Dan Tapiero: The Single Most Important Bitcoin Interview of All Time

31:09I mean, it might be that at some point, there's so many places that it could go. And I'm not the right guy to start throwing out the possibilities and all the use cases. I'm trying to think of, what is this platform worth? And I think eventually, part of the value is that it is, if it need be, traceable back to somebody somehow. And we've seen this. We've seen with the FBI, if they think that there's some fraud or something, they can, not in all cases, but they can go back. Physical gold, it's more difficult. My only point is that gold, it's a hedge in the traditional system, for the traditional system.

31:55stocks and most people who are long stocks and bonds, gold is a good hedge. And now with rates close to zero, if we go through this thing where US two years are going back down to 2%, you don't have a real hedge. It's not clear to me that Bitcoin acts as that hedge. It can. But what I'm trying to say is that Bitcoin really is something much bigger than that. And to just, you know, be comparing it or, you know, gold and Bitcoin are cousins. You know, they're both alternative currencies. Well, that's part of Bitcoin, yeah. Right. The value part, the part that trades on the screen, they're alternative currencies, right?

32:37That one little part of Bitcoin, Bitcoin really is massive. So I'm not sure why everyone is comparing, you know, Bitcoin, digital gold. Maybe they think it's an easy way for people to understand it. But that's not an easy way. It confuses it. I think if it were presented as this invention of a new system, and if it were articulated in the right way, I think it would make adoption easier and quicker. And so this leads me to think the greatest need in the Bitcoin community, again, from a macro guy perspective, not someone who's involved, nitty gritty, the leaders in the area need to either come together, is it Coin Center, which is the advocate in DC?

33:34Maybe each of them have to put in$5 million into a pot, and they have to develop a proper marketing and educational plan. I think this is important in DC as well, because this is something that the US could, I mean, is going to be a huge growth mechanism, I think potentially could create a huge number of jobs. And right now, they're antagonistic people in the leadership. I think a lot of people, they haven't done all this work, and they're listening to these little bits of information from different people, and they have the wrong idea. And so an education marketing mechanism funded by these guys are making a fortune now, I think is the way to build something that removes the general hostility from at least the politicians here and maybe some of the central bankers.

34:35Once they realize what it is, I think they should actually create tax incentives to get people to buy in somehow, whether it's buying a little Bitcoin, whether it's, you know, they could make, you remember Amazon for the first 15 years of its existence, there was no state tax. There was no state or local tax on purchases. It was a gift. You know, the first$10 ,000 of Bitcoin purchases should be tax-free or something like that. Because this is a, as I said, it's a whole framework that is hard to understand. I think owning a little bit makes it easier. And look, I haven't even talked about all the tremendous work that's going on underneath and above Bitcoin, underneath, I mean, Ethereum and all these other ICOs.

35:30There are tremendous projects. There are, you know, there are, you know, 100 exchanges. I mean this ecosystem as they like to call but I think it's sort of more of a macro system I think it's a whole parallel system financial system and everything else I just think it's a whole power system being built in front of our eyes the one that we've been asking for Correct. There's a lot of people still too cynical to realize what is going on in front of everybody's eyes Which is plan B is rapidly becoming planet. Yeah, but I don't I don't see I don't think it necessarily that They're cynical or necessarily that it's plan B.

36:06It's it's the future Yeah, meeting in and some people are resistant to the future and others aren't I mean like take Tim Draper He you know, he's a very smart guy. He was very successful before Bitcoin and I almost think you know, he's so enthusiastic That it maybe puts people off. He was on real vision and by the same thing. He's phenomenal. He was too enthusiastic I know but he's phenomenal. He's right. It's just you know getting the message across in an Organized way would really help and for me. I mean I you know I hear Decentralized system right? It's decentralized by nature So well, I think so this is you so maybe the maybe the interesting thing is this Development that everybody's going on different directions and that in itself is creating the whole Much larger than if everyone was organizing one particular way.

37:02Yeah, no, no, I I agree And I think that's better. I mean, yeah, I think that's and that's the robustness of this platform is that it is Decentralized and that it can't be shut down by anyone in one jurisdiction But look, you know, I'm an American. We're here in America I think it's a great country and I would want us to take advantage of it. Yeah, right And and I think we could be the leaders easily be the leaders in it. And if the government got behind it a little bit in terms of, now, I know this is like a heresy for the Bitcoin crowd, but it would be nice for the average guy on the street, you know, who's at 60 % equity and 40 % in bonds and has his savings all locked up in these things to, you know, not just educate him, but really even incentivize him to expand his brain a little bit, because that's the real difficulty, is that it takes a long time.

