right now?

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It's basically $69K.

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Nice.

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um so if the price of bitcoin is 69 000 and i want to buy 100 bitcoin i'm not going to buy 100

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bitcoin on this order book at 69k i'm going to buy all the bitcoin that are for sale at 69k

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they'll buy all the bitcoin for sale at 61 69.1k 69.2k until i hit whatever high number and i

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clear out all those pending buy purchases uh that like will literally raise the price that moment

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now granted a bunch of people could then come and sell very quickly lower the price back down

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But if enough people are doing this, it actually raises the price. And over the counter allows you. So instead of using that an exchange and an order book over the counter, be like, hey, Anna, I want to buy 100 Bitcoin. And then Anna will say, OK, I know someone that's selling 100 Bitcoin. I'll Stuart, Stuart, give me 100. Give me 100 Bitcoin. I'll give you the cash. You don't have to worry because when you the process where I bought Bitcoin, the price goes up. That same process could happen when you sell Bitcoin. The price can go down.

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So this is actually one of the services we offer at Bitcoin Well Infinite.

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We enable you to buy any amount of Bitcoin at basically whatever the current price is without any price slippage.

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So if Anna was working for Bitcoin Well Infinite, I would call her up.

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She would source this Bitcoin for me, and then I would make my purchase through her.

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It doesn't affect the order books.

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So interesting.

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Yeah, it's almost like Bitcoin well would just kind of help take a big buyer and get them some Bitcoin straight through where you're not really kind of sending any price information to the marketplace that would be like, oh my gosh, like they're driving the price up.

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You just kind of, it's almost like peer to peer, but there's like a little dude in the middle who kind of helps make it happen.

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Basically an alleyway buy.

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Yeah, but like a tiny, with a little person in between.

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yeah like with with like lots of like safety rails sure sure sure in place to make sure that

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it's all good to go okay yeah okay so um you know you so did that answer your question first it did

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yeah that's helpful because i i couldn't i didn't really know that you could do that i mean i mean

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i'm like dollar cost averaging like a small amount of bitcoin yeah on an exchange right yeah we're

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We're just normal people.

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We're normies out here just trying to save a buck.

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But I mean, that's what's nice about Bitcoin

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is that we can save and build up almost like an asset

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without it needing to be a second home

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that we somehow find a tenant for

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or managing some kind of stock portfolio.

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I'm not really an investor.

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I'm not really a spender.

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I am a saver and Bitcoin allows me to save.

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Now, Conrad, his point there too earlier in the conversation was, hey, I'm not so sure if everyone needs Bitcoin equally.

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You know, if you're very rich and you can take all of your government tokens and use it to buy assets that you can then borrow money against and never really have to sell because you've got stock in Amazon or you got some nice land maybe.

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you know not to hit too close to home maybe this nice land is you know it's in one of the

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neighboring states or it's not i don't know but it's very real you know those folks can kind of

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take advantage of the current system and conrad called them elites and it's kind of interesting

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because bitcoiners those of us who need bitcoin maybe more than others you know if we were to kind

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of like rise up we would be asking for a fairer world like a lot of times in like revolutionary

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moments you have an unbalanced system where a couple of people are rich maybe for good reasons

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maybe for bad reasons but a lot of people are just like dude we're we're farming land and we're

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starving like you know what there's more of us and more of you like get out of here and they kind of

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ultimately end up making a system that tries to prefer them over these guys. I feel like when

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Bitcoiners are trying to talk about change, we're literally attempting to make it more fair for

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everyone. Like we're not really trying to create an advantage for ourselves. So do you agree with

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Conrad that some people may need Bitcoin more than others or is Bitcoin for everyone?

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I mean, I think Bitcoin is for everyone, but I think I think I understand what you're saying,

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Conrad is that it can, maybe I'm putting words in your mouth, it impacts people differently.

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Like if you, if you are the Mitchell Mailer's example, if you are Mitchell Mailer and you are,

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it's easier for you to save in smaller chunks or to buy smaller chunks of, of Bitcoin. Like

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you don't have to buy a full Bitcoin to, to start saving in an ice cube that's not melting.

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or like have a potential future for you for decisions that you don't even know you have to make.

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But I think the gap that I see in your, in your like Mitchell Mailer explanation is

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the people who get Bitcoin and the people who don't get Bitcoin, whether it's people who get

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assets and don't get assets, like what's their entrance point to like close that education gap

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or that knowledge gap?

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Because I mean, is it the fact that the system is rigged?

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Is it that like our money's not doing what we think it's doing?

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Because I'm sitting here and if I have a savings account,

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my dollar value is still staying the same.

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But if I'm saving in Bitcoin, it's dropped like 46% since I had that savings.

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And so like I can't really access it readily.

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but like i'm telling myself that this is like five years in the future me um is going to be

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so grateful that i just like stuck it out yeah 10 years in the future me will be like dang

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yo dang yeah girl was it like she was it but we can't go that far i can't go to 10 near me

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well i mean to conrad's point though at one point he said hey you know if you look at past dips

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all the way zoomed out it's like nothing it's nothing and i i i always like in 2024 i was like

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man it would have been so cool to have enough conviction for like bitcoin to run up to 31 bucks

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and back down to like two bucks and if you're like nah dude i'm hanging on to my bitcoin at two

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you would be the freaking man right now I feel like when you don have commas involved in your numbers it a little bit easier to have conviction Uh uh Well and yeah like I started off like fantasizing about the maximum amount of richness occurring in my life

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thanks to like conviction early in Bitcoin.

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But my next point is, as you track out those dips, you know, the next dip where maybe it went up to a couple hundred bucks

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and then down to like a hundred bucks and was there for a while, you know, but I guess the one

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that I'm really familiar with is in 2017, where maybe it ran all the way up to 20 or $21,000.

