Another day, another currency in collapse. This time it's Turkey. The Turkish Central Bank is
dumping U.S. treasuries to pump up demand for its currency. VPNs are crucial to protecting your
information. Information is power and they can and will use it against you. How do I know? It's
because that was the biggest motivator for me to leave Lebanon in 2019 after being completely
raped financially and waking up homeless overnight. Like you'd expect some sort of like pissed off
reaction, right? Another day, another currency in collapse. This time it's Turkey. The Turkish
Central Bank is dumping US treasuries to pump up demand for its currency, but how long can it fight
the fact that all fiat money eventually goes to zero? Hey, everyone, welcome to another episode
of Bitcoin Banter. I have Tony and Sophie here with me. Be sure to smash that like button and
stick around for the donkey of the week here at the end. Guys, let's jump in. So Turkey is
liquidating nearly all of its U.S. treasuries to defend the lira amid the Iran war fallout. Tony,
this is a story you've seen many times, so I'd love your take. And just to be clear,
everyone's losing faith in the dollar. This is not that. This is them just trying to prop up
their existing fiat currency. What's your take when you read these sorts of headlines?
Yeah, these are these unexpected events that come out of nowhere, catching everybody off guard. And
now, you know, you watch them scrambling, all panicked, trying to hold the fort. And so this
is what's happening here. Their currency is catapulting to zero and they are doing anything
that comes to mind in order to hopefully prevent that from happening. But sooner or later,
no matter what you do, you're not going to be able to save the inevitable. All fiat currencies,
that worthless paper that has no value to begin with, well, it's going to return
to its, you know, meant state, which is zero.
How it happens, you know, every situation has its story.
And I guess, you know, Turkey is living its own right now
in the same way that we saw this in many other countries.
Lebanon just as recently as 2019.
So this is Turkey's moment now.
Let's see how it plays out, man.
It's anybody's guess, but history has always proven
that these things always result the same way.
They all collapse, they all go to zero.
And if you don't want to be a casualty of that collapse,
Well, you need to be off that ecosystem.
And the only product that'll give you that ticket out is Bitcoin in full self-custody.
What I always get curious about when I see these stories is how much does it extend the
runway?
They've sold off almost all the reserves.
They're going to buy up a bunch of lira, pump demand.
And then what?
What else do they begin selling?
They're already selling some gold as well.
It's not just US treasuries.
Here in the next few years, it seems like we're just going to see another blow up.
Sophie, what's your thought on this?
Well, as someone who saw the same story happen in Venezuela, this is like stage one, right? Stage one, you sell off all the assets that you can to prop up your own currency so that it doesn't go into hyperinflation and people don't starve. Step two, it goes into hyperinflation anyway because it's just not sustainable.
Stage three, you default to using the next, you know, the I guess the shit coin that we are all using is the U.S. dollar. And then step four, you get to Bitcoin. Right. And people don't realize that they don't have to suffer 20 years of using the U.S. currency and still being on the fiat carnival ride.
And you can just go straight to Bitcoin and self-custody.
Bitcoin adoption is making it so people realize that sooner.
But for now, I mean, people are going to go through the motions and see what they can do to hold on for dear life to, you know, garbage.
The obvious solution we know is Bitcoin.
For those in Turkey who don't know, I bet you they're going to increase demand for dollars.
People are going to start using things like Tether because they can't get a U.S. bank account.
They know that their currency is going to hell.
And so they're going to look for the next best alternative that they understand.
So we'll have to see how it plays out.
I'm not hopeful for what this means for the lira here in the coming years, though.
Guys, we have the resurrection.
The Bitcoin Act sort of stalled in Congress and U.S. Congress.
And now they are introducing something called ARMA.
It's the new strategic reserve bill.
And it was introduced this week by Senator Nick Bagich.
And the proposal here is that the U.S. wants to hold 5% of the total Bitcoin supply over five years through budget neutral strategies like, of course, seizures and forfeitures.
But the big story seems to be that they want to actually revalue the gold.
And we've talked about this probably a little bit over the last year or so.
