EP57 Long-term Thinking in a Bitcoin World with Morgen Rochard

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I mean, the conversation we always have a clients is
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just in general with acid allocation, is what do we
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need for in the short term and what do we
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need in the long term? And so Bitcoin to me
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is long term savings. It's not good short term savings
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just given volatility of it. There's debates about whether or
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not the volatility will continue and persist in the future,
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whether or not it won't. I actually I think it
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probably will, and that the difference is that people are
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going to change how they think about prices rather than
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just what their savings looks like.
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The opinions expressing this podcast do not necessarily reflect the
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opinion of our Ghost Global Advisors or its advisors. The
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mention of different asset types or securities do not constitute
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a recommendation for our clients. If you have any questions
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about the content of this podcast, please contact your advisors.
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Welcome to Navigating Bigcoins, doing, the podcast where we cut
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through the clutter and bring you the clearest insights on
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Bigoin I'm your host Kaine mcgougin, and today I'm joined
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by fellow financial advisor Morgan Roshard. In this episode, we
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be div into bitcoin's role in traditional portfolios, the importance
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of balancing long term and short term investment perspectives, and
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how the principles of faith shape both bitcoin and our
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relationship with money. If you're looking to better understand bitcoin's
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past and its future as a global economic network, you're
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in the right place. So sit back, relax, and let's
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get started. Thanks everybody for joining today. I have with
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me Morgan Rochard. She works at Origin Wealth. She's also
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a fellow financial advisor in wealth management, more importantly, a
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bitcoiner and kind of an advocate in the space. So Morgan,
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I appreciate you joining today and look forward to kind
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of talking to you more about bitcoin, wealth management, how
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those things fit together, as banks and ETFs and central banks,
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and everybody's in now is no longer just kind of
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the retail yo lowing their last hundred bucks. So anyways,
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thanks for coming on, and I want you to give
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us a little introduction.
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Yeah, thanks for having me on the show. So yeah,
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I'm a longtime bitcoiner. I have been advising on bitcoin
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in my practice since twenty sixteen, but I would say
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that the majority of my clients started coming in as
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bitcoiners in twenty twenty, So the first four years of
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me advising on it was just say, you want to
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check out this coin that we that you know, you've
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heard the news, people either wanted to or not. After that,
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like after I started actually marketing myself as somebody who
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would be welcome, very welcoming to people who have bitcoin holdings.
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Thereafter people had noticed that bitcoin isn't a financial plan,
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it's definitely part of a financial plan, and that they
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have subsequent questions after holding bitcoin or doing whatever it
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is that they're doing in their lives, that they actually
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need more than just holding bitcoin. They have specific questions,
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and so that's where my practice is today. I also
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run a consulting practice where I just have like an
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ask me anything style. People can schedule with me and
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ask me anything related to bitcoin and how they hold it,
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an inheritance and those aspects of it, and my consulting
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practice as money owners, and through that I don't give
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any investment advice. So people often say like, oh, I
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want to schedule a twenty minute call with you tell
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me how much bitcoin I should own, And I'm like,
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actually sorry, like I can't do that here, but anything
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else feel free. So yeah, I've been working though on
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finance since two thousand and eight, and I worked for
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like equity options trading firm, and then I worked at
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some of the bigger wirehouses like Merrill Lynch and then
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UBS and then I started my own firm. So that's
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my background.
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Oh yeah, yeah, well I've enjoyed it. We crossed paths
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just a couple of times over the years at bitcoin conferences,
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a real deep relationship. But this past year I came
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to your session, walk by, and you, you know, you're
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kind of talking about planning bitcoin. I was like, okay,
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now it was time to probably just hop on and
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see if we can just have a little chat around it.
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I think, you know, not all of us have a
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superpower like you have with Pierre, but uh, you know
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that's a I bet you guys have some pretty good
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battles at home at night. But I think now that
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you know, bitcoin has been mainstream for a while, but
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I think this cycle, it's hard to argue that it's
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not an asset class that people should probably consider holding
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in their portfolios or think about, or are starting to
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think about, or you're probably getting more of those consulting
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calls are like, yeah, I just want to talk to
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you about bitcoin stuff, but then how much should I allocate?
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So maybe you can walk us through a little bit
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about the difference between the traditional side that you work
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in and what separates that from the consulting side, and
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then a little bit about what you're seeing now that
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bitcoin's kind of ratcheting up one hundred K could go higher.
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Are people who had previously clients who had previously been like, yeah, no,
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I don't want to touch that, it's rat poison Are
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they coming around to it? Are they not? What are
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you kind of seeing?
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Yeah? So I would say that people who think it's
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rat poisoning generally continue to think that it's rap poisoning. Unfortunately.
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I think that like we all as pitcoinners like want
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to you know, turn Peter Schiff or something like that.
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You know, like generally, people who are adamantly against it
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are still adamantly against it no matter what the price does. People.
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The people who I've seen change their attitudes the most
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are the people who they weren't that interested, you know,
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they were like we had the conversation and they were like, okay,
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you know, yeah whatever, like whatever, Yeah, I'm not like,
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I don't think it's the devil. I don't think that,
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you know, you know what I mean. I don't think
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it's tulips or vapor or whatever else other people are
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calling it, but like it's just not that interesting. Like
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those people, I feel like when things start to change
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in the environment around them, Like, for instance, what's happening
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right now, we're you know, our next president is saying that,
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like we're going to hold this, and there are companies
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now that are putting it on their bound sheet, they're
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borrowing to put it on their boundtchiet. Right, They're things
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that are changing right now in addition to the price
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obviously probably causing some of the price action, where people
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are thinking like, hey, maybe this is not something I
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should just be some med about, maybe I should learn
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a little bit more about it. So I feel like
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those people who didn't have their mind made up about it, Yes,
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those people are now starting to come around. The people
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who are kind of a hardline know, I think it's
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going to take more unfortunately for them, and generally, actually,
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what I've seen with people who are hardline know is
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that they get involved in like other coins first for
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whatever reason, and then after they get burned multiple times
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over there, then they come around. So for somebody like
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Peter Schiff. Obviously his other coin is gold, so you
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know he's doing his thing in gold, and maybe eventually
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he'll come around.
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Yeah, And I mean I think you're right on the
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traditional side, the traditional client or Wall Street. What they
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naturally understand is the DeFi kind of mame coin some
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sort of yield tied to it in bitcoin, just not
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that it can't have that. It doesn't have that maybe one.
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I mean, you're seeing projects now, they're kind of working
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on those things and mainstreaming it. You see like River
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where it's like, hey, you can put your cash here,
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you can still use your cash, We'll pay you out
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bitcoin interest. But to me, that's just growing ecosystem. I mean,
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I think that helps. I think, and I'd like to
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get your opinion here. I think those people that were
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sort of on the fence, they just didn't want to
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be early adopters, didn't want to be the weird guy
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at the at the you know picnic that nobody wanted
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to talk to. Youre just talking about bitcoin. But as
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soon as they're friends at the club or their other
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parents at the kids' school where said hey I got
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some bitcoin, They're like, oh yeah, I got to go
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get somewhere is the ETF.
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I think there's some of that for sure, And I
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think it's also it's just interests in general, right, Like
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most people aren't just totally interested in the history of
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money and what money is and why you hold it all. Right, So,
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like I think that that's why there's like a core
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group of people who started from the beginning who are like,
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oh wow, this is mind opening, you know, Like how
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imagine like being able to have a trustless money system.
