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It doesn't matter where your Bitcoin is, if you're domiciled in those jurisdictions,

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then you are subject to the law of the land and you need to plan accordingly if you want

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to maximise the outcomes for this generational wealth.

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We are going to have Bitcoin form the foundation of all collateral markets globally.

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This thing can grow to, I believe, tens of quadrillions of dollars to take on that collateral

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market.

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There are existing power structures in place that revolve around coercing people through

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the use of the US dollar. And as long as that exists, then the thought of hyper-Bitcoinization

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is going to be fought at every level until it actually eats the entire system from within.

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There's absolutely no doubt in my mind, we're going to get to billions of dollars per Bitcoin.

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It's just a matter of when, not if. This is the best time to be alive and it's about to get better.

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Mr. Peter Dunworth, we are hitting record 15 minutes after the monthly candle on Bitcoin

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and close we are now officially in october how are you feeling man i feel pretty good about october

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given that uh the last quarter that we've had so i think we're going to see a very different um

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end of the year so i'm excited about what that holds and i'm just very happy with the way things

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are going despite you know i think the last conversation we had we've had the most positive

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news cycle we've ever had yet we're all disappointed with bitcoin sitting at circa 114 000 so

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So it's a funny place to be.

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It is funny.

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And I've said this a couple of times on the show.

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Like this market, it is a bull market, but it's not a bull market.

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But it's been the most challenging for me in terms of getting any kind of vibe of what Bitcoin is doing.

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This could be a massive top signal.

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But right now I'm feeling really fucking bullish again.

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Like I think the end of this year is going to be pretty insane for Bitcoin.

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So fingers crossed.

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I don't know how you're looking at it.

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look, if you look at the news flow, you look at the change in sentiment, you look at change in

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regulations, all of the government, both implicit and explicit endorsement of it. It's really hard

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not to be bullish at this point in time, but I guess maybe it's a little bit of PTSD from being

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around Bitcoin too long that, you know, Bitcoin always wants to disappoint you. So whatever you're

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expecting, just know that it could do the total opposite. And if you have low expectations, then

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I think you'll be okay. I mean, the best thing about being in this a long time is whether price

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goes up or price goes down, my actions don't change. I'll still be here. I'll still be here

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holding Bitcoin, holding this thing that is going to bring us all generational wealth one day,

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which is what I wanted to talk to you about. So you obviously run a multifamily office. You help

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people plan for passing on wealth, generational wealth. And Bitcoin is the ultimate form of that.

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But really, traditionally, that has been things like family businesses, gold, real estate.

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These are the things that you pass on from generation to generation.

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And now we have this asset that's just superior in every way, in my opinion, and I think probably in your opinion.

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Do you think as Bitcoiners, we take that part of Bitcoin seriously enough?

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I think a lot of us underestimate what Bitcoin can do over the next 10 or 20 years in terms of price.

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And we look at the day-to-day and we get caught up in the day-to-day sentiment.

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and I look at how we structure the affairs of clients in traditional finance and how a lot of

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Bitcoin has structured their affairs and they're a poles apart. There needs to be some form of

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integration because I think a lot of Bitcoiners aren't really planning for what happens when this

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thing comes mainstream. And if we expect hyper-Bitcoinization, which we all do at some

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point in time, I think, just a side note to that, I think hyper-Bitcoinization happens on a personal

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level. I look at probably yourself, myself, we're effectively running a Bitcoin standard in our own

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worlds, but the rest of the world hasn't caught up to it. But when you overlay, and this is the

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problem that we have with Bitcoin, Bitcoin's a supranational entity that is above any state law,

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whatever, it's basically code. But the problem that we have as Bitcoiners is that we are trapped

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in the jurisdiction that we're in, whether it's, you know, America, the US, UK, take your pick.

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And each of those jurisdictions have pros and cons with being in it. And it doesn't matter

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where your Bitcoin is. If you're domiciled in those jurisdictions, then you are subject to the

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law of the land and you need to plan accordingly if you want to maximize the outcomes for this

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generational wealth. Yeah. I think one of the interesting things is like as Bitcoiners,

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there's obviously this is a huge generalization but like for me it's coming up to 10 years in

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bitcoin when i got into bitcoin i was in my 20s i had zero financial background i'd never really

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invested in anything before i found bitcoin that turned into from a small investment into

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basically my entire net worth and so like you go from this living this life where you never have

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to think about having money and passing down money and how to secure money to having to come

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to all these realizations.

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And it's only really in the last few years

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that I've taken this seriously enough, I think.

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And you'll know this because I call you every week

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asking you what I should be doing.

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But it's one of the reasons

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that Bitcoiners maybe haven't taken this seriously enough,

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again, as a generalization,

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because we are the first people

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that are viewing this asset as generational wealth.

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This has never existed before.

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This is the first time this is being generational wealth.

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I think that's a very good point.

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And it overlays with a whole host of other considerations.

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I think a lot of us went into Bitcoin with the hope that it was a lottery ticket, but

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maybe with not the belief that it was going to actually deliver on the lottery ticket.

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And so if we have a look at sort of a lot of the old coins where they're 10 plus years

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old, there's a huge amount of equity built up in those coins.

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Those early adopters weren't buying Bitcoin knowing full well that this was an absolute

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certainty of achieving a million dollars per Bitcoin.

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Because if they had, they would have sought out a whole host of legal remedies to prevent and protect any sort of malay that could come their way.

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And most importantly, to protect the wealth that they've got.

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Because one of the things that we see with our day-to-day work is that Bitcoin's made this statement a whole lot truer.

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But it's much easier to gain the wealth than it is to maintain it.

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And this is where everyone thinks getting the amount of wealth is difficult.

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That's just where the fun part starts.

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Once you're wealthy, everyone wants a piece of it.

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There's a whole host of opportunities that come your way that distract you from the main

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event.

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There's a whole host of options, considerations that you need to make.

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There's, I guess, a whole host of legacy issues that you may need to deal with.

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And these are all complexities that are placed on top of your responsibility of basically

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maintaining and growing your wealth.

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And all of those distractions don't really come until you have a big chunk of equity,

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a big chunk of wealth that can help out a whole lot of people. Then all of a sudden,

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there are the challenges of actually maintaining it. So maybe a good place to start here,

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because there'll be people listening who have gotten to Bitcoin in the last year, last five

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years, last 10 years, whatever, like wherever you're at. How much Bitcoin do you think you'll

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need for it to be considered generational wealth in the future? Depending on what time frame you're

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looking to. And this is where I think if you're holding one Bitcoin in the next 10 years, that

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will be considered generational wealth. 0.1 will be generational wealth 10 years after that.

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0.01 of a Bitcoin, like literally 1% of a Bitcoin will be generational wealth after 20 years time.

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So you don't need a lot now, but the problem is, is how do you secure that? How do you look after

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it and how do you preserve it while you're having to deal with that time issue of Bitcoin catching up

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to generational wealth in terms of that for yourself.

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So I think it's a number that's a lot lower

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than most people think.

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But the important part is how do you protect it

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in the best way possible?

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And this is where the fun part starts.

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If you're already self-custody of Bitcoin,

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you know the deal with hardware wallets,

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complex setups, clumsy interfaces,

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and a seed phrase that can be lost, stolen, or forgotten.

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Well, BitKey fixes that.

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BitKey is a multi-sick hardware wallet

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built by the team behind Square and Cash App.

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It packs a cryptographic recovery system and built-in inheritance feature into an intuitive, easy-to-use wallet with no seed phrase to sweat over.

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It's simple, secure self-custody without the stress.

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And time named Bitkey one of the best inventions of 2024.

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See, like for a long time, we've spoken about this and you throw out valuations for Bitcoin that seem wild even to me.

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Like I think the idea of talking about million dollar Bitcoin still like still seems relatively comfortable to me.

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But when you get to the point of saying like 0.01 Bitcoin will be generational wealth, like how do we get from here to there?

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And what happens along the way?

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I think there are a whole host of spigots of liquidity that are going to flow into Bitcoin.

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And in all the work that I've done, like I've got a background in credit markets, equity markets,

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and I can tell you emphatically that Bitcoin is the best form of collateral ever invented.

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And if you understand that, you realize that Bitcoin can be as big as you want it to be.

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We are going to have Bitcoin form the foundation of all collateral markets globally.

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and with taking a side note into macro.

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The biggest problem the world faces at the moment

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is not a debt problem.

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It's a collateral problem.

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If we had the collateral to repay the debt,

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we wouldn't have a debt problem.

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But the problem is the debt can't be repaid

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because we don't have any collateral.

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How do we actually fulfill that collateral need

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that the world has

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when we've printed circa $300 trillion of paper?

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Because it's effectively,

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well, it's not effectively,

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it is the definition of a Ponzi scheme,

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the current financial system that we're working in because it's a fractionalized banking system.

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Now, Bitcoin as a form of collateral can expand to take on whatever the collateral requirements

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are of the system. So we can have Bitcoin go up a thousand or ten thousand X from here

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to grow into the size that it's going to support the current credit system and more.

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But in order to understand that, we need to understand, well, why would Bitcoin be the best

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the best collateral to inflate away to create the equity that we need to support all of these

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financial markets. And in one soundbite, it comes down to this. Bitcoin divorces Wall Street

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speculation from Main Street consequence. And what do I mean by that? Up until now, every single

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asset that we've had has been financialized by Wall Street. They've effectively gouged the most

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out of each asset class. They've gouged the housing market in the US, Australia, the UK,

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all across Western countries. They've managed to financialize the stock market,

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they've managed to financialize the bond market, and they're only just starting to financialize

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Bitcoin now. And this is where Bitcoin is the only asset out of those three that I mentioned,

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which doesn't have a downstream consequence for Main Street. Now, what do I mean by that? Well,

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we're not going to have a cost of living crisis, housing affordability issues,

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when they're no longer financializing the housing market. And this is where Bitcoin,

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I often get in conversations with some of my parents' friends, and they tell me that the

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reason why they don't want to buy Bitcoin is because you can't live in it. And that is the

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very feature of Bitcoin, not the bud. The very fact that you can't live in Bitcoin, but we can

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financialize it to be an enormous amount to underwrite the entire financial system is precisely

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the reason that they're going to financialize Bitcoin rather than financialize the housing

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market or the commodities market or any other market. So that should be a big tell that this

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is the one that has the least downstream consequences for Main Street, which means it can take on the

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most amount of value. And because out of all the asset classes that we're dealing with at the

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moment, it's circa two, two and a half trillion dollars, this thing can grow to, I believe,

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tens of quadrillions of dollars to take on that collateral market.

