Why Education Is Key to Mass Crypto Adoption

26:30And this is what people need to understand about the technology. At the end of the day, it's just software. And if you believe in the power of software, how can you not want to be interested in the most advanced software of the era, which is blockchain? Hey, everyone. We're going to take another quick break and hear a word from our partners. We'll be right back to the Real Vision Crypto Daily Briefing.

26:57Yeah. One of the other things that struck me about your book is how comprehensive it is. You're writing about this from a lot of different angles. You write a lot about the technology to explain how it works. You write about the legal regulatory compliance framework, which is, of course, very important with the news flow that we've seen. You've been writing about things like the tax implications, which I think are little understood in this space. Give us a sense of when you looked at this book, when you began the research process, the holistic categories that you wanted to cover and why you thought they were important.

27:28Yeah, I got myself annoyed when I was writing the book. I can't believe how long it was. How much is there to talk about with blockchain and Bitcoin? And then as I kept writing, I kept realizing, oh, but I got to mention this and I got to mention that. And it's like, oh, geez, look at this. This is the second longest book I've ever written because it's a brand new emerging tech. I mean, imagine writing a book on the internet. This is internet 3.0. And so it's a big deal. You got to explain to people what it is and how it works because it's a brand new terminology, staking, mining, airdrops, forks, wallets.

28:04You've got to explain what this is. Second, you've got to explain the investment angle of this. Then you've got to explain the financial planning angle of this, estate planning and tax planning and so on. And then you've got to explain the regulatory angle of this. So it just kept going on and on and on. And because I recognize that most folks are not technologists and they're not investment experts, I need to write in a style that is accessible. It's got to be fun and interesting and entertaining, which is a trademark of my writing style, taking really dull, bland, boring, technical topics and turning them into plain English that's interesting and entertaining as well as informative.

28:49I try to make it so that even the footnotes are funny with a lot of cartoons and jokes and quotes and so on. And so the book just kind of took a life of its own. The good news is you don't have to read the whole book start to finish. It's organized in a way you can drop into an individual chapter immediately for a given subject that you might care about. And so that's kind of why the book just got a life of its own and why it was named one of the best crypto books ever and one of the best broad business books ever written. So I'm really excited about how well it's being received. Speaking of the audience, I want to take this opportunity to ask our audience to put down their questions in the chat.

29:29Wherever you're watching, we're going to ask the best ones on the air later in this show. Remember, Real Vision members take priority. But the good news is Real Vision membership is free. You can go to realvision.com forward slash crypto to sign up. That's realvision.com forward slash crypto to sign up. So, Rick, let's talk a little bit about the trajectory that you see this moving in the future. You've talked about the skepticism in the traditional financial services space among advisors, RIAs, FAs, among folks on Wall Street more generally. What's your sense of what's happening right now, where we're headed in this direction?

30:02Well, Bitcoin has two primary features and two secondary features. So let me tackle them and you'll see the answer to your question. The two primary features, number one, is incredible volatility. The reason that Bitcoin is getting so much attention is that it is the best performing asset in history. 40 million percent. That's how much it's earned since inception. No other asset is done as well. Now that party's over. We're not going to see a 40 million percent gain again. So don't invest with that in mind. Second, in addition to the incredibly high rate of return historically, we've also had an incredibly high level of volatility.

30:48We all pay attention to last year when Bitcoin fell 70 percent of value. What most people don't realize is that that is the seventh time that that's happened to Bitcoin. Bitcoin is an incredibly volatile asset class. It routinely rises or falls 10 % in a day. I mean, that's what the stock market typically does in a year. So it is very, very volatile. A lot of people use this as an argument to stay away, which makes no sense. If you believe in portfolio rebalancing, dollar cost averaging, you have to love volatility. Because without volatility, you can't do rebalancing or dollar cost averaging.

31:23Explain what that means, Rick, for people who don't know. Well, rebalancing says that, you know, you got, let's say, simple example, two assets. We're going to put half our money in each one. Well, we know that they're going to perform differently. One of them will do better than the other. We just don't know which one. So you turn around one day and your 50-50 portfolio has become 60-40. One of them has done better than the other, and it now makes up more of your money. Well, this isn't the portfolio you wanted, 60-40. If you don't fix it, it's going to become 70-30, 80-20, 90-10. And oh my goodness, you're not diversified at all.