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That's great for the average person.
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Right.
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They just use their money to like go buy whatever
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it is that they need to go, put their kid
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through school, to make sure they have a little nest
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egg for the future. Right, They're not thinking that complicatedly
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about what their money is. And so I would say
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that there's a lot more of that where people are like,
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you know, and they are excited by like things going
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up in price. Right when Tesla was having this massive
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move to the outside, people were talking about it, when
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Navidia did it, right, same thing you start hearing about
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it from the average person at the playground, and so
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bitcoin obviously the same thing. And when it does these cycles,
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like people were talking about it during the cycle, and
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then when the cycle goes away and it's not as exciting, right,
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then people don't really talk about it, even though if
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you looked at it, like over the past fifteen years,
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you would see that, like bitcoin hasn't gone back to zero,
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obviously it's gone. You know, when it does, it's crashes,
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it generally is crashing higher than it was before the
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previous cycle. And so I think that that's lost though
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on most people. Most people aren't looking at charts and
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charting and deciding whether or not they're going to continue
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to be interested in something. And so yeah, that said though, right, like,
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you don't need somebody to be super interested in the
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history of money and what money it is in order
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to use something like bitcoin and so like. As over time,
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as this becomes something that more and more people are
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using and becoming more mainstream and becoming something that people
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are talking about, then yes, I do think that more
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people are going to get involved and be less apathetic
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about it and probably learn a little bit more about it.
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And there will probably be I hope will be products
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available to people that will make it a little easier
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to use.
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Yeah, And I think that's a big barrier for a
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lot of people. It's just you know, people do naturally
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want to just spend their currency. Right. You go to work,
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you earn some income, and you want to come home,
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spend on your kids, spending on your wife, spend on
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your husband whatever, to go do things. And you know,
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if we're frank, you can't spend bitcoin in many places,
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and you know, if you're moving around between wallets, it
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takes time, and you know there's pains and stuff, and
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it's just easier to like swipe and go right, even
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if you're being debased. But I think post twenty twenty,
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a lot of people sort of that maybe weren't willing
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to look at certain articles or read certain topics or
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follow them. They're like, wait a second, my groceries are
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up twenty five percent year over year and it's been
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that way for three or four years. Now, what's my
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other alternatives? Has that helped on the planning side, just
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those like frank conversations about what are your belief systems
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rooted in, what are your pains at home? What are
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you worried about over the next six months the next
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ten months. Has that helped frame out bitcoin more so
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than the past where you just kind of had to
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pick a narrative and say, look, this is you know,
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bitcoin's an inflation heads or bitcoin is you know, the
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opposite of the S and P, right is non correlated.
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Has that helped it all?
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Yeah? I would say, I mean the inflation impact that
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people are experiencing has significantly helped the story for bitcoin.
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I mean, there is almost no other story right now
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that I think would actually move people to want to
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use a decentralized system for money where they don't have
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to trust governments, they don't have to worry about being debated,
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they don't have to worry about, you know, their savings
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melting overnight. I think that that is the story right now.
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If governments haven't been hadn't been so irresponsible, I think
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that the average person wouldn't really care. Right, people were
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kind of fine with two percent inflation and didn't really
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affect them or seemed to matter. And it's only when
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you know, they start to see these higher numbers that
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people start to think what is happening over there? And
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even more so when you know the country is as
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divided as it is here and people are you know,
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vehemently disagreeing about how the money is spent, how the
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money is printed, and so forth. Right where you have
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groups of people, let's say, in all the cities around
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the country who agree, let's say, with what the Democratic
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government had been doing over the past four years, and
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then you have basically the rest of the country, as
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we see during the election, say no, like we're not
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okay with that. And so you know, I think that
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like the next administration definitely has their work cut off
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for them because it is very different, difficult to walk
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that back and actually to cause deflation. Right, we're not
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I don't see how we're going to see you know,
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egg prices of four to five years ago in the
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grocery store just because Trump is elected. I think that
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that's going to be really really difficult for him to
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do and probably even unpalatable what they would have to
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do to get there, like what it would the ripple
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effect in the economy. So I think that in that respect,
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people are baby going to be a little upset when
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you know, they don't see what they are hoping to
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see in the grocery store come January. But that said
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though that it is the story, and it's the easiest
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thing to point out to a client because yeah, they
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know what milk costs them a while ago, and they
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know that it's crazy when they go to the store
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now that eggs are ten dollars, Like it's insane, you know.
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And and that's not just like you know, people shopping
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at a high flood and grocery store. This is like,
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you know, you go to the average grocery store and
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if you just want to get organic eggs, that's that's
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what it costs.
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It's no longer go to get a whole foods and
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you know, get blasted. It's just go to Public's or
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Kroger or whatever in your local region. M hm.
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And if you don't want to, like you know, if
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you don't mind buying just absolute garbage in your car,
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then it's fine. But you know, in the average family
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is also trying to make sure that their family is healthy,
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that they have reasonable things in their card and like
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they're not you know so, and that they're not just
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going to eat an ana is all day because they're
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a dollar right. Like, there's a lot of things that
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are factoring into I think what people are seeing in
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stories bitcoin, and that is much more exciting to say, Hell,
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there's like a set monetary policy. It can't be changed.
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Like that's really exciting to me. Maybe you don't think that,
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like it's going to be the next global reserve currency, right,
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I think they each person doesn't necessarily think that, but
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they do like that they have an alternative, and that
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they can opt out in some way by just holding
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some of their savings in it.
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Those are two things I like to hit on because
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they're not really tied to any narrative. They're tied to
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an understanding. Is that one. You know what's different about
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bitcoin relative to gold or land? Those things are perfect
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stores of value. The problems are you can't move. I mean,
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you can move gold, but you can't move land is
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stuck right in land, once you get to a third
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of an acre, you can't really subdivide it any further
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to make it useful, because that's kind of what's required
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for zoning for a house. And you know, tiny houses,
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while they might have been cool, they're not useful if
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you have a family, right, So that makes that hard.
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Gold it's good. You just can't go and shave off
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a little piece, you know, and you only put so
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much in your pocket and you can't spend it into
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the store, but they do store value well, and so
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bitcoin does both of those things. But you can settle
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it instantaneously to a usable currency in an instant and
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so I think, you know, with stocks, even think about stocks. Okay,
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So there were liquid forms of stores of wealth. They
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were relatively volatile compared to Golden Land. But even if
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you wanted to buy something a Walmart and it's Saturday,
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you couldn't sell your Apple shares, right, You would have
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had to have sold them on Friday, and then the
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money wouldn't have settled till Monday, and used to it
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wouldn't have settled till the next Friday. But with bitcoin,
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you could settle it, hit USDC boom, and you're done.
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You're out and bought. So that's what's unique to me,
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And so I try to frame that a little bit like, hey,
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it's not just this funny internet nerd money that is
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going to take down the system and become the next
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global reserve currency, because as a currency is still poor,
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like nothing does it well, like I don't you know,
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nobody likes to admit it, but the dollar network is
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the greatest, furthest reaching, most instant, and it kind of
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taps into all those assets, and yeah, those unique properties
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to give it, you know, use you know, there's a
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lot of other reason why I like it, but I
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feel like that conversation now is a little bit more
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accepted by people that were always kind of with the
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heisman stuff are.
