Drinks With Raoul Pal (Round 6): Macro, Crypto & Bananas

29:19That always happens because it's technological adoption curves. So we should see these rising. Fed net liquidity is starting to come up after the TGA got drawn down, increased from the tax credits, the tax take, sorry. And so we should start to see Ethereum do better soon. The other one, financial conditions, they're starting to loosen again. Global M2 follows it, as you know. Global M2 is another driver within this equation. And here's a bit of a money shot. But his Bitcoin volatility is getting right down to that 20 % historic volatility line, 10-day. When it gets there, it leads to whopping fucking rallies, i.e.

30:04banana zone. And you see the size of these rallies, 83%, 85%, 214 % in two, three, four months. And it also happens in Solana. And the numbers are bigger. I mean, look at that September 2023, 521 % in three months. It was only recently. We've forgotten about that because the space is so fucking dumb. The moment it trades sideways, it's like it's all over. It's because, and I get it, everybody's hopes and dreams are in a banana zone. That's what the banana zone actually is. It's a representation of everybody's hopes and dreams. I get it. And I know it matters to people a lot. It matters to me a lot.

30:45And so when it doesn't happen, you start having that conflicting voice in your head is, what happens if it doesn't happen? ones it doesn't happen ones it doesn't happen fuck am I gonna be feel stupid have I fucked this up really just stick with the program I went through in such detail in that two and a half hour show about why it's very very very likely to play out again and I stick with that whether it starts next week, next month, or even September. I don't know and I don't care. What you can't do is stop turning on each other the moment the bloody thing turns sideways. It's ludicrous. Yes, sideways markets in the majors means a complete bloodbath in the stupid shit you picked up, which is why don't fuck this up.

31:35Only have a small portion of stupid shit. They're fun to have. We like it. But if you have too much of this stuff, the moment the dancing stops or the music stops, these things collapse to the floor. So this is why I try and explain to you why to have the majority in larger hat tokens that have proven network effects that are working. Then you can speculate and be a true degen with the other stuff. If not, you're going to end up angry and bitter. And all you'll see on Twitter is some bloke who made 100x, and you're like, it can be me next. And before you know it, you'll go to zero. So please, please, please don't do that.

32:18A couple of technical charts. Bitcoin, it's hardly a technical chart. It's like, break 70 ,000, fucking things going to the moon. Next stop, 100 ,000. So that's my technical, deep technical knowledge. Break 70, going to the fucking moon. also known as the Bananas M. Okay, so Lana, post this on Twitter. Let's see if it holds. Looks like a perfect wedge to me. It's exactly what you want from consolidation. Should consolidate and break higher. So let's see. Seasonality. Another nice one. This is election years. election years you get this summer run into august sideways election banana zone end of year so the whole banana zone you can see the shape of it there with a slight kink in it over the september october period as everyone gets nervous about the election that's what we should expect so soon as they say here in cayman soon come i don't know when just relax over it here's another way of looking at it.

33:29This is the Bitcoin halving, the boring zone, the banana zone. The boring zone, actually, I think this is drawn wrong. I would argue the banana zone would start in July, and the boring zone finishes at the end of June. So it's kind of around now. It's pretty normal. And this chart, I think, is great. This is altcoins, ex-Ethereum, total market cap, last cycle versus this cycle it's just beautiful it's so cyclical works so well and again what lies ahead bananas tons of big juicy ripe bananas when does the real banana zone happen the real banana zone happens october november december and then explodes the following year.

34:23We go back to the seasonal cycle. We get this run here, sideways, another big run here. I mean, this chart suggests that altcoins, by this measure, market cap could 10x from here. I mean, that's a pretty big deal. It suggests they go to 7 trillion, which is where I'm starting to get to the, this is a 10 to$15 trillion cycle is where we'll get to on the way to$100 trillion. Okay, that's the end of the macro crypto lesson. I'm going to go to questions. So those of you who want to ask questions or want to refill your snacks, firstly, sign up for the YouTube channel, then fuck off over to Real Vision.