So instead of 42 something ounces, as it was pegged to in 1973, I think they want to revalue it at today's market rate, which is 4,500 an ounce or what have you.
which would basically be like a trillion, $1.2 trillion in freshly printed money that they could
then use to go buy Bitcoin. Sophie, what do you think? Do you think this has any chance of passing
to begin with? And what do you think the implications of this even being floated again are?
I mean, it would be in everybody's best interest. It's not completely
outside of the scope of reality. We've been speculating it ourselves on the live show
on Simply Bitcoin. And it is totally possible that the U.S. government decides, hey, the gold
that we have has not been revaluated. It's sitting at the same price that we got it a million years
ago. It hasn't kept up with inflation. It's time to actually value it on what it's worth today.
And as we know, gold has had a historic run this year. So it's only in our best interest to be able
to match that price to the actual value in the market. And once we do that, I mean, I don't know
if we would sell some of it to buy Bitcoin. That is, you know, kind of a far reach in my opinion,
but I don't see why they wouldn't revalue the gold. Yeah, I agree with you on revaluing the
gold. Someone's going to do that at some point because it's a trillion dollars that they can go
spend and say, well, we're just acknowledging the fair market price of gold in today's dollars.
That's the idea, though, here, is I think what we're looking at is a proposal specifically to accumulate 5% of the Bitcoin over the next five years.
I think it's going to run away from them unless they print a lot more than a trillion dollars personally.
I think it's more likely that they'll borrow against it.
You know, they'll borrow against the value of the gold because the other thing is, you know, they'd have to compete with Michael Saylor,
who is trying to reach that 5% and buy all of the remaining Bitcoin that is being mined from here
until 2040 or 2140, sorry, someone would have to make the case for them to do that. I haven't seen
people, you know, really making significant moves towards a strategic Bitcoin reserve.
And maybe that's just me being a little bit blackpilled. But at the end of the day, like
whether the government is involved in Bitcoin or not, like that's great for the price. But
ultimately, that makes me a little bit scared for people who, you know, don't have their Bitcoin in
self custody, and who might feel like their stack or their the fact that they even have Bitcoin as
docks, because like you mentioned, they're trying to accumulate this Bitcoin through, you know,
saying that you have illegally or you got this through illegal means or whatever, like who's to
say like what those illegal means are from here to 10 or 20 years. Well, the good thing is I hate
the federal government and I don't think this bill is going to pass. So they're not going to have
any more Bitcoin that they don't steal from exchanges or something like that, which is again,
why you need self-custody. By the way, click the link below, schedule a call with our team. We can
train you how to properly take self-custody of your Bitcoin. Tony, do you think this bill has
any chance of passing? And what do you make of it? The fact that they're resurrecting this.
I personally don't care what they do because it doesn't really matter when it comes to your
freedom and to Bitcoin in general. You can never believe anything these guys say. They're all
corrupt liars. They've always been that way. There's no reason to expect them to change anytime
soon. But Bitcoin is for everyone, people that you like and people that you don't like, and you're
just going to have to accept it, right? Like freedom, neutral money, that's the condition it
comes with. If they do this, the sad part is that it's going to remove whatever supply away from
those who actually need it, you know, the 8.3 billion individuals who are suffering, you know,
in all parts of the world financially because of the system that these same people created,
right? So what I find, you know, disturbing is how so many people sit around waiting for their
approval and what they're going to say or what they're going to allow or what they're going to
consider, you know, good or bad.
Like, who cares, man?
Like if you understand anything about Bitcoin you must be crystal clear in your head that these people do not matter Whatever they say whatever you do if you understand Bitcoin and you are holding it in full self nothing they say or do can affect you because you are no longer living in that ecosystem
The US dollar price of Bitcoin is not the metric by which Bitcoin wins or loses.
Bitcoin doesn't give a shit about the dollar or any other fiat currency.
It's its own money.
And that's what people should be focused on.
It's not an investment.
Whether it goes up a thousand bucks or goes down 5,000, who cares?
The whole point of Bitcoin is that you can transact from point A to point B without anybody's permission,
without having to follow corrupt rules,
without having to fill out 700 forms to some piece of shit who thinks they have power over you
and who thinks they own your money and the decisions behind how you're going to use it.