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Yeah, for sure, and I would say like the error
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has definitely changed. So in twenty thirteen, I went to
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Rick Edelman's Digital Assets for Financial Advisor's conference and they
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spoke at it, and maybe I've been hanging out with
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bitcoinners for too long, so I came out the gate
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very hard, you know, with that's that's normal, yeah, because
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they just can't help that. I was like, you know, bitcoins,
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money and this and that and government's intervening and all
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these things. And the look on people's faces of the audience,
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I mean there was just shock, just total shock, and
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some laughter and some just disbelief at what I was saying.
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And then there were you know, the small group people
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that came over afterwards and we're like, thank you for
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you know, sharing this, because it's very different than the
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rest of the talks that we were hearing at the thing,
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and it just sounds like, you know, what you were
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saying is truth and what these other advisors they're not
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necessarily talking about, like the reasons why you would necessarily
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want to use bitcoin, and so they really appreciate it.
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I think that the same talk I gave, you know,
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just a year and a half ago that was would
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be seen very differently today by that same community, just
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because of what's happened in the last year and a
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half and so. And we were still in the heights
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of inflation back then, but just because the inflation has
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been prolonged and what governments have been doing is prolonged,
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and it doesn't seem to matter which party gets in office, right,
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we continue to see just governments printing and printing and
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printing because that's what they have. They have to do it.
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They have no other way to actually pay for all
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these things that they want to pay for. And so
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I think it's just it's a it's a much easier
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narrative now as we continue to see it play out.
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And we're still very early, right obviously, like you know,
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not everybody holds bitcoin, not everybody is still doing it.
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There's a lot of you know, the ETF has come out,
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there's other entities now that are starting to get more involved.
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Not every institution has it, right, the banks aren't involved yet,
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Like I feel like that might be a next step
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where even you know, a place like jbmrien you could
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just go and buy your bitcoin right like that, that
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I see as the future where we're headed. And we're
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definitely not there yet. So like to all those people
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out there who think they're not they haven't gone in
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at the right time, because you know, bitcoin has had
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a monumental rise over the last sixteen years or whatever
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it is, that like we're still very very early.
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Yeah, yeah, And I mean to that every cycle is similar.
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At some point, the cycles will change a little bit
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because of the supply and and all that's going on.
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And now we're entering that part where real large swaths
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of money are coming in. So, you know, I was
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looking the other day at coin market cap, where just
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kind of looking at the market caps. You know, last cycle,
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bitcoin was kind of a trillion. The whole thing was
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at two trillion, The whole ecosystem was at two trillion
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e though I don't even remember what it was, but
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was maybe like six hundred billion or something, and then
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the next few were down there. Well, this cycle, I
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forgot what the total is but Bitcoin's at one point
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nine trillion, and all the other tokens are relatively still
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where they were last cycle. So it's kind of showing
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you that, as you know, swat, this is no longer
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yolo and my hundred bucks or two thousand dollars or
394
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whatever the number is. It's small. It's you know, air
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quote retail money, air quote down money that was there
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first somehow. Yeah, it's it's big money, it's sophisticated money,
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and that will kind of change things. But I think
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just looking at the market caps of the assets and
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then you say, okay, well, if this thing is doing well,
400
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and every cycle it does go up and it moons
401
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and then it crashes, oh my goodness, eighty percent, but
402
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it's still kind of at the prior high, right, so
403
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there's still a long way to go to go before
404
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it gets to zero. And then you start to say, okay, well,
405
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this technology does what the Internet did to information, but
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now we're doing it to money and all the good
407
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things that came after that. You know, there was bad
408
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stuff too, but you start to say, well, what happens
409
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when we start eating into the S and P and
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real estate and bonds and other asset classes, which as
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basically Sailor's speech in a short nutshell. Does that help
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Do any of your conversations center around that or is
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it just like, Hey, I think now's the time to
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kind of add this to the portfolio. I don't care
415
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that I didn't get the bottom. I'm okay, I might
416
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I could stomach sixty percent declines, eighty percent declines, but
417
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I think I believe in this thing for years to come.
418
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Yeah, conversation, and we always have a clients is just
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in general with acid allocation, is what do we need
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for in the short term or what do we need
421
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in the long term? And so Bitcoin to me is
422
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long term savings. It's not good short term savings just
423
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given the volatility of it. There's debates about whether or
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not the volatility will continue and persist in the future,
425
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whether or not it won't. I actually I think it
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probably will, and that that the difference is that people
427
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are going to change how they think about prices rather
428
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than they have what their savings looks like. And that's
429
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and but that's obviously a whole other conversation. But right
430
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the distinction for clients is do you need it in
431
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the short term or do you not need the short term?
432
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Right?
433
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I think like our job as financial advisors is always
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to boil it down to the client's level.
435
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Right.
436
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If you have very sophisticated client, and as far as bigcoin
437
00:20:46.079 --> 00:20:47.599
is concerned, yeah, you could start talking about all the
438
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little nitty gritty things and the UTXO sets and all
439
00:20:49.759 --> 00:20:51.359
the other stuff, right, But if you don't, Right, if
440
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you just have the average person that you want to
441
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have a good conversation with, you need to boil down
442
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to the essence of what is important to that client.
443
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And for most people, right, it's what are they doing
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short term? And what are they doing long term? And
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how are we making sure that whatever short term things
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that they're looking to do, we are able to fund
447
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those things. And whenever long term things they're looking to do,
448
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we are also able to fund those things. And bitcoin
449
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is a long term savings vehicle and therefore fits into
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the long term bucket of acid allocation. So yeah, from
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that perspective, once you're in that conversation, yeah, you can
452
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talk about like what Sailor's talking about, where chipping away
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at other asset classes, right, because yeah, stocks would be
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in the long term bucket, right, Like where we're going
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to allocate from bonds for that client or from stocks,
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probably from stocks, just depending on their situation. If we
457
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don't need any more in the short term bucket, right
458
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and we otherwise would have put it in the long
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term bucket right now, we're just talking about where in
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the long term bucket that we're putting in. That's how
461
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we do it for most of our clients. Obviously, like
462
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risk tolerance does come into play for a lot of people,
463
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and if they're just not able to stomach that kind
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of volatility, it doesn't really matter how long term the
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acid is. But we do generally try to have more
466
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of an asset liability matching strategy for all of our clients,
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regardless of risk tolerance, and then overlay risk torrents on
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top of that, because generally once people know what is
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long term, we want to short term and they are
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able to meet those short term obligations. They actually most
471
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people don't care as much about what's going on in
472
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their long term bucket over the short term, right. They
473
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obviously care over the long term what it does, but
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they don't care as much over the short term, and
475
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so they are able to stomach that short term volatility
476
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when it's put into when it's framed in that way,
477
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That though, however, is not how most financial advisors are
478
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trained to do ASCID allocation. Most advisors are trained to
479
00:22:28.160 --> 00:22:30.960
do ACID allocation based on risk tolerance first and not
480
00:22:31.000 --> 00:22:34.079
actually based on clients specific situation. And so I think
481
00:22:34.559 --> 00:22:36.720
in that regard, what ends up happening, though, is that
482
00:22:36.759 --> 00:22:39.519
a lot of clients get under allocated in the risk
483
00:22:39.559 --> 00:22:41.720
bucket that they actually need in order to make sure
484
00:22:41.720 --> 00:22:43.920
that they meet those long term obligations that they want
485
00:22:43.920 --> 00:22:47.319
to have, like retirement or funding children's college who are
486
00:22:47.400 --> 00:22:50.200
now an infant, right, or anything else that falls into that,
487
00:22:50.400 --> 00:22:52.400
like you know, being able to fund long term care
488
00:22:52.480 --> 00:22:54.119
or whatever else it is. And over a long period
489
00:22:54.119 --> 00:22:55.839
of time starting a business in ten years, right, all
490
00:22:55.839 --> 00:22:57.519
of these things that falls from the long term bucket,
491
00:22:57.759 --> 00:22:59.680
we're not taking those things into account. They're going to
492
00:22:59.680 --> 00:23:01.960
be under allocated, and they're probably going to have too
493
00:23:02.000 --> 00:23:04.279
much risk in their portfolio that they're not actually going
494
00:23:04.319 --> 00:23:06.559
to be able to meet their goals rather than you know,
495
00:23:06.640 --> 00:23:09.440
too much risk from the perspective of quote unquote volatility.