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And then it got all the way back down to like 3000. And if in that moment, you're like, dude,

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I'm not only am I hanging on at 3000, I'm going to get more. You'd be the man today. The next one,

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if it, when it went up to like almost 70 and back down to whatever 20 there, you would be the man as

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well so it must be true that if we hang on to our bitcoin in the high 60s as it's come down from 125

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plus five years from now 10 years from now 15 years they'll be like wow did you really hang on

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and buy more when it was when it dipped into the 60s i'm like i sure did i i wrote this one tweet

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uh a few years ago and i was like breaking news from the future bitcoin crashes down 400k everyone

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questions whether Bitcoin is dead. And I'm like, that's how it feels every dip. Like if you guys

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like throw yourselves in time in 2018, when Bitcoin's price was around $3,000 and you're like,

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Bitcoin's dipped to 70K and you're like, what? That's like way higher than we've ever seen.

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So I think, yeah, I think there's definitely the more kind of time exposure you have to Bitcoin,

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less sensitive you are to price fluctuations. To touch down on the previous comments I was making,

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um yeah i mean i think on some level i know that this might be a bit controversial but like

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bitcoin was invented because the banks were fraudulent the government was billing them out

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like the people that benefit most in that situation are already kind of leveraging a

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like a uh an unfair system to their advantage um which is fine like you know like do the best

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everyone should do the best they can but those people have done so well that like when what my

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argument is that when everything falls they're not going to struggle to feed their kids but when

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the people that don't want any assets when when ai if ai replaces their jobs if everyone's stuck

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on universal basic income from some cbdc that's like losing value in same rates which could happen

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the future like those are the people that need bitcoin the most um if you ever read the book

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like how money dies it's like the middle class upper middle class people thought they were

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totally fine with all these financial assets and then they're like on the streets like begging for

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bread. You don't want that. I don't want that for anybody. And I think Bitcoin will genuinely help

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protect people from that kind of situation, the same way that the US dollar did in the 30s in

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Germany and Austria, or the 20s in Germany, Austria, and any kind of hard gold backed money

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at that time. Basically, why I think gold backed money in like 1920s, Germany or Austria did for

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preserving value, I think Bitcoin will do in the West. And I think the reason for that is,

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is because we're in this fiat system where there's war again.

408
00:33:43,868 --> 00:33:46,168
And war is like good for the fiat system

409
00:33:46,168 --> 00:33:47,728
because it forces you to keep spending.

410
00:33:47,728 --> 00:33:50,988
It keeps forcing you to grind up your GDP

411
00:33:50,988 --> 00:33:52,668
through any kind of spending.

412
00:33:54,168 --> 00:33:57,108
And also, if you don't have a limit on missiles,

413
00:33:57,108 --> 00:33:58,448
then you could spend more missiles

414
00:33:58,448 --> 00:33:59,788
to further control the economy

415
00:33:59,788 --> 00:34:02,128
to further kind of perpetuate your fiat system,

416
00:34:02,248 --> 00:34:04,148
which is obviously what's been happening.

417
00:34:05,428 --> 00:34:07,508
You know, I don't need to get too into, you know,

418
00:34:07,508 --> 00:34:13,928
motives for a mass armed conflict. But there are a lot of patterns that indicate that this is likely

419
00:34:13,928 --> 00:34:19,728
to kind of perpetuate the fiat system rather than any other claimed goals. And I think that's

420
00:34:19,728 --> 00:34:26,188
evidenced by the fact that the United States moved away from the gold system to make more war.

421
00:34:26,368 --> 00:34:31,968
Like this happened towards the end of the Vietnam era when Vietnam was bankrupting the United States.

422
00:34:32,348 --> 00:34:36,508
Nixon moved off the gold standard completely. And the United States has basically been at war ever

423
00:34:36,508 --> 00:34:40,708
since. Not that they weren't at work before that, but they were depleting a lot of their gold

424
00:34:40,708 --> 00:34:48,048
reserves and it moved just to full fiat since. The WTF happened in 1971. A lot of these charts,

425
00:34:48,048 --> 00:34:52,168
you can start to see take off from there. As we move to full fiat, it changes the incentives for

426
00:34:52,168 --> 00:34:57,728
the entire economy. It's one of the reasons why wealth has become stagnant. Incomes have not

427
00:34:57,728 --> 00:35:02,848
rised with asset prices. The people that own all the assets, the people that own hundreds of homes,

428
00:35:02,848 --> 00:35:06,928
or like, you know, like hunt, they have like eight, nine figure portfolios.

429
00:35:07,608 --> 00:35:11,348
They're, they're, they're, they're pretty insulated from a massive fiat crash.

430
00:35:11,368 --> 00:35:14,688
Like they'll still get hit hard, but they're not going to struggle to put food at the table.

431
00:35:14,688 --> 00:35:16,468
And that was kind of more what I was talking about.

432
00:35:16,588 --> 00:35:21,248
Like Bitcoin is for some people, it's for the people that have been kind of messed over

433
00:35:21,248 --> 00:35:23,788
by the banks and the banking system.

434
00:35:23,888 --> 00:35:26,568
And there are some people that can't afford a home because it's just too expensive.

435
00:35:26,568 --> 00:35:32,508
So like if a home is like one of the historically best tools against inflation, like what's

436
00:35:32,508 --> 00:35:37,188
the next best thing a home or gold both those things are very difficult and expensive to store

437
00:35:37,188 --> 00:35:42,008
let alone move around um and if you have to flee you know good luck fleeing with a home or good

438
00:35:42,008 --> 00:35:45,508
luck fleeing with your whole stack of gold you might be able to flee with some of the gold both

439
00:35:45,508 --> 00:35:51,468
bitcoin you could flee with all the bitcoin in your head you can't have a 19 sale um an executive

440
00:35:51,468 --> 00:35:56,208
order 6102 where they confiscate all the gold you know they did that about 90 years ago they can't

441
00:35:56,208 --> 00:35:59,988
do that with your bitcoin if it's in self-custody they can take your real estate you know red zoning

442
00:35:59,988 --> 00:36:03,388
We've had real estate seized for any kind of grand government project.

443
00:36:03,508 --> 00:36:04,128
It'll be seized.

444
00:36:04,228 --> 00:36:05,128
The government can do that.

445
00:36:05,388 --> 00:36:06,268
But they can't take your Bitcoin.