31:58You've got all your money in one place. And if that crashes, you're broke. So you need to rebalance. What do you do? You take the 60-40, you sell some of the 60 back to 50. And you buy some of the 40 up to 50 to bring back the original portfolio you wanted, 50-50. That's rebalancing. Well, the only way rebalancing works is if you have assets that are volatile, that go up and down in value, so that as they do this, you take advantage of it. Think about it. If you have an asset 50-50 that becomes 60-40 and you sell the 60 back down, you're selling at a profit. You're locking in your gain. And if you're buying at 40, you're buying while it's low.

32:39Buy high, sell low. That's what most people do, and that's how they go broke. Instead of buy high, sell low, sell high, buy low, turn it around inside out. And that's how you get rich. And interestingly, this has the effect that you were talking about earlier in terms of diversification, which you wind up doing is selling the winners and buying the losers, which in some senses is kind of counterintuitive. It is because people love to buy what made money before. We all love to buy the past winners. That's a great way to go broke. So you're right. And this is why smart advisors routinely engage in rebalancing.

33:14but you have to have volatile assets to take advantage of it. The second piece is dollar cost averaging, which says, I've got money to invest, but I'm not going to invest in a single lump sum today. Because with your dumb luck, you invest today, the market crashes tomorrow. So with dollar cost averaging, you invest slowly over time. Instead of investing$1 ,000 today, you invest$100 a month over 10 months. That gives you the average result of the 10-month period. And due to the way the math works, you end up with the lowest average cost, which produces a built-in profit. Dollar cost averaging is the most effective investment strategy ever discovered.

33:51And Bitcoin allows you to take advantage of it because you need a volatile asset for dollar cost averaging to work. So if you believe in diversification, you need to volatile assets and the more volatile asset you can find, the better you're going to do. And it's really that simple. Well, I was just going to say, if you're looking for a volatile asset, crypto is the right place for you. You're exactly right. So those are the two major themes. It's made a ton of money. It has a tremendous potential for further growth. People aren't talking about Bitcoin growing 10 or 20%. They're talking about growing 10x, 20x, 50x over the next decade.

34:28So it has tremendous upside potential. And it really helps with portfolio management of dollar cost averaging, rebalancing, tax loss harvesting, and more. The minor themes, which are equally important. Number one, there's a massive amount of fraud and abuse in crypto, largely because there isn't any regulation or insufficient level of regulation to protect consumers and investors. So you've got to be careful. And second, there is a huge level of attention in Washington by both Congress and the administration to improve the regulatory environment because of all the fraud and abuse that has now been acknowledged, culminating in FTX last year.

35:10So we've already got seven bills in Congress right now. We've got the SEC, the CFTC, FINRA, FinCEN, the IRS, Treasury, even the Department of Defense is engaged in this. So there's a lot going on, which is great news. We've been clamoring for this for years in the crypto community. Please give us rules of the road. Let the honest operators engage. Let's keep out the crux. We solved this problem in the stock market in the 1930s after the crash of 29. That's where we are with crypto today. We're in the 20s. We need to get into the 30s. We need to build the rules of the road for the protection of investors so that we can legitimately grow this technology for the benefit of the economy.

35:56And we'll have those rules probably within the next two years. And that's great news. Does it give you any pause when you see some of these ongoing investigations, for example, by SEC and CFTC, the suits that have been filed in federal court? Questions about the nature of what is and isn't a security, which I know you cover in this book. The Wells notice recently being served on Coinbase. There are a lot at the moment of these at least shorter term headwinds for the space from a regulatory, legal and compliance perspective. Yeah, there's been a lot of controversy over actions taken over the past couple of months by the SEC in particular, and more recently with the FDIC, the OCC, and the Fed.

36:44We've seen the SEC engaging, and now the CFTC as well, doing regulation by enforcement. In the absence of rules, they're just filing lawsuits. They've already extracted$100 million fines from a couple of companies. They've now issued, as you said, another Wells notice against Coinbase. And it's extraordinarily frustrating because these legitimate companies – I mean, Coinbase is a publicly traded company that was given approval by the SEC to be a publicly traded company. And yet the SEC is now saying three years later, oh, we don't like what you're doing. Yeah, this is a point that Brian Armstrong made in his tweet, basically saying, hey, listen, you knew what our business model was when we put it in our S1, the filing to go public.

