Michael Saylor Reveals Why Storing Money In Banks Is a Mistake | PBD Podcast | Ep. 267 | Part 2

Did you ever think you would make it? I feel I'm supposed to eat a sweet victory. I know this life is meant for me. Shit. Yeah, why would you plan on Goliath when we got Bette

Davis? Now, you came in giving values contagious, this world of entrepreneurs, we can do value the haters out here. Uh, no, me look what I've become.

If you're trying to use money, that requires Banks you can't trust the bank's, right? You certainly can't trust the banks in Africa, and South America and most of Asia. It used to be Americans thought they could trust American Banks. Now, they're realizing that they can't trust American Banks. So the first order impact of the banking crisis is people think, well, maybe the money I had in the bank's going away and so I ought to put it in a bank in cyberspace that isn't controlled by the government.

Or by the bankers and that's Bitcoin. The second order impact is the solution to the banking crisis is print more dollars and if you print more dollars, the actual monetary inflation rate goes, 10%, 15% 20%. So you think why do you think those bonds crashed the, you know, because they're actually claims on dollars? Do you really want to hold a billion dollars of Zimbabwe dollars?

What if I offered you, 10 billion? Zimbabwe dollars. I mean, the answer is, it's going to a nickel. Okay, so if the current, if the paper currency keeps crashing, then you can't own anything, that's currency related, you can't own a currency, derivative, you need to own something that politicians can't print more of, okay, well, the soil, that's land. But the problem is, try calling 100,000 barrels of oil from where you are.

Our to London, where you want to be, how you going to do that. I'll give you a billion dollars of land in central Africa and then someone takes over with machine guns and declares that everyone with large amounts of land. Now loses it that happened in Zimbabwe. You got to pick up the land on your back and carry it to France. So it's kind of it's simple. If people lose faith, in the bank's, they lose faith in the currency. When they lose faith in the currency to lose faith in the government.

When you lose faith in the bank, the currency and the government. And someone says, what do you, what can you trust? The answer is, you can trust Bitcoin because you can custody your own asset, you can run your own node and at the end of the day, even if the Chinese want to shut it down, they can't. If the Russians want to shut it down, they can't. If any nation state wants to shut it down, they can't. If the US wanted to shut it down, they can't. And so everybody wants something that they can trust. That is

Beyond the reach of a corrupt politician, a corrupt corporate executive or they have to be corrupt. They can just be well-meaning trying to do the right thing in a misguided fashion and meddling with your economical. This if there's ever been a time for you to make that argument and make it aggressively and scream at off the top of your lungs is right now, especially the fact that three out of the four, largest banks that ever gone out of business and a history of America were done in the last 90 days.

Days, you got wobble was a biggest which was September of 2008. 307 billion First Republic was 212 billion. That was made first Silicon Valley Bank March 10th. 209 billion Signature Bank, March 12 to 110 billion and the next one closest one to it is IndyMac. If you remember IndyMac was only Thirty 1 billion Auto Company backed in and 08. So

Someone may be listening to this. Instead of all I got man, this guy is right maybe maybe I owe them. Start moving my money out of my bank as soon as possible. And you know Jamie dimon, I know these guys are trying to get people not to take the money out of the bank. Can have them too many Bank runs because if they do that and, you know, some are taking the money out of their bank and putting in a money market is is Michael saying take my money out and put and put it in Bitcoin? Are you saying maybe taking and putting a bigger Bank? I'm a little concerned. Michael, you sound smarter than me. What should I do? The average person's thinking

Dead right now. So are you saying that these three out of four largest bank that went out of business? That happened last 90 days, 90 days, there's more to come and things are going to get uglier than what it's been last. 90 days. Are you just saying the fact that if you keep your money in the bank, at any point, they can make that decision and control your money? I'm saying that

money is a store of value, but and there are multiple monies and they're not created equal. So let me give you the world's worst money. The worst money in the world is like Argentine pesos or Venezuelan Bolivars or Zimbabwe dollars or Nigeria and I are weak money. That much, the official inflation rate in Argentina is 105 percent but that's the official rate which is which is that under States at the actual

Relation rate would be higher. And if the inflation rate is running 100%, that means your money is losing half of its value every 12 months,

That means that within 10 years, you have nothing. Okay, so, bad money, bad currency or bad money loses. All of its value over the course of a few years in Venezuela, you lose all your value in 36 months and Argentina and 10. To 20 years, the Argentine peso was 12, the dollar Twenty One years ago.