37:58Because there are all of these different businesses, not just the ones that have, you know, where there are tokens, but there are also all these private businesses, hundreds of private businesses that are doing different things within this world that are phenomenally interesting. And they don't all make money. They won't all survive. But you know, it's very robust. It really is robust. And I think anyone under the age really of 30 should be moving into this area. And I would say, and I don't think you really have to be a computer genius or a programmer. I think they need people, this, I don't want to call it industry, but this area needs people who can bring things to market, who can, you know, I think some of these small companies have brilliant ideas, but don't, you know, don't know their customer well enough.

38:50They're not you know, you know, they need sales and marketing people and I think you're gonna have that come You know from I mean, maybe it's from some of the Deutsche Bank You know type people but I also think it's more creative people not just people who are on a phone doing a transaction So when you look at the macro landscape and you see this is this Just kind of dwarfs everything else in macro opportunity land Yeah, I mean it's so the thing is I you have to be careful with hyperbole because Because the answer is yes. But if you start out with that, people think you're nuts. And especially my, all the guys I work for, I think people over the age of 50, or maybe even 40, 45, have a really hard time.

39:37Because we're all so used to snatching up these little phrases from Facebook or from Twitter or from a newspaper article. And, you know, very few people have digested the whole thing. And so you hear these phrase, oh, digital gold. And so someone who owns gold will say, oh, that's crazy. You know, I'm never selling my gold for this thing that's up in the air, right? Like, I don't know what this, that's crazy. But I actually get just getting back to the gold thing for a second. I just think those are the people, they shouldn't be being attacked. Those are the people who are going to be the first adopters from the next group of people because they already understand the concept of debasing fiat and an alternative currency.

40:25The people who are long, those are your cousins. They shouldn't be attacking them. They should be sort of trying to even almost combine with them because they're similar mentality. It's the people in the traditional investment space who are nowhere near. They don't talk about fiat. They don't understand what's going on with monetary systems globally. They don't even get the macro. And then you're trying to the Bitcoin people are trying to then not just explain the macro, but then overlay the super complex infrastructure network on top of that, in terms of explaining why, it just becomes very, very difficult.

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42:34And the exponentialist really is for humans first and investors second. Yes, the opportunities are enormous all round. To find out more and get our special launch pricing, go to realvision.com forward slash the future. You know, interesting, we looked at the trend of the people. I mean the brain drain out of macro into this is huge well and the interesting one for me Because he's he is that communicators just go Mark is actually really good at explaining institutional people mark is really good what it is Yeah, because mark, you know, yes, he comes he's incredibly personal and he gets across very well Yes, and good guy.

43:13He's a great guy But he also understands how big a macro opportunity was it kind of like was like okay? This is it. We shifted his entire business He did and and he can communicate hopefully with at least some of the institutional guys to get them to understand Yeah, but you need a thousand of them And I think it's a it's a it's a and I actually think it's a very small a small group who have switched over Dan Moorhead was the first of all the people I knew There was a bunch of guys Chad and Emile who? GMI guys and you know as well X Goldman guys. They were extremely early maybe even earlier. Oh, yeah There were Bitcoin mining from that free electricity Yeah, yeah, yeah, they were there And then it started Then Nova, I think and then John Burbank was super interesting even Alan Howard's got Bitcoin group, you know But it's very Jim Palotta.

44:04I know but what's interesting is these are really really respected people. Yeah, yeah, yeah for sure So the people in in in politics and the leadership And I would say even the leadership of the top companies where a lot of capital resides in the traditional world, they don't know these people. And they're very far away and they're not connected. And I mean, this is an opportunity for you, I think, to create a platform to reach out to the more traditional investment world, explaining to them what is going on and why it's important. And I mean, there aren't that many people who I think sit in the middle of all of that.

44:52I mean you have a few people who are asking questions, but even there are a lot of VCs. I mean very good Macro understanding, but it's not the same thing. So I think there's real need now, and I think it's there's a lot of value there Yeah, that makes total sense. So for you Look it's a really big universe because it's not just Bitcoin but your particular Attraction right now and it knowing you it will change over time as you discover new things is Because you're saying, okay, the one bet that you can have is Bitcoin. Yeah, yeah. But what do you think of, therefore, these other parallel universes?