37:32And now there seems to be some confusion about it. Yeah, and this is just – this is Monday morning quarterbacking. This is changing the rules retroactively. It's completely unfair, especially when you acknowledge that Coinbase has gone to the SEC multiple times saying, here's what we want to do. Please give us clarity as to whether we can do it and how we can do it. And the SEC, instead of giving answers, has filed lawsuits against them. This is not helpful to the economy, and it's not helpful to innovation. It's not helpful to job creation. It doesn't provide any consumer or investor protection.

38:02It's just a turf battle with Gensler trying to win a broader slate of regulatory authority against other regulatory agencies he's in competition with, such as the CFTC. So this doesn't do anybody any good, and it's getting a lot of people very angry, including on Capitol Hill. So we have to work our way through nonsense like this. Simultaneously, we've seen the OCC, FDIC, and the Fed doing this with banks. They shut down Silvergate Bank. They shut down Signature Bank. They shut down SVB, and now they're going after First Republic because those banks are doing business with crypto companies. Again, there's no legitimate basis for this from what anybody has been able to explain or articulate.

38:47And it's just demonstrating that the regulators are run amok with an attitude and viewpoint that is beyond their regulatory mandate, that is beyond what Congress has instructed them to do. And they're doing it without warning with adverse implication for the overall economy. Look at the fear that these agencies have created in the banking system in the past month. This isn't doing anybody any good when you behave in this way. So we need calmer heads to prevail. I'm, in fact, in a meeting with the SEC later this week, joining several others in an effort to talk about the regulatory approach that they're taking.

39:25There's a lot of movement, a lot of help. A lot of folks want to get it right. And we're hopeful that the agencies will participate in this so that we can have it both ways. Allow the innovation while protecting investors. We think that this can be done effectively. And worst case scenario, if the regulators won't allow it to happen in the US, they're not going to kill crypto. They're just going to drive crypto offshore. That doesn't help investors. It doesn't help the American economy. It shutters innovation. The Bush administration did this with stem cell research 25 years ago. They didn't shut down stem cell research.

40:05All they did was shift it to South Korea and Israel. We lost out on the tech. How does that help anybody? So we need calm, cool heads to prevail with a modicum of rationality and maturity. And I'm hopeful that that's where we're going to end up. And by the way, we should say this is something that is at the very sort of heartbeat of American innovation and global competitiveness. If you think about two of the industries that have led the way for the last 30 years, it's been the Silicon Valley, high tech, and it's been Wall Street financial services. This is a kind of a mashup between those two industries.

40:42And you really have to wonder about the risks to the American economy if this goes offshore. Well, I think the fundamental reason that this has been occurring is because there are many people who are threatened by this technology, partly because they don't understand it and partly because their business model is threatened by it. And guess what? Warren Buffett falls into both of those camps. He's admitted he doesn't understand it. He's also the biggest investor in Wells Fargo and a bunch of other banks. Jamie Dimon, who is also a vocal critic of crypto, operates one of the largest banks in America.

41:15They are fearful that this technology is an existential threat to their business model. They're right. It is. And so rather than improve their own business model to better serve depositors and savers and investors, they are going to regulators behind closed doors demanding that the regulators shut down these businesses. it's short-sighted, it's self-serving, it is not going to work, and all they're doing is creating turmoil in the broader marketplace. So we need to recognize that, yeah, the ingrained institutions of the day always hate innovative change. The horse and buggy industry did everything they could to prevent automobiles.

41:58Yeah. You had mentioned in the book that automobiles were originally called horseless carriages, this idea that you kind of metamorphosize from the things that you know to the things that you don't understand, even if it's not necessarily the most appropriate comparison. And it's human nature. We get it. People tend to fear what they don't understand. They tend not to want to disrupt the status quo. People tend to act, unfortunately, too often selfishly. I'm more interested in me than I am in the greater good. It's understandable. We get it. But we need to acknowledge it so that others can prevent that from being the rule of the day.

42:35Boy, Rick, we've got a lot of questions coming in. This one is right in your wheelhouse from Ralph Humphries on our platform. What issues are RIAs now encountering on the compliance front as far as investing in digital assets? For example, custody, liquidity, suitability, et cetera. Great question. It is a great question, and it emanates from the fact that most people, and I will use that word most, not merely many, overcomplicate crypto. We tend to look at Bitcoin because that's the elephant in the room. It's the best known. It's the first, the oldest, the biggest. And people are looking at how do I buy crypto and how do I do that in a regulatory compliant way?