35:13There I can get your questions because I'm not going to answer them on the YouTube channel. and when i go and refill my drink i'll see you over there

35:42I don't know if anybody else is as unprofessional as I am, that they just leave you in the middle of a stream and go off and pour themselves a drink. It's not usual YouTube-etica, is it? But we're all together doing this, right? Even you drinking in Australia in the morning. In Australia, you lot drink a lot. I mean, English people are renowned for drinking. But Australians, I mean, they're still doing the 1980s-style lunches with like 17 bottles of wine and a few martinis. It's quite extraordinary. They don't really work for a living either. And they, I mean, fucking hell. The... the government influence on the labour force is so massive in Australia.

36:24There were some really shocking things about Australia. Firstly, the weather in Melbourne was shit. Come to sunny Australia, they said. It shines every day. Everyone's wearing bikinis, all that bullshit. Miserable, cold, sideways rain. Food was good, though. And the wine was great. That's some really, really good wine. But it's amazing. There's a labour shortage because of immigration is not enough. even though immigration is growing fast, the Australians haven't had a recession for like 25 years or so. And the reason being is they have a high immigration rate. Productivity stinks because the government's too involved.

37:00So you work on a construction site, you get paid 100 grand a year, US dollars. It's huge. And governments pay more. I mean, they pay road workers, all sorts. Very high salaries, which is great for the standard of living very hard to do business there um but yeah anyway super interesting right i'm going to go to the platform now also again you uh real vision subs now we're all on real vision and not on youtube should be dwindling down to like 20 people um maybe who can't spell their own name maybe in prison or something you can't input your your your um email address everybody else now is on Real Vision.

37:43So now we're on Real Vision. I say that I need to actually open it up. We can answer questions. So, okay. Oh, there's maybe a shit ton of questions. Okay, here we go. Breath. Drink. William John. Thanks, Raoul. It's Raoul, not Raoul. You're supposed to be showing that you're not Philistines on the Real Vision platform, at least I can spell my name right. But thank you, William John.

38:23Glenn Kazanjian, clearly an Armenian name. I know this because my wife's Armenian. Recently, with the Mean Coin hype diminishing, Solana's taken a big hit on price. Really? And not showing strong sense on any small market bounce. What's your short and long-term opinion on holding Solana? I have a big bag of soul at an$87 average entry. And I can't have made this clearer. Obviously, in the pro-macro community, global macro investor, all of that stuff. But also on Twitter, on the platform, in that two and a half hour video, it is my biggest single position. I don't look at the short term. I have no idea.

39:02I don't really care. Well, I showed you that chart. It's a wedge. Does it break a bit lower before it goes up? Maybe. but over anything i think it's a consolidation panel i think you're fine but look don't take my word for it i can be wrong um i mean i i was lucky i got in a i know sub 20 um for my overall position yok knows eight i didn't get the email for the promo somebody's replied me too i've just message rv to help to find out what's going on okay or message milton uh on the platform or milner realvision.com and say that you haven't had the email about the promotional offers um i'm not sure how to make sure that you've got them they're probably going to your junk folder or somewhere so just somehow check um okay right i'm sorry i've got a lot to get through this is going to overrun by the way so if you've got other things after at the end of the hour you're probably gonna have to cancel them um oh right okay i can't even get to the top it's moving so so fast ls when banana i've addressed that i understand again everybody's hopes and dreams are in the banana zone i get it even though it's humorous i'll take it seriously um there's a lot talk about Douro, which is the wine region in Portugal.

40:28We don't care about Portugal. It's an Atlantic version of Spain. It's not even a Mediterranean country. It doesn't even count.

40:39Must discuss the Winklevoss news story and see that. Sorry. I had nine meetings today. Paul Ortiz, or Ortiz, if you're from Spain. Hello, Raoul. Hello, Paul. Michael, cheers, brother, Chris Nyers, please join us on the platform. Chris, you would type in that on the platform, idiots. They're all on the platform reading that. You'd have to do that on YouTube, then they'd understand. Let's talk about Portuguese wine.