That's what Bitcoin represents. These legislators, these regulators, they can do whatever they want.
That applies to their world, to their product. You don't have to wait around for what they're
going to decide on. You can walk away today and never look back. And a lot of Bitcoiners have
already understood this. So reading this news, as far as I'm concerned, is just entertainment.
You know, all this legacy finance bullshit that's built, you know, using Bitcoin wrappers,
that's all it is. It's the attack on Bitcoin because they are petrified of 8.3 billion people
understanding that they don't need them. That's really the fear of governments and central banks.
And if you think, you know, ETFs and Bitcoin treasuries are not going to be co-opted somehow
by this establishment, you're crazy.
In my opinion, I am 100% convinced that the US Strategic Reserve is already here.
It's just branded using somebody else's name right now.
What name would that be, Tony?
That is for intelligent people to figure out on their own.
But to me, it is crystal clear.
I think the U.S. government probably has a strategy for accumulating some Bitcoin, if we could just say that.
Yes, a very, very, you know, bold strategy.
Tony, I agree with that.
So something of an aside here, but you hinted at this, Tony, and I think it's an important point that bothers me.
Like, this is a head scratcher.
It's like Larry Fink and BlackRock are here.
Fidelity's here.
JP Morgan's even here.
the federal government's talking about this and there are still people who are sitting on the
sidelines spending zero time studying Bitcoin and trying to figure out why are all of these elite
financial institutions talking about Bitcoin. I don't care that they're here. I found Bitcoin
before they found Bitcoin or at least before they started marketing it and trying to make money off
of it. But it's mind-blowing to me that the people who do need permission from the government or from
big institutions to pursue a particular financial instrument, they have that green light from all of
these people and they still aren't doing anything. Like we're still at, you know, 1%, 1.5% global
adoption. I just don't know what it's going to take to wake people up to at least read a book,
like pick up the Bitcoin standard. It'll probably take decimation. It'll take Turkey.
I don't see any other way, man. And the problem is a lot of these people aren't dumb.
They're just not privy to the right education and the right messaging.
Like they don't hear these messages.
They don't watch these videos.
The hell do they know?
They go ask their next door neighbor who's more clueless than they are.
And like it just, you know, circulates that way.
How do I know?
It's because that was the biggest motivator for me to leave Lebanon in 2019 when almost
no one, you know, reacted the way I thought they would after being completely raped financially
and waking up homeless overnight.
like you'd expect some sort of like pissed off reaction right what happened blah blah blah
complaining and like you know going about doing whatever the hell the that they that they were
always doing which is completely useless and zero value so do i have a lot of hope in something
crazy a wake-up call no not at least not in the short term because if history is any indication
that's not just not how people are wired like some people would rather wither away than make
an effort, which is really mind blowing. But who knows, man, hopefully I'm wrong. But based on my
own experience, that's what I've witnessed. And that's the conclusion that I come to, you know,
unwillingly a lot of the time. I hope you're wrong, but I guess we're gonna have to wait and
see. Sophie, did you have another comment on that? Anytime the government gets involved with
the thing that we think is going to destroy them, you should be weary. And so with with
and these institutions, right, with BlackRock and Fidelity, like when it comes to them,
I really do believe like in the back of my mind, and this might be conspiracy that they've been
sent to artificially pump the value or sorry, not the value, the supply of Bitcoin. And I think that
that's really why we haven't seen the price go up. I think that's why people who started to be
interested this cycle have become disinterested and they're buying into the CTF. But in reality,
like they're just accumulating Bitcoin for themselves and they're accumulating Bitcoin
for the government, which is completely antithetical to why Bitcoin exists in the first place.
Bitcoin is supposed to exist for the regular person to be able to survive and to protest
against the people who are devaluing your money. So if that is what we're up against,
then you need to stack harder than them and you need to take that into self-custody before
they start to come for you because right now they're saying oh we can play this game too we
have enough you know fiat that we've printed to basically like compete against you in the game of
accumulation but what they can't do is compete against you in the game of holding your coins
they can come after you and say and steal it from you they can allege that you've acquired this
Bitcoin through illicit means. But in reality, they're not going to ever be able to do anything
about it if you have it in self custody. And that's where the games begin. That's where,
you know, they start to use violence to try to coerce you to give them your keys.