43:15And many will conclude there isn't a regulatory compliant way to do it, and therefore we're going to stay out. This is what many firms say to their advisors. We don't know how to allow you to do Bitcoin compliant safe. Therefore, you can't. What they fail to realize is that that's old school thinking. That viewpoint was accurate seven years ago, but it's not accurate today. Today, there are so many different ways to invest in crypto that have nothing to do with compliance risks. In other words, there's two kinds of crypto today, not just one. You've got the coins and tokens, which is the pure original way to do this.

43:59But now you also have securities of crypto. Think about the analogy of gold. How many advisors tell their clients to buy gold? Nobody. You're going to tell your client to buy gold bullion? Gold coins? How are you going to execute that? Where are you going to custody? Nobody tells their clients to buy gold. You know what they tell them to do? Buy the gold ETF. That's a security. Oh, the underlying asset inside the ETF is gold, but it's a security. And because it's an ETF, it's an ordinary ETF, just like all other ETFs. No compliance department in the country has a concern with the gold ETF. You can buy it in any brokerage account.

44:44Your clients are familiar with how to buy an ETF. This is just another one. It's thematic. It's a specific segment that provides added diversification from stocks and bonds, but it's just an ETF. There are now crypto ETFs. We now have hedge funds, private equity funds, venture capital funds. There are SMAs and TAMPs. There are IRA accounts. There are so many different ways you can give your client exposure to crypto inside a security, which has the same rules, regulations that every compliance officer is very familiar with that has nothing to do with opening a Coinbase account to buy Bitcoin. Yet it gives your client access to the asset class, lets them check the box to add the diversification, yet you can do it with rebalancing and dollar cost averaging and tax loss harvesting.

45:39You can debit your fee. You can do everything with portfolio reporting, tax record keeping, simple and easy. So when an advisor or a firm says to me, how do I do crypto in an environment where I don't understand custody? I don't understand the rules and the regs and the reporting. My answer is don't do it that way. Do it this way instead. You'll discover it's incredibly simple and easy. You already know how to do it. You're doing it every day with every other asset class. You're doing it with gold. You're doing it with oil. You're doing it with real estate. You're doing it with commodities. This is just another thematic approach, the way you do everything else.

46:17It's not scary once you begin to understand this. And so I'm doing a lot of consulting these days with firms, RAA firms, broker dealers, banks, even pension funds and endowments, helping them understand that doing crypto isn't scary anymore if you do it within the parameters that now exist, that didn't exist even four years ago, but they exist today. And that's the approach people need to take. They need to understand this isn't scary. This is as routine and easy as adding a gold allocation to your portfolio. And do you see us moving to a world where we're going to see greater securitization of these assets so that they can be purchased through RIAs, through traditional brokerage accounts, and through other mechanisms of managed financial accounts?

47:06Absolutely. We are at the very beginning of this. It's called tokenization. And every asset class is going to be tokenized over the next five years. It's astonishing what is going on. and some of the biggest brands in the business, Fidelity, Schwab, Franklin Templeton, GlobalX, they are building unbelievable infrastructures for the tokenization of asset classes. Right now, we have 15 or 20 major asset classes. I mean, think about it. Stocks, bonds, real estate, oil and gas, gold and precious metals, and so on. There's 15 or 20 of these, and your portfolio has them. in 10 years, there's going to be 15 or 20 ,000 asset classes because we can tokenize anything.

47:55We'll be able to tokenize commercial real estate. We're going to be able to tokenize artwork, rare wine, exotic cars. We're going to be able to tokenize salaries. You want to be a fan of a Hollywood actor or a professional athlete, you're going to be able to invest in their career so that But as they make more money, you'll profit as well. You're going to be able to invest in your favorite music. You're a big fan of Bruce Springsteen. You're going to be able to invest in Born to Run. So every time that song is played on Spotify, you get a cut of the royalty. This tokenization is going to unleash incredible investment opportunity.