45:28They're all part of the same digitization of the world, which is why I wrote that big GMI article this month about it, but digitization of all assets, and therefore, the value of everything is digital now. And this is the architecture for all of that. So what do you think about, how do you think about that world of Ethereum and all the gazillion other currencies, tokens? I mean, so yeah trying to figure this all out, right? I think there's tremendous value. I mean, I I think if you're new to the space and You know you want to get involved Wences the Yeah, I mean he wrote this piece three four months ago.

46:05That was brilliant. He says put one percent of your Net worth into Bitcoin if it goes to zero whatever if not, I think he almost said at one point This is a few years ago even it was irresponsible not to have 1 % of your portfolio in Bitcoin and Again again, I think you should have a lot more but you know, that's a good way to begin To think about it. Yeah The other person that's also involved in this is Mark Hart Mark's yeah, of course Mark Yeah, and I listened to your interviews with Mark in 17. He was right on yeah, you know everyone Everyone creates, because it's so hard to define in one sentence, everyone says, you know, well, Bitcoin is like this.

46:48It's like the rails for the world. Or Bitcoin is like gold and Litecoin is like silver. You know, they're trying, people are still trying to define it. And I think that's, there are lots of opportunities. But I don't think that, you know, unless you're going to do a lot of work and you're going to be able to do as much work as someone who spends their entire life on it. I don't think you go in and just buy Bitcoin gold or chain or any of Monero. There are a lot of valid enterprises, but I think you can just stick to Bitcoin as an entry because you know, that's the that's the innovation the invention These other things and it but look if you're am is you know again, I'm not the right guy to talk about this But I mean it's programmable Super interest.

47:46I mean you could do lots of things the second layer at the conference I heard there was a guy talking about how he through the there's the lightning system, which increases the speed of transactions of Bitcoin, but also that you can build a settlement feature into the second layer above Bitcoin. Now, I'm not sure exactly what he meant, but I listened to the presentation, and I listened to it again, and I took it to mean that, okay, well, Bitcoin has more flexibility than at At least some of the naysayers, there are a lot of naysayers out there say, oh, it's too slow, it's too clunky. Again, that's part of its strength, the solidity.

48:32And then as time goes on, it becomes more and more secure. And the price of securing that network goes up in value more and more. It's almost exponential, right? Because - It has been exponential all the way through. That's right. And so I want to get back to the value thing for a second. Just because - I want to come back to that as well. So you say, so what can this thing be worth? And it's now$200 billion in a market cap. But that's kind of small. It's kind of small if you just see what's been built. Like, it would cost more than$200 billion to build that. Right so you can start to think that you know Within 10 years the Winklevoss million dollars or draper's five million 250 ,000 in the next few years, it's not unreasonable.

49:25And so what is the bet the bet is to buy and to do nothing else That's it Unless you're going to be involved in like a fun business. You're going to be trading this and that I but I don't even think that's I think That's not really needed. So you become the holder, you know, I know I can't believe I'm hearing this from you I know I know I I can't believe it myself because I wasn't here six months ago No, I know. I mean you were interested, but I was interested, but you know When as it was only the the price went down so much that I thought, okay, now I can have some way to figure out my risk-reward.

50:08But then I bought it,$5 ,000,$6 ,000,$7 ,000,$8 ,000. I mean, if it can go to that number and I'm going to hold for 10 years, then, you know, even here you can buy. But you have to be, and look, everyone is saying, oh, well, but you have to be willing to risk for it to go to zero. Not anymore. Well, you see, and that even, I remember even reading Dan Moorhead, Morehead was in the Wall Street Journal. It was either January 18 or December 17. And he said, it's a new technology, but you know, you have to be prepared that it could go to zero. And I thought that always stuck in my head. And then as it kept going down, and then you see all the businesses forming and all the infrastructure building, and you do all the work, I don't think it can be, it can't go to zero.

50:54And he probably would say that now too. In fact, maybe there's some superior system that comes down the road, but this has a 10-year track record of proving that it's a bulletproof security truth machine. Right? And so that's totally new. And what's that worth? Well Draper and Winklevoss and those guys the other one I've been interested to talk to you about it the other day was I came across this guy plan B on Twitter this Hundred trillion dollars and what he did was a stock flow model again. I couldn't understand any of his mathematics really clever Yeah, I'm gonna get him on real vision because oh good.