496
00:23:10.079 --> 00:23:13.519
And so that I see is just just a massive
497
00:23:13.559 --> 00:23:17.720
problem in our industry. In general. And you know, I
498
00:23:19.160 --> 00:23:22.839
that's not necessarily something that bitcoin specifically fixes, but in
499
00:23:22.880 --> 00:23:24.400
a way it does, right, because if you've got this
500
00:23:24.440 --> 00:23:27.240
long term savings vehicle that people are incentivized to save in,
501
00:23:27.640 --> 00:23:30.319
then therefore, right they might be more able to eat
502
00:23:30.400 --> 00:23:32.680
meet their long term obligations. Should they include this in
503
00:23:32.720 --> 00:23:33.079
their plan.
504
00:23:33.759 --> 00:23:36.759
Yeah, I was gonna say, it's funny how easy money
505
00:23:37.519 --> 00:23:39.519
in the world of finance becomes when you start with
506
00:23:39.559 --> 00:23:43.359
cash flow and then move to the balance sheet and
507
00:23:43.400 --> 00:23:46.440
then move to like, what's our goal. Yeah, it's really
508
00:23:46.480 --> 00:23:49.559
that simple because in that the piece that you were
509
00:23:49.559 --> 00:23:53.559
talking about at the conference was short term, long term bucket.
510
00:23:53.640 --> 00:23:56.960
Everybody now is just what is it now? What is
511
00:23:57.000 --> 00:24:00.559
it next week? You know, hey, I got a nice job,
512
00:24:00.599 --> 00:24:02.079
I got a nice house, but my neighbor got a
513
00:24:02.079 --> 00:24:04.319
bigger one. I need a bigger one. Yeah, well kind
514
00:24:04.319 --> 00:24:07.119
of you know what, what's the return of my portfolio
515
00:24:07.160 --> 00:24:09.240
next year need to be for me to get that
516
00:24:09.279 --> 00:24:14.359
extra addition, right, And so the principles what I like
517
00:24:14.799 --> 00:24:17.960
about bitcoin is a you know, I kind of get
518
00:24:19.359 --> 00:24:22.599
noted as the budget Nazi, and it's not because it's
519
00:24:22.640 --> 00:24:25.759
like pinch pennies whatever. I mean that helps, but spend
520
00:24:25.759 --> 00:24:27.960
your money where you want to spend it. But if
521
00:24:28.000 --> 00:24:30.400
you don't know what's coming in, know what's going out,
522
00:24:30.680 --> 00:24:34.559
like what hits the bank and what's important and needs
523
00:24:34.559 --> 00:24:38.559
to be saved, and you can't determine Okay, I'm pretty
524
00:24:38.559 --> 00:24:41.559
confident I'm gonna have this outflow at around this size
525
00:24:41.559 --> 00:24:43.960
in the next six to twelve months, Then you can't
526
00:24:43.960 --> 00:24:46.680
do the long term very short term money. And so,
527
00:24:47.599 --> 00:24:50.079
like what we always do is stick the investments last.
528
00:24:50.759 --> 00:24:52.400
That's the one thing everybody wants to talk about. They
529
00:24:52.440 --> 00:24:55.480
have an investment problem. I don't really have an investment problem.
530
00:24:55.519 --> 00:24:57.359
You have a cash flow and balance sheet problem. We
531
00:24:57.440 --> 00:25:02.640
fix those. Your investment problem instantly gets better. Yeah I
532
00:25:02.640 --> 00:25:04.319
mean not instantly, but you know what I'm saying, you
533
00:25:04.359 --> 00:25:06.160
do work.
534
00:25:05.920 --> 00:25:08.200
And also the other thing that ends up happening to
535
00:25:08.200 --> 00:25:10.119
people is that if they don't do that work, they
536
00:25:10.200 --> 00:25:12.079
end up needing to keep a lot more short term
537
00:25:12.160 --> 00:25:14.359
cash around because they have no idea what's going on,
538
00:25:14.440 --> 00:25:16.640
and so something they're like, why do these random things
539
00:25:16.720 --> 00:25:18.359
keep coming up? And I don't have enough cash for
540
00:25:18.480 --> 00:25:20.319
you know, and then they just keep it ridiculous. That's
541
00:25:20.319 --> 00:25:23.200
a cash around. It's like because you like take stock wha,
542
00:25:23.279 --> 00:25:26.079
you're too, Like I get that, Like, obviously things come up, right,
543
00:25:26.680 --> 00:25:29.279
and there's there's a reason why we hold cash. Life
544
00:25:29.359 --> 00:25:32.960
happens uncertainties right in life. But that said right, like
545
00:25:33.599 --> 00:25:35.880
a lot of these things maybe aren't necessarily uncertainties for
546
00:25:35.920 --> 00:25:37.680
some people. They're just things that they hadn't that they
547
00:25:38.000 --> 00:25:40.480
didn't think enough afar ahead to know that that was
548
00:25:40.519 --> 00:25:41.640
going to come up.
549
00:25:41.799 --> 00:25:46.079
Yeah, they're like, oh, well, I've got all these Christmas outflows.
550
00:25:46.079 --> 00:25:48.559
Well I'm like, well kind of comes every year December
551
00:25:48.599 --> 00:25:52.160
twenty fifth, like's not a you know, my kid's birthday
552
00:25:52.240 --> 00:25:54.240
and you know my wife's birthday, and then it's on
553
00:25:54.279 --> 00:25:57.160
the same time as spring break. Yeah, those are all
554
00:25:57.160 --> 00:26:00.920
generally the same month. Yeah, yeah, for sure. But when
555
00:26:00.920 --> 00:26:02.440
you look at your cash flow and you take an
556
00:26:02.440 --> 00:26:05.160
inventory every once in a while, then it gives you
557
00:26:05.880 --> 00:26:09.440
what I've found and maybe found the same or different.
558
00:26:09.599 --> 00:26:13.640
Is you can allocate responsibly to bitcoin. And I think
559
00:26:13.640 --> 00:26:17.279
when you understand volatility, and that's the thing is like
560
00:26:17.400 --> 00:26:21.400
options teaches you it's just pure volatility, then you can
561
00:26:21.440 --> 00:26:25.400
step into a market, into an asset and know that okay, well,
562
00:26:25.519 --> 00:26:28.960
from a probability perspective, I might take this kind of
563
00:26:29.000 --> 00:26:30.920
loss in this sort of window, and you can always
564
00:26:30.960 --> 00:26:34.519
be right or wrong, but you have the more mental
565
00:26:34.559 --> 00:26:37.559
freedom to truly become an investor. And so what I
566
00:26:37.680 --> 00:26:41.039
found through twent thousand and seven through twenty twenty through
567
00:26:41.039 --> 00:26:43.759
the different markets, everybody's an investor in a bull market.