If you had, if you had a million dollars, 21 years ago, the Argentine peso right now is about 480 to the dollar. So that's not a 99 percent loss. That's the 99.8% loss, right? In how many years, 20, 21 years, okay? So, what I'm saying is you don't have money if you have weak currency. Now, let's take strong currency. Well, the strongest currency of the world is the dollar.

That's not money, you're losing 99% of your wealth over the course of 90 years and the u.s. dollar maybe more the US dollar. The only difference when the US dollar and the peso is where as it takes 20 years to lose your family's fortune in the pay so it takes about 90 years to lose your family's fortune in the dollar right my house and Miami Beach was a hundred thousand dollars in 1930. It was appraised at 46 million dollars a few years.

Ago. Do the calculation. It's on a path to be worth a hundred million dollars, which means that the US dollar will have lost ninety-nine point, nine percent of its value over 100 years. Warren Buffett knows this Charlie Munger knows this basically your the bottom line, there is your money in the bank isn't money, okay? So the answer is, you shouldn't have any money in a bank, right? You're basically losing seven percent of all your

Every year in a good year, if it's the dollar you're losing, 15% of your wealth. In a not good year. If it's the dollar you're absolutely losing. All your money over the course of a decade. So that's that's kind of weak money. Awful money is developing World money, the Lebanese pound, the Lebanese pound got devalued, I mean, you would have lost all your money in five years if you had the pound, the strongest money and decent money. Okay. Money was

Gold but not great. The strongest money in the world is Bitcoin because Bitcoin is absolutely capped at 21 million. It is global money. You could take a billion dollars, a Bitcoin across a border, you can transfer it to a counterparty and no government can enter dick to that. And nobody can inflate that. And so, so my answer, there would be, you can't trust any Bank.

You can't. Yeah you certainly can't trust a bank in Lebanon. Read about Lebanese Banks. You can't trust a bank in Africa. You can't trust a bank in Asia, Michael, but if you

call Chase their customer service is amazing. How was the customer service with Bitcoin when you called 1-800 number?

Now, there's nobody working at the bank of Bitcoin to steal your money right. Thanks for calling Bitcoin. This is John Doe call and I can't do nothing for you. Got to make the decision yourself.

But I just want to say hi to you

back. You know, Bitcoin is a bank in cyberspace, run by Incorruptible software, it's going to keep your money. If you are incompetent, then you're going to suffer the consequences. But let's think about what what banking Executives in the u.s. do the US banking system is the best in the world. Here's what they do. You put a hundred billion dollars into the bank. They have the deposits, they turn around that. The the Federal Reserve.

Straight short-term rate was zero and these guys went invested 100 billion dollars of those deposits. And in mid dated long-dated, sovereign, debt. That was yielding 1.8 percent interest. The Federal Reserve took the interest rate, but probably would you would you loan me money for 30 years at three percent interest rate? Like, can you imagine that if the inflation rate was 8 or 10%?

Would you loan money out at three percent interest rate for the rest of your life, not in a million years? Okay, that's what the banking Executives and the US did at the sing. At the point. When, when the cluster look o Malley Bank, all of them. Right? Pretty

much.

Not just not just the ones who went bankrupt, right? There's there's a host of banks, I think they had what was it? Like 800 billion dollars of unrealized losses or something, a host of banks.

Went and anybody that bought mid dated or long-dated bonds at the. You know, at the bottom of the market, when interest rates were zero, they were loaning out money for ever at 2% interest or 3% interest or one and a half percent interest. And, and as soon as you redeem what happened, of course, is the Fed raises interest rates from 25 basis points. Actually the rates went from zero to 500 basis points in 12 months,

About. That's the sharpest, increase in interest rates and memory. That and itself is, I'm not going to say what it is. It's represent, you know, it's just horrific terrifying to think that any public servant would do that. But it's equally terrifying to think that if I was your money manager and if you had given me all your money, when interest rates were 0, and I and I said, well, I guess interest rates will stay 0.

