#795: Tokenization Unlocks $900 Trillion in Wealth with Jordi Visser

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Yeah, no, another. So I'm not sure if you saw the Citrini post this morning, but it was somebody using Muse and they were on a Delta flight that got canceled on the tarmac and he immediately went, rebooked this flight. And on top of that, go find how I can get reimbursed for this flight that just got canceled. Within minutes, he had a $250 credit. And the Citrini post was like, number one, you're insane to think that this is a bubble and this is going nowhere. Maybe there are bubbly parts, but there is true utility here to say there's no use case.
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is completely asinine.
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Then number two,
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like all those pennies
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that consumers have left on the ground
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with that like $250 credit,
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they're about to get picked up by the agents
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and airlines being a perfect example.
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What happens when people start
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efficiently using their miles
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and taking advantage of the refunds
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that they can get?
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This is the beginning
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of the deflationary pressure
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on everything that we've talked about.
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You know, that we've,
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as people realize that AI is deflationary,
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To get deflationary for the service side, you need AI agents because the agents make decisions based on efficiency.
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And the use of it is just, I mean, that description of what Citrina did, you have to think about all the frustrating times you've had waiting to then rebook something.
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You get in a line when you get off the plane and how long the line is and everyone's trying to get on one.
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And then you're trying to get a refund and you're trying to rebook things.
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All of this stuff will be handled.
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The frustrating part will be handled by agents.
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And that's already happening.
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and it's happening now.
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So whether it's MetaMuse or whether it's Instinct AI,
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there's a reason why these things are having an impact now on the market.
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Yeah.
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Well, like I was telling you, I took Muse for a spin this morning just to check it out.
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Try to book Amtrak.
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Amtrak said bot, no.
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But point being, it feels like the first, like I said to my wife after playing with it for 10 minutes.
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I was like, okay, I don't have to set up a Hermes agent for you.
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Like this is the agent that you can use to coordinate our calendars, the boys' sports schedule, all that.
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Like download it.
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Play with it today.
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That's the reason why this has now entered a realm for me of time.
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Any speaking engagement I'm doing now, it all gets back to time.
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you have to think about OpenClaw, which is a February thing in terms of like adoption.
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Then you get into Hermes. Then you get into GrokBot. Then you get into, well,
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Astrin Claude can already do this and we're going to make it easier and we're going to embed all this
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into one. So if you use GrokBot, it's a completely different situation. You're using multiple agents
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to kind of run around and do tasks for you.
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So it's more like an autonomous workforce.
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With Muse and with Instinct AI and a lot of the other private ones,
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now you're getting into what we expected from Siri and what we expected from Alexa.
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But again, it's the fact that we're talking about something that is now seven months.
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So what has happened is the compression of time is happening through the model releases
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and through the advancements.
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the Navier Stokes problem, the agents swarm fears over, you know, hackings. These are all
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indications that were, you know, as I say repeatedly now, page 71 of situational awareness
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with Leopold shows where everything starts to speed up so fast that humans can't comprehend
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the change and they can't keep up with it. Well, if we can't keep up with it and we're starting to
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get into the transaction phase, the SWIFT system and everything that was built for humans will not
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work with the agents and they're going to start demanding faster rails.
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Yeah. No, it was this morning. Again, the problem with Amtrak, you were describing as
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a monopoly and we'll move, but the airlines have moved. But imagine when I can load it
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up with a Bitcoin wallet. You're going into your bucks, you have Bitcoiners, you have
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the programmable money, then you have the incumbents. I'm a Bitcoiner. And the beauty
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about the programmable part is if I want to use Bitcoin as my currency, the native digital
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currency and I don't want to touch anything else. I can just give the agent a Bitcoin wallet. It's
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like, all right, go figure out how to convert to the preferred currency of the service provider or
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the other agent you're buying something from. And I can see that's where things are going.
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Like I was saying, we're at the first stage where the incumbents have to realize this and begin
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re-architecting the infrastructure on the digital side they have to enable this because once they do,
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they're going to get a ton more business, I think.
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Yeah. And again, I think for people who don't see this and trust me, someone who when I speak about
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these things, I'll occasionally go see the comments and the posts and people don't connect
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the agentic side to, let's say the crypto guardrails and then kind of the impact it'll have
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on business. And it's surprising to me. But again, because I live in it 24 hours a day,
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meaning I'm monitoring how things are moving and I'm using the tools and yeah, oh, Muse is a thing.
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let me go sign up for it.
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Okay Instinct AI I talk about it one week the amount of people reached out And again when MetaMuse is the number one downloaded app okay and the numbers are big you start realizing oh my God the people who aren paying attention to this
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there's a million people that have already downloaded it.
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So it's like, this is going to grow incredibly rapidly, especially when you realize how much
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time it can save you.
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The money part will come second.
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And that's the thing I keep trying to make sure people understand.
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The money thing will come second, but this is where you have to start realizing, okay,
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how is crypto directly connected to agents?
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And that's where you have to go back.
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And that's why the stuff I'm talking about now is it was always made for digital agents
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because they're the only ones that can utilize the speed and they're the only ones who truly
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care about why are we using Visa and MasterCard?
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Why are we doing any of this stuff?
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Why aren't we just going straight here, here, here?
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Let me negotiate.
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Let me go through it.
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to do it and it's going to be agent to agent. The next thing people have to think about is how
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important cryptography is in this, how important your identity is in this. The ecosystem starts to
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grow rapidly once the agents start transacting because then all the things that have ever been
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written about and talked about become more important because the ecosystem starts to grow
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in terms of volume and velocity and the size of the ecosystem is going to grow rapidly over the
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next 12 months.
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Yeah, digging into agents specifically and how unprepared people are, I don't think
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if 99.5% of people on the planet don't understand that they hear AI, they think chat GPT, like
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okay, what's the usage looking like when they think of usage?
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It's like okay, downloading Muse, talking with Muse, using tokens to do that.
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They don't realize that the agent to agent token usage has gone exponential and far exceeds
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the human LLM token usage.
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That fact alone I think highlights the arbitrage that exists in the market.
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The fact that most people don't understand that fact is extremely powerful.
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It gets to something you've been talking about for many weeks now, which is that we're climbing
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this wall where you have a ton of the layman, the public out there thinking that this is
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a bubble that's going to pop eventually.
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And they think we're going to get into like a massive economic crisis driven by this.
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But if you look at the underlying usage, particularly agent to agent, it seems that the fundamentals
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are going not only in the right direction, but far exceeding what anybody thought up
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to this point.
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This is, for anyone listening who falls into the camp of a worrier on AI, which is the majority
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of people, getting an expected value of an investment is about lining up all of the probabilities,
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outcomes, and the upside and downside of all of them.
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So is there a bubble aspect?
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Of course.
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You could come up with a bunch of reasons.
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I mean, to me, they're all tail risks of things, but you're not going to stop the progress on AI.
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You can't.
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We're not going to pause it.
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Like, that was stupid.
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Like, everyone's waiting.
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Just the reaction to the pause in AI from the most sophisticated investors in the world, and I get emails that day.
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Well, we're going to be down big on Monday.
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I'm like, there'll be a knee-jerk reaction, and it'll be an opportunity to buy.
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And here we are, whatever many days later.
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We're way through those levels, meaning we're way above where it was before that news came
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out.
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So for everyone listening who's worried, the expected value, if you break it into a binomial
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situation, let's assume, if you use what I did in my video, there's a 90% chance we're
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headed towards abundance.
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And there's a 10% chance that we're going to blow up and AI will never amount to anything.
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Okay, in one scenario, you have a zero, 10% chance of a zero.
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And on the other side, you have a 90% chance of something just shockingly good.
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The expected value is shockingly good then in terms of the combination of the two.
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Now, you can come up with all the different scenarios you want in between.
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But the reality is if you're worried about the 10%, if you're waiting for that story,
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the debt is too big, this and that, I can refute all of it.
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But the only thing you have to make sure that you realize every day that the process gets bigger,
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Consumer agents are different than enterprise agents.
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We haven't even completed the enterprise adoption yet, and we're already moving on to the consumer
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agent side.
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Consumer agents are very different than enterprise.
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Enterprise is about replacing digital employee or human employees, and it's through coding.
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It's through APIs and going into, you know, using up the amount of compute to figure things
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out.
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For consumer agents, now you're talking about them working 24-7 to book you a trip, to look
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into this to go through all of the permutations the amount of websites they have to touch
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it's continuous so consumer agents on top of enterprise agents means the compute needs just
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keep growing so again it gets back to the simple thing all bubbles are about supply being in front of demand for the crypto doubters we built the guard rails an empty city As I say it a ghost city We built the infrastructure
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We've been waiting for the users to come.
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Well, the users are coming in the form of agents.
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And if people want to watch one video for the rest of the month,
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to hear from someone who can take you through what's happening
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at the company level and how the ROIC is already
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happening in various forms, not in the way you want it, which is when are we going to see the
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revenues coming in? Oh, look, Anthropic and OpenAI only have X and the hyperscalers only have.
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No. John Gray from Blackstone gave a talk yesterday at his event for 30 minutes. It's on
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YouTube. And he literally went through the five different ways that his companies, of which he
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has private, how they're all bending from AI in five different ways to increase their profit
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which is seeing their margins grow.
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When he's taking you through those scenarios,
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I just don't think people have really, really thought
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hard enough about the fact that there's a higher
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probability of a good outcome than a bad outcome.
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And on the enterprise side,
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it'll be interesting to see how that plays out.
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I think we had a pretty big signal from the enterprise
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that was last week or the week before
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with Latham and Watkins,
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deciding to buy NVIDIA GPUs, self-host,
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basically ensure that their IP isn't being leaked to Anthropic in OpenAI.
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And I don't know exactly how Latham and Watkins is implementing it, but I imagine what they're
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doing is uploading the knowledge base of that firm over the course of decades.
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And so like every case, every outcome, every bit of research they've done that they have
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stored somewhere in a file system, just when you're talking about enterprise adoption,
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that's I think first before you even get into agents, it's like, okay, how do I imbue this
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institutional knowledge that we've built up over decades into this system so that the AI can
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basically use that to go achieve our goals. And that alone is a massive undertaking.
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So the question I have is why did it take them so long? I've talked about Eli Lilly. Eli Lilly
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did this a long time ago. I think their initial data center, private owned data center with a
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thousand gpus i think it's a thousand gpus went up in january i believe it's called lilypod
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they have tune lab which is a way for them brilliantly to collect other data combine it
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with their data on an anonymous basis but it helps them on learn from their data while giving
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biotech companies the ability of testing their data on their data on on eli lily's data so
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If you have a science lab that has all of these experiments, the pros and cons that come and where everything was going,
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and you're just putting in there and seeing what the output comes in,
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you have to think about how quickly the Navier Stokes thing means that we're getting to.
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So for a law firm to do it, I guess the reason it took so long is because they didn't have the money that Eli Lilly did.
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And they didn't have the understanding from being a Fortune 500 company.
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And this is why I think there's been two levels so far that have been accelerating.
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One is the Fortune 500 companies that have the money are adopting very quickly because
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they can just write the check and start going through it.