568
00:26:43.960 --> 00:26:46.160
I'm an investor buy and hold. I'm an investor for
569
00:26:46.160 --> 00:26:49.559
the long time. The first ten percent dip or they
570
00:26:49.559 --> 00:26:51.519
look at their portfolio and they see something with a
571
00:26:52.000 --> 00:26:55.279
fourteen percent loss and they're like, what is that we
572
00:26:55.279 --> 00:26:58.279
should get rid of that? Well, whin do you own it?
573
00:26:58.599 --> 00:27:02.839
What's his purpose? Right? Did we buy this thing yesterday
574
00:27:03.319 --> 00:27:05.160
with the idea that we were an investor in at
575
00:27:05.200 --> 00:27:08.400
bitcoin or whatever for the next five years and today
576
00:27:08.519 --> 00:27:12.119
is down fourteen percent because of some headline. The fundamentals
577
00:27:12.160 --> 00:27:14.359
haven't chained but changed. But you're ready to punt it.
578
00:27:15.960 --> 00:27:19.640
That's it, you know. I think when you grasp that,
579
00:27:19.799 --> 00:27:21.920
you can better understand bitcoin. When you do your short
580
00:27:21.960 --> 00:27:25.240
and long term like you mentioned, you can better understand bitcoin.
581
00:27:25.319 --> 00:27:31.079
That The other thing from my perspective, I think the
582
00:27:31.599 --> 00:27:33.839
laws of money, the laws of wealth, which come from
583
00:27:34.359 --> 00:27:38.680
they're rooted in faith, practices. Does that come up on
584
00:27:38.720 --> 00:27:41.079
your end? Do you kind of like share that, do you?
585
00:27:41.480 --> 00:27:44.000
I mean, we try to subtlely do it, some people
586
00:27:44.079 --> 00:27:49.599
more openly than others. But I think those principles are
587
00:27:49.759 --> 00:27:54.920
very baked into the code the ethos of bitcoin in
588
00:27:55.000 --> 00:27:57.119
ways that our current currency is not.
589
00:27:58.440 --> 00:28:01.920
Yeah, for sure. So it depends on the client, I
590
00:28:01.920 --> 00:28:05.480
would say. For me, so my I'm originally from New York.
591
00:28:05.519 --> 00:28:07.240
When I first up in my practice, I started in
592
00:28:07.240 --> 00:28:10.079
New York, so you know, I have a wide variety
593
00:28:10.160 --> 00:28:12.920
of characters who are in my practice from New York
594
00:28:13.079 --> 00:28:19.279
with obviously a wide variety of beliefs that that run
595
00:28:19.279 --> 00:28:21.480
the gamut. And then you know, after I left New York,
596
00:28:21.519 --> 00:28:23.599
I got an in addition to even being in New York,
597
00:28:23.640 --> 00:28:25.799
got you know, clients nationally. So it's not just that
598
00:28:25.880 --> 00:28:27.960
I have this this core client base in New York,
599
00:28:28.000 --> 00:28:29.839
but do have clients all over that you know that
600
00:28:29.960 --> 00:28:33.319
really run the gamut from like you know, outright atheists
601
00:28:33.319 --> 00:28:37.759
to very religious, who are you know, very much democratic,
602
00:28:38.279 --> 00:28:40.839
like democratic side, very much on the Republicans. So I write,
603
00:28:41.119 --> 00:28:43.920
it runs the gamut. And so my job as the
604
00:28:43.960 --> 00:28:46.440
advisor is not to tell somebody what they're supposed to believe,
605
00:28:46.599 --> 00:28:50.400
but to help them understand through like with their lens,
606
00:28:50.519 --> 00:28:53.440
like what it is that we're trying to achieve. But
607
00:28:53.680 --> 00:28:55.960
that said, right, I do agree with you, and you know,
608
00:28:56.079 --> 00:28:59.119
as somebody who I am, you know, I'm a devout
609
00:28:59.279 --> 00:29:03.799
Jewish woman my self. We follow Torah law on our home. Like,
610
00:29:04.559 --> 00:29:08.319
there's no question to me just from reading, just from
611
00:29:08.359 --> 00:29:12.200
reading the Torah of the Bible, that that bitcoin is
612
00:29:12.240 --> 00:29:15.880
a better is a better money, and it's something that
613
00:29:15.880 --> 00:29:18.519
that not only God created, because like I think that
614
00:29:18.559 --> 00:29:21.440
God created all things, and he's the creator, he creates
615
00:29:21.440 --> 00:29:23.960
all things. That's not you know, if if you believe
616
00:29:23.960 --> 00:29:26.200
in God, that's not something that people dispute. And if
617
00:29:26.200 --> 00:29:30.079
you don't, obviously you don't think that, but that if
618
00:29:30.200 --> 00:29:32.640
you know, like but to put that side by side
619
00:29:32.640 --> 00:29:34.880
of the fact that also if God created bitcoin, we
620
00:29:34.960 --> 00:29:36.839
must also agree that God created feat and all these
621
00:29:36.839 --> 00:29:39.039
other things that have happened, right, and that there are
622
00:29:39.119 --> 00:29:42.680
cycles through history in modern times and also in biblical
623
00:29:42.759 --> 00:29:46.640
history where we see that you know, there's behavior, there's
624
00:29:46.680 --> 00:29:49.960
things that occur, and right, there's a there's the way
625
00:29:50.000 --> 00:29:52.640
that that God basically gives us things have some sort
626
00:29:52.680 --> 00:29:55.480
of cycle to it. And so for instance, like to me,
627
00:29:55.640 --> 00:29:57.319
fiat is one of these things that we had to
628
00:29:57.400 --> 00:30:01.079
experience in order I appreciate bitcoin.
629
00:30:01.640 --> 00:30:04.039
Yeah, and to like put that, like God created everything
630
00:30:04.039 --> 00:30:06.680
if you believe he's creator, which I do, and he
631
00:30:06.759 --> 00:30:10.480
creates everything for a purpose, right, and so you know,
632
00:30:11.119 --> 00:30:14.079
good or bad. At last, the dollar has been around
633
00:30:14.119 --> 00:30:18.680
for a couple hundred years, so it served a purpose
634
00:30:18.720 --> 00:30:21.920
in some form. Who knows what that purpose was. Maybe
635
00:30:21.960 --> 00:30:24.200
the purpose was delete us to bitcoin, bitcoins, de leade
636
00:30:24.279 --> 00:30:27.000
us to whatever else in a couple hundred years, or
637
00:30:27.039 --> 00:30:29.759
maybe a bitcoin at the end, Like people will debate that.
638
00:30:29.960 --> 00:30:32.720
We'll all get an argument because we're humans, like we're greedy,
639
00:30:32.839 --> 00:30:35.680
and we debate and we argue, and they're like I'm
640
00:30:35.680 --> 00:30:37.319
on the left and I'm on the right, and you're
641
00:30:37.359 --> 00:30:40.240
on the top, and you know whatever, I'm from this country,
642
00:30:40.319 --> 00:30:44.599
you're from that country. So but I think ye, at.