For the next 30 Years. And so, I'm going to loan it out as a bond and lock in a price of 2 percent. You know, you would have thought I was crazy. No, there is no individual, no Corporation, no, rational Corporation no economic actor, that would loan money forever for 3% interest when inflation is running double or triple. That, so the question who's that, who would and the answer is a bureaucrat

Either a governmental bureaucrat. Someone that is coerced by regulatory policy where they're forced to, for example, a bank, can't buy Bitcoin, but a bank is almost obligated to buy treasuries, right? So, the politicians, create a set of rules that strongly encourage you to do certain things and strongly discourage you to do other things. And generally, they

Urge you to do the thing which is probably least economically viable by there are probably local local organizations and Banks and foreign countries that own their own local currency, right? Like, would you buy, you know, an African currency with inflation rate of 200 percent a year? No, but people do why? Because the government controls or owns The Entity and so they force that.

So, just to finish this topic before we move on,

When you said all these guys that are given, you know, their money for 3% over 30 years or whatever, there's a lot of them Silicon Valley Banks. Not the only one signature is not. You know, there's a lot of these guys that most of the bank, most of the banks are willing to go L. Remember that chart exactly 64 percent who was above and JP Morgan was the Lord 10% at the beyond. The so the point is, don't trust your money in any bank that's basically betting at on, what good are real witches? Investment, you say something like that as a guy, that's that's a billionaire. The average guy is not a billionaire. Did the only thing, they know what to do is walk up to the bank.

Two different scenario urine, but the question the question I want to ask you is the following. Are you saying there's going to be bigger banks that are on the line right now that we could see popping up that they're in the same situation because of most of them are doing it, you know, Powers not lowering rates and they're saying he's not going to do it till December. So how many, how much longer can these guys handle these types of a

conditions? Yeah, so let me just answer two questions, what I think will happen the banking system and what I think a person should do, what I think happened to the banking.

System is all of the regional Banks. You know, the small midsize Banks or at a massive disadvantage right now because the government is is showing that they're not going to bail out those those Equity holders. So there's a, there's a migration of deposits from the small Banks to the big Banks, you know. I think that, you know, the jpmorgan's, the Bank of America's, the mega banks will continue, they'll be just fine. They'll be supported by the government to small banks are going to struggle and that's what that's what.

She going on right now. If your deposit or I mean you'll probably get bailed out by the government. If you're a bond holder in the bank or an equity holder, the bank you won't get bailed out, right? And so there's a crisis for investors whereas whereas everybody that's a depositor doesn't want to sit around and take the risk, right? I mean, who wants any anxiety? So I so I think that to the extent that you rely on banks. Clearly, the world is waking up and the u.s. is waking up and they're thinking

And I want to be with big Banks. I wouldn't have my money in a bank anywhere, outside the US, and a weak country, right? You need, you need to be in a rich strong country to with a rich, strong bank with regard to what individual should do. I think the logical answer is for expenses, if you have expenses and the next three months, you have your expenses in the local currency, which is the peso, the nayara the whatever, because it's

Legally obligated for you to pay in the local currency for the next three years of expenses or one, two, three years of expenses, you put your your wealth and the strong, the strongest world currency in the world. That's the dollar right now, but you make sure that you have that currency. Either self custody door, you have it in a bank that you trust, that's hard. If you can't find a bank, if you were in Lebanon, right now we dress you back. If you are Lebanon right now you wouldn't put your money in any Bank you would actually.

Ali put it on the Bitcoin blockchain for any amount of money, you want to keep the rest of your life if you want to give it to your kids. If you want to actually retire on it, anything that's investable asset. You would put it in Bitcoin, you wouldn't put, you would put it in a and the strongest possible world currency, the global, the global money and that's Bitcoin, you're not going to get rich investing in dollars.and, you'll lose all your money. If your dollars are in a week.

Bank. And if your dollars in a strong Bank, you'll just get pour slowly and you're going to get four, you're going to get poor rapidly. If your money is and not the dollar, but a weaker currency and you're going to get completely bankrupt. If you trust a week bank and so microstrategy by the way has we'd like 90 million dollars we had four plus billion dollars worth of bitcoin. So go figure right 98% of our assets.

Are actually in the strong money 2% is in the world's strongest currency in the, in a good bank and a strand, one of the big four Banks, right? And and that's about as much exposure as I want to a currency,

but you're obviously A True, True True Believer. When it comes to bitcoin, no doubt how much of it. The fact that we live in Miami

and we see people fleeing Venezuela, Argentina moving their money here, getting out of Brazil.