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But they also have tons of tech engineers that are high level.
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I don't know if a law firm has that.
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So they have to probably go through a consultant that comes in and says what they can do.
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And then they decide to do it.
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If they have the money, they make the investment, they see the benefits.
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The other side that Erty is doing outside of Fortune 500 companies are AI native entrepreneurs.
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They're the ones that have the ability of using open source and not needing to worry
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about if their data is being used because it's a tiny little private company that's
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not trying to, it doesn't have things to protect.
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It actually needs to grow and the only thing they care about is going from zero today to
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a billion revenue in two years and before they could be competed, they'll probably be
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monetized and move on to the next thing.
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No, I think of how we implemented it at TFTC.
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Everything we were feeding the models public anyway, so I don't care if OpenAI or Anthropic
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sees it.
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But to your point, it is insane.
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I was demoing it last night at the open party here at PubKey for this Freedom Tech Week.
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And I had my Hermes agents connected to our company brain.
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And I was like, hey, use the fountain, MCP fountains, where we host our podcast for RSS
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has video and I was like hey John Arnold I from 1031 recorded a video this morning we talked about
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oil markets particularly and what people aren't seeing like Venezuela imports are going up
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it looks like ships are making it through the straight at 60 percent go clip that and then
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pull out the juiciest sort of quote to that and then a one sentence summary of the clip in its
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entirety posted on my ex within 10 minutes I didn't even look at ex it was posted but
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to talk about efficiency,
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that would have taken probably two hours
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for somebody on our team to go find it clip it get the tweet get the subtitles And I mean that utility is very misunderstood right now for most people
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This is just a podcast clipping.
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Yeah.
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Again, and for you guys, the IP is the using it.
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The AI models, they just keep getting better and better.
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The capabilities get better and better.
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And if you're involved in them every day, you know to ask, can I do this for people that don't use it often?
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They'll see something in X or they'll someone will tell them about something and then they'll go in and they'll look at it.
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Then if you're not using it every day and knowing that it's getting better every single day and you're too worried about hallucinations and stuff like that, then you're not going to use it.
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If you don't use it, you're screwed.
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Like that's the plain, simple thing.
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I think the value add for people is not understanding the things that AI can do out there.
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It's the ability of just asking the question, what can you do today that you couldn't do yesterday?
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And the more that you use it for those things, you start going.
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You've watched my Sunday video for a long time.
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I don't know if you noticed, but I was using a software, OpenBB, for a long time.
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And then all of a sudden, OpenBB, you know, unfortunately, startup business, they closed down.
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now. And I know the founder. And it was a sad day. I really liked the guy. And I was using
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the software because at the beginning, when I started to do my video, which was in 2024,
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the AI capabilities could not really deal with it that well. And he kept making additions
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to it so that I could use it. So from my side, it was, it'll help him and his business by
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me using it as a product, showing charts in it and things like that. But I had to make
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a switch during the summertime and this was like on a Wednesday and I put this
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stuff together with inside OpenBB so I had to make a complete pivot so now I'm
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in a bind so I go to open AI and I asked the question I asked chat GPT here's
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what I've been using here's a sample of the video here's the way I put it
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together I need you to redo my process so that I can have a video done by the
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recording on Friday that's two days for me to have to complete a completely new
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process to do something that takes a while. It took me through to use Google Slides. Now,
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I never used Google Slides in like a big way. I'd only used it, let's say five times in
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my life. But it's told me it was the best way to do this for a variety of reasons that
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match, which in hindsight was completely true. My process has now been reduced by 70%, which
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is amazing because that means I could put the entire thing together, do the video on
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one day in four hours is now my guess.
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That is the thing that's happened is it's changed it.
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Claude Cowork, because I had this whole database now of OpenBB slides, I connected to that
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folder knowing that it was going.
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I uploaded everything from OpenBB.
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Now when I need to find a slide that I've used in the past, I just go into Cowork and
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go, can you find this slide on consumer agents and enterprise agents, which I did literally
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this morning and it gives me the image.
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This kind of stuff you couldn't do six months ago.
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And so by asking the question when a problem comes up, how do I solve this as opposed to
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panicking and then like, what am I going to do and try to learn on your own?
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You have to have the instinct to just know that AI has the solution always.
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And so bringing this back to time, how much time do people have to get on this train and
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And then tying it to the wall of worry too.
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How fast?
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I mean, you said it's happening faster than we expected,
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but in humans can't understand exponentials.
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What do you think the next year looks like?
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And what are the opportunity costs if you don't move?
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So let's break this down by what people care about each day.
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So number one, their job.
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I'll leave health aside for a second
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because I don't think that has to do with this
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unless you want to go use it.
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But for your job, I don't think you have any more time.
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I think every company now realizes that they have to use AI agents and they can they can.
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The law firm can pay for that.
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Maybe let's assume they had a certain amount of cash in the partnership.
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And the partner sat around and I don't know what happened, but I'm just saying if I was at the place, this is what I do.
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I'd sit around and we go, how much money do we have to buy all these GPUs and set this up?
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If we make an investment based on the cash that we have plus what's coming over the next
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year, what is that going to do from a CapEx perspective?
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And since it's not a public company, they don't have shareholder.
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It's their partnership.
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They have to make the decision.
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So they go, this is a good investment.
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How are we going to pay for it?
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You don't think they're going to pay for it with human beings?
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Like literally the compensation they have, and maybe it's not from firing people, but
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maybe it's not hiring people over the next five years because they won't need them.
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Maybe it's a combination of both.
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You have to understand that with agents comes competition
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for human employees.
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So if you don't wanna be one of the people that's let go,
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if you wanna empower yourself to go build your own business
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to compete with that firm,
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because you don't have the issue they have,
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you can actually just use the public thing
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and grow your business and be a lawyer.
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You have your law degree,
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just go be a lawyer and serve me, Jordi.
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I always need a lawyer to help me with my business.
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Empower yourself to feel that you can be an entrepreneur
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and you can compete with them before they get rid of you.
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And the way to do that is to use it.
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So I think within the next year, if you haven't done the usage side, the agency side, the empowerment side, I think you're in trouble.
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From the investment side and the financial side, which is the other thing I try to focus on, you have to understand that if you're worried about AI, you're probably also one of the ones not using it.
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There's a high correlation between I'm worried about this being a bubble.
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It's going to hurt my investment portfolio and I'm not using it because I don't believe in it.
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That is the denial that people have.
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And I think on the investment side, you're losing money every day.
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The stock market not investing in it.
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I don't know what you're doing with your money.
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You think it's a bubble.
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You're reducing it.
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You've got it safe.
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You can make more money investing in the things that represent what it's going to look like.
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The infrastructure build that is going to continue.
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We need compute.
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It's the reason why I focus people on that side.
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Crypto.
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Do your homework now on crypto.
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I view this as the beginning of an epic move in crypto because the guardrails are valued at zero.
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And I hate to say that to everyone, but the people supplying the guardrails are valued
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at zero.
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And the reason I know that is because if you take Ethereum and Bitcoin out of the crypto
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market cap, you're not left with a lot.
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It's less than micron.
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It's less like that is the infrastructure side.
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Now, I do believe that Ethereum fits the ecosystem, but not in this speculative phase where we
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need the apps being built on top of Ethereum.
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And so all of these layer twos, the sum of them is going to go up in value because the velocity and the GDP, the velocity and the volume of transactions is going to go through the roof.
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So if everything that I just said on the work side, you don't use it, you're in trouble on the investment side.
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If you don't understand or believe in crypto at this point, so you don't believe in A.I. or crypto.
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That's a very dangerous place to be, folks.
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And a lot of people are in that position.
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Yeah. Most are. That's the scary thing. Most are.
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Yeah, and it's so let's walk through how the order of operations and how you see
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this agentic economy getting imbued with
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agency to a higher degree with
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digital money and
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smart contracts whatever it may be because that's
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That's one thing. I've been asking myself is you mentioned crypto and you have a bunch of different tokens and each of them have a market cap and
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and
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Will, that's the question, will stable coins win out?
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I've fallen the Bitcoiner camp, so I'm a believer that at the end of the day, if you're an agent
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or a human, you're going to want the most saleable currency with the biggest market
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cap with the best money in the digital economy.
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So I think that's Bitcoin.
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To your point about L2s and things like that, it's pretty clear out of the gate, stable
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coins are winning the agentic commerce stuff in the very early days.
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But I wonder, again, going back to what I was saying earlier, do agents prefer Bitcoin?
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And does the Bitcoin stack have the necessary infrastructure to facilitate everything that
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agents are going to want to do, particularly on the payment side?
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There's no way.
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So, and again, I have a very unique position on this.
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why I love watching the fight between the Bitcoiners and the programmables. And I want them to try to
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bucket me because I'm a, in the long run, a Bitcoin maxi, but the path to that point.
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And what I mean by that is in the end, there is only one thing left that I can say with certainty
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will not have their growth disrupted.
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So at the end of the day, all tokens going up in value,
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anything you can buy as an individual investor
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is about growth, everything.
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There are a lot of assumptions that come with growth.
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One of them is, I mean, the main one is,
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how quickly will competition come in to destroy my growth?
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In a world where AI allows things to be instantly replicated,
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that time goes to zero. So if you agree with me that any innovation has a lifespan that is far
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shorter than it used to be, you're in a very difficult position because the innovator's
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dilemma is, okay, I want to create something. It's a great idea. Let me create it. Let me hope that
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there's not 8,000 other people doing the same idea at the same time, because we all know that
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there not a lot of growth It all about competition And my belief is that with billions of entrepreneurs and trillions of agents all working together over the course of the next decade that we will get to creative destruction Joseph Schumpeter
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style that is instantaneous.
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So at the end of the day, things will grow, but who wins in that case?
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The entrepreneur wins.
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If they create something and they have a community and that token goes from 100 to 1,000, then
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it's still 1,000 for the rest of time.
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It's kind of like Ford stock.
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So if everything hits that point, why did Ford stock stop growing because of competition
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eventually?
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There was a better way to make cars, as we found out from Tesla and other things.
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So if you go from 10 to 1,000 and it takes one year, but it never grows again, who wins?
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Only the entrepreneur in the community.
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That's it.
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And again, that's all that happened for that period of time.
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But then it stops growing.
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And then what does everyone go?
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Well, I got to go find something else to invest in.
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And this just keeps happening and happening and happening.
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Bitcoin to me is the place when that investment stops growing and you have to go find the
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next investment.
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Money goes there.
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If you've invested in something, you're worried because it could go down in value too.
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Everyone might leave and then all of a sudden it goes down.
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Where does your money go?
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Well, your money goes to something safer.
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That's what happens in the S&P 500.
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People invest in companies.
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All people do.
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But if you ask them where most of their money is, it's not 90% is in Tesla unless they work
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for the company and they don't have a choice and they're owning this. Most of their value is in
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moving it into a combination of 60, 40 and all these different things. Well, that is Bitcoin to
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00:27:32,768 --> 00:27:37,228
me. A store of value is the diversification you have in your life. It's your real estate,
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it's your bonds, it's your stocks, it's your private credits, all these things that the
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wealth managers put into. A decade from now, Bitcoin will be the only thing left.