But for it to come to that, and if it does come to that, when it comes to that,
people are going to then open their eyes. It is unfortunately going to take some violence for
people to realize that they've been scammed all along and that they should have never trusted the
government to begin with that is very well said alrighty guys up next so we talked a few weeks
ago about south africa's uh their controversial capital flow rules that they've proposed so
they've had this comment period and they want to just keep in mind the context of the of the
law would be they're going to collect everyone's information if you hold crypto you have to tell
Tell them everything about it yourself, all sorts of sensitive data.
During this process of comments, they doxed 300 plus email addresses.
So they hit reply all, forgot to BCC everyone.
So everyone's emails were made available and obviously very quickly became publicly available.
So the point of this story is they want all of your data, but they can't even protect 300 email addresses as they go through the comment phase of this legislation.
Tony, Mr. Cybersecurity, I'm sure this doesn't surprise you, but what's your thought on South Africa?
It's laughable, man, because these are some of the most incompetent people on the globe.
And it's not just in South Africa in general.
All these honeypots of information that are marketed to make you feel safe and secure and all of that fun stuff.
Who's protecting it?
You have essentially a bunch of unqualified people behind all of this.
And you think you are able to trust them that nothing goes wrong.
But we're clearly seeing almost every week now that this is not the case.
Whether it's an accident or not, private information, really sensitive, dangerous information, is being put in the wrong hands.
and some people are living the consequences of that,
which is not good.
So again, people need to be aware
that you don't have to de facto do something stupid
just because the government says you have to.
These people don't have your best interests in mind.
You have a brain, a God-given brain,
and the idea, the reason why you have one is to use it.
Blindly complying, especially to people who don't like you,
is a recipe for collapse. And so how people learn this lesson is ultimately up to them.
But the more we read about these headlines you know I choose to remain a little bit hopeful even though you know experience has taught me not to be so hopeful about you know human IQ but you know let let stay positive here Yeah I completely
agree. And you just have to remember the government doesn't care about you. And they sure as hell
don't care when they make a mistake like this, and they dox any information about anyone. And it's
going to happen again, the more information they collect, the more they centralize data about you,
your life, your asset holdings, we're going to see more of this. Guys, so this is a story I did
send you yesterday. I forgot to go over this again in the pre-recording, but Noster VPN
is now live on Umbral. I imagine it's going to come everywhere. Obviously, we're big fans of
Start9. So it turns your Umbral into a private mesh VPN, letting you securely access your Umbral
and connected devices from anywhere in the world. Tony, they say it's like tail scale,
but you use public keys, so you don't need an email to sign up third party or centralized
control servers. We have talked on the show before about how several states are trying to
ban VPNs. Obviously, I don't know how you would go about doing that. But this is the sort of
open source workaround that I think is very exciting to see. Tony, as the cybersecurity
guru here, I would love to hear your commentary. I've been talking about this forever,
telling you guys that this is going to be the expected outcome of these attacks. We've seen
it like a million times in the past, Napster, you know, and so forth. The more you try to take out
something permanently, the more pushback you're going to have. And usually the pushback is
something you can't control. So when they shut down Napster, they created torrents. Torrents grew
into this thing that is still dominating 80 to 90% of all file sharing activity today.
And then in 2009, someone created the torrents of money, Bitcoin. Do you honestly think this is not going to take over the world?
You nailed it. And I think the important thing that we see here is all of these tools like this, and just Noster in general, it's a continuation of the cypherpunk movement, right? We had this explosion of cryptography and solutions related to privacy in the 80s, 90s in particular. And we're still seeing this being built out.
And as we see, because we've talked about Australia, the UK, all these places where you can't say what you want, you're getting your phone searched at the airport, you have to show your age, your ID or something just to access internet resources.
These sorts of tools are going to become the most obvious solution in the world for millions, if not billions of people over the coming 5-10 years as things continue to deteriorate.