Getting out of Cuba, you know, it's all South America

moving to Miami as well as all

around the world. But how much of that helps I guess, codify your ideology on bitcoin or you're 100% anyway? In this just sort of

reaffirms everything you believe when you see these people moving here,

you know, you need this near-death experience, this mortality event before you will open your mind to embrace a new idea. Hmm. You know. And if you live

In Argentina. When you talk to argentines, they say, my family has been completely bankrupted twice in the past 30 years, okay? So in and South America, if you live in Venezuela, well, they've all been bankrupted twice and 10 to 15 years. If you live in Brazil right now, I think the interest rates getting approach to for approaching 14%, right? Money is hard to come by and if you live in Africa, the Africans live under the

say Colonial Frank where they lose half their money. Every time they change currencies, and it's not convertible. And if you lived in Nigeria, you know, you just had you wake up one day and the bank says, you're only allowed to have 42 dollars a day.

And if you live in, if you live in India, that, you know, you wake up, one day, this press release, it says all all rupee notes of 10,000 rupees or whatever above are now, illegal, and you have to turn them all in in the next 48 hours or else their null and void and someone just invalidates the currency. If you lived in Russia. In 1998, all the banks failed and the robo went 2-0 and every lost everything. So I think that the people that live in other jurisdictions if they've ever been completely,

Cropped or seen their their their economy, completely collapse, Sri Lanka another good example when that happens. Then when someone says okay, well here's a bank, in cyberspace and an asset that no one can metal with, and no one can can corrupt or tamper with. You think will tell me more about that, but if you're, if you're a wealthy American, if you're Warren Buffett, you know, we have a very famous example, a video that's gone viral.

On Twitter, thirteen-year-old girl says to Warren Buffett. I'm really worried about the u.s. dollar is the reserve currency of the world. We're printing lots and lots of dollars, and if we're not the reserve currency, the value of the dollar is going to collapse. We're going to have hyperinflation. What should I do mr. Buffett you know, and I wouldn't normally criticize, you know, respected successful, business person of his age but he and Charlie Munger did choose to go up on stage and

Answer questions and give Financial guidance and advice and investment advice and they are looked up to and so you watch Warren Buffett, answer the question and his answer is well yeah I mean I guess the FED inflated the the money but they needed to and you know, it's really difficult. You know, and politics of difficult problem and yeah you're right. It is a problem and Mongrel say, you know, the dollars going to 0, it's going as you, they know it's a problem and then he kind of meanders

Do it with with an end advice which is why? You know I don't know but you know America is a great country don't bet against America but the ant but the the blood-curdling terrifying you know depressing you know take away from the Clippers is the 13 year old girl knows what the problem is. The country's full of people that can articulate the problem and write thousand page books on the problem if you're rich.

Each in America you don't have the answer because you're too comfortable, right? And so what you've got is a bunch of Mega billionaires that are very successful in America, but they don't have an answer or solution to the 13 year old girl. The solution to the question was Bitcoin, right? And Warren Buffett, and Charlie Munger can't allow themselves to understand that because because they're so successful. They don't need to open their

To an Embrace a new idea. If Warren Buffett woke up tomorrow and his bank seized all of his assets. And they were devalued to zero,

And he was a pauper. And his neighbor. The Uber driver was walking around with a hundred thousand dollars worth of bitcoin on a hardware wallet. Warren would say, what is that again? Explain that to me. Yeah, what do you mean my government? My bank can't steal all my money. That's a pretty good idea.

Right. And so I think that when you're a refugee from fleeing Iraq or you're crossing the border and you know, when you try to go through an airport and a hostile regime, steals all your money and seizes all your gold. When you have to flee, your Thousand Acre or ten Thousand Acre Farm and Africa because a hostile regime decided it was illegal for people like you to own land. When that happens, you become a believer in.

A non-sovereign store of value, crypto asset Network, which is what Bitcoin is. The people that came to this country, the huguenots, you know, the settlers, the, the colonists, I think they understood it. I mean, they had all their, all their property seized from them from wherever they came from. And their idea was, here's a place where I can own something, and people might not steal it from me as soon as they got here. People started trying to steal it from him again, right? That's the Human Condition.

Addition just slower just slower, you know, but that's why they kept going west. It's like I got to go west where there's no politicians to steal it from me. Right? And that and that's a pretty powerful driver. So I think that the conclusion is people that are comfortable, they're fat dumb and happy in the United States are going to continue to reject new ideas like crypto assets like Bitcoin.