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So that's the first thing I want to say is I do believe in that. In terms of the L2s,
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I'm focused on two things right now.
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And I'll give two companies that are straddling the
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the TradFi world and the crypto world
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so that everyone can just take these two companies
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and do the research.
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Stripe and Robinhood.
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Those are the two that matter.
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Stripe from a stable coin basis.
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They're a transaction based company.
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If you go through their stack of companies
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that they've invested in, starting with Bridge
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and going through to the end now with OpenRouter,
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Pretty straightforward. They're set up for the agentic side, they're set up for the stablecoin
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side. And this was a company that honestly was not a believer in crypto when you really
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go back. They didn't have a focus on it until the bridge M&A deal. And I think that closed
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in February of 2025. I think we heard about it in October of 2024. That's a big admission
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that stablecoins are going to be a big part of the transition side and they're a company
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that's straddling both worlds.
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And the premium they paid for, they valued Bridge at what, a billion dollars on 10 million in revenue?
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Yep.
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So you had to imagine internally they had an aha moment.
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They're like, okay, we're going to overpay for this.
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On both sides.
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The Bridge, I mean, to have a deal that comes that high, Bridge had no revenues.
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I think the company had been around for less than two years.
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So when you go through the details of it and you're like, they negotiated a great deal because they believed in it.
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Stripe believed in it.
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you end up with open router at this point.
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Like why is Stripe getting involved in the open router?
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Why were they trying to buy PayPal?
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Like think about all the things Stripe,
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they're going through the entire stack
439
00:29:26,668 --> 00:29:28,648
of how stable coins fit into this.
440
00:29:29,068 --> 00:29:30,428
And that's the agentic side.
441
00:29:30,648 --> 00:29:31,728
So that's one side.
442
00:29:31,808 --> 00:29:33,848
And then the Robinhood side is tokenization.
443
00:29:34,428 --> 00:29:36,108
And tokenization is huge.
444
00:29:36,228 --> 00:29:37,748
It has huge implications.
445
00:29:37,988 --> 00:29:40,568
There is nothing more important to Bitcoin
446
00:29:40,568 --> 00:29:41,848
and to the programmables.
447
00:29:41,848 --> 00:29:43,328
So the Bitcoiners and the programmables
448
00:29:43,328 --> 00:29:44,488
need to just understand.
449
00:29:45,548 --> 00:29:47,308
Tokenization is the key thing.
450
00:29:47,508 --> 00:29:52,788
Because tokenization unleashes the $900 trillion in two ways.
451
00:29:53,888 --> 00:29:55,488
I wrote a paper this week.
452
00:29:57,088 --> 00:30:01,728
You will not have seen it, but this weekend I'll go through it.
453
00:30:03,388 --> 00:30:05,148
It's really a call out to economists.
454
00:30:05,628 --> 00:30:12,228
So for everyone who thinks they know how economics run, if I said to everyone, and this is 99.99% of the people on the planet.
455
00:30:12,608 --> 00:30:13,488
This is my own unique.
456
00:30:13,688 --> 00:30:15,028
I've never seen this written anywhere.
457
00:30:15,028 --> 00:30:15,868
This is a new thing.
458
00:30:17,508 --> 00:30:24,528
How do we stop assets from falling? We know the fiat system is a Ponzi scheme. We know it's
459
00:30:24,528 --> 00:30:30,508
levered. We know there's about 120 trillion of physical hard currency in the world that supports
460
00:30:30,508 --> 00:30:36,788
900 trillion in assets. That is a levered Ponzi scheme. Okay. Meaning if all of a sudden the 900
461
00:30:36,788 --> 00:30:42,108
trillion tries to come and get liquid, so they go to sell in their money to pay off debts,
462
00:30:42,168 --> 00:30:45,568
whatever it is, and we have a version of the Great Depression or a mini version of the Great
463
00:30:45,568 --> 00:30:50,608
financial crisis or even COVID, then all the assets fall. And what are the central banks have
464
00:30:50,608 --> 00:30:55,048
to do? They have to come in and print money. And what is money? Well, that's M2. Why do they have
465
00:30:55,048 --> 00:30:59,988
to do that? They have to reliquify. So whenever I hear people in crypto talk about the liquidity
466
00:30:59,988 --> 00:31:03,888
cycle, I'm always sitting there going, when am I going to get my chance to explain to them that
467
00:31:03,888 --> 00:31:08,528
that is a myth? That is when you're in the speculative phase of crypto. So for everyone
468
00:31:08,528 --> 00:31:22,384
out there it like it a liquidity cycle of which almost every Bitcoiner is and almost every person out there we need this we need the ism to go we need all these things to happen The reality is for me we about to unleash the trillion in liquid form
469
00:31:22,544 --> 00:31:23,624
That's what tokenization is.
470
00:31:24,164 --> 00:31:25,064
What happens to M2?
471
00:31:26,584 --> 00:31:28,324
The Ponzi scheme then ends.
472
00:31:28,804 --> 00:31:34,044
Because now you have $900 trillion of assets that can theoretically buy a coffee.
473
00:31:34,044 --> 00:31:41,124
so nobody needs to sell during these little mini panics because they already have cash the reason
474
00:31:41,124 --> 00:31:46,024
they were selling their assets is because they needed cash well now they can post that money or
475
00:31:46,024 --> 00:31:52,624
transact that money into whatever debt they have the world changes overnight because tokenization
476
00:31:52,624 --> 00:31:59,224
increases the m2 in a very different form now is it as liquid as bitcoin no but can you transfer
477
00:31:59,224 --> 00:32:04,004
at some price a house instantaneously into this.
478
00:32:04,204 --> 00:32:05,124
Yeah, pretty close.
479
00:32:05,284 --> 00:32:05,864
I know this.
480
00:32:05,984 --> 00:32:07,304
It's not going to take a lot of time.
481
00:32:07,664 --> 00:32:10,624
So that's where the tokenization side has a huge impact.
482
00:32:10,624 --> 00:32:17,044
So what Vlad and Robinhood and others, but Vlad in particular, with the Robinhood chain,
483
00:32:17,424 --> 00:32:20,444
this is all preparation for what's going to happen with tokenization.
484
00:32:20,704 --> 00:32:26,824
So those are L2s, which, again, increased the $900 trillion to come into Bitcoin.
485
00:32:27,484 --> 00:32:29,004
It wasn't going to happen.
486
00:32:29,224 --> 00:32:34,944
without the programmables. So for every Bitcoiner who thought eventually these incumbents, as
487
00:32:34,944 --> 00:32:40,404
Michael Saylor said, which I agree with, you don't find Bitcoin, Bitcoin finds you. If
488
00:32:40,404 --> 00:32:44,544
you're wealthy, you don't need Bitcoin. You don't need to believe in it. And so that money
489
00:32:44,544 --> 00:32:47,924
needs to come over to drive it to a million dollars. Sorry, everyone, but that's what
490
00:32:47,924 --> 00:32:51,064
needs to happen. That's what happened with gold. Whenever there's a panic, people move
491
00:32:51,064 --> 00:32:54,904
into gold to hide their money. They need to believe their fiat assets are not going to
492
00:32:54,904 --> 00:32:59,204
work, but that group already believes in gold. You need them to believe in this and this whole
493
00:32:59,204 --> 00:33:01,864
we're going to give the money to our kids and they're going to do a thing that's going to take
494
00:33:01,864 --> 00:33:05,364
too long, especially in the world I believe in where nobody dies. You don't want that to be the
495
00:33:05,364 --> 00:33:09,964
thing. You actually want the money to move over there because of greed. And that means that the
496
00:33:09,964 --> 00:33:14,964
fiat assets become liquid and everyone goes, Hey, wait, this private credit fund I have that I can't
497
00:33:14,964 --> 00:33:19,384
get out of, it's now liquid. It's just at a 20% discount. Do you know how many people would sign
498
00:33:19,384 --> 00:33:24,404
up right now for their pride to get their money back in private credit? How many retail people
499
00:33:24,404 --> 00:33:28,824
would want their money back and say, I'm never doing this again, give it to me.
500
00:33:29,344 --> 00:33:30,784
That's what's going to happen with tokenization.
501
00:33:31,124 --> 00:33:31,284
Yeah.
502
00:33:31,444 --> 00:33:32,384
You're just running the calculus.
503
00:33:32,524 --> 00:33:32,644
Okay.
504
00:33:32,664 --> 00:33:36,924
If I take a 20% haircut and put it in Bitcoin, is Bitcoin going to go up 20%?
505
00:33:37,104 --> 00:33:37,224
Yeah.
506
00:33:38,064 --> 00:33:38,564
It is.
507
00:33:39,604 --> 00:33:49,624
I was for a while, like a real world tech asset tokenization bear never really made sense
508
00:33:49,624 --> 00:33:49,844
to me.
509
00:33:49,844 --> 00:33:53,644
but then you think of stocks
510
00:33:53,644 --> 00:33:55,804
and how that's all settled to the DTCC.
511
00:33:55,804 --> 00:33:57,464
And it's like, okay, the guardrails
512
00:33:58,744 --> 00:34:03,644
of these digital assets make a lot more sense for this.
513
00:34:03,644 --> 00:34:05,864
It makes it way more efficient.
514
00:34:05,864 --> 00:34:09,044
And as we're going through this discussion,
515
00:34:09,044 --> 00:34:10,284
the one question I have,
516
00:34:10,284 --> 00:34:12,644
whether it's the Schumpter's creative destruction
517
00:34:12,644 --> 00:34:17,644
happening instantaneously or the ability to get liquidity
518
00:34:18,204 --> 00:34:19,044
for all-
519
00:34:19,044 --> 00:34:24,844
get off of that i just want to make sure that people since you you didn't see how rwas would
520
00:34:24,844 --> 00:34:33,464
work in this i just want you to use the house example do you own a house yes okay so when you
521
00:34:33,464 --> 00:34:41,204
buy a house that process is painful and it's long once you have it if your house goes up and doubles
522
00:34:41,204 --> 00:34:46,784
in value over the next six months and you have tremendous equity which is where most of the
523
00:34:46,784 --> 00:34:52,104
country. People right now are trapped in their homes. They're trapped. Why are they trapped?