41:13Dave Holler, street tacos with soup, hot sauce and beer for me. I'll give you that. Nothing the macro milkshake time kind of big wave beer oh listing our drinks brew dog elvis juice cheers cheers i know what that is but it sounds american um it probably comes with high fructose corn syrup as everything in america does maybe it's a bit of added salt in it as well salt sugar a couple of carcinogens uh finally got got i was on youtube i'm having some olive chips olives chips and a little bit of stinky cheese with a little pork from fortnum mason fortnum mason now that's a civilized shop most of you won't know what that is it's basically the poshest store in the entire planet um in uh in london piccadilly okay i'm just gonna have to keep scrolling down and find something uh

42:13sorry you really have put a lot of questions in And you're all having a fun time with drinks and stuff. Raoul, what's your morning routine?

42:24So my idealized morning routine versus my current reality, my current reality is I'm so fucking jet lagged that I wake up at 3am, 2am, 1am. Those are my three previous nights. I pace around the bedroom. My wife's still climbing. Well, she's just didn't actually summit Denali, but she's she's just on our way back from denali and so i'm pacing around i then come into the kitchen i make myself an ashwagandha tea try and get back to sleep sit at my desk stupidly check twitter stupidly then can't go back to sleep till seven o 'clock and then realize i have to get up normally um sorry six o 'clock normally i actually rise at about five and in a perfect world when I'm not busy and stressed I would be doing yoga every morning at about 7 30 for an hour or I go and walk the beach I just I can walk the beach not far from here this this house here in Grand Cayman is not on the beach um and then you know between 5 30 and 7 30 I come at my desk I um um sometimes make ginger and turmeric tea I scrape the ginger and turmeric into the tea and so I had this morning if not a nice cup of pearl gray usually have tea before you go straight into the coffee.

43:42I think it's, again, a more refined way of existing. If you are going to have coffee, then something milky. Obviously, no civilised nation allows you to drink milk in your coffee after lunchtime. It's just not done. It's all of you evening, afternoon latte drinkers. Again, you're all wrong. Just wrong. Okay. Keep going down.

44:13James King Nickel. Raoul, you're so right about Hamon Iberica, but so wrong about cheddar. No, good cheddar's great. 99 % of cheddars you get in most stores are terrible.

44:30Roy Blanchard, how do I create a real-vision group in my town using the network map? You can go to the network, find who's in your town, then message them directly. and then just create a group chat. So you can do it. It's a bit of work, but that's how you do it.

44:49Everyone's saying, same question about the ASI merger. I have no idea what it is. Sorry, I've been out of the loop today, so I really don't know.

45:01Ellen, Ellen. This is Ellen, my kind of girl. Thank you. I've just bought some more Solana and made another Negroni. You're my kind of woman.

45:16Ruth, I will need to take some lifestyle chips off the table this bull run. And the model I built for profit taking is based on when my profit is 4x. I take a percentage of my profit. Sound theory. What happens if it doesn't get to 4x? That's why I use time and not price. Because price leaves you to make potential bad mistakes. Do time. I think it's better. It just forces you to take some chips off the table. I'm going to use somewhere around the end of the year to take some chips off. And I'm assuming price will be higher by then, and therefore I can take some profit. It feels the right thing to do.

46:00Because if not, price is a bit concerning.

46:09Thomas Anderson any good Greg Coffey stories can I get him on RV I've asked him several times he won't do it I won't tell Greg Coffey stories Greg was a trader at GLG he was very famous became very successful very rich and then disappeared off the radar screen for a while and runs a successful hedge fund still and he's an Aussie Jason Gomez, maybe have a champagne bucket with ice so you don't leave the stream. Why don't you get a champagne bucket with ice so you don't leave the stream?

46:47Oh,

46:53Paul Gare is saying, don't say this is not financial advice. I don't know what about champagne buckets could be even potentially financial advice. But anybody watching this, I don't do financial advice. I just ramble and drink on the internet.