Because they don't have to if I don't have to embrace a new idea when I get to a certain age I won't. And that is that is as old as the, it's the Thomas Kuhn structure of Scientific Revolution. He said

Paradigm shifts. Only get embraced and Times of war or when the Old Guard dies, if you want to introduce a new idea, you need a war war is kind of work because if we're fighting a war and I introduced an airplane and I drop a nuclear bomb on your head, then you stop rejecting airpower and you stop rejecting Atomic weapons. You embrace the reality that yeah they do work and maybe you need to figure it out Wars work but absent.

Or people just have to you know they just have to pass on because they're not going to embrace a new idea. So you talk about Charlie Munger and Charlie Munger gave the famous rat. Poison speech, right? He actually gave two speeches in the second one. He said, no, I didn't say it was poison. I said it was rat poison.

So you're saying that he's in the middle of the of the system.

Was he disingenuous was he dishonest? Or was he mistaken if you don't spend first you have to have an open mind and say, is it possible that this works?

And then second you have to spend somewhere around 10 hours to understand it. I just don't think he has an open mind and I don't think he spent 10 hours, right? I mean it's not it's not uncommon right people in their 80s and their 90's don't generally embrace the wonder that is the Unreal Engine or Tick Tock whether an orderly bottom line. He's so it's I wouldn't again if they were private citizens I don't I don't criticize private 80 and 90 year old

Octogenarians. And and the like for not embracing the new cool thing, right? They don't have to like this, but you don't have to like drone races, you know, you know, my father doesn't have to like drone races and his 80s, that's fine. But the point is if you're going to tell people how to invest hundreds of billions of dollars or trillions of dollars and you're going to give advice to a 13 year old about how she cannot be poor or not or not starve to death.

I think that then you have to actually study these things. And the elephant in the room is everybody in the world is facing inflation? Everyone in the world is facing counterparty risk. Everyone everywhere in the world we're losing faith in governments Banks and currencies. The solution is a bank that isn't run by people that isn't subject to the whim of a government. That is Incorruptible, that allows you to be your own bank.

Right? And and that is a message that's getting out. We just need to keep beating the drum on that it is. I think the most important Economic Opportunity, / issue / technology of our

time. I got a question for you. A guy here asked the question but for me, I kind of want to go through this on and I'll go to this Super Chat. What percentage if I were, if we were to break down the amount of content you consume, okay, percentage-wise.

In the last 12 months, okay, what percentage of your research and reading is the market like the whole Market, what percentage is purely crypto, what percentage is politics. If you were to break that David and they are 40% of. What I consume is this 20% is this 10% is this? I would say something like a quarter as politics and a quarter is macroeconomics and and a quarter is

Is the crypto economy and and Bitcoin related things, and the crypto economy and the last 25% is microstrategy business activity, you know, our Capital operations, Capital Market

structures and and,

and our strategic

initiatives. So there's nothing that is more than the other, your evenly split. Amongst the four, very interesting

how you do that. I like

I would say I'm evenly. Split amongst the four? I'm quite aware that that my impact is at the microstrategy level. I get to decide, you know, whether we're going to pay off at 205 million dollar loan or not, right? I get to decide whether we're going to issue a billion dollars of equity or not. And I got, you know, so I have an impact over. What microstrategy is doing is the chairman of microstrategy and I have a responsibility to my employees, my shareholders and the like, so a lot of

Work is there and then I have the ability to have an impact and a need to be engaged in the crypto economy. Especially I'm spending a lot of time on bitcoin, Bitcoin education, lightning development of Bitcoin application on the lightning Network. Those sort of things, right? That's where I can have an impact and the macroeconomy, I study it. Because I want to know what's going on with China and Russia and interest rates and hyperinflation in

Tina. But I don't you know I have no belief that I'm going to be able to control that, right? Like I don't pretend to be able to direct Argentine macroeconomic policy and with regard to politics in general, you got to pay attention to what's going on with, you know, the Tucker Carlson's of the world and you got to pay attention to the presidential race and and the politics, the Senate and Congress, and the regulatory.

It is, but it's above my pay grade, right? I have a, there's a hundred things that are going on in the political sphere. And

when you say above my pay grade, I don't have control over it as what you mean

a, you know, I don't have control over it. Be my opinion is not welcomed, right? See, I don't have credibility, right? I'm not going to express strongly held opinions on medical policy or interest rate policy or the like because

Was it is distracting and so I think you have to study it. Yeah. And, you know, I have to know where the wind is going. For example, there are some countries, I would not live in right now.