524
00:34:52,164 --> 00:34:56,384
Because they don't want to have to reset their mortgage at higher levels. I don't understand
525
00:34:56,384 --> 00:35:01,324
how people don't realize that the speed of buying a house or selling a house, if you want to sell
526
00:35:01,324 --> 00:35:08,484
that house, what better way to sell it than to open it up to all 8 billion people on the planet
527
00:35:08,484 --> 00:35:13,924
to buy it? Like I don't, that's there. Why wouldn't you want to sell a house and have it sold in a
528
00:35:13,924 --> 00:35:18,364
matter of minutes as opposed to the process that goes on. And if people don't believe a house can
529
00:35:18,364 --> 00:35:24,264
sell in a minute, once our digital agents are there and AI agents do all of the paperwork and
530
00:35:24,264 --> 00:35:27,644
everything there, and they have all the background check and you're identified based on your credit
531
00:35:27,644 --> 00:35:33,684
and your collateral, and it's all liquid, it's all on chain, everything goes immediate. So that
532
00:35:33,684 --> 00:35:38,164
might take another decade, whatever the case is. But when you're investing in something, and I'll
533
00:35:38,164 --> 00:35:44,604
use the stupid comment that Jason Kalkanis made on, you know, dead cat bounce and Bitcoin and this
534
00:35:44,604 --> 00:35:49,324
on that. I literally can't believe that people don't realize that by the time you invest in
535
00:35:49,324 --> 00:35:57,204
something that is obvious, the value has gone up 50 times. You can only invest in things when
536
00:35:57,204 --> 00:36:02,404
they're not obvious. What I'm talking about right now to someone who believes in crypto, but didn't
537
00:36:02,404 --> 00:36:10,484
see the value that tokenization RWA's would bring, if one person does it and says, I sold
538
00:36:10,484 --> 00:36:14,944
my house in a matter of minutes, far higher price than you did. I had 8 billion bids on it.
539
00:36:15,804 --> 00:36:21,024
That will change everyone doing it. So again, it'll speed it up because money makes people do
540
00:36:21,024 --> 00:36:32,840
things Cost reduction makes people do things But being trapped in your house with that owner equity right now not able to get out everyone would sign up for RWAs right now And so in that example somebody has to live in the house
541
00:36:32,840 --> 00:36:33,680
but when you say that,
542
00:36:33,680 --> 00:36:35,500
you're basically just selling an equity portion
543
00:36:35,500 --> 00:36:37,560
or getting a HELOC essentially.
544
00:36:37,560 --> 00:36:39,140
Yeah, if you wanna still be in there,
545
00:36:39,140 --> 00:36:42,680
you're able to get cash for it by just raising it.
546
00:36:42,680 --> 00:36:43,780
And it goes further than that.
547
00:36:43,780 --> 00:36:47,080
If you're a small business that is in a,
548
00:36:47,080 --> 00:36:49,000
and I have a friend who's in this situation.
549
00:36:49,000 --> 00:36:52,500
So he has a business he bought on Long Island,
550
00:36:52,500 --> 00:36:53,860
Are you from? No, you're not from Ohio.
551
00:36:53,860 --> 00:36:54,520
I'm from Philly.
552
00:36:54,740 --> 00:36:55,180
Philly, yeah.
553
00:36:55,280 --> 00:36:57,120
Sorry about your Giants.
554
00:36:57,240 --> 00:36:58,100
I know it was a hard night last year.
555
00:36:58,100 --> 00:36:59,040
No, no, no. I'm a Jets fan.
556
00:36:59,100 --> 00:37:00,000
It was a hard night on Sunday.
557
00:37:01,980 --> 00:37:04,240
It's been a hard life, but I'm done.
558
00:37:04,360 --> 00:37:05,600
Next one, so I don't really care.
559
00:37:07,860 --> 00:37:09,040
Sixers will get there at some point.
560
00:37:09,120 --> 00:37:10,680
This will be the most disappointing year ever.
561
00:37:10,900 --> 00:37:11,880
You have everything coming in,
562
00:37:11,980 --> 00:37:13,420
so this will be a very disappointing year.
563
00:37:13,720 --> 00:37:15,100
So let's go back to the equation.
564
00:37:15,500 --> 00:37:17,340
My friend owns a beverage business
565
00:37:17,340 --> 00:37:18,460
that he bought a long time ago.
566
00:37:19,500 --> 00:37:20,500
I don't know if you've heard,
567
00:37:20,580 --> 00:37:21,720
but kids don't drink beer.
568
00:37:21,720 --> 00:37:26,120
he's not allowed to sell liquor it's like a horrible situation we were just talking about
569
00:37:26,120 --> 00:37:32,080
it so let's assume his business is bringing in very little cash but at the same time he has a
570
00:37:32,080 --> 00:37:37,820
value of real estate that's worth five million dollars so his revenues have gone down he's
571
00:37:37,820 --> 00:37:42,720
trying to make payments because he has a belief that the business is going to grow again and he's
572
00:37:42,720 --> 00:37:46,120
going to be able to sell something else because he has a license that starts in a year but he
573
00:37:46,120 --> 00:37:51,320
doesn't have the money to keep going so either he has to go out and borrow money and the banks are
574
00:37:51,320 --> 00:37:56,680
going to be like, well, you don't have any revenues coming in. They're really down. We can't invest in
575
00:37:56,680 --> 00:38:02,520
this business. Or he could just quickly go in and go, I just need money for the next six months. So
576
00:38:02,520 --> 00:38:07,920
I want to sell off a piece of the business. Token, I want to sell off a piece of it. He can come back
577
00:38:07,920 --> 00:38:13,280
and buy it in six months until the revenue comes in. So everything happens in a different form.
578
00:38:13,320 --> 00:38:17,580
And again, when you want to go borrow the money, you have to leave your business. You have to go
579
00:38:17,580 --> 00:38:21,080
out, go to the banks. You have to go sell them on this. You have to prepare all these documents.
580
00:38:21,080 --> 00:38:23,020
you have to go to seven different banks.
581
00:38:23,020 --> 00:38:25,640
This is all done via crypto.
582
00:38:25,640 --> 00:38:27,660
So to me, because it's programmable
583
00:38:27,660 --> 00:38:30,060
and because agents can do all the work,
584
00:38:30,060 --> 00:38:31,280
that's where it becomes a line.
585
00:38:31,280 --> 00:38:35,560
Without crypto, agents can't replace that function.
586
00:38:35,560 --> 00:38:38,280
That's the part that becomes important in this whole thing.
587
00:38:38,280 --> 00:38:41,680
Without agents, the human couldn't use the crypto.
588
00:38:41,680 --> 00:38:42,520
Couldn't coordinate.
589
00:38:42,520 --> 00:38:45,880
Exactly, so agents change the whole mechanism.
590
00:38:45,880 --> 00:38:46,880
Yeah.
591
00:38:46,880 --> 00:38:50,100
Now I'm thinking of just pure Bitcoin collateralized loans
592
00:38:50,100 --> 00:38:53,660
as the nation example of this.
593
00:38:53,660 --> 00:38:56,020
Like the ability for me to get a strike,
594
00:38:56,020 --> 00:38:58,400
post Bitcoin, get cash, get to my bank account
595
00:38:58,400 --> 00:39:01,980
within literally minutes is incredibly valuable.
596
00:39:01,980 --> 00:39:03,580
Yeah, and that's the way to be,
597
00:39:03,580 --> 00:39:05,220
is everything becomes liquid and you go through.
598
00:39:05,220 --> 00:39:07,620
Some things will be more liquid than other things.
599
00:39:07,620 --> 00:39:08,640
In the case of the real estate,
600
00:39:08,640 --> 00:39:10,100
maybe it takes a day to go through this,
601
00:39:10,100 --> 00:39:12,440
but that's better than 60 days,
602
00:39:12,440 --> 00:39:14,140
it's better than having a vig on it,
603
00:39:14,140 --> 00:39:15,440
to where you gotta pay all this stuff.
604
00:39:15,440 --> 00:39:16,740
There's a whole bunch of different ways
605
00:39:16,740 --> 00:39:18,820
where you're monetizing something that's already worked out.
606
00:39:18,820 --> 00:39:20,680
And then you have the agents construct the strategy
607
00:39:20,680 --> 00:39:22,440
for the best way.
608
00:39:22,440 --> 00:39:23,280
Yeah, that's the-
609
00:39:23,280 --> 00:39:25,180
The manage leverage and payback period,
610
00:39:25,180 --> 00:39:27,260
look at your, like, all right, here's the best solution
611
00:39:27,260 --> 00:39:29,680
for you considering your current state.
612
00:39:29,680 --> 00:39:34,080
The analogy for everyone to recognize is
613
00:39:34,080 --> 00:39:36,540
Uber can't work without the smartphone.
614
00:39:37,660 --> 00:39:40,100
Uber can't work without the app store.
615
00:39:40,100 --> 00:39:43,180
You can't carry a laptop around and be doing,
616
00:39:43,180 --> 00:39:46,440
like you needed to have the phone.
617
00:39:47,160 --> 00:39:52,760
agents are the use case for connecting to humans. So the problem is people don't think of agents the
618
00:39:52,760 --> 00:40:00,200
same way they think of apps. That's why this concept of L2s is very similar to the taxi side.
619
00:40:00,200 --> 00:40:05,480
Like there were already taxis. Why do we need Uber? And the question is, everyone should ask,
620
00:40:05,480 --> 00:40:09,960
why do we need Uber? Well, initially it was cheaper, significantly cheaper. Eventually they
621
00:40:09,960 --> 00:40:14,920
merged together and the cost of Uber went up. Okay. Why did the cost go up? What happened?
622
00:40:14,920 --> 00:40:22,840
was it regulation? Was it the business? Whatever the case was, the agents are the facing side
623
00:40:22,840 --> 00:40:28,120
between the humans and the end transactions that go on. So whether it's stable coins or whether
624
00:40:28,120 --> 00:40:31,880
it's tokenization, they need agents to be able to do this because humans were never going to be able
625
00:40:31,880 --> 00:40:37,000
to get on in wallets. That's the thing I think everyone in crypto underestimated, which I still
626
00:40:37,000 --> 00:40:42,680
say publicly is an issue that can only be solved by agents. It's not easy to set up all these
627
00:40:42,680 --> 00:40:47,860
wallets. It's not easy to go in there and just create them. And I guess the side that's good is
628
00:40:47,860 --> 00:40:52,920
I'd rather it be difficult because it also means there's a lot of guardrails that are in there to
629
00:40:52,920 --> 00:40:57,360
protect privacy and to make it difficult for hackings. And the more hackings that happen,
630
00:40:57,420 --> 00:41:02,900
which are happening a lot more, I think you start pricing out the weaker wallets and the agents know
631
00:41:02,900 --> 00:41:06,660
not to go to them. So then the agents end up at the better ones. You have to understand like the
632
00:41:06,660 --> 00:41:11,960
agents are the ones that reduce the hackings and reduce the vulnerabilities by knowing which ones
633
00:41:11,960 --> 00:41:14,820
I've already done, and when they start making the decision,
634
00:41:14,820 --> 00:41:17,060
you start having less problems too.
635
00:41:17,060 --> 00:41:20,600
Yeah, there was a BitDevs developer meeting here,
636
00:41:20,600 --> 00:41:22,040
meet up here last night.
637
00:41:22,040 --> 00:41:23,600
That was obviously in Bitcoin.
638
00:41:23,600 --> 00:41:27,000
I think Bitcoin is, the ecosystem has been the first
639
00:41:27,000 --> 00:41:31,620
target of AI initiated hackings.
640
00:41:31,620 --> 00:41:32,880
And...
641
00:41:32,880 --> 00:41:34,180
Did they talk a lot about it?
642
00:41:34,180 --> 00:41:35,180
Yeah.