48:34And we haven't seen nothing yet. In many ways, Rick, what it sounds like is almost the Bowie bonds from the 1990s on rocket fuel. I guess the question is, I mean, the technology is certainly out there to do this. Obviously, it's maturing every day. There's still some issues with it around security, around stability. These are getting sorted out, perhaps not as quickly as those of us who are passionate about the space would like, but it is getting sorted out. And I'm curious, it seems as though the bottleneck there is going to be around the legal, regulatory, and compliance component of that. Do they become full securities?

49:11Are there some sort of tokenization mechanism that isn't quite a security? Does it come under some sort of almost like Reg A type of registration? I mean, there's just a lot of open questions for that. How do you think about that? What are the folks you talk to telling you about it? This is extraordinarily complex, and we need to go slow. We need to get it right, again, for consumer and investor protection. I'm a member of the Global Blockchain Convergence, which is a group of about 200 lawyers from around the world. Almost all of them are outside the U.S. working with governments worldwide in the development of the regulation of crypto.

49:44Because this is a digital asset that trades globally 24-7. So think about the legal implications of this. You buy a token, Ash, that represents an asset. This is a digital token. You buy it on a digital exchange, whether it's Coinbase or a DeFi exchange like Metamask. You're buying it from somebody selling it. You don't know who they are. You don't know where they're located. Something goes wrong in the transaction. Who do you sue? Who do you file a complaint with? Who has jurisdiction? The three of you, the buyer, the seller, and the platform on which the trade occurred, could be in three separate jurisdictions around the world.

50:40Whose laws apply? In what court do you file? There are no answers to these questions yet. Because most governments haven't written any rules yet for their own jurisdictions, let alone figuring out treaties between other jurisdictions. So we have a long way to go in figuring all this out. Here's a question that comes to us talking about the rules of the road. It comes from, and in the international component as well, I should say, from Mike Gannon on platform. Hi, Rick. Just been looking at your course content. And then he posts an emoji of the champion trophy. Obviously, he's a fan. He says, almost all of it, except for the tax is international.

51:24Have you thought about adding key regs from around the world? So when someone from Australia or the UK or wherever signs up, a bot can allocate the relevant regs. Boy, Rick, this is the reward for a job well done is the request for 100 more jobs well done. They want you to expand and give specifics by regulation. And thank you for that compliment. And yes, that is going to be the fifth track that we're going to launch later this year for international users or international students of our CERT program. I am as surprised as anybody that we have had people enroll in our course from 38 countries, which just shows the incredible hunger for this content and knowledge.

52:08And we've talked with folks in Japan, in Taiwan, in Saudi Arabia, in Dubai, in Ireland, in Germany, England, France, who say they can't get content. They can't get knowledge or education. The only people tending to provide that content are the product sponsors who are trying to sell you something. The content is either not very good, not very complicated, or it's biased. So we're it. We're kind of like the only place for objective content. Even the tried and true, the CFP board, the

52:42CFA designation, FINRA, the SEC, none of them provide crypto content. They've all outsourced us. We're the official crypto education partner for the CFP board, the FPA, IAA, MMI, NAPFA, XY Planning, IARFC. We're the official crypto education partner for Fidelity, for Schwab, for dozens of organizations, because they all realize they need to provide training to their audience. They don't have the in-house expertise, and so they're outsourcing it to us, and we're happy to do it. We've created a lot of white label programming for a lot of companies and on and on. But most of our content is generic.

53:22What is Bitcoin? That answer is applicable globally. But some of the content in our CERT course is unique to US. Regulation, taxation. If you live in Europe, that content isn't of terrible much value to you. So we're creating a new course, a new track for ex-US, people who live outside the United States that will have taxation and regulation focused on their jurisdiction, Europe, Australia, the Far East, Canada, Mexico, and South America and such. And we're going to be launching that later this year. Yeah, it really is. We see the same thing here at Real Vision, Rick. It's just an astonishingly global audience.

54:00We get questions from all over the world, viewers from all over the world, interest from all over the world. And I think that's just something about the nature of this technology that draws people in. This truly global instantaneous money moving around the world at the speed of light. There's just a lure that this has that brings in an international audience. OK, I wanted to get in one more question. Oh, this is a funny one. This comes from Paul English. Rick, care to share what crypto is included in your personal portfolio? And if not, give some general guidance around how you think about that.