643
00:30:44.480 --> 00:30:45.960
The end of the day, though, right, I think like
644
00:30:46.039 --> 00:30:47.920
we don't know obviously, we don't know God's mine, right,
645
00:30:47.960 --> 00:30:50.200
and so we can't possibly understand why it is that
646
00:30:50.240 --> 00:30:52.160
we have had the history that we've had. But what
647
00:30:52.319 --> 00:30:54.799
I will say is that like in our scripture, It
648
00:30:54.880 --> 00:30:57.880
basically says that we as human beings, are supposed to
649
00:30:57.920 --> 00:31:00.480
elevate the material world. That's why we're here. We're supposed
650
00:31:00.480 --> 00:31:04.240
to bring a spark of God down to earth, and
651
00:31:04.359 --> 00:31:07.240
we have that spark in us, that's our soul in
652
00:31:07.279 --> 00:31:09.799
Hebrew or a shama, and we use that spark to
653
00:31:09.880 --> 00:31:12.880
elevate the material world. And so that doesn't mean that
654
00:31:12.920 --> 00:31:14.960
we shun the material. That doesn't mean that we shouldn't,
655
00:31:15.200 --> 00:31:17.160
you know, interact with the material. And that doesn't mean
656
00:31:17.160 --> 00:31:18.920
that we should all of a sudden, you know, like
657
00:31:19.079 --> 00:31:21.039
only try to be these spiritual beings. That's not the
658
00:31:21.079 --> 00:31:23.000
point of why we're here. If we were, that was
659
00:31:23.039 --> 00:31:25.079
the point, right, we would only be spiritual beings. But
660
00:31:25.079 --> 00:31:27.880
we're not. We're supposed to interact in this material world
661
00:31:27.960 --> 00:31:30.400
and elevate the material world in a way that shows
662
00:31:31.079 --> 00:31:34.119
basically that God has dominion here on earth. That that
663
00:31:34.240 --> 00:31:37.240
I believe is our role here. And so bitcoin, right
664
00:31:37.480 --> 00:31:38.480
helps you do that.
665
00:31:39.319 --> 00:31:45.200
Yeah, when you die, it brings you back to realize, oh, well,
666
00:31:45.319 --> 00:31:48.119
what's my purpose, what's the purpose of this thing? What
667
00:31:48.160 --> 00:31:50.559
will be the better use, better resource allocation?
668
00:31:51.079 --> 00:31:53.720
Yeah, for sure, And like you, I don't think that
669
00:31:53.759 --> 00:31:57.039
bitcoin helps you shun the material right, because bitcoin obviously
670
00:31:57.160 --> 00:32:00.720
is in the material world. Yeah, but what it does
671
00:32:00.759 --> 00:32:03.480
help you do, right, is that it does help you prioritize, right,
672
00:32:03.480 --> 00:32:05.880
whereas Fiat doesn't help you do that. Fiat really does
673
00:32:06.119 --> 00:32:08.599
take the spark out of the material world. That's what
674
00:32:08.640 --> 00:32:11.160
I and we see it, right, because everything that's happened
675
00:32:11.319 --> 00:32:13.640
is us going off the gold standard has led us
676
00:32:13.680 --> 00:32:16.119
more and more away from having that holy spark be here.
677
00:32:16.920 --> 00:32:19.640
We don't see it as much as say Argentina or whatever,
678
00:32:19.720 --> 00:32:23.119
but more and more post nineteen seventy one, really post
679
00:32:23.200 --> 00:32:25.279
nineteen thirty three when they really took us off, like
680
00:32:25.359 --> 00:32:30.519
we'll give everybody seventy one, but you're encouraged, and that
681
00:32:30.599 --> 00:32:33.279
has sped up exponentially the last couple of decades to
682
00:32:33.400 --> 00:32:37.240
spend your dollars faster and faster and faster. And now
683
00:32:37.279 --> 00:32:40.200
we're kind of in that realm of it. Not as
684
00:32:40.240 --> 00:32:42.559
soon as you get it, but don't let it sit
685
00:32:42.599 --> 00:32:45.000
around on your bank account for too long.
686
00:32:45.759 --> 00:32:48.079
Yeah, for sure, I'd like to use this example because
687
00:32:48.680 --> 00:32:50.599
and I think that you'd relate to it. I don't
688
00:32:50.640 --> 00:32:52.799
know as much about like how Christmas is celebrator, how
689
00:32:52.799 --> 00:32:55.279
it was celebrated, let's say in like nineteen fifty five.
690
00:32:56.079 --> 00:32:59.160
But I do know that Hanaka it used to be
691
00:32:59.200 --> 00:33:01.319
this thing where it was very material, right. It's literally
692
00:33:01.359 --> 00:33:03.680
about the story of what happened to the Jewish people
693
00:33:03.759 --> 00:33:06.160
during the time where the Greeks, you know, took over
694
00:33:06.279 --> 00:33:09.240
our holy temple and they did horrible things to it, right,
695
00:33:09.519 --> 00:33:11.319
and then we had to fight back and get it,
696
00:33:11.880 --> 00:33:15.319
and that's why we have this holiday. Gifts were introduced
697
00:33:15.359 --> 00:33:19.039
as a result of you know, it's just it's it
698
00:33:19.079 --> 00:33:22.200
wasn't meant to be like this super commercial holiday, right,
699
00:33:22.799 --> 00:33:24.759
And I didn't actually know the history of like how
700
00:33:24.880 --> 00:33:26.799
Hanuka ended up having gifts, but I imagined I had
701
00:33:26.799 --> 00:33:30.079
somebody to do with Christmas having gifts. But also like
702
00:33:30.279 --> 00:33:31.759
back then, it used to be that, you know, you
703
00:33:31.839 --> 00:33:35.480
got really eight very small gifts every night, and it
704
00:33:35.599 --> 00:33:37.599
was like not a gift, right, it was like food,
705
00:33:37.759 --> 00:33:39.759
a doughnut, a chocolate, a book.
706
00:33:39.880 --> 00:33:40.039
Right.
707
00:33:41.240 --> 00:33:43.640
And then it became oh, actually we give like eight
708
00:33:43.680 --> 00:33:46.559
small gifts or like one big gift, you know, and
709
00:33:46.599 --> 00:33:48.920
now it's like we give our kids big gifts every time.
710
00:33:48.920 --> 00:33:51.039
I'm like, why is this happening? I don't want to
711
00:33:51.079 --> 00:33:52.799
give my kids, big guests every night, like can we
712
00:33:52.839 --> 00:33:53.319
go back?
713
00:33:54.559 --> 00:33:55.079
Get a car?
714
00:33:55.240 --> 00:33:58.680
You get? And I've seen it with Christmas too, right,
715
00:33:58.759 --> 00:34:00.759
It's like I've seen the video these kids where it's
716
00:34:00.759 --> 00:34:02.799
like they it's like they walk downstairs and it's like
717
00:34:02.799 --> 00:34:05.720
it's magical and there's stuff everywhere, and it's like, is
718
00:34:05.759 --> 00:34:08.239
that what Christmas is about? Or is it about you know,
719
00:34:08.280 --> 00:34:10.360
the story and so forth, and.
720
00:34:10.320 --> 00:34:12.519
So the parents are like, I got the new Black card.