643
00:41:35,180 --> 00:41:37,080
I mean, it's been, because you had Rob Hamilton
644
00:41:37,080 --> 00:41:39,960
from AnchorWatch who basically with the
645
00:41:39,997 --> 00:41:47,097
a group of other developers when the cold card wallet had an entropy bug that was being exploited
646
00:41:47,097 --> 00:41:53,697
by AI attacks, they said, okay, if this is happening to cold card, which many people thought,
647
00:41:53,797 --> 00:42:00,837
myself included, was the gold standard of Bitcoin hardware wallets. Who else can this have? So they
648
00:42:00,837 --> 00:42:07,117
basically created a harness to go inspect the code of every Bitcoin project that they could
649
00:42:07,117 --> 00:42:15,617
find a GitHub for and found hundreds of vulnerabilities within days and responsibly
650
00:42:15,617 --> 00:42:20,437
disclosed to many of the projects that were patched. Point being is we're still at the
651
00:42:20,437 --> 00:42:26,197
early stage where humans are fallible. Humans, we're finding out in Bitcoin because Bitcoin
652
00:42:26,197 --> 00:42:33,117
is the first easy target because it's a bear asset if you get it. It's hard to get back.
653
00:42:33,117 --> 00:42:35,637
And we're hardening the Bitcoin ecosystem right now because of that.
654
00:42:35,637 --> 00:42:41,137
And many projects did get hacked over the last six weeks, but many others found critical
655
00:42:41,137 --> 00:42:42,937
vulnerabilities first, patched them.
656
00:42:43,637 --> 00:42:46,777
And the system overall has been more robust.
657
00:42:46,897 --> 00:42:52,737
We're in this window where the pain is extremely, extremely hard, extremely painful.
658
00:42:53,017 --> 00:42:57,777
But I think a year from now, the ecosystem will be more robust and secure than it ever
659
00:42:57,777 --> 00:42:58,717
has been because of this.
660
00:42:58,757 --> 00:43:02,257
And it's funny, agents are doing the work of inspecting the code bases.
661
00:43:02,257 --> 00:43:07,257
is presenting patches and helping to secure all this.
662
00:43:07,937 --> 00:43:12,937
But going back to the rate of destruction,
663
00:43:14,537 --> 00:43:16,797
you're gonna have incredible liquidity,
664
00:43:16,797 --> 00:43:20,137
you can tap into a market of 8 billion people
665
00:43:20,137 --> 00:43:21,797
to sell assets whenever.
666
00:43:21,797 --> 00:43:23,317
How do you have stability in this world?
667
00:43:23,317 --> 00:43:24,877
Like what does stability look like
668
00:43:26,037 --> 00:43:27,337
when all this is going on?
669
00:43:28,477 --> 00:43:29,557
Is it the way you describe it?
670
00:43:29,557 --> 00:43:30,637
I'm like, all right, it sounds awesome,
671
00:43:30,637 --> 00:43:32,397
it also seems discombobulating.
672
00:43:34,297 --> 00:43:36,997
I think this is the human tendency.
673
00:43:36,997 --> 00:43:40,137
If I asked you when's the last time things were stable?
674
00:43:41,717 --> 00:43:43,597
You know when they were for everyone?
675
00:43:43,597 --> 00:43:45,257
It was when you were a kid,
676
00:43:45,257 --> 00:43:47,697
and it's because you didn't know any better.
677
00:43:47,697 --> 00:43:49,537
You have more to lose when you get older,
678
00:43:49,537 --> 00:43:51,497
you are getting closer to death.
679
00:43:51,497 --> 00:43:54,577
Psychologically, you're on a journey and you have kids,
680
00:43:54,577 --> 00:43:56,237
or you're thinking about having kids.
681
00:43:56,237 --> 00:44:04,517
And as someone who has four, I can just tell you, when my first child was born,
682
00:44:07,097 --> 00:44:09,837
I went from feeling indestructible.
683
00:44:10,557 --> 00:44:12,837
I don't care about death.
684
00:44:13,257 --> 00:44:15,097
I'm not frightened by dying.
685
00:44:15,217 --> 00:44:17,397
When I die, hopefully I've lived a good life.
686
00:44:17,477 --> 00:44:18,937
I can only control what I can.
687
00:44:19,037 --> 00:44:20,417
And so I try to be in shape.
688
00:44:20,497 --> 00:44:21,237
I try to eat well.
689
00:44:21,517 --> 00:44:22,417
I try to work out.
690
00:44:22,557 --> 00:44:24,977
I try to surround myself with people who bring me joy.
691
00:44:24,977 --> 00:44:28,817
all these different things that I've learned over life. But when you have that first child,
692
00:44:29,437 --> 00:44:35,037
you're vulnerable because now your job is to protect that child. And it's an instinct that
693
00:44:35,037 --> 00:44:39,397
has clearly been handed down biologically to where, and I remember feeling it. Like I drove
694
00:44:39,397 --> 00:44:43,157
home from the hospital and I was all of a sudden now as someone who never worried about driving,
695
00:44:43,197 --> 00:44:46,617
I was like, someone going to hit me. I got on a plane. I was worried about the plane crashing.
696
00:44:46,617 --> 00:44:52,697
Like these instincts start to hit you. So I think it's normal for people to question how
697
00:44:52,697 --> 00:45:01,317
change is going to not be disruptive. And I don't think humans can possibly be in a world where they
698
00:45:01,317 --> 00:45:06,677
all agree. I do believe that when you watch Star Trek and these sci-fi things, the number one take
699
00:45:06,677 --> 00:45:11,417
out of the future is that we're still fighting wars and we're still battling for things. We're
700
00:45:11,417 --> 00:45:17,197
just changing on this. I think that's an animal instinct that goes on in every single place and
701
00:45:17,197 --> 00:45:21,717
people do it for reasons that we can't have. So it's never going to be stable, my friend.
702
00:45:22,697 --> 00:45:27,757
the pace of the volatility seems to be increasing.
703
00:45:27,857 --> 00:45:32,337
And bringing this back to the beginning of the conversation,
704
00:45:32,417 --> 00:45:33,537
we were mentioning the slowdown.
705
00:45:33,797 --> 00:45:35,097
That's one thing I forgot to bring up,
706
00:45:35,097 --> 00:45:39,577
but the administration, everything we've talked about,
707
00:45:40,337 --> 00:45:45,337
really is somewhat dependent on, at least for Americans,
708
00:45:45,457 --> 00:45:48,097
the U.S. government to be on board with this.
709
00:45:48,117 --> 00:45:50,977
And it seems like the Trump administration is on board,
710
00:45:50,977 --> 00:45:53,517
not only with the AI stuff, but crypto as well.
711
00:45:53,517 --> 00:45:56,857
Clarity Act failed, but the SEC, the CFTC, the OCC
712
00:45:56,857 --> 00:45:57,977
are rulemaking anyway.
713
00:45:57,977 --> 00:45:59,517
They're not waiting for a bill.
714
00:45:59,517 --> 00:46:02,597
And then on the slowdown news, everybody was worried like,
715
00:46:02,597 --> 00:46:04,497
oh gosh, we're going to stop this.
716
00:46:04,497 --> 00:46:05,997
And then Trump comes out with a post like, no,
717
00:46:05,997 --> 00:46:08,297
we're not slowing down, actually accelerate.
718
00:46:08,297 --> 00:46:10,357
Lean in, stop being a pansy.
719
00:46:10,357 --> 00:46:13,337
And I think love them or hate them.
720
00:46:15,197 --> 00:46:17,537
I think at this particular juncture for US history,
721
00:46:17,537 --> 00:46:19,797
it's important that this administration
722
00:46:19,797 --> 00:46:24,097
has this purview and they're enabling this. How important do you think that is?
723
00:46:25,497 --> 00:46:33,437
I think it's important, but I don't think, I think the voters voted for this. I think crypto
724
00:46:33,437 --> 00:46:41,797
was a major part of his win. I don't think it gets brought up enough as to the impact it had
725
00:46:41,797 --> 00:47:01,593
on the election but it did I mean the numbers are there The stats are there Crypto packs that put money into elections had a huge success And so I think by bringing in a treasury secretary who quotes Satoshian who pro to bring in a Fed chair who pro
726
00:47:02,373 --> 00:47:08,493
I think when you go throughout the administration, he tried to bring on people that were pro-this.
727
00:47:08,653 --> 00:47:14,813
And whatever his rationale behind it is, I didn't get the impression that he had a vision for it.
728
00:47:14,813 --> 00:47:17,973
He just knew that the people wanted it.
729
00:47:18,573 --> 00:47:24,313
He did have a belief in the distribution of wealth as a major issue in the country and bringing back manufacturing.
730
00:47:24,853 --> 00:47:34,633
Now, if you think about what's happening, that is what's happening, meaning we do have a lot of jobs being created in the construction side.
731
00:47:34,633 --> 00:47:40,153
The middle part of the country is benefiting from the data centers and from the gas and from all of the things that go on.
732
00:47:40,913 --> 00:47:44,593
I'm a big believer that entrepreneurs are going to have a huge impact.
733
00:47:44,593 --> 00:47:53,273
If I could be long something right now, which doesn't exist, I want to be long the 200 million entrepreneurs that are happening and coming in the country.
734
00:47:53,373 --> 00:47:54,353
I want an index of that.
735
00:47:54,433 --> 00:47:55,653
I don't want the S&P 500.
736
00:47:55,873 --> 00:47:59,133
I want this AI native world of entrepreneurs.
737
00:47:59,353 --> 00:48:00,413
I don't want the Russell 2000.
738
00:48:00,753 --> 00:48:01,673
I don't want any of that stuff.
739
00:48:01,733 --> 00:48:02,853
I don't want public companies.
740
00:48:03,293 --> 00:48:05,653
I actually believe that the growth is coming.
741
00:48:05,773 --> 00:48:06,933
Now, where do I play that?
742
00:48:06,973 --> 00:48:08,693
I play that through crypto and I play it through AI.
743
00:48:09,293 --> 00:48:13,473
So those are the ways that I play that situation right now.
744
00:48:13,473 --> 00:48:23,153
So rather than get into whether the administration got lucky, whether they made whether they the voters did it, I think the reality is that it's happening.
745
00:48:23,793 --> 00:48:36,053
And they've by by speeding up the AI side, by making it more tax efficient for the hyperscalers to take out the debt and be able to depreciate over a longer time period was a huge thing.
746
00:48:36,153 --> 00:48:38,293
It accelerated AI development.
747
00:48:38,893 --> 00:48:41,833
Crypto is directly connected to when we got the AI development.
748
00:48:41,833 --> 00:48:46,153
Leopold wrote in situational awareness, which came out after.
749
00:48:47,653 --> 00:48:50,033
No, it came out before Trump was elected.
750
00:48:50,213 --> 00:48:54,813
So it came out during the election period and only a couple of months, I think came out June of 24.
751
00:48:55,093 --> 00:48:58,353
Trump spoke at the Bitcoin event in, was it Nashville in July?
752
00:48:58,553 --> 00:48:59,593
So it was before that.
753
00:48:59,713 --> 00:49:05,313
If you go back and look at that point, Leopold thought we would hit the point we're at now sometime in 2027.