54:30Yeah. I advocate in my book and elsewhere that your portfolio allocation should be 1 % of assets. That's it. Just 1%. And people are sometimes surprised to hear that. They're like, if you're such a deep into this space and so bullish about it, why are you telling people just 1 %? And there are two reasons. Number one, it's still a new and emerging asset class, still incredibly volatile, still a lot of unknowns regulatorily. Wild West, fraud and scam. So Bitcoin could still blow up. It could still become worthless. So a 1 % allocation won't hurt you. If it becomes worthless, it'll annoy you, but it won't interfere with your future financial security.

55:10On the other hand, if it does do what a lot of people think it might, 10x, 20x, 50x, you don't need a big allocation to have a material impact on your total portfolio. 1 % is plenty. I'm not the only one saying this. Yale did a study. They said that Yale said 3 % allocation. The CFA Institute did a study. They said 2.5%. Everybody is pretty much in agreement, low single digits. It's plenty. Having said that, I am personally overweighted. I don't disclose the extent, but I am deep in this space, have been since 2012 because of my knowledge and my financial ability. and my wife and I's personal goals, we can afford to be overweight and we are.

55:59What do we do? I'll give you my advice for, you know, we do a lot, more than I think most folks should try. But I will tell you what I generally recommend to folks, what your crypto allocation ought to be. Number one, just Bitcoin. It's the biggest, it's the oldest. It'll be last man standing if it does blow up. Number two, Ethereum, the second biggest coin, which has, I believe, a greater level of commercial application than Bitcoin. I personally own more Ethereum than Bitcoin, but not by much because the two are a big deal. You could build a portfolio of just those two, Bitcoin and Ethereum.

56:40Together, they represent 70 % of the total crypto market. They're the Coke and Pepsi of crypto. Just do the two of them and call it a day. Third, if you want to be more diversified, I'm a big fan of the Bitwise Top 10 Crypto Index Trust, which is a grantor trust. There's a lot of details to how these things work. I'm an investor in Bitwise. This is Hunter Horsley's shop. We've had him on many times. And this is the, you know, they call it the S &P 500 of crypto. It's the top 10 coins market cap weighted. So Bitcoin and Ethereum represent 70 % of the fund. And then you've got eight other coins that represent fast growers because the biggest won't necessarily be the fastest growing.

57:23So that gives you more diversification. But there are details, risks you need to be aware of. I've written a lot about this. You can go to my website at DACFP.com to read about the risks of grant or trusts. Third, or rather fourth, you could build just a big, fat portfolio of a variety of different ways, SMAs, TAMPs, VC, PE. Crypto ETFs, GlobalX, Schwab, Fidelity all offer crypto ETFs. There's a couple of dozen of them out there. So there's a wide variety of ways to do this. And what you should do, how you should do it, how much to invest, where to invest, talk with your financial advisor. And if your advisor isn't willing to engage, if they don't know how to engage, if their first reaction is dismissiveness, go find another advisor.

58:14And by the way, we should say all of these topics covered amply in this book, The Truth About Crypto. I found it very interesting myself, and I was incredibly impressed by how comprehensive it was. I have to tell you, Rick, when I started reading this book, I'd thought about writing a comprehensive book like this. Every time I thought about it, it was emotionally exhausting. I'm thrilled that you've written it so that I don't have to. I'm happy to have helped you out there, Ash. Rick, you know, we've blown through our time so quickly here. Final thoughts, key takeaways that you'd like to leave our audience with.

58:46I guess I'd end with where we started. This is an astonishing new innovative technology that is going to radically alter the nature of commerce on a global scale. You're going to own crypto. It's only your choice of when. You can wait 10 years when it's incredibly obvious, just like having General Motors stock in your portfolio is incredibly obvious today. you're not going to get rich or change the world by buying GM stock. But if you bought GM stock in the 1930s, you would have changed your life. So that's where crypto is. You can wait, buy it later, it'll make sense. Or you can buy it now, much riskier, much more uncertain, but with a much greater potential for impacting your future.

59:32It's entirely up to you. But either way, learn about this. Make sure you're working with an advisor who understands this and let us help you. We have a course for investors. We have a course for advisors. And I encourage you to go through our certificate course. You can learn more about it at DACFP.com. Rick Edelman, always a pleasure to have you on Real Vision. Thanks, Ash. Anytime. Thanks for watching, everybody. What's up, revolutionaries? Thanks for tuning in to the Real Vision Daily Briefing. For more content like this, head over to realvision.com and get unfiltered access to the very best, brightest, and biggest names in finance.