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okay there's so much in that i want to unpack so when you say that collateral is like the real

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value proposition like that's where bitcoin is going to change the market how do we go

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how do we go from a credit-based system where everything is just debt to integrating that

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with bitcoin in some way it happens slowly then gradually then suddenly and and this is where i

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think, having just listened to one of your pods with the panel with Checkmating and Joe and Matt,

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the Bitcoin bonds is a great place to start. And if you, I guess, extrapolate out what one of those

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single bonds looks like. The government has a huge issue. You talked about the long end of the

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yield curve, basically having trouble selling. They haven't had a 30-year auction, a 10-year,

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a 15-year that's been successful in the last two or three years. There are no investors at

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that level. If you step in and then create a Bitcoin bond, which is maybe 20% is invested in

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Bitcoin and 80% of that bond is invested in the bonds that you're talking about, we call it a

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principal protected note. Two things happen. The government raises the money that they wish,

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but it will, and I'll just step back and say how that works is with a principal protected note,

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the investor would be guaranteed to receive their principal back. Now that's a big thing.

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And what is really interesting is that that 20% that's invested in Bitcoin is kind of like a bonus payment that's paid for making the investment in a capital guaranteed product.

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Now, if you were to look at the last five years, if there was a five-year bond issued five years ago with that 80-20 structure, that would create on, say, a billion dollars.

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There would be a billion dollars of capital to be repaid from the bond, but there would be $2 billion in equity built into that, which was accrued by investing in Bitcoin.

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So all of a sudden, you've got a three-for-one investment, which has effectively increased the capital, the equity pool that you can now secure and collateralize further markets with.

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So I don't want to say you've printed $2 billion out of thin air, but you've created $2 billion of value when you previously had $1 billion.

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And the way the existing bond markets are structured, that billion dollars is only going to generate a billion dollars plus a coupon of maybe 5% per annum.

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So at the very best, over a five-year period, it's going to be $1.25 billion.

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I've just shown you with the numbers that this is going to create $3 billion, and it's going to create enough equity that you can extinguish the debt on that initial bond.

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And that's the thing that we haven't had up until this point in time.

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We haven't had a vehicle that can extinguish the debt obligation of that bond in the period that it exists.

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So this is what's revolutionary about the capital guaranteed or principal protected notes is we can actually build out an equity system that's going to be larger than the debt markets that are propping up all of the assets that we've got.

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So in that hypothetical, if this had been issued, you would have had your initial capital protected by the US government.

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So you getting your guaranteed initial capital back and then you outperforming even the most speculative people on Wall Street from the Bitcoin coupon on top of it Correct So it is like the ultimate vehicle It a have your cake and eat it too moment That the beautiful thing about it

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See, that seems insane to me, like in the best possible way.

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The only reason I can think that any government wouldn't issue a bond like this

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or city, municipality, whoever, is because it undermines the fiat system.

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I think this is almost like pulling the blanket up and being like, look, there's actually nothing under here.

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Is that the biggest barrier for the US or anyone else to do something like this?

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It kind of gives the game away, doesn't it?

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This is where the power of regulation is really important for allowing this to bloom,

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while at the same time solving a whole host of economic issues or financial issues that we're facing across the globe.

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I look at who are the captured or who are the regulated entities that they can effectively ensure are buyers of this type of asset.

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And one of the buyers of that is the U.S. banking sector.

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Imagine they put in, you know, a trillion to five trillion dollars of that into that type of product.

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All of a sudden, you've solved half the U.S. national debt within a five-year period that you'd never be able to sort otherwise.

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It solves a whole host of issues.

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And this is where the captured regulatory entities, such as the banks, the insurance companies,

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and I'm sure there's a whole host of other entities that I'm not mentioning here, the

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government can mandate what they can and can't invest in.

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So if they turn around and say, hey, you're only allowed to do that, well, that's kind

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of the quid pro quo for paying off and ensuring that they're going to be solvent in the next

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years.

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And I look at this and think, well, we all have to do things that we don't want to.

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And I'm sure there's a whole host of CEOs of these companies who are going to push back on that.

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But at the end of the day, it's probably the medicine that they need to take.

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It's super interesting.

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And one of the things that I do struggle with is the idea that the dollar system as the global hegemony can exist with Bitcoin in the future.

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Like maybe there'll be a period of coexistence.

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But do you think at the end of the day, this does end in hyper-Bitcoinization and Bitcoin wins?

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i'll reframe that because i don't think i don't i think we can live and coexist with fiat

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without having to have hyper well while at the same time having hyper bitcoinization

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this is the really interesting point i think they can coexist in relative harmony for a long period

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of time and this is where i think it's going to be longer than our lifetime before we see

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full hyper-Bitcoinization where people are just refusing, flat out refusing to take fiat in

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response for that. And I can tell you, things move a lot slower than we think, but everything that

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I'm seeing out there at the moment is heading in the right direction. And I actually think

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what we're seeing with the US dollar stablecoins, what Tether's been able to achieve, and the,

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I guess the work that they're doing to expand their network is actually extremely positive

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for the US dollar.

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But at the same time, it's really positive for Bitcoin as well.

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So I don't think those things have to be mutually exclusive in the near term.

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In the long term, I think everyone will come to their own decision on that and ultimately

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choose with their feet by moving to the system that they want to.

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But this could go on for 50 years.

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See, the thing that I think is interesting there is like my daughter, like she's going

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to grow up in a world that Bitcoin has always existed. And we're seeing like the start of what

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could potentially be like real merchant adoption with what Square are doing rolling out across the

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US where you can just pay with Bitcoin at every Square terminal. Assuming these tools get built

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out more and more quickly, there's more and more sort of grassroots adoption of Bitcoin at things

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like the merchant level. Like why would she ever want to use dollars when she could just use Bitcoin?

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It's a great question.

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I don't know.

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But this is where it's going to fundamentally come down to.

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What is the use case for it?

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And this is a chicken and the egg problem that we can probably go back and forward on.

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But I look at this and think, I personally, I do, but I would ideally not like to use

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Bitcoin for any payments on a day-to-day basis.

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Because why do I want to pay with the asset that's going up at 30 or 40, 50% per annum?

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when I can get rid of cash that's going down at 10% to 12% per hour.

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That makes no logical sense.

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And so this is where the other sort of building on that first point

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about how do we get their generational wealth and the rest of it.

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The credit markets are building out on the back of Bitcoin

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and the ease and availability of credit with Bitcoin

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and the fact that you can defer your borrowing to fiat

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is the very reason that Bitcoin is going to continue to grow

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and why you wouldn't want to use your Bitcoin for that day-to-day use case.

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Now, that's a very selfish and myopic view of why you don't do it.

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But on a broader scale, more helicopter view of this,

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you do use it because you actually build out the network,

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then you get a whole host of other people involved in the Bitcoin network

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and you actually grow the network out and people start to see this thing grow out

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through their own eyes.

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And I think it's really important to have both sides of things.

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But from a personal point of view, I'm trying to build out the use case for the credit markets, collateral, and the other things, because I think that's the fastest way that we have a huge spike in Bitcoin.

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When the financial world realizes this is the only thing that we can measure objectively against, that's the thing we want to own.

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See, that is fair.

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And I don't think using Bitcoin as collateral is going away in the short term at all.

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Maybe never.

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um but like for her in this in this scenario like for her i've been stacking bitcoin for her since

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the day she was born she doesn't have a single dollar or pound or anything in a bank account like

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she has no fiat but she has a stack of bitcoin sat there waiting for her so like it will get to

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a point where if you don't have dollars and you only have bitcoin well then you spend bitcoin or

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you take out a loan against bitcoin i guess but that's on a day-to-day spending like that's maybe

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less likely. But the world where Bitcoin and the dollar coexist for a long time is one that I'm not

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fully comfortable with yet. Yeah, I'm not fully comfortable with it either, but I think

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it's something we're going to have to get used to because there's an existing power structure

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revolving around that US dollar that is very, very difficult to dislodge. And the consequences

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of dislodging that, people are going to fight really hard if you want to dislodge that immediately.

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now I think the path of least resistance is giving them an education on bitcoin and showing them

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why this is exponentially better than what they're currently using and how they can

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benefit on a personal level from it but there are existing power structures in place that revolve

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around coercing people through the use of the US dollar and as long as that exists then the thought

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of hyper bitcoinization is going to be fought at every level and I'd much rather a peaceful takeover

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of the world than one that requires a fight. And the curious thing about Bitcoin is this is the

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only thing I've seen that has the ability to ensure that everyone's interests are all aligned.

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Now, I find this quite unique in that at the same time that you are really greedy about buying

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Bitcoin and trying to get as much of it as possible, it turns you into a much better person

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than you previously were and one that's far more magnanimous than you might have been a previous

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iteration of yourself. So it's quite the conundrum that you come here to get rich, but you end up

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turning into a much better person who wants to do more for your community and help out in many ways.

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And this is where the ability to co-opt the decision makers who are, I guess, own and control

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the US dollar, I think is far more important than just taking it head on and having a fight with them.

329
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yeah i think that's fair and that that element of bitcoin the fact that it does truly change you is

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the thing that make us sound like we're all in a cult but it is just a fact like i don't know what

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to say to you that just happens um so back to the um financialization of bitcoin so you talked about

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how wall street has financialized all these other assets and then gouged them um we spoke i don't

333
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know six months ago on the podcast and that was all about bitcoin financializing why can they not

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gouge Bitcoin in the same way that they have done with the stock market and real estate and things

335
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like that? Well, they can. And this is the beauty of working with people, not against them. They can

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gouge, I guess, a whole host of value out of the Bitcoin network. But at the same time, they're

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gouging that we're all better for it because it's being further integrated into the financial system.