Sophie, what do you think about this?
Well, you know, it makes me happy that and, you know, I think the theme of this episode right now has been literally like the government and their intrusion of your personal privacy and security and then the people who are doing something against it.
Right. And so it makes me really happy that there are people who are doing something against it.
VPNs like are crucial to protecting your information.
Information is power and they can and will use it against you.
It's literally like embedded in part of the state and their identity.
So whatever you can do to get around that, whatever you can do to reclaim your freedom and your privacy, like is always going to be a positive thing.
And, you know, I can't wait to see how this rolls out. I do think it's important to like market it in a way so that so many people use it, that it's unstoppable. Like I think Bitcoin has has a long way to go with that personally. Like I want people to use Bitcoin. I want people to be able to understand it, to want to learn about it. And I think that there is a huge obstacle that we face there as the community to get people to adopt it.
And it's kind of the same thing with privacy, with VPNs. A lot of people don't understand how easy it is to just take your information online. And then they get 500 spam calls throughout the day and they wonder, how do people have my number? And it's like, you know, that thing that you shopped for online and gave your phone number to like might be the reason why.
So if people have these tools to protect their privacy, I think they will understand that it doesn't have to be this way.
They don't have to be harassed every day by the government or by people trying to sell them something.
I think that's a great way of framing it.
By the way, if you're still here, do me a huge favor.
Smash the like button.
Make sure you subscribe to the channel.
We really, really appreciate that.
Tony, you re-shared a Wallet of Satoshi tweet.
So Wallet of Satoshi point of sale, the point of sale app for businesses is getting an upgrade soon.
Any POS currently using a custodial wallet of Satoshi address will stop accepting payments.
And it looks like they are going self-custodial.
So very exciting.
You said when good people start building good things, amplify the signal.
Extremely bullish, non-custodial, greater than custodial, always.
What was your reaction to this and what are you seeing in the space?
I was very happy to read this because Wallet of Satoshi, you know, when it first began, it was a very custodial, easy to use, you know, wallet and what have you. But, you know, it didn't follow the proper Bitcoin ethos because it was custodial. And it was really refreshing to see that over time, the developers behind this project have started, you know, shifting over to the right side of Bitcoin.
and whenever I personally see something like this,
for sure I'm going to amplify the signal.
These are very good people
who are obviously standing on the right side of history
and are progressively improving the product
that they contribute to the world with.
And if somebody has a use case
for the point-of-sale service,
which is a very user-friendly app, by the way,
you should definitely consider it
because you can tell
if people have good intentions behind the project by their actions.
And this is just the perfect example of such a thing.
Yeah, exciting times.
Anything you'd add to that, Sophie?
I love what they're doing here because they make it simple and easy for people to use.
It's just like how Square did it, but basically like a million times better
because it goes straight into self-custody.
So again, the companies that are building for privacy and against the government,
against the people who are trying to make your life miserable and take away your freedom.
I'm all for it. And I just love that they made it simple so that anybody can use it.
Well said. I think these are exciting times. And speaking of adoption from a point of sale
perspective, we have Ferrari now accepting Bitcoin and crypto payments in the US and Europe. So
the great news is they're accepting Bitcoin. The bad thing is that they're also accepting
ETH, USDC, and XRP, my favorite, through BitPay. But there's signal here amongst the noise. I think
they're on their horseshoe journey from Bitcoin back through crypto and into Bitcoin. Sophie,
are you going to go get your Ferrari now? Everybody... Well, I don't think so. I'm not
going to sell stats for a Ferrari. Sorry, Ferrari. But I think that it's really, really
interesting that they're dipping their toes into the Bitcoin space, even if that does include
shit coining a little bit. You know, there's so many people who started their journey that way
and they learned the hard way. Maybe they're gonna, you know, sell or accept a bunch of XRP from,
you know, some person who wants to trade it for a Ferrari and quickly realize that the volatility
just isn't worth it and they should just stick to Bitcoin. But this is how you change the culture.
This is how you make it so that regular people start to want to at least learn about Bitcoin.