446
00:36:06,728 --> 00:36:19,548
And so that's why I say it's like it's the best life preserver, the best lifeboat for the lower classes, because it's one of the few assets that you can buy $10 worth or $20 worth at a time, go directly into self-cust.

447
00:36:19,568 --> 00:36:22,548
You can't like self-custody $10 worth of stock at a time.

448
00:36:22,788 --> 00:36:26,388
You can't even self-custody your stocks or a lot of financial assets.

449
00:36:26,388 --> 00:36:29,328
So Bitcoin really is unique in that sense.

450
00:36:29,988 --> 00:36:34,688
And so that's why I want to kind of just clarify why I would argue some people need it more.

451
00:36:34,908 --> 00:36:38,028
It's kind of like a little bit of a philosophical usage of the word need.

452
00:36:38,208 --> 00:36:40,128
Like everyone needs Bitcoin.

453
00:36:40,348 --> 00:36:43,468
Everyone's getting screwed over by money that's designed to lose value on purpose.

454
00:36:43,548 --> 00:36:44,148
That's not fair.

455
00:36:45,268 --> 00:36:50,968
But there are people that are more sensitive to a strong economic contraction than others.

456
00:36:51,368 --> 00:36:56,128
I think Bitcoin would benefit those folks the most, even if its price kind of does fall a little bit short term.

457
00:36:56,868 --> 00:37:03,008
Yeah, it's sort of like they, it is a break for some people who just can't catch a break.

458
00:37:03,348 --> 00:37:04,208
Yeah, yeah.

459
00:37:04,408 --> 00:37:09,108
I mean, I think about like somebody in Africa who lives on like a one US dollar a day.

460
00:37:09,368 --> 00:37:09,648
Yeah.

461
00:37:09,968 --> 00:37:16,028
If they could somehow get one US dollar into Bitcoin, not only could they control themselves,

462
00:37:16,348 --> 00:37:20,808
but as Bitcoin does what Bitcoin does, like what if that dollar turns into $2?

463
00:37:21,768 --> 00:37:21,968
Yeah.

464
00:37:21,968 --> 00:37:23,368
And now they can live for two days.

465
00:37:23,368 --> 00:37:28,448
like by setting aside one day, they can live for two days later. Or that two days flips to four

466
00:37:28,448 --> 00:37:36,148
days, eight, 16, 32. And like, hey, five years ago, I set aside one day for myself. And now I can

467
00:37:36,148 --> 00:37:41,708
live for a month on that, you know, and that kind of ties into, you know, another question that I

468
00:37:41,708 --> 00:37:46,748
think you've kind of answered a little bit, but it is around adoption and the price of Bitcoin.

469
00:37:47,748 --> 00:37:53,288
We got a lot of wealthy people in America and Canada, the United Kingdom, maybe in Australia,

470
00:37:53,288 --> 00:38:02,128
as well, some in Japan and China. But most people are not rolling in dough. I mean, I know I'm not.

471
00:38:02,708 --> 00:38:09,348
And I know that some individuals in like Latin America, South America, Africa are definitely not.

472
00:38:10,188 --> 00:38:17,248
Bitcoin is ridiculously useful in terms of protecting yourself against all of the

473
00:38:17,248 --> 00:38:25,928
messiness that goes out there in the world. Only 3% of the whole world or so has any Bitcoin.

474
00:38:26,868 --> 00:38:35,668
I mean, we saw recently that the Lightning Network hit a milestone in November where over a billion

475
00:38:35,668 --> 00:38:42,628
dollars in transactions were carried out on that network. Adoption continues to grow. People are

476
00:38:42,628 --> 00:38:47,188
putting more miners online to try to get themselves some Bitcoin.

477
00:38:47,468 --> 00:38:50,288
Like everything about Bitcoin is growing.

478
00:38:50,648 --> 00:38:54,068
The use case for Bitcoin literally includes the whole world,

479
00:38:54,268 --> 00:38:58,368
but we are down 50%.

480
00:38:58,368 --> 00:38:59,268
What is going on?

481
00:38:59,368 --> 00:39:00,748
What is going on, dude?

482
00:39:00,748 --> 00:39:04,828
Is it simply because people don't know what they're looking at

483
00:39:04,828 --> 00:39:06,388
or something else going on?

484
00:39:06,868 --> 00:39:10,368
Well, I think it's got to be simple.

485
00:39:10,668 --> 00:39:10,808
Yeah.

486
00:39:10,808 --> 00:39:14,188
to what you said people don't know what they're looking at and i like one of the things i was

487
00:39:14,188 --> 00:39:20,328
talking about recently as well was um the ratio of bitcoin to gold um like literally like the

488
00:39:20,328 --> 00:39:25,128
like the actual price ratio of one asset to the other just kind of show how they move and if you

489
00:39:25,128 --> 00:39:30,128
like if you look at this uh chart which you know i i have it up on my other monitor right now

490
00:39:30,128 --> 00:39:34,208
but basically what we see is it pretty much looks like kind of like the bitcoin price because

491
00:39:34,208 --> 00:39:39,928
bitcoin did a lot more volatile than gold has been um but we've kind of been in this rare situation

492
00:39:39,928 --> 00:39:43,988
where gold has really been pumping in the last few months

493
00:39:43,988 --> 00:39:46,328
and Bitcoin has really gone down in the last few months.

494
00:39:47,528 --> 00:39:49,968
I think this shows that gold is still,

495
00:39:50,728 --> 00:39:54,048
its macroeconomic play is very clear.

496
00:39:54,188 --> 00:39:57,168
It's like a hedge against inflation risks,

497
00:39:57,728 --> 00:40:00,448
government uncertainty, currency risk.

498
00:40:01,708 --> 00:40:03,648
But Bitcoin still is just not.

499
00:40:03,808 --> 00:40:07,448
Bitcoin is still seen as the new tech stock.