754
00:49:05,873 --> 00:49:11,133
The fact that we hit it in 2026 to me is a direct correlation with the administration
755
00:49:11,133 --> 00:49:16,393
saying that AI is a focus, reducing the timeline on things, and basically giving people the rules
756
00:49:16,393 --> 00:49:21,213
that for the next four years, you can run as fast as you want on AI and you have my blessing.
757
00:49:21,633 --> 00:49:23,913
For the crypto crew, it's the same thing.
758
00:49:24,293 --> 00:49:25,673
The Genius Act was critical.
759
00:49:25,673 --> 00:49:29,893
As much as clarity is important, like you said, you can kind of get around that, which
760
00:49:29,893 --> 00:49:30,373
they've gotten.
761
00:49:30,593 --> 00:49:34,793
And then once it's going, tokenization and stable coins and everything accelerating,
762
00:49:34,793 --> 00:49:38,293
which is going to be accelerated by the agents. By the time we get to the next election, it'll
763
00:49:38,293 --> 00:49:43,313
again be a focal point and no one's going to want it to go backwards if it's reducing the cost of
764
00:49:43,313 --> 00:49:47,453
people to live their lives. And I think that's what's going to happen. One more thing that fits
765
00:49:47,453 --> 00:49:51,713
in with it. So when we get back to the stability side, it kind of directly comes back to the
766
00:49:51,713 --> 00:49:58,753
polarizing situation of politics. Like I said, there's a polarizing situation inside crypto,
767
00:49:59,333 --> 00:50:02,493
the Bitcoiners and the programmables. And I wish everyone could all get along together.
768
00:50:02,493 --> 00:50:04,933
But for some reason, I'm a Bitcoin podcast.
769
00:50:05,333 --> 00:50:08,173
And well, we don't really say crypto or we don't get involved.
770
00:50:08,253 --> 00:50:10,233
I'm like, I don't understand this whole thing.
771
00:50:10,273 --> 00:50:11,373
I'm new to the party, guys.
772
00:50:11,433 --> 00:50:13,433
I'm looking at this as everyone's going to win.
773
00:50:13,673 --> 00:50:15,913
This fits back into the question of stability.
774
00:50:16,113 --> 00:50:20,953
If I said to you, you're going to have chaos that's been just like the last 50 years.
775
00:50:21,413 --> 00:50:24,293
It won't be World War II and it won't be the Great Depression.
776
00:50:24,293 --> 00:50:30,573
But what you've gone through the last 30 years is going to continue, that chaos that you describe it as.
777
00:50:30,573 --> 00:50:33,873
But here's the benefit that comes with you signing up for that.
778
00:50:34,473 --> 00:50:36,173
You're going to live for another 300 years.
779
00:50:36,913 --> 00:50:44,333
If that's what happens, like, isn't that kind of the quid pro quo of like, you got to give
780
00:50:44,333 --> 00:50:45,693
up something, you're going to get something.
781
00:50:46,073 --> 00:50:50,253
I think when people look at what the administration has been able to do, I think you have to put
782
00:50:50,253 --> 00:50:55,253
in the context of if you believe AI is going to solve lots of problems and be dangerous
783
00:50:55,253 --> 00:50:56,993
at the same time and create lots of chaos.
784
00:50:56,993 --> 00:51:01,673
if the end result is living a lot longer, a healthier life, being able to see your kids grow up,
785
00:51:01,773 --> 00:51:07,233
that's a pretty good sign on the dotted line with the devil as to the outcome that's good.
786
00:51:07,433 --> 00:51:08,793
You think we're going to live to be 300?
787
00:51:11,413 --> 00:51:18,713
Marty, you can go back and read writings from me for a long time. Do I believe in the exponential
788
00:51:18,713 --> 00:51:22,973
innovation and the solution of people not aging? Absolutely. It's a math problem.
789
00:51:22,973 --> 00:51:27,493
So do I think 300, 150, whatever the case is?
790
00:51:27,493 --> 00:51:30,053
It's hard for people to imagine, but if I would have told you
791
00:51:30,053 --> 00:51:32,973
that we'd have smartphones in our hands 25 years ago
792
00:51:32,973 --> 00:51:35,433
doing this stuff they're doing, if I told you that
793
00:51:35,433 --> 00:51:38,913
we'd be solving math problems that Einstein couldn't solve
794
00:51:38,913 --> 00:51:43,593
and that have been around for 150 to 175 years
795
00:51:43,593 --> 00:51:47,493
in a matter of 88 hours, do I think we're gonna solve
796
00:51:47,493 --> 00:51:49,033
the world's greatest science problems?
797
00:51:49,033 --> 00:51:50,513
Yeah, what is the difference between saying
798
00:51:50,513 --> 00:51:52,193
we're gonna have people living on Mars
799
00:51:52,193 --> 00:51:53,393
living to a 300.
800
00:51:53,393 --> 00:51:55,933
Like what's the, where does it get too crazy?
801
00:51:55,933 --> 00:51:56,933
So yes, I do.
802
00:51:58,093 --> 00:51:59,033
Wild world.
803
00:51:59,033 --> 00:52:12,769
Where are the bottlenecks Obviously compute we think compute usage it already is going up exponentially We only on the cusp Muse just dropped I think that gonna have massive it gonna lead to a massive growth in demand
804
00:52:12,769 --> 00:52:15,249
for these tokens.
805
00:52:15,249 --> 00:52:17,269
Is that the biggest bottleneck right now?
806
00:52:17,269 --> 00:52:20,069
The biggest bottleneck is humans.
807
00:52:20,069 --> 00:52:21,989
You said it, like everyone's worried
808
00:52:21,989 --> 00:52:23,969
the politics are making it a major issue,
809
00:52:23,969 --> 00:52:26,249
like the data centers can't be happening
810
00:52:26,249 --> 00:52:28,229
because they make up stuff about them
811
00:52:28,229 --> 00:52:31,889
and don't actually provide people with the right facts.
812
00:52:31,889 --> 00:52:34,549
Because the Chinese, the Russians, the Iranians,
813
00:52:34,549 --> 00:52:37,109
and anyone that's at either war or in competition with us
814
00:52:37,109 --> 00:52:38,949
wants our politics to be polarizing,
815
00:52:38,949 --> 00:52:40,829
can just put something,
816
00:52:40,829 --> 00:52:44,329
can take the anthropic guy that worked there for six weeks
817
00:52:44,329 --> 00:52:47,349
and get him 170 million views on X,
818
00:52:47,349 --> 00:52:50,869
which is clearly part politics, part geopolitics,
819
00:52:50,869 --> 00:52:53,909
in terms of the ability of making this viral.
820
00:52:53,909 --> 00:52:55,829
Humans are the biggest friction,
821
00:52:55,829 --> 00:52:57,829
and physics are number two.
822
00:52:57,829 --> 00:52:59,369
But they go hand in hand.
823
00:52:59,529 --> 00:53:04,949
And so this is going to, in a good way, this will have it go somewhat slower.
824
00:53:04,949 --> 00:53:08,989
Because I think the humans are doing the right thing with the pause in AI.
825
00:53:09,449 --> 00:53:11,689
Not that they're pausing the development.
826
00:53:12,909 --> 00:53:15,809
But the pause in releasing them.
827
00:53:15,809 --> 00:53:21,549
And I think one thing everyone should think about, and this is important for fiat assets in general, meaning for stocks.
828
00:53:22,929 --> 00:53:25,509
Alex Karp was on CNBC last week.
829
00:53:25,509 --> 00:53:32,489
and he talked about the fact it's just a matter of time within the next year that open ai is
830
00:53:32,489 --> 00:53:40,409
national yeah now i've said this publicly too where not specifically them but i've said to
831
00:53:40,409 --> 00:53:44,809
investors and i've said it in writings that it's like where is the line between something that's
832
00:53:44,809 --> 00:53:49,689
so powerful that it could take down the entire system which is what these guys wrote about which
833
00:53:49,689 --> 00:53:55,569
they believe. If you take the internet down, we're all in trouble. And they were saying that
834
00:53:55,569 --> 00:54:00,469
this is possible. Like not just possible. Like it is possible. It was happening with some of
835
00:54:00,469 --> 00:54:03,749
their things. Not that it was taking it down, but it was creating these little places that you don't
836
00:54:03,749 --> 00:54:08,929
know they exist. So I want people to think about like when you get a virus in your body,
837
00:54:09,549 --> 00:54:14,629
you don't find out until the symptoms start showing up. Like it's in there. Like you could
838
00:54:14,629 --> 00:54:18,829
be, you could be sick now. You don't know. Eventually your body starts showing the thing.
839
00:54:18,829 --> 00:54:22,569
That swarm outcome of hugging face, that was a symptom.
840
00:54:23,009 --> 00:54:27,629
That was a, hey, we got to take some medicine for this.
841
00:54:27,689 --> 00:54:29,129
So the pause is related to it.
842
00:54:29,209 --> 00:54:33,229
So I do think what Alex Karp said is a very real possibility.
843
00:54:33,369 --> 00:54:43,449
And the problem is if the most important public company in the world can be privatized, again, this is very powerful for entrepreneurs.
844
00:54:44,049 --> 00:54:46,189
It's very powerful for crypto.
845
00:54:46,189 --> 00:54:51,109
So it is very negative for public companies, in my opinion, to have that kind of situation
846
00:54:51,109 --> 00:54:53,629
because then the question is, where's the line for anyone?
847
00:54:53,629 --> 00:54:55,549
They've been investing in Intel.
848
00:54:55,549 --> 00:54:59,329
Once it gets to the point that it's that powerful, it's a military weapon, I don't know where
849
00:54:59,329 --> 00:55:01,129
they don't get too involved in things.
850
00:55:01,129 --> 00:55:03,069
So I think that was an important statement.
851
00:55:03,069 --> 00:55:04,069
Yeah.
852
00:55:04,069 --> 00:55:08,189
Yeah, the stakes are so high.
853
00:55:08,189 --> 00:55:12,689
I'm just thinking because then because the next topic I wanted to bring up is robotics.
854
00:55:12,689 --> 00:55:19,649
I'm just thinking like, okay, we're worried about stuff happening, these swarms getting
855
00:55:19,649 --> 00:55:22,989
into the digital world with robotics.
856
00:55:23,709 --> 00:55:26,009
It's a whole other thing is that enters the physical.
857
00:55:27,469 --> 00:55:27,949
Yeah.
858
00:55:28,249 --> 00:55:32,509
And you talk, because I wanted to bring up robotics in terms of like token consumption
859
00:55:32,509 --> 00:55:34,589
and the opportunity that exists there.
860
00:55:34,949 --> 00:55:39,849
And how much is that going to balloon the usage of these GPUs?
861
00:55:39,849 --> 00:55:42,669
And then you, now I'm scatterbrained,
862
00:55:42,669 --> 00:55:44,169
but like bringing back open router,
863
00:55:44,169 --> 00:55:47,389
like what does the market for these tokens even look like
864
00:55:47,389 --> 00:55:48,509
at the end of the day?
865
00:55:48,509 --> 00:55:51,529
Is the way that we're going and buying $200 a month
866
00:55:51,529 --> 00:55:55,129
subscriptions at all these different model providers,
867
00:55:55,129 --> 00:55:57,149
will we look back at that and like how it's completely
868
00:55:57,149 --> 00:55:58,989
antiquated, like in the future,
869
00:55:58,989 --> 00:56:00,569
will we even know what models we're using?