51:38I'll do it anonymously He's based in Amsterdam don't know who the hell he is, but it's like everybody's been struggling with a valuation tool Yeah, this guy an anonymous guy middle of nowhere just dumps this Yeah, complex maths and go, okay, here's how gold works in a stock flow model and here's silver because industrial Puts it on a linear regression and shows you the Bitcoin is operating on an exponential Increasing level. Yeah, yeah like oh, I'm like, holy shit This is super clever because it's even clever valuing gold. Yeah, it's kind of solved the valuation of gold problem Yeah, yeah in the whole equation without even thinking about it just by solving the Bitcoin valuation It's a good point for him using the And the exponential log scale of where he's going, he's like, okay, the next halving, because of what that does for the number of coins.

52:24He goes, okay, the next halving is 100 ,000. And it's like, before you know it, this thing is worth$100 trillion. But get this, that's worth$100 trillion when the mining stops, i.e. they've mined all the Bitcoin. After that, what's it worth? Because then it's an entire system in itself. Because at$100 trillion, okay, you've got an entire - Well, what's the total world money supply? People often use it. No, I think it's 80 trillion or something. Or total world wealth. I think people are trying to compare to those numbers. Look, I don't know that you can do that. But it seems to me that money supply is just dollars or currency in the system.

53:10That's not that ingenious. So you can get to those crazy numbers, but I don't see, like there's too much time that I think it will take. I mean, let's say it takes 10 years. There's so many innovations and changes and things that will happen in 10 years. Yeah, that's not macro timeline, that's VC timeline. I think you can. And there are lots of it. I didn't talk about them, but there are lots of ways to value Bitcoin that are just internal to its own ecosystem like that without taking it outside and saying, what's this invention worth in the history and scope of the last 100 years or whatever it is.

53:50I think there are thousands and thousands of people doing work on this. That's the power of it. It's, you know, normally you'd have, you know, the 10 smart guys at 10 different brokerages or something doing interesting macroeconomic work. You literally have thousands of people, you know, thinking about this all over the world. Amsterdam, you know, you have this interesting company, Bitpesa, doing payments in Africa. And that's a whole other, you know, thing. And you know, it just there's so many applications. We haven't talked about this at all. And some of them are there now And some of them aren't and some make money and some don't but the scope I mean so now here you go now.

54:38I said oh, it's bigger than anything we've ever seen And so the problem is you say things like that and it's describing the internet back in the 80s, right? It's very difficult to describe well, you know, so I had the thought well, it wasn't my thought I read it somewhere that someone said, you know, oh the internet was created, not created, it was the uptake, the usage. And who would have thought that the number one thing that the internet is used for is watching cat videos and streaming video? And he said, well, wouldn't it be interesting if the internet was just sort of the base for allowing the Bitcoin framework to exist?

55:18that in the end, the function of the internet will have been to sustain and maintain the Bitcoin world, the invention of this new system. And so that maybe years from now, we'll be saying, well, that's of course why the internet was invented or invented. That was the use case for the internet, was Bitcoin, not streaming. Everything else is peripheral. Yeah, every selling stuff online like oh my gosh, we could have figured that out right Amazon right maybe and I think you know, it's not a crazy argument So I'm thinking about I'm worried about the global economy and you and I've talked about it as well.

56:00Yeah, I know where you stand currently on this but one of my outputs from this is Just at a very simple level very the most simple macro level is We go from the US having to get rates to zero, let's say Okay, we have the ECB then having to do something more extreme and we have the BOJ then have to go more extreme again Right. That's the typical pattern. So we end up with extraordinary world, whatever that is MMT plus whatever Whatever it looks like. So you start to think well obviously Bitcoin and gold both of them look like great options Yeah, just options on Something I think Bitcoin has the potential to be the larger option for the reasons we say because you're basically it's an option into as I said Something entirely different and it but it's a total it's a different bet than gold.

56:47Yes, it's a different Yeah, and so So that thesis for you holds up as well from a macro perspective that if things get ugly and central banks get There's more central bank large s then it's got to be a net beneficiary into Bitcoin Yeah, but I mean I know I think Bitcoin - No, I think Bitcoin does its thing on its own. Meaning that people will start to realize what I am realizing, what all the people in this space who are really committed, what they see. And so, I think it's almost on its own. Yeah, it's helpful if rates go down. And gold will respond because I think gold is interesting now because most of the world just owns equities, at least in America, but also other places, lots of equity holdings.