500
00:40:07,448 --> 00:40:12,828
um but i think it just like once again it just goes down to the bitcoin just just being misunderstood

501
00:40:12,828 --> 00:40:19,088
um and its usefulness that you touched down on it's pretty unparalleled like you know the folks

502
00:40:19,088 --> 00:40:25,368
that are living off of you know a dollar a day in africa or any country those folks can't access

503
00:40:25,368 --> 00:40:30,708
a banking system so even if they have like money they don't have an ability to store it

504
00:40:30,708 --> 00:40:36,068
in a bank the bank just want no banks will service them which means their ability to participate in

505
00:40:36,068 --> 00:40:42,968
the global economy is constrained, which allows, which prevents them from being able to potentially

506
00:40:42,968 --> 00:40:46,108
earn more money than they could and be able to do things a little bit differently than they could.

507
00:40:47,048 --> 00:40:51,668
I remember when I came to Bitcoin, that was still like one of the early promises of Bitcoin,

508
00:40:52,148 --> 00:40:57,068
was that it would allow the bank to become, the unbanked to gain access to banking services.

509
00:40:58,448 --> 00:41:02,608
With the Lightning Network, you can send fractions of a dollar around anywhere in the world.

510
00:41:02,608 --> 00:41:15,348
So now these folks will literally have an ability to buy and store and hold Bitcoin when they previously would have to use something like livestock as their savings mechanism, which is labor intensive and has a lot of risk involved.

511
00:41:16,248 --> 00:41:23,068
So like, yeah, like Bitcoin can fall down 50 percent, but like you could lose just a bunch of your chickens and then they're just gone.

512
00:41:23,288 --> 00:41:27,548
And it takes you a while to recuperate that or some of your other livestock.

513
00:41:27,548 --> 00:41:30,208
you can lose more than 50% of your livestock

514
00:41:30,208 --> 00:41:32,548
and like a wolf gets in

515
00:41:32,548 --> 00:41:34,708
or there's an adverse weather event

516
00:41:34,708 --> 00:41:35,608
or something like that happens.

517
00:41:35,748 --> 00:41:39,068
So it's a very labor intensive savings mechanism

518
00:41:39,068 --> 00:41:40,708
that basically becomes a full-time job.

519
00:41:41,068 --> 00:41:42,628
And I think especially when you're doing something

520
00:41:42,628 --> 00:41:44,168
like stacking Bitcoin regularly,

521
00:41:44,168 --> 00:41:48,628
you completely turn off that whole portion of labor

522
00:41:48,628 --> 00:41:50,228
that you would normally be doing in investing,

523
00:41:50,668 --> 00:41:51,988
researching all these stocks,

524
00:41:52,188 --> 00:41:53,788
driving your financial advisor,

525
00:41:53,928 --> 00:41:55,088
have him tell you what to do,

526
00:41:55,328 --> 00:41:57,268
pay him lots of money so he can drive a fancy car,

527
00:41:57,548 --> 00:42:02,368
just that you can maybe get 5% and like barely escape inflation or just lose to inflation over

528
00:42:02,368 --> 00:42:10,648
time. Whereas Bitcoin, you can actually fully be in control, which like is a novelty in terms of

529
00:42:10,648 --> 00:42:14,768
any financial asset. Like there's no other asset you can actually control and be fully in control

530
00:42:14,768 --> 00:42:21,128
of it and like not just have it taken away from you. Like gold, any other asset can be easily

531
00:42:21,128 --> 00:42:26,268
seized with a stroke of a pen or the wave of a gun. But like with Bitcoin, like you cannot do that.

532
00:42:26,268 --> 00:42:31,028
like you can have Bitcoin in multi-set, you can store Bitcoin in your head, you can have Bitcoin

533
00:42:31,028 --> 00:42:36,868
stored in your head on an untraceable manner. So you can go across jurisdictions, transfer this

534
00:42:36,868 --> 00:42:42,908
money globally. It gives the holder of the asset unprecedented power. And I think this is one of

535
00:42:42,908 --> 00:42:47,808
the disconnects that we've seen in the political discourse around Bitcoin. I think the right-wing

536
00:42:47,808 --> 00:42:52,708
political system has embraced Bitcoin a little bit more, which I think kind of makes sense.

537
00:42:52,708 --> 00:43:05,288
Bitcoin is this pristine form of private property that can be controlled by an individual, which the political right typically values political property and individuality and individual freedom.

538
00:43:05,468 --> 00:43:07,848
So those kind of things make sense to be embraced by the right.

539
00:43:08,748 --> 00:43:11,388
But the left also embraces a lot of things that are pro-Bitcoin.

540
00:43:11,568 --> 00:43:15,828
They appreciate inclusivity and equitable financial opportunity.

541
00:43:16,488 --> 00:43:21,268
And both those things are achieved through a free banking system.

542
00:43:21,268 --> 00:43:27,388
like bitcoin is a free there are no account fees for bitcoin there are no um financial oversight

543
00:43:27,388 --> 00:43:31,268
they'll say oh you know we don't like what you said politically so you can't do this like that's

544
00:43:31,268 --> 00:43:36,008
what the banking system does currently and we've seen the banking system censor various groups over

545
00:43:36,008 --> 00:43:40,188
the past recently and in all throughout history so bitcoin is kind of like i think bitcoin should

546
00:43:40,188 --> 00:43:45,068
be very much embraced by the left and i think if that happened the political conversation on bitcoin

547
00:43:45,068 --> 00:43:50,488
wouldn't be you know this side says it's good this side says it's bad it would more be like a um a

548
00:43:50,488 --> 00:43:55,688
bipartisan kind of agreement on this is a good tool, which I think will still take time because,

549
00:43:55,788 --> 00:43:59,548
like I said earlier, we are in a fiat system where everything's incentivized to perpetuate

550
00:43:59,548 --> 00:44:04,548
the fiat system. So a lot of people aren't quick to say Bitcoin is good because that means

551
00:44:04,548 --> 00:44:09,448
either literally they believe that or inversely it could be perceived this way that the US dollar

552
00:44:09,448 --> 00:44:13,528
is bad. And if you work for the US government, you're basically working for the US dollar.

553
00:44:13,708 --> 00:44:19,148
So you don't want to overly support Bitcoin unless you really think that the tide is going to shift

554
00:44:19,148 --> 00:44:21,928
and you want to kind of stand on the side of new system.

555
00:44:22,928 --> 00:44:25,928
But that being said, the left should embrace Bitcoin.