47:12Okay, moving forwards. Kyle Waltz. Hey, Raoul, I know you're a friend of Coin. Any thought of the future of base chain? I don't, but it's just a bloody clever idea to have your own chain that's not listed as well. I think just as clever. Now, whether it bootstraps and continues, I don't know, but they've got a decent chance. They've got a lot of users. there's a lot of attention on coinbase to work with coinbase so it kind of works

47:41sorry i'm now chewing nuts

47:47um pm will you vote in the uk election which nonce do you support i left the uk 20 years ago i really don't care anymore um

48:00Ritesh Patel can you comment on Tesla? got a big bag I want to hear you update to begin I literally opened this stream talking about Tesla saying that I own the two$60 calls in June 2025 I'm really fucking bullish Tesla really bullish Tesla

48:20okay

48:24Yi Chen Again, I don't know, you're asking a question. I'm not meaning to pick you out, but a lot of people do this. You ask a question of which you know the answer to. I've literally repeated 58 times on every podcast, on Real Vision, in YouTube, and everywhere. Well, do you see the crypto market peaking this year? i mean everyone knows my view the banana zone where it goes into next year everything and again i'm not picking on you but please look you know my content you know if i'm changing my view i'll tell you um and again don't expect me to be right i'm not i'm not a guru and don't play one on the internet either.

49:16I play a man of culture on the internet, or an alcoholic, one of the two, I'm not sure.

49:30Sam Sheeder, this is the question. Paps. Wow, this is a question. That altcoin chart has been a mindfuck for me. What market share of the five to seven trillion could Solana or Polkadot hold? It's ludicrously bullish. Please share your thoughts. Yes, my answer is I have no idea. I hope that helps.

49:59Jason Broadmerkel. Rao joined Devin as an Insider member. Cheers, Jason. Devin is the wine NFT community and tokenization of wine community that we're very close to at Real Vision. They're amazing people. Spent a lot of time with them in Australia, Morocco recently, Singapore, all over the world. They're amazing people. I love them and I love what they're doing.

50:33JP Nianjakoda. Don't know where in India that's from. I think it's Indian. Hi, Ralph. Think about the Caymans as an option to live in the future. Is the driving there really crazy like I've read? No. There's either nobody on the road or there's a bunch of housewives taking their kids in traffic jams to school. I mean, there's no crazy driving. You can barely drive ever. I mean, you're lucky to hit 40 miles an hour. I mean, I've got a very suitable two cars for the traffic. I have four Grand Cayman. I have a Tesla Model X plaid. that goes a bazillion miles an hour in two seconds, which is so useful in this island.

51:15They use it all the time at that speed. And I also have Iggy Pop's old Porsche Boxster because he lives on an island. And my wife saw it for sale. She's like, I would love Iggy Pop's old car. So I have that, which is cool because he's the previous owner. So no, not crazy. And if you're from India, you don't understand crazy. um kyle belcher hey ralp everyone's crying sky is falling and recession is around the corner people also looking for 10 correction the stock market or a market crash um kyle i think i've covered this ground fully again on all the youtube channel videos 10 correction there should be one or two at some point so i would expect that i've gone through everything else um in huge detail on the real vision platform and you're on the real vision platform just go to the search thing look at my name go through any of my videos if you can't don't have time to watch them just ask the ai to summarize it for you ask them the question does raoul think a recession is around the corner it'll give you all the answers all the power of the ai is there everything else um

52:35Pranay Merchant, some lifestyle advice for an American pig in his mid-twenties. Lattes in the evening are immaculate.

52:47Pranay, I can't help you. You'll probably never get a girlfriend. I don't know. Maybe that's something to think about.

52:58Sam Gillette, nothing wrong with a flat white after 12-hour. You're Australian. you know nothing about culture you were literally shipped off the uk because you were the most uncultured people and you're trying to lecture me about flat whites even the name is ridiculous although i must admit you make fucking good coffee in australia i mean i was shocked i would argue outside of you know a bit of the mediterranean coffee places the overall coffee in australia is absolutely world class. I don't know how you do it. I don't know how you do it, but it's really, really good. Hi, Raoul from JR. Is a crash needed to bring back rate cut before bananas?

53:45Okay. I'm not going to answer all of these crash fears. You know, the crypto market goes down 3%. Oh, the world's going to fall. I'm never going to make money again. What's going to happen? Um,

54:00Are you into Hi-Fi, Raoul? From Mika. That looks like a Finnish name. Yes, I am. I'm not a complete Hi-Fi snob, but I have a Macintosh, which is pretty cool. Turntable, Planner Turntable, Macintosh Amp, and then I have Macintosh CD Player as well, and B &W speakers. What do you think of Blast Chain? Don't really follow it. I know a lot of people do. Paul, I've watched you for years. What's the story of the barber's chair? It must be one hell of a story. Not really. I went on to Etsy and I thought barber's chairs were cool and they're retro and they're iconic. So I found somebody who'd restored a barber's chair in California and shipped it here.