57:44And if equities go down, there's no hedge because the bonds can't really go much below zero. We've seen they can, but that's not a great hedge. If you're concerned about, you know, if you see the drop and for me, the most important thing going on now macro is this massive drop in prices. You know, it was the ISOM price component and it lasts four or five months. It's just gone straight down. I sent you that chart. And that's a very scary chart. And it shows that Fed is nowhere near their target. But everyone has mis-evaluated the degree of price compression. And the Fed knew it six months ago.

58:24We never got close to any target. So that's the challenge is how do you get to a place where you stop deflating? And you have the web, the Amazon effect and all of that, which is talked about all the time. I mean, that's real. I think that's real. You have a home advisor thing. I needed a new air conditioning unit in the first floor of my house. And my guy who I've had for 20 years quoted me a price. I thought, that's crazy. I mean, that's nuts. I go onto the web, Home Advisor, the air conditioning guys who are in my area. I said the problem. Within 10 minutes, I got a call back. A guy gave me a price that was 15 % lower.

59:11I just went back to my normal guy. I'm like, look, that's the price. and he basically said, fine. So, you know, oh, you're a great client at Tetra. So things like, and I wasn't aware of this. I just said, you know, the guy's ripping me off. I know it. Even if a guy like me is doing that, right, everyone else is. And so that's, that pressure, and certainly in Asia, I mean, and how adept and facile they are, I mean, and so that pressure just continues. And so the issue really is how much can you pump in, right? You're saying MMT or more rate cuts or whatever it is. And so what happens is gold does become the hedge for the traditional world Because as the rates drop it will go up it is very sensitive to liquidity changes in liquidity from the main central banks And it has a lot of other things that it responds to as well.

1:00:02And I think Bitcoin is its own thing It'll do well in that but it'll do well if That doesn't happen as well So I says it's going out. It's yeah. Well, I think so. I think it's just about, you know, look at about having the time and patience and not and just Having the allocation and not being too cute about it. All right. It's going to zero. Well, I I think they're going all the way back down. Maybe I don't know if it's zero or whatever it is But you know at the roundtable in California, we had our favorite trade and I said my favorite trade was the two-year note Yeah, and it's pretty much dropped and you know, I think Stan said he thinks it could he could see it down to 50 basis points Right.

1:00:50I mean, you don't have to listen to me about that. I mean, I Think that's sounds telling us. Yeah, he's long people like him and Alan how they're all long euro dollars two years Well, and also, you know, I mean I think it was about a month ago. I mean Paul Tudor Jones came out and said his favorite bet for the next two years is gold That was I don't know if you remember that. Yeah, and then it rallied 10 % And it's now at a six-year high. I mean, I I don't recall, you know, Paul I don't know him personally, but I followed him and I don't recall him very often at least Having a two-year view being that definitive and saying one thing this is for the next two years So, you know, of course, I can come up with my own reasons and he has his own reasons, but I kind of think the two are linked in a way.

1:01:42I think you'll have more upside in terms on the gold because I don't think the two years are going below zero. ED HARRISON I do. ED HARRISON It is everywhere else. ED HARRISON But they could. ED HARRISON They are everywhere else. ED HARRISON Right. They certainly could. And again, so recession, you can still have 1 % GDP, but you could have 1 % CPI will feel like a recession. A zero CPI will feel like a recession. You still could have some growth. And I hate being so cataclysmic also about it, because it can happen over a long period of time. It could be over the next two years. The one thing that I think is a little spanner in the works of that is that I think Trump is very aggressive.

1:02:28I think that the market probably has to be near its highs going into the election next year. So you might get a very severe dip now like you had in December, last December, and then a panic response. I don't think Trump is going to let it. And he could do, basically, he could do lots of things. There are lots of levers that you can pull to push that off. Can we have an 08 collapse? It just seems a little less likely because we're so aware of that. December showed you that, showed that, look, I mean, we've been talking about this in March, China, March of 18. China was slowing. They still have a big corporate debt problem.

1:03:18There's still a huge overhang. There are problems there now. The two-year, two-year rate of change of LIBOR, which was a phenomenal indicator. Anyone watching this should go back to your work and look at that indicator. You combine those two things. And remember, we were at a restaurant here in the city, and we hammered this out in March and April. And then you throw QT on it. And all of a sudden, in December, boom. But what normally would have led to more of a wipeout, you know, didn't because there's so much intervention now in the traditional markets. I think that's why they're so boring compared to what's going on in crypto because things are known.