556
00:44:26,028 --> 00:44:29,648
The principles of Bitcoin align with the left's principles

557
00:44:29,648 --> 00:44:33,428
around financial inclusion and equitable financial opportunity for everybody.

558
00:44:33,868 --> 00:44:35,408
And that is what Bitcoin offers.

559
00:44:37,028 --> 00:44:39,528
Bitcoin is for people on the left.

560
00:44:40,168 --> 00:44:41,948
Bitcoin is for people on the right.

561
00:44:42,708 --> 00:44:43,608
Bitcoin is for people.

562
00:44:44,308 --> 00:44:45,308
They are up top.

563
00:44:45,488 --> 00:44:47,428
People is for people down low.

564
00:44:47,428 --> 00:44:50,668
Bitcoin is for people that are around the side

565
00:44:50,668 --> 00:44:52,028
How many prepositional phrases are you going to do?

566
00:44:52,028 --> 00:44:55,988
You know, Bitcoin is for people that are, you know, up underneath

567
00:44:55,988 --> 00:44:59,368
And it's not that Bitcoin isn't for people at the top

568
00:44:59,368 --> 00:45:05,728
Like, I would argue, like, maybe it's more for the people kind of lower at the bottom

569
00:45:05,728 --> 00:45:10,168
But it's the people at the top that are utilizing Bitcoin right now the most

570
00:45:10,168 --> 00:45:14,488
The most, like, so much Bitcoin is being bought by, you know, in the ETFs

571
00:45:14,488 --> 00:45:21,168
in these treasury companies, which is good. Those companies will have some sort of insurance to be

572
00:45:21,168 --> 00:45:24,888
able to operate in the future. But individuals need the insurance to be able to operate in the

573
00:45:24,888 --> 00:45:31,468
future too. And I think the individuals, there's a disconnect lately between individuals and the

574
00:45:31,468 --> 00:45:38,168
corporate, I just call them the financial power dogs, right? The big companies, the rich

575
00:45:38,168 --> 00:45:52,942
individuals those companies are I feel like disproportionately using and benefiting from Bitcoin currently than the everyday joe schmose which i think are a little bit behind on bitcoin in the last few years and i think even the nfts that we saw kind of going through recently i

576
00:45:52,942 --> 00:45:57,302
mentioned that that kind of penetrated the social consciousness of the the younger generations you

577
00:45:57,302 --> 00:46:01,422
know like i had people that tried to pitch on bitcoin texting me about what nfts to buy and i'm

578
00:46:01,422 --> 00:46:06,862
like don't buy any nfts buy bitcoin but they were they were persuaded to buying nfts and they got

579
00:46:06,862 --> 00:46:11,922
burned by it and they lumped Bitcoin into the NFT conversation. But the TriedFi people that are

580
00:46:11,922 --> 00:46:18,942
buying Bitcoin on their Bitcoin treasuries or they're buying Bitcoin ETFs, they don't have that

581
00:46:18,942 --> 00:46:24,542
association. So that's one of the things I would like to see fixed is having the middle classes

582
00:46:24,542 --> 00:46:28,882
and the left better understand Bitcoin because then everyone is at the same table about, hey,

583
00:46:29,422 --> 00:46:33,742
this is a good money for everybody. This is going to be good for our future. We don't need to waste

584
00:46:33,742 --> 00:46:39,042
money on on bombs and whatnot we can invest in our future through bitcoin and through investing

585
00:46:39,042 --> 00:46:45,442
in ourselves yeah i the word that comes to mind is opportunity i think that bitcoin increases the

586
00:46:45,442 --> 00:46:53,102
opportunity for everyone specifically those who have not really had the opportunity or the system

587
00:46:53,102 --> 00:47:01,642
is set up in a way that it makes opportunity harder to find um and we've maybe had um rules

588
00:47:01,642 --> 00:47:08,902
regulations and laws that have held back people from being able to like define themselves before

589
00:47:08,902 --> 00:47:15,122
the government does it for them. Um, and I mean, you can go down the road of occupational licensing,

590
00:47:15,122 --> 00:47:21,242
you can go, and I think Bitcoin really speaks to the opportunity for people to, to get out ahead

591
00:47:21,242 --> 00:47:28,182
or to have, to, to try to succeed. And I think that's really all anybody wants is an opportunity

592
00:47:28,182 --> 00:47:36,762
to try um and so i i like i i see what you're saying and i agree completely i just don't know

593
00:47:36,762 --> 00:47:43,642
what what's going to be the thing that like sparks it in their heads of like oh so maybe

594
00:47:43,642 --> 00:47:50,502
it's like if we're on this titanic and we're going to hit an iceberg i think you first have

595
00:47:50,502 --> 00:47:55,902
to realize you're on the titanic and then you have to realize you're heading toward an iceberg

596
00:47:55,902 --> 00:48:03,222
before you even look think about a life raft like i think they're totally there are so many people

597
00:48:03,222 --> 00:48:09,722
who don't even know that we're on the titanic i mean i worked in policy for 12 years and i

598
00:48:09,722 --> 00:48:16,762
i was like there's something that's not clicking i don't know what it is i can't figure it out but

599
00:48:16,762 --> 00:48:24,922
i think i didn't really fully understand i was on the titanic uh-huh uh-huh yeah so well said um

600
00:48:24,922 --> 00:48:32,662
I think that might be why some folks in like the more financial elite circles are understanding Bitcoin better because they know that there's a Titanic.

601
00:48:32,842 --> 00:48:34,682
They might not know exactly the mechanism of it.

602
00:48:35,262 --> 00:48:41,202
And I would argue that there was a narrow window where I think most folks knew that they were on a Titanic.

603
00:48:41,322 --> 00:48:43,762
And I would say this was around COVID, during COVID 2020.

604
00:48:43,862 --> 00:48:44,882
Yes, absolutely.

605
00:48:45,542 --> 00:48:51,042
When everyone was in between everyone getting laid off from work forcefully and the sports being turned on, like back home.

606
00:48:51,042 --> 00:48:53,502
When their sports were off, you know, they had, what was it?