54:47Problem is, it's really fucking heavy. And the shipping was a nightmare. It cost me much more to ship than it did to actually buy because it's so heavy but it's just it's called shit so i love it um keith did you ever find your autographed bowie guitar

55:13one autographed stevie ray vaughan baby bowie guitar now this is not bowie's guitar or stevie raise born's guitar but it's signed by them both so uh uh quite pleased with that one that's also signed bowie behind me as well um ellen please no stupidly obvious question thank you ellen see i love you twice now your negroni skills um and now you're defending me in the chat this is great as i merge i fetch ocean ajix going on going voltron and merging into asi i don't really know i i don't know it's a brave idea to roll up all the ai narratives and see if you can win the game it's all about do you get adoption that's all that matters um

56:12alex kuchi well my fiance and i love watching you ramble and drink on the internet cheers from minnesota i know this sort of feels like it's so unstructured i don't know what i'm doing i'm just enjoying myself uh having a bit of fun insulting you all and you take it really well which i really appreciate um zane zane a good man zane uh ral what's something that's interesting that's piqued your interest or you've recently observed after various trips and conferences you're attending well two observations one was the weird one is how recognized i am it's this freaks me out when i got stopped at the airport in australia some bloke puts his hand on my shoulder what the fuck have i done have i got a banana in my bag it's the customs guard he can't bring any fruit the banana may end up in australian prison on some Indonesian island or something uh it's like oh I won't fuck this up mate thank you for everything I'm a real vision member I mean I love you but that happened everywhere Singapore's overwhelmed by people so that really shocked shocks me I I'm not used to that at all although saying I just got stopped in the supermarket here which was really really lovely um

57:32the one thing that has surprised me when I'm meeting the Australian real vision crowd is how crypto has really overwhelmed all macro risk-taking now for most ordinary people. People who've been Real Vision members for years,

57:53everyone's just changed like I have. They've all come with this journey, which is like, fuck it, this is the one thing to do. So that's been super, super interesting. the other interesting thing is how few institutional investors are in this space you know going around marketing expam it's all about behind it with people um investment advisors wealth managers um family offices i mean the institutions are still so far behind which again i love it's like we're front running all of these people i mean unfortunately it's people's pensions and everything else that they're not investing in this stuff but at least the rest of you guys are doing something about it.

58:34It is the biggest macro opportunity of all time. Caleb Mallory, any chance you and Toli from Solana will have another conversation soon?

58:45I love talking to Toli. The problem with somebody like Toli is he's way too smart for me, way too technical for me. So what I'm going to ask him about, hey, when's Fire Dancer coming? I've got his story. I can't do him justice. he's too smart too good for me to really do him justice so yes i'd like to have him back but i think there's other people in that community that can then help me more who else are you excited on the journeyman you're talking with i think i've got blagy coming up punk 6529 um i've got there's a two and a half hour interview with me coming on i think next week which is a great one mike cowl on liquidity.

59:28I've got, I mean, there's a whole bunch of people. So there's some really, really killer stuff coming. I'm trying to cram in my interviewing because I'm away on holiday for a bit in July. Yichen, haha, asking, sorry, I know I was rude to you before, but I'm joking. Haha, asking because Julian Brigden has sounded the recession alarm and SOX crashed 30 % with inflation going up starting the second half of the year. No comment. um Ivan Kabam what do you say to people who say liquidity isn't real

1:00:04good luck good luck I'd love to see a framework and see how it works um Alan Soren guys you have to watch the everything code priceless thank you there's really 30 years of work into that so if you haven't watched the video um everyone else me about Blast Chain and have no idea what's your favorite song at the moment you know i'm still in fact i'm just bring up my apple playlist i'm still pretty stuck on jungle i have it's on endless repeat for me i just love the jungle albums so um i'm trying to see so jungle volcano loving in stereo in fact all of their all of their albums are just fantastic um if you guys haven't listened to jungle they're just so cool it's kind of this light fluffy funky cool hip urban amazing vibe um i'm trying to think which album probably the second one to start with which is the one with heavy california which is i think uh let me just see