1:04:01You know, it used to be it was a handful of guys looking at Fed policy in the late 80s and 90s, and now it's thousands, if not hundreds of thousands. And there's nothing there. Like there's no - There's no edge. Yeah, you can be long the two-year, and you can hold it. And if it's moving up and down month to month, you can't manage your P &L based on that. You have to hold it. I think it's a good view. But for the moment, until those two years get down to 50 bps stands level or 1%, I think the equity can still hang in there. So, we don't go into, it goes down, but especially into the election, I don't think we can go into that Cataclysmic, you know, it's all over.

1:04:45Let's get rid of the fiat monetary money system And you know, it's just it's it's too much and these things as you know macro Always takes longer than you have ever you imagine than you imagine to get the right answer Yeah, it's actually not that difficult to get the time of these bigger events really hard Yeah, but I mean look you've done a good job and I think that there there are people out there who do it and do it well. And look, you've been right on this two-year call. And I don't think you suffered that much. You've been right on the moments, and then you got back into gold also, I think, at the right time.

1:05:24And now I think you can have that position until Paul comes out and says, OK, I'm done with it, or maybe before then. Always before. Before then. But I don't have as dramatic a view And I think that's true, because I mean, look, we would have if in the 90s talking about Japan, you know, we all thought, you know, it was going to blow up. And I guess it has blown up, but it's taken. But have they felt it? Have we felt it? I mean, it's still this morass of, you know, and they have companies there that are doing great things. and real estate is still relatively expensive. And so, the 08 events or 97, 98, Asian, those macro crisis events, they're just, we already all made our money on that.

1:06:17We already all, we did that. ED HARRISON Well, you're saying it's the opposite. We've got the upside is the Bitcoin. That's that like the complete regime change much like 98 in Asia was it was complete. Oh the break. Yeah, right I think it's it's an opposite but it's a constant. No, it's a constant This mean that macro guys have to become optimistic. No, I actually miss Extraordinary, I think that they can shoehorn themselves into this by and look I think within five to eight years Every single hedge fund will be trading. Yeah, I mean in some form, you know Because what's going to happen is that there is going to be an entire system that hasn't been built yet That is going going to grow up around it.

1:07:01For instance, you know the lending market It's just started because there's going to be custody. There's going to be repo There's going to be the people who own Bitcoin and one one thought, you know It'd be interesting to know what you think about this But I'm starting to have this feeling that Bitcoin might actually not be the thing that gets spent and

1:07:28And then you have Winklevoss also talking about how he paid for his galactic Branson flight with Bitcoin. And then at the conference just now, a guy said he paid thousands of Bitcoin for a cup of coffee in the early days. So everyone who's bought or who owns, like, is here and is here and is here.

1:07:59And I think that's okay. And that also contributes to the robustness and strength, right? Of the things what layers you build on top and the stuff around it. Right. But I think that's all and I don't just mean like the normal financial architecture, the lending and repo and the collateralization of Bitcoin. using it as collateral to be able to buy other things. I think that's coming also. So I don't know how it'll work. I mean, maybe it is just Satoshis that end up getting transferred back and forth. Or maybe it is Litecoin. Or maybe it is some thing that hasn't come around yet. Anyway, I tell everybody who's under 30, if they're looking about something to do, Or they're interested.

1:08:48What should I do? Do I go to a macro hedge fund? You know Probably not unless you're going to be doing something interesting like this brilliant I mean, it was a really good tour around some really big concepts and good ideas of old-fashioned macro the whole thing As this is what we do every week anyway, so, you know, I just came in here to, you know, see you face to face Good to see you back any coins at a hundred thousand next and gold at five thousand. Yeah, okay It's incredible how well that video stands up. It just still even now, as we start to see the rate cycle turn, we start to see the macro backdrop materializing again.

1:09:29We start to talk about the more cowbell, the stimulus coming into the system. This video is like a perfect time capsule. It's also the perfect education piece. And Dan is not, you know, some wide-eyed 22-year-old saying, let's break the world. He suddenly said, this is one of the most groundbreaking technologies we've ever had, and we can all benefit from it, and we can all invest in it. So please, please, please share this with everybody you think needs to watch it. I think it's one of the most important pieces ever made around Bitcoin. And I think many of you have said so in the past that you think so too.

1:10:08So anyway, let's do everybody a favor. Let's be community-minded and let's spread the word and help people in their journey for the biggest macro trade of all time. And that, again, is not just Bitcoin. Bitcoin was the foundation of it all and the important big daddy. But it's the whole journey of crypto and how it's going to revolutionize not only the financial system, but the internet itself. All right. See you next time.

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