607
00:48:53,542 --> 00:48:54,182
We had no bread.

608
00:48:54,242 --> 00:48:55,062
We had no circuses.

609
00:48:55,182 --> 00:48:57,562
So we started to question what the Kings were doing.

610
00:48:58,122 --> 00:49:02,702
And then everyone was starting to get a little, you know, like, I think that, why is there,

611
00:49:02,822 --> 00:49:05,222
why is, why, why is, why are we getting mailed money?

612
00:49:05,282 --> 00:49:06,022
Where does money come from?

613
00:49:06,042 --> 00:49:06,742
I didn't work for it.

614
00:49:06,922 --> 00:49:08,462
And people were asking these questions.

615
00:49:08,802 --> 00:49:10,342
I don't think anybody really questioned that one.

616
00:49:10,382 --> 00:49:13,302
I think we were all like, we're like, stemmy chicks.

617
00:49:13,302 --> 00:49:20,382
I mean, I love me some free money, but the, I think the impact of the free money, we were

618
00:49:20,382 --> 00:49:29,582
not really told what it was. Um, and that's also 2020 was a huge election for millennials.

619
00:49:29,842 --> 00:49:35,022
It's when millennials actually decided to engage in the political process in a way that they hadn't

620
00:49:35,022 --> 00:49:43,262
before. And I mean, it showed up in a whole bunch of protests. It showed up in, um, a lot of like

621
00:49:43,262 --> 00:49:50,102
questioning. We also had to, like, it was just, that was a big, that was a big year for a lot of

622
00:49:50,102 --> 00:49:59,462
like clicking and coming online of realizing, Hey, um, one, the whole deciding or being told

623
00:49:59,462 --> 00:50:06,982
what is essential and non-essential work. That was a whole trippy thing of like, okay, so you can

624
00:50:06,982 --> 00:50:13,902
tell me I can't go to work and I can't even work. So how am I supposed to do anything about it?

625
00:50:13,902 --> 00:50:22,262
And it was just a lot of all these things of government, like putting the thumb on people in a lot of ways.

626
00:50:23,262 --> 00:50:29,682
Yeah. And I think, you know, my background, my educational background is I did economics and history.

627
00:50:30,222 --> 00:50:39,442
And what I always talk about was that the two curriculums, especially when you get to the historical aspect of economics, is that no one in economics is talking about history.

628
00:50:39,522 --> 00:50:40,902
No one in history is talking about economics.

629
00:50:40,902 --> 00:50:44,982
And I find that they're actually like they cause one another to occur.

630
00:50:45,122 --> 00:50:49,922
Like you can't insulate the economics policies and situations from what's happening in history and vice versa.

631
00:50:51,142 --> 00:50:55,042
So I think these questions that you're asking, everything kind of seemed overwhelming to you.

632
00:50:55,082 --> 00:51:03,042
And maybe I was a little bit too close to the pie and then see that, you know, maybe I'm myself and the people I'm talking to are questioning money a little bit more.

633
00:51:03,042 --> 00:51:08,022
but stewart kind of touched on this at the beginning of the show where he said um you know

634
00:51:08,022 --> 00:51:13,782
we we uh i think you're gonna be maybe referencing the french revolution where you know everyone was

635
00:51:13,782 --> 00:51:17,222
poor everyone was starving and then they kind of overthrew their kings and try to create a better

636
00:51:17,222 --> 00:51:21,462
system that was more equitable for everybody um i would argue that didn't just happen at a random

637
00:51:21,462 --> 00:51:24,842
point in time i think it was because they were starving and that's when they started to really

638
00:51:24,842 --> 00:51:29,682
ask these questions there wasn't enough bread and circuses so to say and i think when that shut down

639
00:51:29,682 --> 00:51:36,682
in 2020, I would argue, and this could be my own biases as an economist, but I think the protests

640
00:51:36,682 --> 00:51:40,342
that we saw were because there wasn't enough bread, because people weren't working, because

641
00:51:40,342 --> 00:51:44,602
people weren't distracted. I think it was a Black Lives Matter protest, but then there were a lot

642
00:51:44,602 --> 00:51:50,582
of retaliatory protests as well. And while I think there's a lot of arguments to be made about racial

643
00:51:50,582 --> 00:51:56,242
inequality in policy and enforcement, I think what it really came down to was anything that

644
00:51:56,242 --> 00:51:59,022
we're just waiting for the straw to break the camel's back.

645
00:51:59,342 --> 00:52:01,562
And then everyone's going to get onto the streets because people were,

646
00:52:01,622 --> 00:52:03,822
people were PO'd and people were upset.

647
00:52:03,902 --> 00:52:06,442
They knew something was wrong and everyone had these different,

648
00:52:06,582 --> 00:52:08,362
this is wrong with the system. This is wrong with the system.

649
00:52:08,642 --> 00:52:10,202
They didn't know what it was. And as a big corner,

650
00:52:10,242 --> 00:52:12,342
I would say this is just, they were mad at the fiat system crumbling.

651
00:52:12,762 --> 00:52:14,142
The fiat system is really,

652
00:52:14,142 --> 00:52:18,062
really fragile when you can't keep having people working because there's so

653
00:52:18,062 --> 00:52:20,482
much debt. It's a massive debt driven economy.

654
00:52:21,062 --> 00:52:23,662
And if everyone isn't working, like the debt still needs to be paid.

655
00:52:23,742 --> 00:52:26,182
So then you have this huge burden that everyone is all of a sudden really

656
00:52:26,182 --> 00:52:31,582
aware of um maybe less so that they're aware of when they're tuning into sports at 7 p.m every

657
00:52:31,582 --> 00:52:36,622
night and they're you know their paycheck is steadily rolling in um so and they're gambling

658
00:52:36,622 --> 00:52:42,662
on the sports they're like now look if this guy gets the ball next and comes across and shoots

659
00:52:42,662 --> 00:52:48,922
the three plus it bounces off and this other guy catches it and then he goes up and dunks it i'm

660
00:52:48,922 --> 00:52:54,582
gonna get 20x on my bed i'm like dude but those people will have money for bitcoin yeah it's so

661
00:52:54,582 --> 00:53:01,882
distracting. It's so distracting. Well, what I like about today's conversation, Conrad, is that

662
00:53:01,882 --> 00:53:08,422
Bitcoin is still the best option for every single individual out there, whether they know it or not.