1:01:19sorry i'm just going through my playlist

1:01:25um it is yeah the first album which is called jungle is amazing forever the second one is kind of really happy uh third one gets a bit more dancing funky the fourth one volcano is super cool it's just great their videos are amazing too so jungle i just i love jungle it makes me smile every time i listen to it um so anyway um well how do you think polka dot performed in the cycle i really don't know when i spoke to gavin woods it sounds like they're gonna end up skipping this cycle because the tech won't come out i won't get used until the next cycle not sure i'm not sure um armor how do you see ai changing the workforce okay i've gone through this in so much detail um so please again go to the everything code video uh watch it there watch any of my videos um ellen god i'm plotsing over the guitar plotsing means it's a very random ellen vanco vanco sounds dutch maybe belgian um okay let's go to the other parts of the comment section we're now running over you're now getting extra value so if you're on youtube you better fucking subscribe to the channel this is extra value time you're one minute into extra value and you can go across to the to the uh to the real vision where i'm actually talking to the members because we're all fun and we're civilized and we like each other.

1:03:01Charlie Lockyer, what vermouth and gin do you prefer for your Negroni? I'm actually not an expert on vermouth. Gin, I'm actually a Tancre person. I quite like Tancre.

1:03:21um um dragon keeps asking me how do you think polka dot before sounds like your bag is too big if you are overweight in one of last cycles coins that is not showing leadership just be careful no it's no diss against polka dots no diss against anything please don't fuck this up by hoping something goes up or it looks cheap versus solana or ethereum or bitcoin because it hasn't gone up as much just be careful doing that um i mean jungle music gets you jungle music live i couldn't go they were playing at red rocks i can't think of a better place i can think of one better place i can't think of a better place for jungle than red rocks because it's that kind of music what also pisses me off is next weekend no maybe it's tomorrow it's glastonbury that's literally my favorite music festival in the world it is so bananas so crazy so massive so off the wall.

1:04:39It's just incredible. And Jungle playing there as well. So I'm really pissed off about that. Okay.

1:04:51Looking for some more questions.

1:04:58Okay. Bhavan is drinking Rakija and almonds. I don't know what Rakecha is, but it sounds like it's a Rake, which is an aniseed drink. Rake is an amazing drink that all of the Mediterranean drinks, whether it's anise in Spain, anise in France, Rake in Turkey, Bulgaria, most of that region, ouzo in Greece. It's a super great drink, particularly as an aperitivo before dinner, because it builds hunger. So it's a very nice thing.

1:05:40Matthew Colkenny, love our community. It's the Real Vision community. Bumped into a pilot in Dubai by the pool. He recognised my irresponsibly long T-shirt. It was a classic. We've stayed in touch. He's from Canada. In fact, I'm going to fly to Dubai Monday for a week. Anybody want to catch up? It's Matthew. This is what is great about community. I was flying back. I was at the TWA Hotel in JFK, and some pilot comes up to me and goes, thank you. He's like, oh, you're Raoul Pal? He goes, I watch all the time. I'm retiring today. I want you to meet my wife. You've changed our lives. It's amazing.

1:06:21It's not about me. It's actually, it's about groups, though, really. It's just changed a lot of people's lives. I still don't know why there's pushback about it anymore. It's just changed so many lives. It's ridiculous. And as long as you have the right framework, you'll be fine. Satoshi Milk. Just joined the Real Vision platform from YouTube. Raoul, appreciate the recommendation to join the community. Satoshi Milk, that is a ridiculous name, but we appreciate you. You're now part of the civilized world. As opposed to the YouTube filler signs, you're now probably sipping Fino Sherry and eating toasted almonds now that you're on Real Vision.

1:06:58And we love that.

1:07:02Okay. Six minutes into overtime.