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And a lot of people might push back on the integration of Bitcoin into the financial

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system. But ultimately, it's a great way of protecting Bitcoin until it actually

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beats the entire system from within. So I don't think we want to fight them. I think

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Wall Street monetizing and financializing Bitcoin is actually a wonderful thing. We've seen a recent

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announcement where BlackRock wants to introduce an income fund on the back of the Bitcoin volatility,

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which I think will be an absolute killer product. They're effectively doing what

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YieldMax is doing with their MSTY fund, but they're bringing it to Bitcoin, I think, on a much

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much bigger scale that will be a fund that that income fund will be one of if not their best

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performing income fund by the proverbial mark i've missed this can you can you what is it how

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does it work i think basically what they're doing is they're financializing bitcoin by selling

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options on a on a in a fund and what they're doing is they buy bitcoin they sell puts and calls and

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they manage the bitcoin in there and they monetize that through the form of selling those puts and

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calls. And then they give that to the investors in a monthly dividend. And I think their target

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is close to 3% per annum. Now, I can tell you 3% per annum relative to all other investment

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or income options that they offer will blow everything else out of the water.

353
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So what would they offer on a normal product like that?

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A normal income product would aim to get somewhere between 5% to 7% per annum.

355
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and this is a product that is targeting close to 3% per month.

356
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3% a month? Oh, damn. Okay.

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And is there any risk in them doing that?

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Like, can, I mean, BlackRock are huge.

359
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I don't expect it to blow the entire company up,

360
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but can they blow the fund up doing this?

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Anything's possible, but I don't think they're going to do that.

362
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But how do you do, is this like a covered call sort of thing?

363
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A little similar.

364
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So how does that actually work?

365
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Because I've never fully understood that.

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Well, there's a number of different ways that you can generate cash on your Bitcoin.

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There's a whole host of ways, actually.

368
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Probably, I guess, the safest way is to sell a cash put.

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And that's basically saying that you're going to buy this asset for a certain price at a certain time.

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And someone is going to pay you to take that option and leave that available.

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And depending on the volatility of the Bitcoin market will determine how much per month that they get back.

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And so what's been interesting for me is looking at the options market around micro strategy because it's a very well-developed market. It's an asset that's more volatile than Bitcoin. And there were periods of time where people were offering nearly 10% to 12% per month to basically take on the risk of buying that stock at a certain point in time in the future.

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And I look at that and think, that's a great way to generate cash.

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But there are some, I guess, inherent risks with that.

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But BlackRock with a professional team, literally the resources that they've got, they will

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effectively become the market.

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And then they'll just squeeze that volatility to deliver whatever it needs on a monthly

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basis.

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And then that basically will create a whole host of lower volatility until such point

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in time.

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We just get a big kick up and it'll rip people's faces off.

382
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But this is how they do it.

383
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And this is where what's really interesting.

384
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And if I haven't already, I think we've talked about this, having Dave Dredge on to talk about volatility and risk and how to manage risk.

385
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He is the best in the world at it.

386
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And he's exceptionally generous with his time.

387
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I think your viewers would love to listen to Dave because he's probably got the best outlook on risk in the markets that I've seen.

388
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He's ultra well connected.

389
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and Bitcoin is going to start placing

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or start becoming a much bigger player

391
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in this global risk market.

392
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At the moment, it's not there

393
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because it's too volatile

394
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and no banks have built products around this.

395
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But as this creeps into the financial system

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that we talked about

397
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and goes deeper and deeper into it,

398
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gets more and more integrated,

399
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you're going to have banks

400
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that are taking more and more risk

401
00:30:17,967 --> 00:30:19,447
with these products around Bitcoin.

402
00:30:20,008 --> 00:30:21,487
And therein lies the opportunity

403
00:30:21,487 --> 00:30:23,748
for the likes of Dave Dredge

404
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to basically buy really cheap volatility on these assets.

405
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And he gets to monetize that at a future point in time.

406
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But for the retail investors,

407
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they're effectively putting money into a managed fund

408
00:30:35,528 --> 00:30:37,947
that's going to produce a yield of somewhere between,

409
00:30:38,467 --> 00:30:40,487
probably at the end of the day,

410
00:30:40,588 --> 00:30:43,987
somewhere between one to three, 4% per month.

411
00:30:44,808 --> 00:30:46,808
I would love you to introduce me to him if you can.

412
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I'll try and get him on the show.

413
00:30:49,128 --> 00:30:53,108
Okay, so back to your call that in 10, 20 years,

414
00:30:53,108 --> 00:30:59,447
however long 0.01 bitcoin is generational wealth i don't know what the dollar figure of that means

415
00:30:59,447 --> 00:31:05,408
like i don't know what you think of as generational wealth but um what presumably that's bitcoin at

416
00:31:05,408 --> 00:31:12,508
tens of millions more in fact hundreds of millions of dollars if not more um what does the world look

417
00:31:12,508 --> 00:31:16,668
like at that point like if i go to the petrol station what's my petrol cost to me what are my

418
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groceries costing me like how what what does the world look like at that point i don't think things

419
00:31:22,288 --> 00:31:23,987
are going to suffer hyperinflation.

420
00:31:24,808 --> 00:31:28,727
I don't think we're going to have a $50 a litre petrol

421
00:31:28,727 --> 00:31:29,568
and things like that.

422
00:31:29,908 --> 00:31:31,328
I don't think that happens

423
00:31:31,328 --> 00:31:34,447
because I sincerely believe we're about to enter

424
00:31:34,447 --> 00:31:36,348
an age of deflation,

425
00:31:36,508 --> 00:31:39,068
which is going to ensure that prices come down

426
00:31:39,068 --> 00:31:40,288
across all of those commodities.

427
00:31:40,828 --> 00:31:43,908
The advent of robots, AI, all the rest of it

428
00:31:43,908 --> 00:31:45,868
is going to mean that cost of living pressures

429
00:31:45,868 --> 00:31:47,148
are going to come down dramatically.

430
00:31:47,467 --> 00:31:49,508
And we're going, well, those in charge

431
00:31:49,508 --> 00:31:51,288
are basically going to be highly incentivized

432
00:31:51,288 --> 00:31:53,128
to make sure that the cost of living comes down.

433
00:31:53,628 --> 00:31:56,008
At the same time, as that's coming down,

434
00:31:56,088 --> 00:31:57,727
the cost of living is coming down dramatically,

435
00:31:58,068 --> 00:31:59,868
the value of Bitcoin is going to be ripping

436
00:31:59,868 --> 00:32:02,368
because we've got a deflationary monetary asset

437
00:32:02,368 --> 00:32:03,548
for the first time in history.

438
00:32:03,967 --> 00:32:06,788
So I look at this as really a perfect storm

439
00:32:06,788 --> 00:32:09,748
that cost of living is going to get much cheaper.

440
00:32:10,108 --> 00:32:11,688
And this is where, if you look at

441
00:32:11,688 --> 00:32:15,707
cost of living throughout the ages,

442
00:32:15,707 --> 00:32:17,928
it's never been cheaper to live than right now.

443
00:32:18,628 --> 00:32:20,128
We've got less people in poverty,

444
00:32:20,668 --> 00:32:21,808
low percentages in poverty.

445
00:32:22,248 --> 00:32:24,308
We've got higher living standards than we've ever had,

446
00:32:24,348 --> 00:32:25,268
unless you're living in Australia

447
00:32:25,268 --> 00:32:26,967
where the last five years has gone down,

448
00:32:27,328 --> 00:32:29,048
but every other country's gone up.

449
00:32:29,727 --> 00:32:30,987
I say that facetiously,

450
00:32:31,268 --> 00:32:33,508
but this is the best time to be alive

451
00:32:33,508 --> 00:32:35,227
and it's about to get better.

452
00:32:35,548 --> 00:32:37,248
So all of those things, those concerns,

453
00:32:37,588 --> 00:32:39,467
we're going to have a price that goes through the roof

454
00:32:39,467 --> 00:32:41,008
in Bitcoin at the same time

455
00:32:41,008 --> 00:32:42,928
we're getting cheaper costs of living.

456
00:32:43,368 --> 00:32:45,628
So I don't think we need to be concerned about that.

457
00:32:45,628 --> 00:32:47,048
The ultimate hedge on that

458
00:32:47,048 --> 00:32:48,408
is actually just having Bitcoin.

459
00:32:48,928 --> 00:32:49,828
As long as you have it,

460
00:32:49,828 --> 00:32:55,108
you'll be hitched you won't have to worry about it it's funny because like i think i remember

461
00:32:55,108 --> 00:32:58,608
listening to a podcast i can't remember who said it but someone said objectively we live in the

462
00:32:58,608 --> 00:33:03,328
best time ever but subjectively it's the worst and i think that's kind of an interesting because

463
00:33:03,328 --> 00:33:08,788
like like you say the stats say that there's never been a better time to be alive but it feels

464
00:33:08,788 --> 00:33:15,668
incredibly polarized like there's there's massive wealth inequality like do we continue to have

465
00:33:15,668 --> 00:33:20,328
those things into the future? Because presumably dollar debasement doesn't go away in this time

466
00:33:20,328 --> 00:33:26,467
period. I think it's going to get worse before it gets better. But this is the hope that Bitcoin

467
00:33:26,467 --> 00:33:31,148
offers to anyone of the 8 billion people out there. If you want to protect yourself from

468
00:33:31,148 --> 00:33:36,048
debasement, you want to protect yourself from inflation. The only way to do that across the

469
00:33:36,048 --> 00:33:41,348
board for 8 billion people is to buy Bitcoin. And this is fundamentally missed on a whole host of

470
00:33:41,348 --> 00:33:47,768
people. I think in Western countries where we live, it's completely lost on our friends and

471
00:33:47,768 --> 00:33:52,967
family because they don't see it. Sure, they get sticker shock with the printing of money over the

472
00:33:52,967 --> 00:33:57,828
last five years, but relatively speaking, they're not interested in addressing or even acknowledging

473
00:33:57,828 --> 00:34:03,108
the problem. But for 4 billion people who live in hyperinflationary countries, this is a life

474
00:34:03,108 --> 00:34:10,648
and death situation. And this is where Bitcoin really only gets adopted when it's a need,

475
00:34:10,808 --> 00:34:16,068
not a want. And for 4 billion people, it's a need, but maybe 10 million people on earth really

476
00:34:16,068 --> 00:34:22,508
understand and comprehend what this is. So I look at this and think, sort of putting a bow on the

477
00:34:22,508 --> 00:34:26,328
question around how does it really get to these outrageous numbers of billions of dollars per

478
00:34:26,328 --> 00:34:31,408
Bitcoin? I fully believe that. There's absolutely no doubt in my mind, we're going to get to billions

479
00:34:31,408 --> 00:34:32,288
of dollars per Bitcoin.