870
00:56:00,569 --> 00:56:03,769
Or would there just be open router like companies
871
00:56:03,769 --> 00:56:06,409
that emerge and do all that for you?
872
00:56:06,409 --> 00:56:10,589
It's very hard.
873
00:56:10,589 --> 00:56:14,609
So first on the progression of compute needs for everything, and now we're talking about
874
00:56:14,609 --> 00:56:15,609
the edge.
875
00:56:15,609 --> 00:56:19,949
So currently we're doing everything token wise in the cloud.
876
00:56:19,949 --> 00:56:21,029
On prem is starting.
877
00:56:21,029 --> 00:56:25,729
So when you start getting into the law firms, you start getting into Eli Lilly, well, they're
878
00:56:25,729 --> 00:56:29,589
building their own compute providers that way.
879
00:56:29,589 --> 00:56:35,649
Think of this as the only analogy and come up with is when we went from an agrarian economy
880
00:56:35,649 --> 00:56:40,849
to an industrial economy. And John Gray included this kind of visual back in the presentation
881
00:56:40,849 --> 00:56:49,069
I mentioned that's on YouTube. And that was in 1870 to 1900. So if you go back to the days
882
00:56:49,069 --> 00:56:55,729
of when, like when we were truly agrarian, we built crops, you know, we raised crops
883
00:56:55,729 --> 00:57:00,229
to feed our community. And that's what we did. Now there were little jobs, there were
884
00:57:00,229 --> 00:57:03,229
blacksmiths, there were stuff like that. But eventually you get into industrialization
885
00:57:03,229 --> 00:57:04,429
and then you get urbanization
886
00:57:04,429 --> 00:57:05,769
and you speed up this whole process.
887
00:57:05,769 --> 00:57:08,329
When I would travel to China and I saw the ghost cities,
888
00:57:08,329 --> 00:57:09,229
that was urbanization.
889
00:57:09,229 --> 00:57:10,869
They were still an agrarian economy
890
00:57:10,869 --> 00:57:22,666
that was now trying to get everyone to go to the city because when you go to the city then you have more economic growth and people get wealthier and all these things And so I witnessed this whole thing happen in China I watched them build eight lane highways
891
00:57:22,666 --> 00:57:25,206
When you're like, there's no cars, everybody's in a rickshaw.
892
00:57:25,206 --> 00:57:26,686
They were building for the future
893
00:57:26,686 --> 00:57:28,826
and how fast they were gonna invest in this.
894
00:57:28,826 --> 00:57:33,246
So with compute, the only analogy I can give is that
895
00:57:33,246 --> 00:57:35,246
when you go from the agrarian to the industrial,
896
00:57:35,246 --> 00:57:36,126
what ended up happening?
897
00:57:36,126 --> 00:57:40,106
We saw an explosion in people on the planet.
898
00:57:40,106 --> 00:57:42,486
So you go from we're feeding our community,
899
00:57:42,486 --> 00:57:44,586
all the food we need is here.
900
00:57:44,586 --> 00:57:45,726
Now we're going to the cities,
901
00:57:45,726 --> 00:57:47,166
we're exploding the population.
902
00:57:47,166 --> 00:57:48,186
When I say exploding it,
903
00:57:48,186 --> 00:57:50,006
we're going from less than a billion people
904
00:57:50,006 --> 00:57:51,166
to where we are today.
905
00:57:52,066 --> 00:57:54,546
An extra seven billion, seven times,
906
00:57:54,546 --> 00:57:56,866
and we're shrinking farming.
907
00:57:56,866 --> 00:57:58,806
So if everyone's leaving being a farmer
908
00:57:58,806 --> 00:58:00,526
and now they're going to work in the cities,
909
00:58:00,526 --> 00:58:02,606
how the hell do we feed everyone?
910
00:58:02,606 --> 00:58:04,566
Those people need food, everybody.
911
00:58:04,566 --> 00:58:07,386
So what do AI agents and humanoids need?
912
00:58:07,386 --> 00:58:09,826
They need food and their food is compute.
913
00:58:09,826 --> 00:58:11,526
So we're at the very early stages.
914
00:58:11,686 --> 00:58:15,206
And if you go back to the agrarian example, there's less than a billion agents.
915
00:58:15,386 --> 00:58:17,486
There's less, like we're at the very early stage.
916
00:58:17,546 --> 00:58:20,766
So whenever people tell me we're going to be oversupplied and compute, I'm like, you
917
00:58:20,766 --> 00:58:21,626
don't know what you're saying.
918
00:58:21,686 --> 00:58:22,786
Like this didn't exist.
919
00:58:22,906 --> 00:58:25,646
We have to feed now trillions of agents.
920
00:58:26,106 --> 00:58:31,266
So every day enterprise agents come on, like I said, well, now we're going to have the
921
00:58:31,266 --> 00:58:33,206
next phase, which is consumer agents.
922
00:58:33,526 --> 00:58:35,886
Then behind that, we have FSD.
923
00:58:36,526 --> 00:58:38,766
We have humanoids.
924
00:58:38,766 --> 00:58:40,146
Well, that's the same as the other agents.
925
00:58:40,426 --> 00:58:41,446
No, that brings vision in.
926
00:58:41,766 --> 00:58:43,986
Like they need to work in the world.
927
00:58:44,366 --> 00:58:52,026
So adding vision into the compute needs for a car to make decisions on the fly, for a
928
00:58:52,026 --> 00:58:58,286
humanoid to see that grandma needs her medicine and needs vision and it needs to understand
929
00:58:58,286 --> 00:59:00,166
and learn as it goes through it.
930
00:59:00,226 --> 00:59:04,646
So you're talking about compute needs that are far greater than what humans can comprehend.
931
00:59:04,806 --> 00:59:06,426
And these are facts as to what's coming.
932
00:59:06,526 --> 00:59:08,026
Humanoids are not a distant thing.
933
00:59:08,026 --> 00:59:09,346
Like they're here today.
934
00:59:09,786 --> 00:59:11,246
The FSD is here today.
935
00:59:11,446 --> 00:59:15,286
So whenever I just kind of think of people, I'm like, we're only in the first inning of
936
00:59:15,286 --> 00:59:16,086
the compute needs.
937
00:59:16,226 --> 00:59:20,806
So to your point, the humanoids and the robotics have a huge impact on the compute needs, which
938
00:59:20,806 --> 00:59:24,546
is why the investment side for the memory names, for the semiconductors, all that, why
939
00:59:24,546 --> 00:59:26,286
I have my under named portfolio.
940
00:59:26,446 --> 00:59:27,706
It's like, guys, this isn't over.
941
00:59:27,826 --> 00:59:31,046
We're just at the next stage and consumer agents are starting now.
942
00:59:31,066 --> 00:59:34,706
And that's why meta was up 13% on Monday because people were like, well, this is the most downloaded
943
00:59:34,706 --> 00:59:34,966
app.
944
00:59:35,006 --> 00:59:35,466
What do they do?
945
00:59:35,826 --> 00:59:36,426
Consumer agents?
946
00:59:36,526 --> 00:59:36,666
Wow.
947
00:59:36,706 --> 00:59:37,766
We're a consumer agent time.
948
00:59:37,766 --> 00:59:38,526
What does that mean?
949
00:59:38,586 --> 00:59:39,346
And now they're starting to look.
950
00:59:39,466 --> 00:59:40,066
AMD's up.
951
00:59:40,166 --> 00:59:40,706
Intel's up.
952
00:59:40,766 --> 00:59:41,126
Oh, my God.
953
00:59:41,166 --> 00:59:41,926
We need more semis.
954
00:59:42,786 --> 00:59:42,926
Yeah.
955
00:59:43,406 --> 00:59:43,766
Energy.
956
00:59:44,486 --> 00:59:45,306
Do we have enough energy?
957
00:59:45,726 --> 00:59:46,766
Are we building it fast enough?
958
00:59:46,826 --> 00:59:47,346
The infrastructure.
959
00:59:49,806 --> 00:59:55,826
So on the one side, if you assume static innovation, we're in trouble.
960
00:59:57,086 --> 01:00:00,286
If you assume innovation, we have plenty.
961
01:00:01,046 --> 01:00:02,286
And let me let me.
962
01:00:03,206 --> 01:00:04,926
Before people go, he's wrong.
963
01:00:05,046 --> 01:00:05,386
Go through it.
964
01:00:05,386 --> 01:00:09,686
No, we have plenty of power inside the United States for all of the compute I just said,
965
01:00:09,726 --> 01:00:13,266
at least for the next three years, assuming it doesn't go parabolic, probably the next five.
966
01:00:13,686 --> 01:00:14,846
Where's it going to come from magically?
967
01:00:15,446 --> 01:00:15,806
The grid.
968
01:00:16,606 --> 01:00:17,406
The grid's old.
969
01:00:17,486 --> 01:00:18,026
We don't have enough.
970
01:00:18,146 --> 01:00:18,686
Yes, we do.
971
01:00:18,846 --> 01:00:20,286
We just can't use it efficiently.
972
01:00:20,686 --> 01:00:26,006
We have double the amount of capacity because we can't run it at full.
973
01:00:26,246 --> 01:00:28,146
And if people don't know that, they should go look it up.
974
01:00:28,786 --> 01:00:32,506
So you have to think of novel solutions and what AI could bring, because that's the thing
975
01:00:32,506 --> 01:00:37,146
people underestimate is when you're in an exponential innovation, they extrapolate linearly
976
01:00:37,146 --> 01:00:40,126
out. And it's like, no, no, no, along the way, we're going to solve problems.
977
01:00:41,106 --> 01:00:47,886
Where does Navier Stokes fit in that whole thing? Fluid dynamics. Okay, well, that has an impact on
978
01:00:47,886 --> 01:00:53,886
gas turbines, has an impact on boats, on planes, also has an impact on batteries.
979
01:00:54,826 --> 01:00:59,686
You know how important batteries are to the grid? If right today, we could have a bunch of batteries,
980
01:00:59,686 --> 01:01:02,666
we can plug everyone into the grid and not have a problem.
981
01:01:03,506 --> 01:01:07,046
One of the reasons why Bitcoin miners have become more attractive in certain states like Texas,
982
01:01:07,146 --> 01:01:13,086
because they're like, wait a second. So you guys can use the grid when no one else is using the
983
01:01:13,086 --> 01:01:17,106
grid, but then you can turn it off because when the power goes up, it's a bad arbitrage for you
984
01:01:17,106 --> 01:01:23,886
guys. You guys are actually like a synthetic group that's good for the grid. Yep, they are.
985
01:01:23,886 --> 01:01:28,666
So that's one of the reasons why Bitcoin miners have become more of an interesting part of this.
986
01:01:28,666 --> 01:01:31,626
And again, how crypto is connected to AI in various ways.
987
01:01:32,006 --> 01:01:33,066
Here's the other place.
988
01:01:33,866 --> 01:01:40,926
When you're in this situation, if you take the batteries and you connect to the grid and you store all that power, then you can throttle.