I'm not going to tell you which ones I'm just not going. There are some places I would not go, right? So so you mean countries that people you would assume are safe to live in. Why wouldn't you tradition? I'm look, there's a war going on in the Ukraine also. No, I mean, do you pay attention? You pay attention right? There are places. I wouldn't make an investment sure there are places, I would not go, there are places, I would not live, right? But if you look at my Twitter profile, I have laser eyes.

And the significance of lays our eyes is, if you want to make progress in this world, you have to focus and Channel. All of the energy you have behind a very, very particular objective. And I have one laser like Focus, right? Bitcoin is good money, right? Bitcoin is good for the world. Bitcoin is is a is global Freedom Global property rights just right? Like I have 100 other opinions but if I actually filled my feet

feed with, here's what I think about bicycles. And here's what I think about diets and here's what I think about health and here's what I think about, you know, labor policy and here's what I think about states rights. And here's what I think about this country at some point, you just dilute your focus and you just, you don't have that much energy in this life. What we really brought you today to talk about what your thoughts were on a plant-based diet. Because I know you've been researching that for long. I'm just obviously joking with you bum.

What's that my point? I talk for an hour about it, but, but the point is, I'm not gonna change. Anybody else's deeply held opinion on plant-based diets.

What sources do you go to? When you say you researching, what do you read? Are you a Zero Hedge a guy or you a Wall Street Journal? What do you what do you read?

You know, I'm scanning everything on Bloomberg News. I'm scanning everything on the Wall Street Journal homepage. I'm scanning the news feeds on anything related to bitcoin.

Scanning, you know, the major papers the the New York Times to see what they're thinking. I'm scanning Twitter,

what they're thinking.

It's useful to know what they print right on

the New York Times thinking like they do a lot of. So all

right. Yeah, we could go there. Yeah. But, you know, I think you could you're not interesting in here. To the point is the point is, what's what's on the front page? Like, what is, what is the narrative on the front page? What is on the front page of the Wall Street?

What's the paper that? What's the paper? You read. That's like not a common paper. Like there's there's some web site or in a journalist. You trust somebody that writes that you follow an expert. I don't think you could, I don't think you couldn't good faith endorse any anyone news Outlet in the modern world, I think I think you have to scan everything and you have to consider what statistically significant. And of course, what you find and then and the news media is often times.

if 92% of the people are dying of natural causes,

95% of the bandwidth it bleeds, at least, 95% the bandwidth is the most colorful way to die, right? It's the not the most likely way to die. It's the most colorful way to die. And so, I think that all media is distorted and they're, they're all edited and they're all focused to a certain agenda. The only thing you can reasonably do is you can scan a bunch of

Them. You can scan, you know, your own Twitter feed will also be distorted. So you have to scan other feeds and then you have to be continually going through this exercise in your head of saying that happened. Is it true? And then how significant is it for example, Argentina inflation 105 percent. Is it true? No. Because the actual inflation rate is higher. It's indicative of a truth. How

As well. How many people live in Argentina? That's one level of significance. The second is, how much money is in Argentina. And the third level significance is how. And you know how symbolic or how indicative or catalytic, is it to other activity? That will happen the rest of the world, right? How symbolic is it? So you I think that I'm in my 50s, I'm 58.

If every 4th brother was February 4th, same birthday is me. That's why I like if you roll the clock back and you read, then the same newspaper in your teens, you'll interpret something different. If you read news and your 20s, it's different and your 30s. It's different in your 40s. It's different how powerful when you get to your 50s, if you read the same, like, you read the same history book and you're reading it in your 50s. Like, wow, I totally interpreted at this differently. When I was in 9th grader, right? When I was in college, I interpreted this differently so you have

To have real world experience. Often times, you'll read a story and they'll State something. And the truth is the exact opposite of what the story is. But you have to have lived life. Like, for example, you read a headline, we found 500 Stone axes. In a cave in Africa, they're between 1.2 and 1.7 million years old. Well, a school kid will say. Oh yeah. So I guess they found some Stone axes.