480
00:34:32,448 --> 00:34:36,448
It's just a matter of when, not if, because there's 8 billion people on earth who need

481
00:34:36,448 --> 00:34:36,607
it.

482
00:34:36,948 --> 00:34:47,775
And there are maybe a million people on earth who act like they actually need it So what happens when the other 7 billion people turn up and say we desperately need this like we need water or air

483
00:34:48,795 --> 00:34:51,855
Something's going to happen and it's going to be glorious to watch.

484
00:34:52,915 --> 00:34:55,835
Bitcoin is absolutely ripping and in every bull market,

485
00:34:56,055 --> 00:34:58,495
there's always a new wave of investors and with it,

486
00:34:58,575 --> 00:35:00,935
a flood of new companies, new products and new promises.

487
00:35:01,495 --> 00:35:02,695
But if you've been around long enough,

488
00:35:02,775 --> 00:35:04,435
you've seen how this story ends for a lot of them.

489
00:35:04,875 --> 00:35:07,695
Some cut corners, take risks with your money or just disappear.

490
00:35:07,975 --> 00:35:11,575
That's why when it comes to buying Bitcoin, the only exchange I recommend is River.

491
00:35:11,995 --> 00:35:17,555
They deeply care about doing things right for their clients and are built to last with security and transparency at their core.

492
00:35:18,235 --> 00:35:21,955
With River, you have peace of mind knowing all their Bitcoin is held in multi-sig cold storage,

493
00:35:22,275 --> 00:35:25,635
and it's the only Bitcoin-only exchange in the US with proof of reserves.

494
00:35:26,075 --> 00:35:28,035
There really is no better place to buy Bitcoin.

495
00:35:28,035 --> 00:35:34,635
So to open an account today, head over to river.com forward slash WBD and earn up to $100 in Bitcoin when you buy.

496
00:35:35,015 --> 00:35:37,635
That's river.com forward slash WBD.

497
00:35:37,975 --> 00:35:41,235
What if you could lower your tax bill and stack Bitcoin at the same time?

498
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499
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500
00:35:51,175 --> 00:35:52,975
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501
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502
00:35:59,755 --> 00:36:04,475
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503
00:36:05,015 --> 00:36:08,495
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504
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505
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506
00:36:16,675 --> 00:36:21,575
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507
00:36:21,575 --> 00:36:25,675
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508
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509
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510
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511
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512
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514
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515
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visit iron.com to learn more which is i-r-e-n.com it's interesting you say that people aren't really

516
00:37:08,255 --> 00:37:13,055
acknowledging the problem because i i definitely see this and even for the people that do acknowledge

517
00:37:13,055 --> 00:37:17,915
the problem i don't think they ever really acknowledge the solution like in australia

518
00:37:17,915 --> 00:37:23,275
especially the housing market is absolutely wild here and the people who are seeing the issues

519
00:37:23,275 --> 00:37:28,455
their answer to it seems to be leverage myself more and buy another house rather than just do

520
00:37:28,455 --> 00:37:32,875
the easy thing of buying Bitcoin. I still think that's a huge hurdle that we need to get over.

521
00:37:32,975 --> 00:37:38,135
The housing market in Australia is absolutely wild. It's the craziest housing market on earth,

522
00:37:38,135 --> 00:37:44,635
to tell you the truth. No other housing market has got a, I guess, a bigger delta between the

523
00:37:44,635 --> 00:37:50,215
average Sydney median house price and the average income. That's currently close to 20 times.

524
00:37:51,055 --> 00:37:55,815
Now, in the US, I think it's something like about five times. And people talk about housing being

525
00:37:55,815 --> 00:38:00,895
expensive over there. It's like, hold my beer, come to Australia, check this out. It's 20 times.

526
00:38:00,975 --> 00:38:05,255
It's just completely outrageous. And this is where I can tell you on a day-to-day basis,

527
00:38:05,255 --> 00:38:10,915
talking to clients, the people who are picking this up the quickest, who are understanding this

528
00:38:10,915 --> 00:38:16,295
is not sustainable, are baby boomers. They're realizing that, hey, I live in a five or a $10

529
00:38:16,295 --> 00:38:20,835
million property or whatever the number is, right? And they've had three kids. They look around at

530
00:38:20,835 --> 00:38:26,615
the kids and they think, holy dooly, the three of them combined don't have enough savings to put a

531
00:38:26,615 --> 00:38:29,795
deposit on this house and the three of them combined couldn't afford the mortgage that's

532
00:38:29,795 --> 00:38:35,835
required to pay for it. So they're doing the numbers in their head thinking, this is not

533
00:38:35,835 --> 00:38:40,155
sustainable and immigration isn't going to solve the problem across any of the Western countries

534
00:38:40,155 --> 00:38:46,255
because through immigration, you're actually lowering the per capita GDP. And if you look at

535
00:38:46,255 --> 00:38:53,015
So saying these property prices are basically sustained through credit growth, and credit growth is fuelled by per capita GDP.

536
00:38:53,655 --> 00:38:56,615
And sadly, in Australia, we've had the lowest growth.

537
00:38:56,715 --> 00:39:01,035
We've actually had negative growth or loss in per capita GDP.

538
00:39:01,595 --> 00:39:13,055
This is a problem across all Western countries, is that we're trying to solve that capital gain problem in our property markets through importing people, and that has been a key driver for sustaining asset prices.

539
00:39:13,055 --> 00:39:19,035
but if the immigrants you're importing don't have the capital to buy into the system that you've got

540
00:39:19,035 --> 00:39:23,555
then you're actually going to have to either lower the interest rates to make it more affordable

541
00:39:23,555 --> 00:39:29,115
or alternatively the property prices are going to fall and this is something that I'm seeing

542
00:39:29,115 --> 00:39:33,875
living in New Zealand at the moment the property market over here is probably off somewhere between

543
00:39:33,875 --> 00:39:38,815
10 to 30 percent depending on the areas that you're looking at and truth be told there's

544
00:39:38,815 --> 00:39:43,495
probably the ability for this to drop another 10 or 10 to 30 percent from where we are now the

545
00:39:43,495 --> 00:39:50,135
prices seem outrageous australia hasn't seen that yet and i think america is trying its its absolute

546
00:39:50,135 --> 00:39:56,735
hardest to avoid um coming face to face with that problem of a slowing housing market i mean just to

547
00:39:56,735 --> 00:40:02,235
put some context on it i live in the third biggest city in australia which if you put that into

548
00:40:02,235 --> 00:40:07,455
american terms are probably like the 25th biggest city or something and where i live to buy like a

549
00:40:07,455 --> 00:40:11,415
three-bedroom apartment, you're looking at somewhere between two and three million dollars.

550
00:40:11,415 --> 00:40:18,295
It's absolutely outrageous. But do you think that the property market here is going to collapse at

551
00:40:18,295 --> 00:40:24,655
some point? What I'm about to say is not going to be popular. Good, say it. Well, I think there's

552
00:40:24,655 --> 00:40:30,695
two or three things that you could change. The government could enforce that would completely

553
00:40:30,695 --> 00:40:36,255
boost the property market and probably double or triple prices from where we are now. Now,

554
00:40:36,255 --> 00:40:48,555
I don't know if anyone wants to have property prices that are trading at somewhere between 40 to 60 times your average annual salary, but there's a host of things that they can do to juice the property market to get that happening.

555
00:40:49,195 --> 00:40:55,735
Now, why I would never bet against the property market is that everyone is in on it.

556
00:40:56,315 --> 00:40:57,215
And what do I mean by that?

557
00:40:57,295 --> 00:40:58,575
I mean the government.

558
00:40:58,815 --> 00:41:04,275
The government's – well, a large chunk of their revenues come from stamp duties and capital gains tax.

559
00:41:04,275 --> 00:41:07,715
So if property prices start falling, all of a sudden their revenue dries up.

560
00:41:08,075 --> 00:41:09,975
So they're invested in making sure that happens.

561
00:41:10,195 --> 00:41:16,215
If you look at particularly the Australian stock market, nearly 40% of the Australian

562
00:41:16,215 --> 00:41:18,275
stock market is made up of banks.

563
00:41:18,695 --> 00:41:24,055
And the number one profit driver for banks is residential mortgage lending.

564
00:41:24,515 --> 00:41:29,055
So if that drops, if property prices drop, all of a sudden 40% of the stock market has

565
00:41:29,055 --> 00:41:29,675
a huge problem.

566
00:41:30,055 --> 00:41:33,215
The bond issuance in Australia, all of that revolves around housing.

567
00:41:33,215 --> 00:41:39,535
You look at it in the US, the majority of the bonds issued are around residential mortgage-backed securities and commercial-backed securities.

568
00:41:40,275 --> 00:41:43,255
The commercial market in the US is cactus, so too in Australia.

569
00:41:43,635 --> 00:41:45,355
Dare say it's the same in New Zealand or the UK.

570
00:41:45,815 --> 00:41:50,815
All of a sudden, there's a whole host of sort of cracks in the wall appearing if they don't sort that out.