721
00:34:12.559 --> 00:34:14.199
It's a twenty five thousand dollars limit.
722
00:34:14.280 --> 00:34:17.159
Let's go, yeah for sure, And so like when I
723
00:34:17.159 --> 00:34:19.320
see stuff like that, And that's just one example of many, Right,
724
00:34:19.360 --> 00:34:22.320
there's everyday examples of this going out in people's lives
725
00:34:22.320 --> 00:34:25.159
where we're just so wrapped up in like the material
726
00:34:25.239 --> 00:34:27.760
and not why why we are supposed to be interacting
727
00:34:27.760 --> 00:34:30.400
with the material world, just that we are material and
728
00:34:30.440 --> 00:34:32.599
we have material, and that we're basically animals with all
729
00:34:32.679 --> 00:34:35.079
this stuff around us. That's not why I think that
730
00:34:35.079 --> 00:34:37.880
we're here, and that's not why God said what we're here? Right,
731
00:34:37.920 --> 00:34:41.360
we are not animals. Otherwise we wouldn't be talking on
732
00:34:41.440 --> 00:34:43.440
a podcast right now, like you and me, right, we
733
00:34:43.480 --> 00:34:45.400
would just be living in the forest like the rest
734
00:34:45.440 --> 00:34:48.159
of the animals, and so I think that we're often
735
00:34:48.320 --> 00:34:50.880
like you know, it's just because we have a body
736
00:34:51.239 --> 00:34:53.400
doesn't mean that we're only a body, And just because
737
00:34:53.440 --> 00:34:54.840
we have a soul doesn't mean we're only a soul.
738
00:34:54.880 --> 00:34:56.199
And that the whole point is that we need to
739
00:34:56.239 --> 00:34:59.480
have those two things interact together, and that through having
740
00:35:00.159 --> 00:35:03.079
less means I guess right, less means to to only
741
00:35:03.119 --> 00:35:06.599
interact from a body perspective, it really does bring the
742
00:35:06.639 --> 00:35:09.960
soul back into the picture and will should help people
743
00:35:10.000 --> 00:35:11.599
actually do what we're here to do, which is make
744
00:35:11.599 --> 00:35:14.880
the world a better place. And that's what I see
745
00:35:14.880 --> 00:35:15.800
Bitcoin's world as being.
746
00:35:16.480 --> 00:35:18.119
Yeah, and I think that's it. I mean, I think
747
00:35:18.159 --> 00:35:22.480
there's the you know, bitcoin fixes this. It doesn't, but
748
00:35:22.559 --> 00:35:26.119
it does, right, Bitcoin fixes it once you understand that
749
00:35:26.119 --> 00:35:28.280
that moral basis and the principles of money and the
750
00:35:28.360 --> 00:35:30.000
laws that kind of guide us as the soul, as
751
00:35:30.039 --> 00:35:33.159
you mentioned, and whether you're Christian or Jewish or some
752
00:35:33.280 --> 00:35:37.320
other religion, at the core, they all have a very
753
00:35:37.360 --> 00:35:40.559
similar do good, be good, you know, treat people right,
754
00:35:40.599 --> 00:35:45.920
treat the world right. And Fiat look, Fiat started great,
755
00:35:46.679 --> 00:35:50.960
started out as gold, just started out as land, and
756
00:35:51.000 --> 00:35:53.760
those are all good things, but as time went on,
757
00:35:54.159 --> 00:35:57.159
human greed, which is the animal spirit that we can't
758
00:35:57.159 --> 00:36:00.960
get rid of, has distorted thing is broken every money
759
00:36:00.960 --> 00:36:03.880
that we created. And so the opportunity I see and
760
00:36:03.920 --> 00:36:06.400
the fun part of this, and you know, it's dorky
761
00:36:06.480 --> 00:36:08.719
looking at history and whatnot, but what the classics teach
762
00:36:08.800 --> 00:36:10.679
us is kind of getting back to that route. And
763
00:36:11.119 --> 00:36:12.960
bitcoin is the first thing in a long time that
764
00:36:13.400 --> 00:36:16.239
really once people go down the rabbit hole and they
765
00:36:16.280 --> 00:36:18.880
buy whatever the number, they're like, oh, put ten thousand
766
00:36:18.920 --> 00:36:21.480
dollars in that last year, and you know, five months later,
767
00:36:21.519 --> 00:36:25.320
it's twenty thousand dollars. They perk up like that's different,
768
00:36:25.519 --> 00:36:28.320
because you know, unless I got lucky on a stock
769
00:36:28.400 --> 00:36:32.679
and pallanteer three weeks ago, you know, or coinbase after
770
00:36:32.719 --> 00:36:34.960
the election, or Tesla, but those are kind of an
771
00:36:34.960 --> 00:36:39.440
event driven and this thing, it's like, oh, well, I
772
00:36:39.480 --> 00:36:43.280
put it was twenty and then it went to two,
773
00:36:43.320 --> 00:36:45.840
and then I turned around two years later and now
774
00:36:45.880 --> 00:36:48.880
it's forty. Like I've never seen anything do that. So
775
00:36:48.920 --> 00:36:52.039
that price catches our eye and then we start to
776
00:36:52.079 --> 00:36:54.039
research it. We figure out all these things. I think
777
00:36:54.079 --> 00:36:58.199
that or at least I did, you know, I read
778
00:36:58.239 --> 00:37:02.559
the Bible numerous times, not really until recent years, and
779
00:37:02.719 --> 00:37:05.760
I didn't find anywhere where it said go sit in
780
00:37:05.760 --> 00:37:08.880
a cubicle, bang a keyboard all day and stare at
781
00:37:08.920 --> 00:37:11.079
a screen all day, and you will be hat. You
782
00:37:11.119 --> 00:37:14.760
will find happiness. Right. It was kind of like the
783
00:37:14.760 --> 00:37:20.119
opposite of that. And there was more about this kind
784
00:37:20.119 --> 00:37:24.000
of bitcoin tongue in cheek, opt out right, you know,
785
00:37:24.280 --> 00:37:27.400
don't you know have nice things like nice things do
786
00:37:27.559 --> 00:37:31.199
nice things grow, multiply, be good and you'll find well.
787
00:37:31.599 --> 00:37:34.239
And so that's I think the thing for me that
788
00:37:34.239 --> 00:37:37.960
Bitcoin brings back because it provides that opportunity in a
789
00:37:38.000 --> 00:37:40.760
way that FIAT has not. I mean, if you look around,
790
00:37:41.559 --> 00:37:44.599
I think what the populist and the populism is mad
791
00:37:44.639 --> 00:37:49.440
about is there's there's actually we have more riches, but
792
00:37:49.480 --> 00:37:52.239
we have less opportunity. You talk to a twenty eight,
793
00:37:52.320 --> 00:37:54.639
twenty nine, and thirty two year old and they're like, well,
794
00:37:54.639 --> 00:37:56.039
I'm never going to be able to own a house
795
00:37:57.119 --> 00:38:01.280
unless I go get some crazy job at Google and
796
00:38:01.800 --> 00:38:03.880
make ridiculous money, and then I'll spend it all and
797
00:38:03.920 --> 00:38:04.880
still in my own house.