And these are the culture movals. This is how this changes the world. So I'm very excited to
even just read the headline. Whether people do it or not is to be seen. I don't know if people
are going to sell their Bitcoin for a Ferrari, especially with the price the way that it is
right now. But it's still very exciting. And it means that somebody in Ferrari has looked into it
enough to realize that it's important to have a little bit just in case it catches on, as they say.
Yeah. Skate where the puck is going. Tony, we talked about this on our live stream yesterday.
And what we don't know at this point is if they receive a crypto payment or a Bitcoin payment,
What are they doing with it?
I am going to assume that they're liquidating it for dollars or euros or whatever the local currency in which they're selling.
But maybe not.
I think a year from now, we're going to find out, oh, you know what?
Yeah, we do liquidate the ETH, the USDC, the XRP.
And we're building our own little Bitcoin treasury now, the same way Steak and Shake has in the US.
What do you think is likely to play out?
No, I believe they're actually converting it right away on the spot.
I mean...
Yeah, actually, I just read that as well.
You're right, Tony.
They're doing it from now.
Look Ferrari makes exceptional cars I mean these guys are like kings of design and performance vehicles They not economists or financial strategists that understand money I am almost 100 sure that
this decision came from, you know, we accept cash, credit cards, you know, why not add this
new crypto thing? You know, that's probably how the conversation at the dinner table went,
because it's just an extra way of making money for them.
And the proof is that they're converting it
to what they still believe is money, that worthless paper.
But okay, it's fine.
So now they've introduced themselves to this world.
Eventually, hopefully at some point,
they'll learn a bit more about it and realize that,
hold on guys, we've been dumping the wrong thing here.
And then they'll stop converting the Bitcoin
to a worthless shit coin.
and they'll start keeping it.
Maybe they'll continue doing it with the other altcoins,
but eventually at some point,
I'm pretty sure it'll just register,
and then they'll stop doing it.
But every story has its first chapter.
This is Ferraris,
and there'll be many stories like this
of other companies that are dipping their toes,
whether they understand it or not, it doesn't matter.
They know that it's just an extra thing
that brings them money.
For them, that's really the bottom line.
and sooner or later, you know, the intelligent ones will figure it out.
My base case, though, is still in a year,
we're going to find out that they're not swapping everything back into fiat.
They're going to begin retaining their Bitcoin
because I think that's the only sensible thing.
And they're going to realize, honestly, I think a year from now,
the purchasing power they've missed out on by swapping back into fiat.
All righty, guys, we have reached the donkey of the week.
Let's watch this video.
This week it is Mr. Mark Cuban.
And this might get some people upset. I think Bitcoin has lost the plot. And when I started buying Bitcoin and I've sold all of it, except not all of it, most of it, it was because when all the shit hit the fan with the Iran war and, you know, Bitcoin was always the best alternative to fiat currency losing its value.
and I always thought it was a better version of gold than gold.
Well, gold just blew up and went, you know, to $5,000.
Bitcoin dropped.
And every time the dollar dropped, Bitcoin should have gone up, you know,
because if it's priced in dollars, it was cheaper.
So anybody from around the world could go pay in dollars
and it just didn't do that.
Not such a hedge.
No, it's not the hedge that I expected it to be.
And that was really disappointing.
And so I'd say I'm more disappointed in Bitcoin,
not as disappointed in Ethereum.
And the rest, you know, the token stuff, the meme coins.
Garbage.
All righty.
So he's not as disappointed in Ethereum as he has Bitcoin.
Sophie, why don't you take this one first?
What's your thought on our donkey of the week?
So while hearing this video at first, I was like, you know, he's not wrong about the price of Bitcoin.
Like, it really should have gone up when this whole Iran war thing.
I get it.
Okay.
My dad has been making the same argument like, thank God I don't have everything in Bitcoin because it's down 45%.
It's like the boomer mentality of it's not going up and so therefore, you know, it's garbage or we've lost all faith.
And it's just like the regular, you like normie short term thinking.
They don't see the long term vision.
OK, fine.
I can accept that.