571
00:41:50,955 --> 00:41:59,115
So what I'm saying is everyone is invested in making sure that property goes up, and it's very difficult to bet against the consensus bet.

572
00:41:59,115 --> 00:42:05,675
it's there's so much um there are so much easier ways to make money than betting against the

573
00:42:05,675 --> 00:42:12,095
consensus view and one of those is just buy bitcoin well yeah that is the uh the great thing

574
00:42:12,095 --> 00:42:15,475
about bitcoin is if you want your house to get cheaper just just buy bitcoin now and wait a

575
00:42:15,475 --> 00:42:19,815
little bit but like i i agree with what you're saying like it's it's the best thing is not to

576
00:42:19,815 --> 00:42:23,735
go against consensus on these things because it doesn't often pay off but when it does pay off

577
00:42:23,735 --> 00:42:24,595
It pays off massively.

578
00:42:24,855 --> 00:42:26,695
And we saw that in 2008.

579
00:42:26,835 --> 00:42:28,535
Like, this is literally what happened then.

580
00:42:29,255 --> 00:42:33,515
Do you think there is potential of another 2008-style housing crash at some point?

581
00:42:36,075 --> 00:42:37,255
Yes, there is.

582
00:42:37,735 --> 00:42:39,735
The financial markets have gotten a little bit savvier.

583
00:42:40,595 --> 00:42:44,995
I think in Australia there is, but we've got a very different finance market, how they

584
00:42:44,995 --> 00:42:46,235
do the funding in Australia.

585
00:42:46,795 --> 00:42:51,595
The US, I think, is about to, could potentially go through it if they don't sort out the interest

586
00:42:51,595 --> 00:42:51,815
rates.

587
00:42:51,815 --> 00:42:54,335
It looks like that US housing market is completely stalled.

588
00:42:54,875 --> 00:42:56,675
Are we going to see a rerun of the GFC?

589
00:42:57,495 --> 00:43:00,015
In all likelihood, no, I don't think we will.

590
00:43:00,235 --> 00:43:05,975
And this is where, from a personal view, and this is where the conversations I think most

591
00:43:05,975 --> 00:43:09,935
Bitcoiners are looking at is, you mentioned a $2 million to $3 million property for a

592
00:43:09,935 --> 00:43:10,615
two to three bedroom.

593
00:43:10,975 --> 00:43:11,935
I'm sure it's lovely.

594
00:43:12,255 --> 00:43:15,955
But if you were to rent that, it's probably not going to cost you more than, let's say,

595
00:43:15,995 --> 00:43:20,035
$90,000 a year to rent that, less than $2,000 a year.

596
00:43:20,035 --> 00:43:21,655
Would that be a fair assessment per week?

597
00:43:21,815 --> 00:43:26,535
I don't know, but wait, how much would that be per week?

598
00:43:27,475 --> 00:43:30,575
$2,000 per week for a $3 million property.

599
00:43:30,575 --> 00:43:31,075
Yeah, yeah.

600
00:43:31,655 --> 00:43:33,355
Yeah, that would probably be less than that.

601
00:43:33,355 --> 00:43:34,055
Maybe $3,000 a week?

602
00:43:35,215 --> 00:43:36,275
I think it'd be less.

603
00:43:36,855 --> 00:43:37,015
Yeah.

604
00:43:37,395 --> 00:43:39,455
So let's just say it is $3,000 a week.

605
00:43:41,015 --> 00:43:42,335
That's circa 5%.

606
00:43:42,335 --> 00:43:46,815
But you would much rather pay the $3,000 a week to live in that property

607
00:43:46,815 --> 00:43:47,755
than you would to own it.

608
00:43:47,755 --> 00:43:50,175
Because to own it means you're going to have to sell down

609
00:43:50,175 --> 00:43:52,375
probably about $500,000 worth of Bitcoin.

610
00:43:52,855 --> 00:43:55,115
And then you're going to take on a mortgage for a million dollars,

611
00:43:55,155 --> 00:43:56,855
which is going to cost you 6% per annum.

612
00:43:56,995 --> 00:43:59,615
If you're living in it, it's gross money that you've got to earn.

613
00:43:59,895 --> 00:44:02,095
So, sorry, net you've got to pay.

614
00:44:02,175 --> 00:44:04,155
So that's going to be $60,000 per annum.

615
00:44:04,435 --> 00:44:06,495
If you've got to pay that out of net money,

616
00:44:06,535 --> 00:44:08,555
you've got to earn $100,000 to pay that 60.

617
00:44:08,675 --> 00:44:10,255
So before you've got out of bed,

618
00:44:10,295 --> 00:44:13,355
you've had to sell $500,000 of Bitcoin

619
00:44:13,355 --> 00:44:16,095
and you've got to have earned over $100,000 a year

620
00:44:16,095 --> 00:44:17,395
before you've put food on the table.

621
00:44:18,055 --> 00:44:19,175
And I look at that and think,

622
00:44:20,175 --> 00:44:28,035
If I'm Danny, I'm thinking maybe we just rent for a year or two and see how that goes because it's only going to cost us 100 grand a year.

623
00:44:28,195 --> 00:44:29,395
And we don't have a mortgage.

624
00:44:29,515 --> 00:44:30,515
We don't have to sell Bitcoin.

625
00:44:30,655 --> 00:44:31,675
We can let that thing roll.

626
00:44:32,155 --> 00:44:40,875
And what I'm finding is more and more Bitcoiners are starting to have that realization that maybe property isn't the best property or the best use case for our money.

627
00:44:42,195 --> 00:44:43,595
But that is a very real concern.

628
00:44:43,975 --> 00:44:48,135
So is the Bitcoin mantra here, we'll owe nothing but Bitcoin and be happy?

629
00:44:48,595 --> 00:44:49,955
It looks like it, doesn't it?

630
00:44:50,175 --> 00:44:57,355
isn't that terrible well as long as you're a bitcoin that i think that's uh that's the best

631
00:44:57,355 --> 00:45:04,595
place you can be um so back to bitcoin everything we're talking we've talked about here um is really

632
00:45:04,595 --> 00:45:09,335
about bitcoin as this savings vehicle this generational wealth things that we pass down

633
00:45:09,335 --> 00:45:13,875
um we touched briefly on the idea of using it as like a medium exchange in a unit of account but

634
00:45:13,875 --> 00:45:18,735
do you do you still believe in that narrative because it sounds like you are you're coming

635
00:45:18,735 --> 00:45:22,895
at this much more from like the saving side do you think that is the ultimate use case for bitcoin

636
00:45:22,895 --> 00:45:29,995
or do you think it needs to evolve into being all elements of money uh i i think we're going to have

637
00:45:29,995 --> 00:45:36,035
and this is an unpopular opinion but i look at the breakdown in market capitalization of each of the

638
00:45:36,035 --> 00:45:41,255
use cases so you store a value medium exchange and unit of account store value is circa 25 to

639
00:45:41,255 --> 00:45:47,655
30 trillion dollar market in you you can blur the line on that by saying that the stock market and

640
00:45:47,655 --> 00:45:52,675
the real estate market is now the store of value, but let's just go with gold at being circa 30

641
00:45:52,675 --> 00:45:56,595
trillion. I definitely think those other things are a store of value though.

642
00:45:56,995 --> 00:46:02,455
I do too. But for this example, let's assume it's 30 trillion. The mean of exchange market is

643
00:46:02,455 --> 00:46:07,235
somewhere between a hundred to $200 trillion worth of value that it basically looks after.

644
00:46:07,715 --> 00:46:14,335
That's a huge market that's protected and has, I guess, a competitive moat supported by armies,

645
00:46:14,335 --> 00:46:21,295
tanks, air force, governments, police, you name it. It's a very difficult use case to,

646
00:46:21,855 --> 00:46:27,695
I guess, to cajole into Bitcoin. And sometimes I look at this on the media exchange market and

647
00:46:27,695 --> 00:46:33,215
wonder if the juice is worth the squeeze, because you have to take those governments head on and

648
00:46:33,215 --> 00:46:37,455
disrupt their business model, which is printing dollars, to replace it with Bitcoin. And I think

649
00:46:37,455 --> 00:46:45,935
if you can control and are the number one use case in a store of value function and a unit of

650
00:46:45,935 --> 00:46:50,695
account function, then by default and in time, you will end up with the mean of exchange.

651
00:46:51,115 --> 00:46:56,835
So I look at this and think 95% of the market cap is tied up between the bookends of store of value

652
00:46:56,835 --> 00:47:03,295
and unit of account. So do we really need the mean of exchange market right now? Why don't we just

653
00:47:03,295 --> 00:47:10,515
consolidate control and use case of store of value and meet and unit of account and through time we

654
00:47:10,515 --> 00:47:16,595
and just adoption you'll end up owning the meet of exchange account anyway that makes sense so

655
00:47:16,595 --> 00:47:21,115
and when it comes to the store of value you threw out 25 to 30 trillion is that the number

656
00:47:21,115 --> 00:47:27,395
yep give or take do you do you think bitcoin captures the entirety of that market and more

657
00:47:27,395 --> 00:47:37,775
how more i think it has the ability to to control substantially more on that and if we look at this

658
00:47:37,775 --> 00:47:46,095
on a micro level i think we might take um let's take a really wealthy person pick one and and

659
00:47:46,095 --> 00:47:51,995
we'll do a use case on them and use that as a micro micro version of what's going to happen at

660
00:47:51,995 --> 00:47:59,175
a macro level let's go uh let's go really wealthy let's go elon okay elon probably worth two to

661
00:47:59,175 --> 00:48:04,915
three hundred two two to three hundred billion dollars what would he spend on an annual basis

662
00:48:04,915 --> 00:48:11,775
i've had no idea let's say i'm sure he has a pretty great life 50 million

663
00:48:11,775 --> 00:48:19,315
okay 50 million what's that as a percentage of his of his assets that he's spending on an annual

664
00:48:19,315 --> 00:48:27,375
basis. Don't make me do math live, please. Well, let's just say it's less than 1%. Is that fair to

665
00:48:27,375 --> 00:48:33,275
say? Yep. And this is the curious part that we're all going to get to when it comes to holding

666
00:48:33,275 --> 00:48:41,115
Bitcoin is Bitcoin will make up 99% of the assets because we won't want to spend it all. We want to

667
00:48:41,115 --> 00:48:47,395
have our savings. If you look at Elon as an extreme example here, he's lucky to spend less than 1%

668
00:48:47,395 --> 00:48:53,395
of his wealth on an annual basis. We all get there if we just hold Bitcoin, buy Bitcoin and sit.