I look at that and I say well, those have Factory that made Stone axes. In Africa, 1.7 million years ago that meant that there was demand for thousands of stone acts as a year that meant that there was an entire civilization that existed right. In fact, there was money, there was a government, there was a Furniture Factory, there was a clothing Factory. There was a, there was agriculture, there was an entire Society, you had to have

10,000 people all working together and coordination to justify having an inventory of 500 Stone, axes, right. And the only reason you actually read about the stone, axes is Stone. Axes. The only thing that's going to last a million years from now, right? And so what was there was a thousand acts more interesting? The fact is there was an interesting higher-level civilization with agriculture one and a half million years ago. They're not writing that in the history book because the literal

Ian only wants to report the bare minimum, but the reason that I could actually tell you a thousand other things is that I actually read books on Austrian economics. I you know, I ran a business, I traded I saw them the the Meltdown and, and the, the creation of dozens, of of Industries and I understand human nature.

Right now. So if you understand, you know, and you live the life, you're like. Well if I, you know, if I drink cartons of orange juice every day for months in a row, I know what's going to happen to me. It's not good. You can reverse that and you can figure out what people ate. A hundred thousand years ago, you know you did, they didn't do the things that we don't really think are good ideas today because they wouldn't have procreated through a hundred thousand Generations. So I think that when you read the

News and your 50s, if you've lived the life and by the way, like a lot of things. I interpreter because I ran a company for 30 years and are like, for example, you know, like a teenager. If you look at movies created by people in their 20s, they have this view of business. People like the badass, billionaire business guy, walks in and ever and he tells everybody what to think and they, you know, and he's the, you know, he's the evil dr. Evil Genius. But if you've actually run a business,

You know, I remember back last time I told somebody what to think and they told me to go f myself, right? And that, you know, and you are dressing, you know, you're and now I have a meeting and I'm very polite, you know? Like and the more talented you are the more polite. I am you know, because I realized that the world will go on without me like those people think. Oh yeah well I got to work for the man. Well no you don't. I have 2,000 people in my company right now. I have hired Thirty

Thousand people. They don't have to work for the man, right? The truth is an unbelievable point. You know, you hiring believe you realize that they are. They will quit if they don't like the

CEO gets fired, more often than employees do.

Yeah. Yeah. I lost 27,000 Drive hundred employees, right? So you think I take them for granted? Yeah, but you have, but I didn't when I was

24, I like what a

perspective that the time when you are most confident, when you have the

Most amount of formal education and the least amount of Real World Experience like and your early 20s, right? Because you think you can do it better than everybody else and you haven't failed. And when you get another 25 years out, you're like, oh I tried, that didn't work. I tried, that didn't work. I tried. That didn't work. Oh yeah, that was a really good employee, but they quit because I was rude to them. Oops, I wish I hadn't done that. Oops, took that for granted.

So I guess I'm coming back to your question. How do I think about the news? It's like, can you give us one name? One swords like do you go to something that's not the traditional one. Everybody else goes to any person. I know it's not 100% accuracy you trust but give us one source. I think I think to give a boost to Twitter and Elon Musk. The Boost is there are analysts and there are domain experts on Twitter that don't have corporations that don't have

Warriors to tell them they're not allowed to say that thing and they actually say the

truth. Can you give us their names? A couple of them. Michael, I want to hold you to give us one name. No, no, give us one me, follow me on Twitter. I mean, you can look it, okay? Say Pat's table about 600 people. Okay? So then follow the people. You're following here, they're honest analyst. And there are people that are domain experts and they publish their unadulterated thoughts, and if you actually put together, a mosaic of all those things with your own Real World Experience, you'll start to see

Emphasize a view of reality, which is, I think probably more reliable than anyone, you know, edited traditional media saw, somebody just give a five hundred dollar Super Chat and ask this question said, have more people been hacked owning Bitcoin then banks have failed.

Bitcoins never misses junk coaster Bitcoins never been hacked. So that the, the only people that suffer with Bitcoin or people that trust their Bitcoin to the sandbank meant for each of the world, if you put your Bitcoin in Celsius or block 5A or FTX if you if you put it in and in a wildcat bank and the bank steals your money.

Rice the real message of bitcoiners is don't trust verify and be your own bank and not your keys, not your coin. So the message of Bitcoin is you can't trust anybody if I if I actually told you the world is made up of imperfect people and then let's say there's a hundred families and we all have money and none of us trust each other. And we all know we have idiot kids that are going to take over the family business and time and we want to create a community.