663
00:53:08,582 --> 00:53:15,562
Yeah. We should continue stacking Satoshis, continue increasing our conviction and, you know,

664
00:53:15,562 --> 00:53:20,362
wake up every day and say, you know what, I'm getting some Satoshis for half off right now.

665
00:53:20,362 --> 00:53:29,642
So let's take a pause there for a moment and have some Ithaca hummus.

666
00:53:30,282 --> 00:53:36,322
Our Buy the Dip Moment sponsor, Ithaca hummus, reminding us to buy.

667
00:53:36,322 --> 00:53:37,762
Buy the dip.

668
00:53:37,902 --> 00:53:38,702
Buy that dip.

669
00:53:39,002 --> 00:53:39,622
Just do it.

670
00:53:40,002 --> 00:53:40,502
Buy it.

671
00:53:40,582 --> 00:53:41,682
Buy the hummus dip.

672
00:53:41,802 --> 00:53:42,742
Buy the Bitcoin dip.

673
00:53:43,062 --> 00:53:49,062
So Conrad, today we are going to be tasting the lemon garlic flavor of hummus.

674
00:53:49,062 --> 00:53:49,662
Yum.

675
00:53:49,662 --> 00:53:50,882
I'm going to come in here for this fact.

676
00:53:50,882 --> 00:53:55,922
We are going to act as your taste buds in the studio for today's bite.

677
00:53:56,602 --> 00:53:56,962
Cheers.

678
00:53:56,962 --> 00:53:57,442
Cheers.

679
00:54:03,262 --> 00:54:05,342
The crunches sound like a TV commercial.

680
00:54:07,122 --> 00:54:08,102
Sounds so good.

681
00:54:09,142 --> 00:54:09,682
Yum.

682
00:54:11,022 --> 00:54:18,722
We've changed a lot of things in our show, but the ASMR crunch will last forever.

683
00:54:18,722 --> 00:54:22,902
We're going to start a separate channel where we just ASMR, eat hummus.

684
00:54:23,922 --> 00:54:26,082
We'll probably get a million subscribers like that, dude.

685
00:54:26,202 --> 00:54:27,362
Some people do that.

686
00:54:27,482 --> 00:54:32,222
Some people's social media niche and success is to me shocking.

687
00:54:32,862 --> 00:54:33,242
I know.

688
00:54:33,382 --> 00:54:33,782
I know.

689
00:54:33,902 --> 00:54:39,382
Dude, we've been putting out the greatest Bitcoin content for 15 months now.

690
00:54:40,242 --> 00:54:41,702
I found a lady online.

691
00:54:42,202 --> 00:54:43,882
All she does is pretend to be asleep.

692
00:54:44,682 --> 00:54:46,602
All she does is pretend to be asleep.

693
00:54:46,602 --> 00:54:49,062
is just 300,000 subscribers, dude.

694
00:54:49,222 --> 00:54:52,482
Anyways, now, Conrad,

695
00:54:53,402 --> 00:54:54,742
we did this last time with you.

696
00:54:55,282 --> 00:54:57,302
We know that when we start talking about Bitcoin,

697
00:54:57,442 --> 00:54:58,222
there's so much to it,

698
00:54:58,242 --> 00:55:00,042
we'll never fit it into a single chat about that.

699
00:55:00,142 --> 00:55:02,662
So we do ask each of our guests

700
00:55:02,662 --> 00:55:04,902
if they'd be willing to come back on in nine months

701
00:55:04,902 --> 00:55:07,582
to give us an update on their Bitcoin baby.

702
00:55:07,642 --> 00:55:09,102
This would be your Bitcoin toddler.

703
00:55:11,082 --> 00:55:13,482
And by the way, I put your transcript into Chappie

704
00:55:13,482 --> 00:55:14,862
to get her thoughts on it.

705
00:55:14,922 --> 00:55:16,462
She's like, we should see what it's like

706
00:55:16,462 --> 00:55:21,422
for him now that he's a new dad like what are you talking about chappy it's like he's he's you know

707
00:55:21,422 --> 00:55:25,802
you said you know come back on for your bitcoin baby update i'm like chappy that's like just a

708
00:55:25,802 --> 00:55:30,162
playful way to say see you in nine months he doesn't literally have a baby chaps what are you

709
00:55:30,162 --> 00:55:36,102
anyways would you be willing to come back on in another nine for us yes i would i would and one

710
00:55:36,102 --> 00:55:40,502
message i'd love to leave with your audience as well is you we talk about buying bitcoin we talk

711
00:55:40,502 --> 00:55:45,962
about how is this life raft and it's like this money that nobody can take from you and i think

712
00:55:45,962 --> 00:55:51,882
the caveat that like you have to be in self-custody of your bitcoin what self-custody means that you

713
00:55:51,882 --> 00:55:56,402
keep your bitcoin on a wall that only you control this could look like and like something like this

714
00:55:56,402 --> 00:56:01,662
is a wall that only you control and then that way you're actually fully in control your bitcoin

715
00:56:01,662 --> 00:56:06,582
you're not leaving it on a bank you're not leaving on an exchange where it could get lost and get

716
00:56:06,582 --> 00:56:10,902
stolen it gets seized any of these three things have happened in the past and could happen again

717
00:56:10,902 --> 00:56:15,162
but if you buy your bitcoin through a place like bitcoin well where we automatically deliver your

718
00:56:15,162 --> 00:56:19,442
Bitcoin to self-custody, you can ensure that your Bitcoin is going to be waiting for you there in

719
00:56:19,442 --> 00:56:27,482
the future when you need it most. Let's go. Now, we're going to hit you with a new little segment

720
00:56:27,482 --> 00:56:32,362
here called Give Us Your Two Sats. I'll let A.B. let you know what's going on here.