669
00:48:53,595 --> 00:48:57,555
That's literally all you have to do for generational wealth. And I look at this and think,

670
00:48:57,955 --> 00:49:01,255
this is the curious part that a lot of people really don't comprehend is that

671
00:49:01,255 --> 00:49:08,035
the market for Bitcoin can be 100 times bigger than all of the other assets combined.

672
00:49:08,435 --> 00:49:14,355
So if you look at a pie chart, it looks like an entire white pie with a tiny little orange

673
00:49:14,355 --> 00:49:19,755
sliver down the middle, which is the 0.2 of a percent that currently made up of market cap of

674
00:49:19,755 --> 00:49:23,875
all the assets that we hold. Once people understand what you and I know about Bitcoin,

675
00:49:24,375 --> 00:49:29,255
they're going to hold 99% of their wealth in Bitcoin. So that entire white pie is going to

676
00:49:29,255 --> 00:49:34,075
turn orange and there's going to be a little sliver of 1% that is all other assets, stocks,

677
00:49:34,235 --> 00:49:38,335
bonds, commodities, property, you name it. That's how it's going to work. But it's probably going to

678
00:49:38,335 --> 00:49:43,335
take the next 20 years to achieve that. But what happens to the value of all assets on earth when

679
00:49:43,335 --> 00:49:49,595
that happens. We go from being worth, say there's a quadrillion dollars of assets on earth right now,

680
00:49:49,675 --> 00:49:56,355
and it turns into a hundred quadrillion dollars worth of assets. But 99 of those 100 are made up

681
00:49:56,355 --> 00:50:03,255
in Bitcoin. Because guess what? People want the optionality of future purchases, and they can't

682
00:50:03,255 --> 00:50:09,075
find a better device to do that than Bitcoin. And is this when Bitcoin demonetizes things like

683
00:50:09,075 --> 00:50:15,195
the housing market, the stock market? 100%. And people think that demonetizing the housing market

684
00:50:15,195 --> 00:50:20,255
and the stock market and everything else is going to mean that those things are going to collapse

685
00:50:20,255 --> 00:50:25,175
in fiat terms. That's a total misconception. They're not going to collapse in fiat terms.

686
00:50:25,235 --> 00:50:29,215
They're going to continue to go up and they're going to continue to be inflationary and they're

687
00:50:29,215 --> 00:50:34,235
going to continue to go up through time. It's just that if you benchmark and denominated in Bitcoin,

688
00:50:34,695 --> 00:50:38,475
all of those assets are going to be crashing relative to Bitcoin. And this is the point that

689
00:50:38,475 --> 00:50:43,575
I think our good friend Jeff talks about and does the best job of talking about that we're going to

690
00:50:43,575 --> 00:50:49,055
have hyper deflation where as long as you're saving in Bitcoin, you're going to afford and

691
00:50:49,055 --> 00:50:53,515
be able to do whatever you want because all other assets relative to that will be crashing.

692
00:50:54,115 --> 00:50:58,315
But if you're living in the fiat world, then all these assets are still going to be inflationary

693
00:50:58,315 --> 00:51:03,095
and they're going to go up in value. So we just need to be pricing absolutely everything in Bitcoin,

694
00:51:03,495 --> 00:51:08,255
which I already do. And this is like back to the point you made earlier. Like you said that we're

695
00:51:08,255 --> 00:51:13,315
already living on a Bitcoin standard. And that's absolutely true. When I go out and buy coffee,

696
00:51:13,395 --> 00:51:17,335
I'm not thinking about that in terms of how many sats it costs me. But if I make any kind of

697
00:51:17,335 --> 00:51:23,855
reasonable purchase, I'm always considering what that is in Bitcoin. And so I think what you said

698
00:51:23,855 --> 00:51:29,275
earlier, where you kind of hyper-Bitcoinize one person at a time, I think that's probably the

699
00:51:29,275 --> 00:51:35,315
most likely path here. It's just, I don't know how long it takes to scale up to being 8 billion

700
00:51:35,315 --> 00:51:42,455
people. But I do think we're going to get there. I do wonder, though, why this cycle we've not seen

701
00:51:42,455 --> 00:51:47,895
a renewed interest from kind of just retail participants, because like every previous cycle,

702
00:51:47,895 --> 00:51:52,935
we've seen massive upticks in things like Google search trends, like exchange volumes,

703
00:51:53,035 --> 00:51:56,695
things like that. And this time it seems pretty quiet at the moment.

704
00:51:58,015 --> 00:52:10,862
I think it a combination Bitcoin no longer novel so people don have to research and look up what Bitcoin is They know what it is And sadly I think a lot of people had a really bad experience in the last cycle

705
00:52:11,362 --> 00:52:13,523
They were promised, you know, a million dollar Bitcoin

706
00:52:13,523 --> 00:52:16,662
or a hundred thousand dollar Bitcoin in the last cycle.

707
00:52:16,802 --> 00:52:19,543
I think that was going to be a fair mark to achieve.

708
00:52:19,982 --> 00:52:22,782
But there was a whole host of skulldowery that went on

709
00:52:22,782 --> 00:52:24,882
that ensured that we didn't get there.

710
00:52:24,882 --> 00:52:28,142
The whole FTX blow up was just incredible to watch.

711
00:52:28,142 --> 00:52:34,543
I mean, we had a ringside seat to watch this absolute carnage in the markets play out.

712
00:52:34,762 --> 00:52:39,882
And a lot of people confused what happened in the FTX scandal with there was a compromise

713
00:52:39,882 --> 00:52:42,622
to the Bitcoin network and nothing could be further from the truth.

714
00:52:42,902 --> 00:52:49,122
And I remember having a conversation with Vijay, boy Patty, maybe six months before

715
00:52:49,122 --> 00:52:50,102
FTX blew up.

716
00:52:50,122 --> 00:52:54,063
And I asked him the question, what's the thing that could really derail Bitcoin?

717
00:52:54,063 --> 00:53:02,342
And he said, look, from a reputation perspective, one of the major exchanges blowing up would be really detrimental and could push us back five or 10 years.

718
00:53:02,462 --> 00:53:12,782
But that would be, even if the network continued to work perfectly, it would just be a reputational damage, even though the network was totally unscathed.

719
00:53:12,823 --> 00:53:17,102
And this was the problem that I think a lot of people have got PTSD from Bitcoin.

720
00:53:17,102 --> 00:53:21,402
A lot of people bought in 2017 and then watched it drop 75, 80 percent.

721
00:53:21,622 --> 00:53:31,282
And then they came back around, what was it, maybe November, October, November 2022, and thought, oh, great, I'm going to get on this.

722
00:53:31,362 --> 00:53:35,742
It's going to go up and then bang, here's your next 80 percent drop or 75 percent drop.

723
00:53:36,142 --> 00:53:37,582
It's just absolutely brutal.

724
00:53:37,582 --> 00:53:46,422
And this is where it's really in a case in emotional control, being invested in Bitcoin because of the volatility.

725
00:53:46,422 --> 00:53:54,502
And this is where in making sure you're a success with this, you really need to have a really long time frame and solve the volatility issue with duration.

726
00:53:54,842 --> 00:53:56,982
Just know that you're not going to touch it for five or 10 years.

727
00:53:57,102 --> 00:54:07,342
And then as my father and I have joked about in years gone past, he said, remember the mean with the monk getting kicked in the balls just continuously?

728
00:54:07,582 --> 00:54:10,282
And he's sitting there smiling as he's getting kicked in the balls.

729
00:54:10,282 --> 00:54:15,742
my father said it to me and basically said this this is like bitcoin you get kicked in the ball

730
00:54:15,742 --> 00:54:20,962
for five years straight then you wake up rich so i think and you just end up enjoying it yeah

731
00:54:20,962 --> 00:54:27,882
that's the fun part which 100 yeah i do think that last cycle was extra brutal as well in the

732
00:54:27,882 --> 00:54:32,523
sense that we had that initial pump then it dropped 60 so if you were new to bitcoin we had a lot of

733
00:54:32,523 --> 00:54:38,622
new people sort of post covid if you were new to bitcoin then you saw it go down 60 where you were

734
00:54:38,622 --> 00:54:43,323
like oh shit have I got this completely wrong it then pumped to new all-time highs then dropped 80%

735
00:54:43,323 --> 00:54:49,262
in a matter of like months it that is a pretty brutal first bull and bear market to go through

736
00:54:49,262 --> 00:54:55,582
and and maybe maybe what we need to see is Bitcoin to just either have a less volatile

737
00:54:55,582 --> 00:55:00,982
bear market or not have a bear market for retail to have the confidence to come back yeah like

738
00:55:00,982 --> 00:55:07,182
it's just going to take time and now that we've got the world's greatest salesman in Larry Fink on

739
00:55:07,182 --> 00:55:12,402
the team alongside Sailor. I look at that and think it's just a matter of time before everyone

740
00:55:12,402 --> 00:55:19,242
comes around to their way of thinking. But it's literally PTSD from just the volatility whipping

741
00:55:19,242 --> 00:55:24,462
people in and out of positions and thinking they're going to be rich and then having the

742
00:55:24,462 --> 00:55:30,202
rude awakening that all of a sudden the expectations don't meet the reality. This is probably going to

743
00:55:30,202 --> 00:55:34,323
continue to happen, but I think we're going to have much more muted cycles moving forward.