But when he said, I'm less disappointed in Ethereum, oh God, like that's when you, that's just when you know, like these people have no idea what they're talking about and they think that we're idiots.
And it's also talking from a place of extreme privilege, because when you're a billionaire like Mark Cuban, you can afford to, you know, have your assets diversified and, you know, lose a little here, like get a little here and think of like the short term gains because whatever, you know, you're a billionaire.
And so it doesn't matter. You're not thinking about whether you can buy a house. You're not thinking about how the global elites are destroying your currency. You're not thinking about how they're blowing up kids halfway across the world.
So, you know, it's a very, it's just, you know, it's sad to see, but it is the way that they think they're going to always count their pennies on the short term.
And they're not going to understand the long term implications of it because they don't care because they only think about their own gains and they're not thinking about how this affects the rest of us.
But, you know, they'll learn. And when Bitcoin goes up, he will have pie on his face.
So, you know, and speaking of his face, he needs a facelift.
This guy looks like a literal like hound dog, one of those like bloodshot dogs that like
have the hanging face off of their skull.
That's literally what he would like.
Mark, talk to your talk to your wife's plastic surgeon, please.
Like do something, do something for yourself or don't go on TV, please.
And start speaking nonsense like this.
So I think the trap that people have fallen into is gold is a good short term hedge against
inflation because it is what everyone in the entire financial world, at least in most of the
world understands, preserves value. So when you experience periods of high inflation, people run
to gold because it is what they know. When you're a $1.2, $1.5 trillion asset on this ocean of global
assets, it's not going to be able to be that short-term store of value. When we talk about
Bitcoin as a store of value, we mean over a long time horizon. It will retain its value through the
years, not for this one year period where inflation is running rampant because everyone's
rushing into Bitcoin. Most of the world doesn't even know that that's an option. They don't get
it. So you need to step back and quit looking at the short term price movement based on macro
trends because we are getting there. To your point, it's just low time preference behavior
that most people have not adopted. Tony, what do you think about Mark?
Man, you lost me on that facelift, Sophie. My train of thought just went out the window.
But man, this guy is representative of the folks that are still, you know, believe in candlelight horses and fax machines.
You know, like when people like this talk, that's all I hear.
You know, in this world, we have two types of people.
We have the visionaries and, you know, the first movers.
And you've got everybody else that eventually maybe clicks and follows along, right?
with every big innovation, the majority ignore it. They criticize it because they don't get it.
So they try to put it down so that they don't look stupid. But the technology in and of itself
doesn't go away because a bunch of people said it was dumb. The technology, if it's actually good,
proves that they were dumb and then they eat their words later on. These people made it in
the fiat world. That's all they understand. And of course, you know, being privileged, you can
afford to make comments like this. You lose 10 million, 20 million, like who cares, man. It's like
10, 20 bucks for the average person when you're a billionaire. So is he going to regret it at one
point? Maybe. And if he does, can he still save himself? Of course, right? Unless things really
go bad really, really fast. So people like this, they might make sense to folks that understand
even less than he does. But for anyone that has a clue, I mean, this is just, you know,
entertainment at its best. It's a comedy show because you ignore folks like this 100%.
Bitcoin is not going to go anywhere. The mere fact that governments and countries and, you know,
all the wrong people are so heavily focused and invested in it is proof that it's here to stay.
They just don't want you to figure that out as well.
You got it, man.
And that's a great place to wrap up for the day.
Mark Cuban, congrats on being our donkey of the week.
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It's fantastic.
It comes out every Sunday.
It's highly educational, but we've got a ton of funny memes mixed in there that you will absolutely enjoy.
And Sophie, as always, thanks for coming on.
Why don't you tell people where they can find your channel as well?
Absolutely. Thank you guys for having me.
You can find me on Twitter at InternetSophie or you can watch my show on Simply Bitcoin's YouTube channel, Satoshi.
It's out once or twice a week.
We're also on Rumble.
Fantastic. And by the way, before you leave, everyone smash the like button.
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hit the bell for notifications so you don't miss an episode.
Guys, great chatting with you.
We will catch up again next week.
Thanks, guys.
It was great.
Cheers.