798
00:38:05.639 --> 00:38:07.960
Yeah, for sure, I would say. Also on the faith
799
00:38:08.760 --> 00:38:12.159
area arena, is that like in the Bible, in Leviticus,
800
00:38:12.280 --> 00:38:13.960
there's a lot of laws obviously, but one of the
801
00:38:14.000 --> 00:38:17.480
laws is actually about using scales that are that are
802
00:38:17.519 --> 00:38:22.599
calibrated correctly. And God doesn't like a cheater, he really doesn't, no,
803
00:38:23.519 --> 00:38:26.599
And so like that, I think is just such a
804
00:38:26.599 --> 00:38:29.239
basic tenet of why like this would be money that
805
00:38:29.320 --> 00:38:32.519
people who you know, who believe in the One in,
806
00:38:32.559 --> 00:38:34.679
the true Creator, like would want to use this money.
807
00:38:34.719 --> 00:38:37.159
Is that, like the scales aren't tipped in somebody else's favor,
808
00:38:37.159 --> 00:38:39.159
and nobody is changing the scales, and nobody is, you know,
809
00:38:39.320 --> 00:38:41.760
giving you an apple saying it's weighs one pound when
810
00:38:41.800 --> 00:38:43.719
it really weighs zero point nine to eight, you know.
811
00:38:44.280 --> 00:38:45.920
And there's a lot of that going on in the
812
00:38:45.920 --> 00:38:48.800
fiat world that simply just can't happen in the bagcoin world.
813
00:38:49.320 --> 00:38:52.079
There's actually also I wish I could remember the source
814
00:38:52.119 --> 00:38:55.119
to this, but it was an interesting talk I heard
815
00:38:55.159 --> 00:38:59.199
from a rabbi who was talking about what happens at
816
00:38:59.280 --> 00:39:03.440
end of times. And this is not me saying anytime soon,
817
00:39:03.519 --> 00:39:05.360
so please don't send me hate mail about that. But
818
00:39:05.400 --> 00:39:07.920
what I found interesting was that there is in the Tuma,
819
00:39:08.000 --> 00:39:12.159
there is a quote from rabbis about how during like
820
00:39:12.239 --> 00:39:16.360
basically during the end times, that the last coin will
821
00:39:16.360 --> 00:39:19.320
be spent from the purse, and what they initially thought
822
00:39:19.360 --> 00:39:21.559
on the commentaries about it, what they initially thought was
823
00:39:21.599 --> 00:39:24.960
actually that people would that there might be poverty, poverty
824
00:39:25.039 --> 00:39:27.199
or something that there wouldn't be any money left. And
825
00:39:27.239 --> 00:39:29.559
now what they're thinking, just given what's going on in
826
00:39:29.599 --> 00:39:31.840
society is actually that it's not that the last coin
827
00:39:31.880 --> 00:39:34.519
will be spent because of poverty. It's actually at the
828
00:39:34.559 --> 00:39:37.360
last coin will be something because we won't use coins anymoreah,
829
00:39:37.519 --> 00:39:39.679
which I found to be really interesting because obviously we're
830
00:39:39.719 --> 00:39:41.480
not there yet right now people are still using paper
831
00:39:41.480 --> 00:39:43.519
money and coins and all sorts of things. But that
832
00:39:43.559 --> 00:39:46.239
could be our futures that we really don't use any
833
00:39:46.320 --> 00:39:47.840
kind of physical money anymore.
834
00:39:48.039 --> 00:39:50.639
We're going to be prognosticators. Maybe it's twenty one forty
835
00:39:50.679 --> 00:39:55.440
and his last bitcoin will be mined. Yeah, no, I
836
00:39:55.480 --> 00:39:58.440
don't know. Yeah, I agree with I think the beauty
837
00:39:58.440 --> 00:40:01.159
of classic text is you can look at the parables,
838
00:40:01.159 --> 00:40:04.440
you can look at life lessons from from biographies, and generally,
839
00:40:04.440 --> 00:40:08.360
when I say classic, it's stuff pre nineteen thirty when
840
00:40:08.400 --> 00:40:13.000
there was a lot more sense going on. They teach
841
00:40:13.079 --> 00:40:15.800
us these things regardless of your stance, Like you can
842
00:40:15.840 --> 00:40:18.760
be an atheist and you can learn a lot about
843
00:40:18.840 --> 00:40:21.559
how we humans should, you know, treat each other and
844
00:40:21.559 --> 00:40:25.559
treat money and go after the world. So I think
845
00:40:25.599 --> 00:40:28.360
that's that's the beauty of it. So I try not
846
00:40:28.440 --> 00:40:31.800
to get too tied down. And I mean, I'm pretty
847
00:40:31.800 --> 00:40:34.320
hard to hit it. But my way is the right way.
848
00:40:34.320 --> 00:40:36.679
This is the only way that happens a good bit.
849
00:40:36.760 --> 00:40:39.159
But you know, I wouldn't be a bitcoinner if that
850
00:40:39.280 --> 00:40:40.000
was not the case.
851
00:40:40.880 --> 00:40:43.000
Yeah, probably are more disagreeable to you.
852
00:40:43.559 --> 00:40:48.119
Yeah right, Yeah, like not at all. I'm just joking.
853
00:40:49.760 --> 00:40:54.360
But the classic texts kind of are eye opening, and
854
00:40:54.440 --> 00:40:57.559
so you know, to me, I think that's the beauty,
855
00:40:57.800 --> 00:41:01.039
the hidden secret and bitcoin tom to figure it out.
856
00:41:01.119 --> 00:41:05.440
So anyways, I think that's a good kind of spot
857
00:41:05.639 --> 00:41:09.239
to stop. There is there any parting wisdom you want
858
00:41:09.280 --> 00:41:11.960
to share or let everybody know where they can find
859
00:41:11.960 --> 00:41:14.440
you or go hunt you down on the internet.
860
00:41:15.480 --> 00:41:20.880
Yeah, definitely, Please don't send hate mail if you don't agree.
861
00:41:20.639 --> 00:41:23.880
I I just know that in my life that kind
862
00:41:23.880 --> 00:41:25.840
of negative. Yeah, but it's okay, No, if you want
863
00:41:25.840 --> 00:41:28.119
to send hatmil that's fine too, so if you would
864
00:41:28.159 --> 00:41:30.000
like to do that, you can find me at Morgan
865
00:41:30.039 --> 00:41:33.039
with an E. Rochard on Twitter. You can also find
866
00:41:33.079 --> 00:41:35.920
either one of my practices. I have Origin Wealth Advisors,
867
00:41:35.920 --> 00:41:38.599
which is Origin w A dot com. Money Owners is
868
00:41:38.639 --> 00:41:41.519
money Owners dot com. My husband Pierre and I I
869
00:41:41.519 --> 00:41:43.719
am not in fact pairs sister. I am his wife.
870
00:41:44.559 --> 00:41:48.639
People abused a lot, that's weird. We have a podcast
871
00:41:48.679 --> 00:41:51.519
as well, it's called Bitcoin for Advisors, and well, I
872
00:41:51.559 --> 00:41:54.760
mean we're we obviously we you know, make jokes quite
873
00:41:54.760 --> 00:41:56.559
a lot on there, but we do also sometimes have
874
00:41:56.639 --> 00:41:59.079
serious content, so if you'd like to check that out.
875
00:41:59.079 --> 00:42:02.480
We're on all the major podcast outlets, And yeah, thanks
876
00:42:02.480 --> 00:42:17.480
for having me on. This has been really fun.