744
00:55:34,323 --> 00:55:58,282
I mean, I think, yeah, 100%. This is something I was talking to Joe and Checkmate and Matt Pines about on the show that went out yesterday. Like, I think everyone is now under the belief that maybe cycles aren't going to look the same, maybe completely broken. Like, I feel like that's becoming common consensus. And whenever things like that come to common consensus, we'll see it change and we'll see a big bear market. Like, that's inevitable.

745
00:55:58,282 --> 00:56:04,902
but like i'm at the moment at like 70 ish percent sure the the kind of four-year traditional cycles

746
00:56:04,902 --> 00:56:09,722
are done i don't know where you stand on that i just think we're entering a very different market

747
00:56:09,722 --> 00:56:15,782
from where we were you look at the halving cycle is now a much uh it's diminutive relative to its

748
00:56:15,782 --> 00:56:22,502
influence on what the market is moving forward the the size the scope the liquidity and the players

749
00:56:22,502 --> 00:56:26,642
who are entering the market just means it's a very different profile to what it had and to your point

750
00:56:26,642 --> 00:56:31,182
retail is not here. That's right. Retail isn't here. It's not being pushed by retail anymore.

751
00:56:31,322 --> 00:56:38,982
Now there's institutional investors. And I think probably the best tip of the cap to Bitcoin that

752
00:56:38,982 --> 00:56:44,822
I've seen is Vanguard now looking to create a Bitcoin ETF. Everyone bends the knee. Everyone

753
00:56:44,822 --> 00:56:51,382
is going to do that after they just shit on it for two years straight. And then the funny part is,

754
00:56:51,382 --> 00:56:57,802
I think the person who's now CEO of Vanguard had a huge part to do in the launch of the Bitcoin ETF for BlackRock.

755
00:56:58,682 --> 00:57:04,882
And so he's probably watched his baby become the greatest ETF ever invented or launched by BlackRock,

756
00:57:05,043 --> 00:57:08,002
thinking, well, I get a chance to do that here at Vanguard.

757
00:57:08,282 --> 00:57:15,882
So he's going to absolutely have a 180 backflip and distribute that to the people who've got $10 trillion of assets with them.

758
00:57:15,882 --> 00:57:25,102
I mean, imagine being Vanguard and seeing BlackRock launch the most successful ETF in their history and thinking you've been doing a good thing by your investors.

759
00:57:25,362 --> 00:57:26,722
It's just insane.

760
00:57:27,543 --> 00:57:28,002
All right.

761
00:57:28,082 --> 00:57:33,082
So just to close out, I want to talk about this is kind of in line with some of the stuff you do at Bitcoin Advisor.

762
00:57:33,222 --> 00:57:42,902
But for people who are like sat on their Bitcoin now and they are looking at this as something they want to have for multiple decades, generations passed down to their family.

763
00:57:42,902 --> 00:57:46,462
what are the kind of things that people need to have in place that you you think

764
00:57:46,462 --> 00:57:51,182
is overlooked by bitcoiners oh that's a really good question there are probably

765
00:57:51,182 --> 00:57:57,722
i think there are five things that i'd like to share that i think will probably have the biggest

766
00:57:57,722 --> 00:58:03,642
impact in helping bitcoiners keep their keep their bitcoin um and then i'll talk a little bit

767
00:58:03,642 --> 00:58:10,482
more on the self-custody side of things which is completely separate to this but i think and this is

768
00:58:10,482 --> 00:58:15,882
a very unpopular opinion. And sadly, my job requires me to have really awful conversations

769
00:58:15,882 --> 00:58:21,582
with people who are very lovely. But in wanting to plan for the worst and hope for the best,

770
00:58:21,902 --> 00:58:27,082
there are certain things you need to do to protect your Bitcoin. And statistically speaking,

771
00:58:27,462 --> 00:58:31,362
the number one thing that you can do to protect your Bitcoin is ensure that

772
00:58:31,362 --> 00:58:37,002
you don't go through a divorce. So if you look at the marriage stats in Western countries,

773
00:58:37,002 --> 00:58:39,842
you're upwards of 50% in divorce.

774
00:58:40,462 --> 00:58:43,482
And that is the surest way to halve your Bitcoin pile.

775
00:58:43,942 --> 00:58:45,523
And there are ways to mitigate that,

776
00:58:45,682 --> 00:58:47,142
but that's the number one thing

777
00:58:47,142 --> 00:58:48,523
that you need to be concerned with.

778
00:58:48,822 --> 00:58:51,862
The second thing that you want to try and avoid through time,

779
00:58:51,922 --> 00:58:53,523
and it's not a one-off event,

780
00:58:53,543 --> 00:58:55,322
it can happen multiple times through life,

781
00:58:55,782 --> 00:58:57,802
is ensuring that you minimize

782
00:58:57,802 --> 00:59:00,622
the effect of taxes on your Bitcoin.

783
00:59:01,063 --> 00:59:02,282
So how do you do that?

784
00:59:02,622 --> 00:59:04,582
Well, just have a look at the major taxes

785
00:59:04,582 --> 00:59:05,482
that you want to avoid.

786
00:59:05,482 --> 00:59:12,222
the first one is capital gains tax buying and selling your bitcoin you know in australia we've

787
00:59:12,222 --> 00:59:17,962
got a 25 tax rate if you've held your bitcoin for more than one year in the us uk it can be anywhere

788
00:59:17,962 --> 00:59:24,742
from 25 to 50 percent canada can be higher again and i look at that and think that's a really really

789
00:59:24,742 --> 00:59:28,762
fast way to halve the amount of bitcoin that you're holding if you're not prudent with it and

790
00:59:28,762 --> 00:59:33,342
you start trading it's very difficult to get ahead if you're going to be you know basically giving

791
00:59:33,342 --> 00:59:37,782
half to the government every time you start trading. The other, I think, really important

792
00:59:37,782 --> 00:59:42,543
tax to avoid, it's not so relevant in Australia and New Zealand, but it is in the UK, US and Canada.

793
00:59:43,063 --> 00:59:47,543
This is an awful one, but it's probably going to come to the rest of the world is estate taxes.

794
00:59:48,162 --> 00:59:52,682
And the problem with estate taxes is that it's very difficult to get out of. You need to plan.

795
00:59:53,182 --> 00:59:59,162
And there are ways and means to mitigate the effect of this, but avoiding estate taxes can

796
00:59:59,162 --> 01:00:04,462
increase the amount of Bitcoin that you leave to your loved ones by 66%. And so I look at this and

797
01:00:04,462 --> 01:00:10,502
think, if you could talk to any Bitcoiner and say, hey, do you want to leave your loved ones 66%

798
01:00:10,502 --> 01:00:16,023
more Bitcoin? We'd all jump at it. But it just requires forethought and planning to ensure that

799
01:00:16,023 --> 01:00:21,802
you're putting those Bitcoin in structures that are going to avoid those estate taxes on death.

800
01:00:21,802 --> 01:00:34,442
And this is where the UK, the US, Canada, they all have remedies to avoid that, but it's just about actually having the conversation and making sure that you are structured in the best way possible to avoid that.

801
01:00:35,142 --> 01:00:43,422
The other one that I think is really important from a generational perspective, and this comes down to actually passing on wealth.

802
01:00:43,422 --> 01:00:51,142
And one of the problems that we see with, I guess, a number of clients is they pass on the wealth without passing on the values.

803
01:00:51,802 --> 01:00:55,782
They're too quick to pass on the value without passing on the values that actually created it.

804
01:00:56,342 --> 01:01:05,043
And if you look at statistically, the first generation makes it 70% of the wealth is lost by the second generation and 90% is lost by the third generation.

805
01:01:05,182 --> 01:01:16,642
So if you think that Bitcoin's an asset that can last the next thousand years and provide for generational wealth, ensuring that you pass down your values that actually created this wealth is probably the most important thing you can do.

806
01:01:16,642 --> 01:01:31,482
And I think a lot of that comes down to having financial education around Bitcoin, what's the important or significance to it, how to adequately care for it, look after it, grow it, and most importantly, ensure that you don't lose it.

807
01:01:31,482 --> 01:01:48,822
And I guess probably the final thing that I'd look at is making sure, I guess, you avoid the two key areas that can level any amount of wealth, whether it comes to Bitcoin or literally Elon Musk or anyone else.

808
01:01:48,822 --> 01:01:57,302
It doesn't matter how much you're worth, the two things to avoid when you have wealth that you want to pass down and maintain for generations is to ensure two things.

809
01:01:57,602 --> 01:02:00,342
One is gambling in any form that it might take.

810
01:02:00,342 --> 01:02:01,282
It might be sports betting.

811
01:02:01,382 --> 01:02:03,642
It might be betting on shit coins.

812
01:02:03,762 --> 01:02:05,002
You name it, avoid it.

813
01:02:05,442 --> 01:02:10,302
And the other thing is ensuring that you don't take on any debt.

814
01:02:10,822 --> 01:02:14,962
And they're the only two things that can level any amount of wealth.

815
01:02:15,842 --> 01:02:27,502
And so ensuring that you prepare for those things, and most importantly, you educate the next generation on how to basically manage those things, I think is the most important thing for preserving your Bitcoin through time.

816
01:02:27,502 --> 01:02:37,702
I think that passing down of values is super interesting because that has both negative ramifications for like you and your family and for Bitcoin as a whole.

817
01:02:37,842 --> 01:02:44,622
Like if we don't pass down the values of what Bitcoin is and why it's important, then Bitcoin is also doomed eventually.

818
01:02:45,023 --> 01:02:48,002
And I can think about that from like a personal level.

819
01:02:48,122 --> 01:02:51,982
So my granddad worked on the shipyards all his life.

820
01:02:52,922 --> 01:02:54,622
My dad like ran businesses.

821
01:02:54,622 --> 01:02:59,822
He didn't do anything with his hands, but it's like he was still very keen as a hobby.

822
01:03:00,202 --> 01:03:01,622
In fact, just complete tangent.

823
01:03:01,842 --> 01:03:03,082
But we were in Liverpool once.

824
01:03:03,102 --> 01:03:04,402
My granddad died before I was born.