721
00:56:32,742 --> 00:56:38,302
Yeah. So since you are a Bitcoiner and an experienced Bitcoiner, we would like you to

722
00:56:38,302 --> 00:56:43,442
share your two sats with our brand new Bitcoiners in the audience of what you think is going to

723
00:56:43,442 --> 00:56:52,282
happen in the next nine months? Gosh, nine months. What a stable macro and political

724
00:56:52,282 --> 00:57:01,602
environment we have to predict in. I think it's going to be a time where, again, people are going

725
00:57:01,602 --> 00:57:08,022
to start questioning how the system works. I think we're going to start to see maybe oil prices get

726
00:57:08,022 --> 00:57:11,762
more expensive, which could put some more pressure on people. And I think that pressure will cause

727
00:57:11,762 --> 00:57:17,282
people to look inwards, look into the system, try to understand why are things happening the way that

728
00:57:17,282 --> 00:57:22,382
they are happening. And I think ultimately, that will lead to people questioning the fiat standard,

729
00:57:22,582 --> 00:57:27,882
the fiat system that we live in. And I think we'll see a couple of things happen. Gold will probably

730
00:57:27,882 --> 00:57:33,922
continue to increase. Bitcoin, I hope and expect will become more understood, and we'll start to

731
00:57:33,922 --> 00:57:40,542
have higher, higher prices. I wrote about recently how every Bitcoin bear market gets shorter than

732
00:57:40,542 --> 00:57:45,102
the previous bear market and assuming that we are in a bear market which given our drawdown time

733
00:57:45,102 --> 00:57:50,662
frame it looks like we are and gosh i don't remember the exact days that i had approximated

734
00:57:50,662 --> 00:57:58,662
but it was from the high i predicted that bitcoin was going to be about 440 days until a new all-time

735
00:57:58,662 --> 00:58:03,102
high approximately if we keep shortening our bear length of the previous cycle so that kind of

736
00:58:03,102 --> 00:58:06,742
actually lines with my bitcoin baby because i thought by year end we could be looking at a new

737
00:58:06,742 --> 00:58:08,302
all-time high. Yeah.

738
00:58:08,602 --> 00:58:10,922
Year-end is when we'll be coming in from a Bitcoin baby.

739
00:58:11,102 --> 00:58:13,322
So it'll be interesting to see where that toddler, you know,

740
00:58:13,322 --> 00:58:16,202
nine months from now where Bitcoin will be. But yeah,

741
00:58:16,282 --> 00:58:20,082
I would stand by my previous assessment of the bear markets keep getting

742
00:58:20,082 --> 00:58:21,542
shorter. If this one gets shorter again,

743
00:58:21,602 --> 00:58:25,962
we could be at an all-time high by the end of the year. And if, you know,

744
00:58:26,042 --> 00:58:28,142
I think that's very possible because, you know,

745
00:58:28,782 --> 00:58:31,562
the fiat system cannot afford for asset prices to fall.

746
00:58:31,802 --> 00:58:35,442
They have to continuously rise to make up for the fact we have continuous

747
00:58:35,442 --> 00:58:40,262
inflation and to help pay for the growing debt system. The assets just have to keep rising. So

748
00:58:40,262 --> 00:58:44,482
Bitcoin, I think we'll get lumped into that. And I think we'll become better understood,

749
00:58:44,482 --> 00:58:48,422
which will help it lead that race. Let's go. Yeah, that's awesome.

750
00:58:48,742 --> 00:58:56,162
So Bitcoinwell.com slash sat chats. If you want to stack some sats directly into self-custody in

751
00:58:56,162 --> 00:59:01,542
Canada and here in America, where can we spend more time with you, Conrad online?

752
00:59:01,542 --> 00:59:11,382
So a great place to hear more from me is if you're a Bitcoin Wall customer, I create weekly newsletters on Bitcoin, kind of like talking about the market that we've been talking today.

753
00:59:11,722 --> 00:59:17,342
Every Thursday morning, you're going to get an email from me, from Conrad, talking about what I'm seeing in the market.

754
00:59:17,802 --> 00:59:19,382
I talk about updates in the market.

755
00:59:19,582 --> 00:59:23,302
And then one thing that I'm thinking about, it's kind of like my unique observation for the week.

756
00:59:24,342 --> 00:59:27,502
Last week, it was the shortening time length of the bear cycles.

757
00:59:27,502 --> 00:59:31,862
the previous week it was the gold and bitcoin ratio it kind of suggests that gold is gonna i mean

758
00:59:31,862 --> 00:59:37,622
bitcoin's gonna be kind of bouncing back hard relative to gold and tried by assets so um yeah

759
00:59:37,622 --> 00:59:43,842
stay tuned for me there um if you sign up with um the bitcoinwell.com slash sat chats link you

760
00:59:43,842 --> 00:59:48,442
automatically subscribe to those emails and you can hear more from me uh another place to hear more

761
00:59:48,442 --> 00:59:53,442
is at bitcoinwell on x or twitter it's another great place to get more updates from me and

762
00:59:53,442 --> 00:59:59,182
everything great happening at Bitcoin. Well, yeah, boy. Awesome. All right. All right. So

763
00:59:59,182 --> 01:00:05,462
billionaires, if you have enjoyed today's show, click the subscribe button at your chance to win

764
01:00:05,462 --> 01:00:10,882
this collectible silver coin with Satoshi on one side and a QR code with 50,000 stats

765
01:00:10,882 --> 01:00:18,182
on the other from our friends at crypto link coins, when we get to 3000 subscribers. And if

766
01:00:18,182 --> 01:00:22,382
you would like to find out more ways to support the show, you can do so in the show notes, whether

767
01:00:22,382 --> 01:00:27,682
it's grabbing your slot in the studio or being a sponsor or joining our membership on youtube

768
01:00:27,682 --> 01:00:35,222
yeah three different tiers check them out you won't be disappointed a long pregnant pause for

769
01:00:35,222 --> 01:00:42,202
and sad chances for educational purposes only and should not be construed as financial advice

770
01:00:42,202 --> 01:00:43,282
and our guest views

771
01:00:43,282 --> 01:00:45,822
until next time

772
01:00:52,382 --> 01:00:54,282
Could be yours.