1:07:09Okay. Check if there's any more questions. Johan Belich. Raoul, just one thing. Thank you. Well, we need more people like you or just being a little bit louder or you just being a little bit louder. I don't know what you're referring to. Being louder, I struggle with, I am really fucking burnt by the last cycle. I helped as many people as possible. I have the printed tickets to show the P &L and how we did, but people turned on me so badly. It was horrific. And so being louder might help the space, but in the end it exposes me and it exposes, and it was tough. So I don't really like it. Chris Nyers on Slack.

1:07:58He's hitting me directly. Thanks for the compliment. Chris deserves a compliment. Chris is a superhero. I love Chris. So thank you, Chris. Carl Berkshire, do you keep in touch with Ben Armstrong? How did that relationship happen? Who's Ben Armstrong? Is that BitBoy? I've never met him. He made me sign his book, though. I felt dick for doing that. That was a real cock up. Things you do in bull markets. You try and help people out for the karma of the space. You end up signing Ben Armstrong's book.

1:08:41Danny Rogers, what do you recommend withdrawing and reinvesting next crypto winter or continues to DCA and hold? Danny, I did the DCN hold, and I was at all-time highs in my P &L much earlier because of it. I think if you take, let's say you've grown your bag from unit one to unit five, and let's say you're a superhero, you get out of the top, you will not invest unit five down. What happens if the market doesn't go down 70 %? Why am I going to get down 40 this time because of the institutions? And you're stuck. And then the market's going up. And then you put in one. And then before you know it, you've fucked the whole thing up.

1:09:28It's so easy to screw it up because you're in psychology. So what I really like to do is if I can, I'll leave it all in. I won't this time because I want to take some lifestyle chips. I've got some things I want to do. But other than that, I'll keep the rest in. I don't know what else I want to buy. and i just think of the sell-offs as a gift we have to change our heads around sell-off bad you've got to think sell-off good now that doesn't mean that's for everybody you should think what do i need out of this and i'll take what i can from that and then and then i will continue with the rest if you're 24 years old or whatever stay in for god's sake and keep buying I don't think anything changes okay we're coming to the end because the poor guys it's 10 past 7 for those people in America let me see if there's any final question

1:10:30Kyle back again Bob Averona if you don't know what you're doing keep doing it I can watch this shit all night are you sure this is not I have this fear that you're just watching the monkey at the zoo and you're just laughing at him. That's how I feel. I can't see you guys. I'm talking to myself whilst drinking and sort of spitting peanuts, talking shit about you all and sort of half-assed answering questions and then trying to teach you about culture, which you probably weren't interested in. You just want to hear about the banana zone but thank you for saying that um i don't know why you like this stuff watching people get drunk on the internet cheers to that i fucking love you lot it's great so right final question uh final thing if you do enjoy this stuff it is a lot of fun share it share the youtube video get people engaged i want to grow that youtube channel the better i grow the youtube channel the better it is for my ego the more my wife loves me actually i'm not sure she does maybe she's inverse but anyway but it makes me feel better my mum if she cared would be proud of that um and you know i get better for guests so that'll be cool too so if you can do that like the youtube channel all of that stuff but share this also tomorrow on the channel i'm sharing a old interview um because i was traveling but i thought it was a really important one which was tim ferris when i interviewed tim ferris tim is somebody who actually changed my life from that interview onwards actually um so i urge you to watch that it's really really really interesting um and then paul was telling me to say something else paul what was it you were telling me to say

1:12:34he's cutting in now Paul saying and don't forget to say I've got a live AMA with Julian next Friday yes this is a big one Julian who works with me Global Mac Investor and XPAM and Real Vision Pro Macro is simply the best business cycle analyst in the world and a delightful human being he and I are going to answer all the questions about the Everything Code video. So the Everything Code video was really our big thing. Now, yes, we could have probably presented for six hours. Julian probably could have done 6 ,000 charts because he's a bit weird. But it really is a very important piece of work. We're there to answer your questions.

1:13:21So next week, there'll be a lot of questions answered for all of you. That is my gift to you all. So with that, I leave you. I bid you good evening, good morning, good afternoon. I bid you farewell. Stay civilized out there. And realvision.com, take care.

1:13:58That's realvision.com forward slash free.