825
01:03:04,982 --> 01:03:08,802
And we were in Liverpool once when I was like 16 years old, me and the family walking around

826
01:03:08,802 --> 01:03:09,582
the docks there.

827
01:03:09,962 --> 01:03:11,722
And my dad just stopped and was like, what's going on?

828
01:03:11,982 --> 01:03:13,102
He was like, I built that boat.

829
01:03:13,922 --> 01:03:18,082
And it was a boat that him and his dad had built like 40 years earlier, just floating

830
01:03:18,082 --> 01:03:19,702
in Liverpool docks as we were walking around.

831
01:03:19,782 --> 01:03:20,302
It was crazy.

832
01:03:20,302 --> 01:03:25,322
But the reason I say this is like, so my granddad obviously worked with his hands.

833
01:03:25,602 --> 01:03:27,742
Like he was incredible with that.

834
01:03:28,082 --> 01:03:30,762
Passed a lot of that down to my dad, who was also incredible with it.

835
01:03:31,002 --> 01:03:32,662
And I can barely put a TV on the wall.

836
01:03:32,962 --> 01:03:35,802
And like, this is how these things can get lost through generations.

837
01:03:36,043 --> 01:03:43,922
And I think with Bitcoin, we need to be really conscious of passing down the values of it to our kids and hopefully longer.

838
01:03:45,262 --> 01:03:46,342
That raises a really good point.

839
01:03:47,162 --> 01:03:49,782
Apathy is probably the only thing that can ruin Bitcoin.

840
01:03:50,302 --> 01:03:55,043
and basically apathy will grow with those who haven't built it.

841
01:03:55,682 --> 01:03:59,462
So that's going to be a really tough thing for us to hand down to our kids.

842
01:03:59,662 --> 01:04:02,302
They're going to inherit basically the internet and internet money

843
01:04:02,302 --> 01:04:04,902
and think that money grows on trees.

844
01:04:05,582 --> 01:04:07,782
But things couldn't be further from the truth.

845
01:04:08,742 --> 01:04:11,122
We've basically experienced the last 10 years of Bitcoin

846
01:04:11,122 --> 01:04:13,742
and the fights that you've had to have to get to this point in time,

847
01:04:13,742 --> 01:04:17,402
and then it feels like, oh, the rest of the world's coming to the party now.

848
01:04:17,402 --> 01:04:22,242
but the generations that are going to inherit it aren't going to understand the struggles that

849
01:04:22,242 --> 01:04:27,322
everyone went through to preserve this network as we we see it today and i look at sort of the two

850
01:04:27,322 --> 01:04:32,462
biggest examples of conflict that i've seen in the last 10 years one's a block size war and one's

851
01:04:32,462 --> 01:04:39,222
what's currently happening with call v knots it's um it's going to be really interesting and like

852
01:04:39,222 --> 01:04:42,482
bitcoiners love to talk about the fourth turning like i just did a show with brandon quitton on it

853
01:04:42,482 --> 01:04:47,563
um but the fourth turning probably exists within bitcoin too it's like we we need to make sure

854
01:04:47,563 --> 01:04:53,882
like good the good times that the strong men make don't end up in a weak men making bad times

855
01:04:53,882 --> 01:05:00,902
how do we avoid that just i really don't know the answer to that do you know we avoid it by

856
01:05:00,902 --> 01:05:11,902
more bitcoin podcasts um well okay so the last part that you i'm trying 40 hours a week um

857
01:05:11,902 --> 01:05:15,822
So the last part that you wanted to get onto there was the self-custody side.

858
01:05:16,382 --> 01:05:19,422
Yeah, I think it's really important to self-custody your Bitcoin.

859
01:05:19,742 --> 01:05:25,662
And I look at all of the Bitcoin wrappers that we've got available today as really entry points.

860
01:05:25,762 --> 01:05:26,402
They're top of funnel.

861
01:05:26,622 --> 01:05:28,082
I look at the Bitcoin ETF.

862
01:05:28,543 --> 01:05:35,782
I look at MicroStrategy, MetaPlanet, all the other Bitcoin treasuries or proxies, the Bitcoin miners, the ETFs.

863
01:05:35,962 --> 01:05:38,142
I look at that and think that's really top of funnel.

864
01:05:38,262 --> 01:05:40,442
That's kind of getting people interested in Bitcoin.

865
01:05:40,442 --> 01:05:41,982
and that's the teaser.

866
01:05:42,162 --> 01:05:42,822
That's the entree.

867
01:05:43,482 --> 01:05:46,642
The main is actually delving down into the rabbit hole

868
01:05:46,642 --> 01:05:48,442
and actually self-casting this Bitcoin.

869
01:05:48,442 --> 01:05:52,043
And this is where the rewards for self-casting your Bitcoin

870
01:05:52,043 --> 01:05:54,302
into the future, I think, are going to be astronomical.

871
01:05:55,002 --> 01:05:57,442
And this is where I would urge people to say,

872
01:05:58,102 --> 01:05:59,442
start wherever they start.

873
01:05:59,782 --> 01:06:02,023
You know, you do you is probably one of my most famous sayings

874
01:06:02,023 --> 01:06:04,982
that wherever you're comfortable starting, start there.

875
01:06:05,402 --> 01:06:08,262
But I urge everyone to go down that Bitcoin rabbit hole,

876
01:06:08,262 --> 01:06:13,442
get into bitcoin self-custody because the benefits of self-custodying your bitcoin long term are going

877
01:06:13,442 --> 01:06:19,362
to provide literally for generations to come once you understand how to preserve your wealth how to

878
01:06:19,362 --> 01:06:24,662
custody it safely the benefits that accrue to you who self-custody bitcoin are going to be enormous

879
01:06:24,662 --> 01:06:29,563
particularly with the credit markets that i see building out on this is that if you own your

880
01:06:29,563 --> 01:06:35,582
bitcoin and you self-custody you'll be able to access any credit market on earth and you look at

881
01:06:35,582 --> 01:06:39,063
Say the Swiss have got near 0% interest rates.

882
01:06:39,162 --> 01:06:43,162
You've got the Japanese central bank has got an interest rate of 0.5%.

883
01:06:43,162 --> 01:06:45,942
Bitcoin's the first globally ubiquitous asset.

884
01:06:46,563 --> 01:06:51,162
And being the first globally ubiquitous asset, you'll be able to access those markets with cheaper interest rates.

885
01:06:51,622 --> 01:06:57,002
Now, if you've got a Bitcoin wrapper like the ETF or a micro strategy,

886
01:06:57,222 --> 01:07:01,662
you won't be able to get a margin lending facility at those rates globally

887
01:07:01,662 --> 01:07:04,702
because you'll be stuck with the local jurisdiction

888
01:07:04,702 --> 01:07:06,482
and whatever interest rates are offered there.

889
01:07:07,102 --> 01:07:09,182
So purely from a self-interest,

890
01:07:09,302 --> 01:07:11,782
I think it's important to go down that self-custody rabbit hole.

891
01:07:11,942 --> 01:07:14,282
And this is where I spent the last 10 years

892
01:07:14,282 --> 01:07:16,482
trying to help clients self-custody that Bitcoin

893
01:07:16,482 --> 01:07:20,002
in a way that removes every single point of failure

894
01:07:20,002 --> 01:07:22,642
from their custody and ensures that they can't muck it up.

895
01:07:22,902 --> 01:07:25,322
Because the last thing I'd want to see is

896
01:07:25,322 --> 01:07:28,782
telling people how to buy Bitcoin

897
01:07:28,782 --> 01:07:31,122
and go down that rabbit hole and then

898
01:07:31,662 --> 01:07:32,582
They don't do it properly.

899
01:07:32,702 --> 01:07:36,563
They lose it and turn around in five years' time and say, hey, you know all those things

900
01:07:36,563 --> 01:07:36,922
you did.

901
01:07:37,242 --> 01:07:38,242
How do I recover it?

902
01:07:38,422 --> 01:07:43,422
And this is where I've been fortunate giving advice on this in the last 10 years.

903
01:07:44,342 --> 01:07:49,202
I'm fortunate to say we haven't lost a single Satoshi helping clients self-custody their

904
01:07:49,202 --> 01:07:54,782
Bitcoin because we do it in a way that offers multiple redundancies for their self-custody.

905
01:07:55,543 --> 01:07:57,322
So you've not lost a single Satoshi.

906
01:07:57,702 --> 01:07:58,702
I mean, that's incredible.

907
01:07:58,822 --> 01:08:00,362
We need to keep that going.

908
01:08:00,362 --> 01:08:06,122
um peter this has been amazing i think this is the least hair we've ever had on a podcast i might i

909
01:08:06,122 --> 01:08:12,822
might title this one but between two hairs um but before you go where do you want to send anyone who

910
01:08:12,822 --> 01:08:16,762
wants to find out more about you or bitcoin advisor anything you're doing i think probably

911
01:08:16,762 --> 01:08:23,002
the best place would be um the bitcoinadvisor.com and that's advisor with an er there's a whole host

912
01:08:23,002 --> 01:08:29,723
of resources there um you can download a bitcoin advisor chat bot if you want a whole host to help

913
01:08:29,723 --> 01:08:35,563
with securing your Bitcoin, we give away all our IP for free. So we just want to make sure that

914
01:08:35,563 --> 01:08:41,462
everyone self-custries their Bitcoin in the best way possible. And I urge everyone to take as much

915
01:08:41,462 --> 01:08:45,922
of our information as possible and apply it to themselves personally. And if you need any help

916
01:08:45,922 --> 01:08:49,822
on a personal level, just reach out and book some time with us. It's easy to do.

917
01:08:51,042 --> 01:08:55,942
Love it. Thank you for this, Peter. You're the man. I know I bug you with a call every week

918
01:08:55,942 --> 01:09:00,042
asking you about different things that happen in Australia, different tax implications of

919
01:09:00,042 --> 01:09:05,802
whatever it is. You're my personal Bitcoin advisor. So I really appreciate it, man. And I will speak

920
01:09:05,802 --> 01:09:08,123
to you very soon. Thank you, Danny. Appreciate you.