989
01:01:41,046 --> 01:01:43,126
You can just run it all the time and fill it up.
990
01:01:43,326 --> 01:01:55,926
And then if we ever need that point, because there's a weather event or something that drives the demand up because the temperatures go up to 150 in Texas and everyone's sitting there and they got their air conditioner running all the day and you're OK, the grid's going to go down.
991
01:01:55,926 --> 01:01:58,946
Oh, no, we'll just use the battery that we have stored for the next year.
992
01:01:59,266 --> 01:02:05,706
Now, to have that, just like you had to do with Tesla when they created the cars and the batteries, there was no novel solution.
993
01:02:05,706 --> 01:02:10,086
But we went from people doubting an electric car to where we are today.
994
01:02:10,086 --> 01:02:14,426
When they first came out, I think there was 20 miles of distance or something like that.
995
01:02:14,486 --> 01:02:17,746
Go back and read the original Roadster thing and how far you could go.
996
01:02:17,806 --> 01:02:22,186
But the reason it was not a viable solution is because you couldn't drive it that far.
997
01:02:22,186 --> 01:02:25,806
You could drive it around the corner, show it off, and then you had to come back and plug in again.
998
01:02:25,926 --> 01:02:29,946
And the plugging in took a long period of time because there were no chargers.
999
01:02:29,982 --> 01:02:35,582
forward, the car gets 400 miles of range. The chargers are everywhere. So I don't think
1000
01:02:35,582 --> 01:02:39,682
people are thinking enough about how batteries are a solution to the energy problem. And now
1001
01:02:39,682 --> 01:02:44,802
I have full confidence, full confidence that between that, the innovations that have already
1002
01:02:44,802 --> 01:02:50,082
happened this year to allow us to build things behind the meter, which was not a thing before
1003
01:02:50,082 --> 01:02:53,782
Colossus, all of these innovations are coming, my friend.
1004
01:02:53,782 --> 01:02:59,982
Yeah. It's funny how the Bitcoin mining industry, I've been in it for
1005
01:02:59,982 --> 01:03:06,822
eight years now. We went through discovering all this and now watching the world wake up
1006
01:03:06,822 --> 01:03:14,062
to what we've been beating the table over for probably six years, right before the Chinese
1007
01:03:14,062 --> 01:03:18,042
mining ban, particularly with demand response. It's like, yes, we've been telling you. And
1008
01:03:18,042 --> 01:03:25,342
behind the meter even. I was in oil fields in North Dakota. I wasn't personally, but
1009
01:03:25,342 --> 01:03:28,922
the company that I worked for,
1010
01:03:28,922 --> 01:03:31,542
from 2018 to 2021, we did flare gas mining.
1011
01:03:31,542 --> 01:03:34,162
We'd bring generators on a well pad,
1012
01:03:34,162 --> 01:03:36,162
take the gas, scrub it, put it through a generator,
1013
01:03:36,162 --> 01:03:37,162
mine Bitcoin with it.
1014
01:03:37,162 --> 01:03:40,582
And there's a ton, and it's been interesting too.
1015
01:03:40,582 --> 01:03:44,162
This is talking about the convergence of crypto
1016
01:03:44,162 --> 01:03:46,282
and AI, Bitcoin, AI.
1017
01:03:46,282 --> 01:03:47,182
It happens in so many ways.
1018
01:03:47,182 --> 01:03:49,582
We're talking about energy, we're talking about agents.
1019
01:03:49,582 --> 01:03:51,742
But the people even, OpenRouter was founded
1020
01:03:51,742 --> 01:03:55,842
by the OpenSea team, which was the NFE platform.
1021
01:03:55,842 --> 01:04:00,282
And their head of strategy was an ex-marathon guy.
1022
01:04:00,282 --> 01:04:05,062
And I'm gonna record next with somebody from News Research.
1023
01:04:05,062 --> 01:04:06,062
He came from Foundry.
1024
01:04:06,062 --> 01:04:07,782
And like, there's this,
1025
01:04:08,862 --> 01:04:10,782
and I think we've discussed this before,
1026
01:04:10,782 --> 01:04:14,682
but in my life, the early adopters of AI
1027
01:04:14,682 --> 01:04:18,222
have typically been people in the Bitcoin industry
1028
01:04:18,222 --> 01:04:20,782
that are, there's something,
1029
01:04:21,742 --> 01:04:25,542
with the psyche of people that have been in this industry.
1030
01:04:26,082 --> 01:04:29,342
And I think the fact that they're in it is a tell that they're early adopters.
1031
01:04:29,742 --> 01:04:34,002
And that's the thing I don't think many people appreciate,
1032
01:04:34,122 --> 01:04:36,602
is like a lot of the companies that are coming up in AI
1033
01:04:36,602 --> 01:04:39,082
have people that came from this industry.
1034
01:04:39,082 --> 01:04:42,742
And to your point about these convergences are happening at every layer,
1035
01:04:42,942 --> 01:04:43,822
like even the people layer.
1036
01:04:44,622 --> 01:04:46,562
And vice versa too.
1037
01:04:47,942 --> 01:04:50,022
I'm guessing you've never heard of Ali Yaya?
1038
01:04:50,682 --> 01:04:50,942
No.
1039
01:04:50,942 --> 01:05:09,402
Okay. So Ali Yaya is one of the original partners of A16Z. He is part of the crypto group. So he's been at the place a long time. And I ran into him and I'm going to be, I just did a video for my subscribers titled Crypto Why Now?
1040
01:05:09,402 --> 01:05:17,242
And this was my way of kind of saying to people who are part of my AI subscribers, but this is also for crypto people because.
1041
01:05:18,262 --> 01:05:25,482
Like I've listened to you for a while, like as I've kind of consumed knowledge to to understand crypto more.
1042
01:05:26,182 --> 01:05:35,902
I have to go back to the people that have been creating content for a long time, because as I believe and as you know, when you interview smart people, you consume a lot of that information.
1043
01:05:35,902 --> 01:05:38,862
There's things I said today that have connected for you.
1044
01:05:38,942 --> 01:05:41,882
There's things you've asked me that have connected for me.
1045
01:05:42,542 --> 01:05:44,722
Ali Yaya went to Stanford.
1046
01:05:45,402 --> 01:05:48,382
He worked in Google X out of school.
1047
01:05:48,742 --> 01:05:50,482
Then he worked for Google Brain.
1048
01:05:52,722 --> 01:05:55,262
He's an AI and cryptography expert.
1049
01:05:56,402 --> 01:06:04,722
He decided to go to A16Z because his story is that he was trying to convince the Google
1050
01:06:04,722 --> 01:06:10,142
X guys to invest in crypto. It's a great story of someone I'd never heard of, but I'm using
1051
01:06:10,142 --> 01:06:14,802
him in my video and I used him in the video for Why Now for people to go learn. Because
1052
01:06:14,802 --> 01:06:19,562
I'm like, you should go listen to this guy talk about it. So the videos I'm showing are
1053
01:06:19,562 --> 01:06:24,302
recent interviews with him in May. They raised another fund at A16Z, which I think is really
1054
01:06:24,302 --> 01:06:28,822
important for people on the crypto side. This was in the depths of the bear market. So this
1055
01:06:28,822 --> 01:06:33,282
This is when Bitcoin had been down for six months
1056
01:06:33,282 --> 01:06:47,952
or seven months since October 10th And they talking about taking in billion for it And the whole rationale with Chris Dixon who you probably have heard of So Ali Yaya is the person that nobody seems to know
1057
01:06:47,992 --> 01:06:48,492
I didn't know him.
1058
01:06:48,512 --> 01:06:50,032
I knew Chris Dixon for a long time.
1059
01:06:50,512 --> 01:06:56,772
Ali Yaya is the person I care the most about because he understands the value of the agentic side.
1060
01:06:57,132 --> 01:06:58,312
He talks about privacy.
1061
01:06:58,652 --> 01:07:01,252
He's the one that got me so focused on Zcash.
1062
01:07:01,252 --> 01:07:11,212
And I started to understand from a business fiduciary who's raised money, who now understands, oh, my gosh, I think Zcash should be up massively over the next year.
1063
01:07:11,292 --> 01:07:19,652
If my view of the value of privacy, my view of the value of trust, these are all things that I'm realizing crypto is going to be valued off of.
1064
01:07:20,072 --> 01:07:21,192
It's going to be off privacy.
1065
01:07:21,192 --> 01:07:22,292
It's going to be off trust.
1066
01:07:22,352 --> 01:07:23,432
It's going to be off speed.
1067
01:07:23,892 --> 01:07:26,932
These are metrics that don't fit in the fiat system.
1068
01:07:27,092 --> 01:07:29,672
You can't do that with stocks, but there's value for it.
1069
01:07:29,672 --> 01:07:37,332
That's why the multiple is going down, because on the flip side, I don't trust you're going to be here in the next five years because terminal value is gone.
1070
01:07:37,412 --> 01:07:38,712
Like I could do this all day.
1071
01:07:39,132 --> 01:07:41,112
Your business is too slow, Visa.
1072
01:07:41,272 --> 01:07:42,472
You're not going to be in business.
1073
01:07:42,692 --> 01:07:43,512
You better adapt.
1074
01:07:43,512 --> 01:07:46,892
Like everything is about those things that I mentioned.
1075
01:07:47,252 --> 01:07:52,032
Privacy, like Zcash, the ability to do things and not actually know who's on the other side.
1076
01:07:52,092 --> 01:07:52,892
Should it be bigger than Bitcoin?
1077
01:07:53,012 --> 01:07:53,232
No.
1078
01:07:54,172 --> 01:07:57,292
Should it probably be 10 percent of the value of it?
1079
01:07:57,292 --> 01:08:00,992
Yeah, my guess is it probably should in the long run if I'm right about privacy.
1080
01:08:01,452 --> 01:08:06,612
Ali Yaya takes you through his vision of the world and how important agents are to it.
1081
01:08:06,672 --> 01:08:09,552
And it's very hard for me to find people that speak that way.
1082
01:08:09,872 --> 01:08:13,952
I have to go into the depths of someone who went to Stanford, was in Google Brain and all this.
1083
01:08:14,072 --> 01:08:19,012
So I think as you kind of connect all these dots and you start going through the way all this plays out,
1084
01:08:19,632 --> 01:08:23,892
the backward side of the power and the electricity side and how it connects back into this,
1085
01:08:23,892 --> 01:08:31,032
they're all related to AI and crypto being synergistically the thing that matters the most in the next decade.
1086
01:08:31,412 --> 01:08:32,912
Have you looked into eCash at all?
1087
01:08:33,872 --> 01:08:36,992
I have not spent enough time on eCash.
1088
01:08:37,052 --> 01:08:37,772
Look into eCash.
1089
01:08:37,912 --> 01:08:40,132
That's what I said, the double-blinded signatures.
1090
01:08:41,932 --> 01:08:49,732
I think that, if you're looking for velocity, I think eCash is much better suited than zCash.
1091
01:08:49,732 --> 01:08:55,632
I don't know what does eCash L2s look like, but eCash gives you that perfect privacy,
1092
01:08:55,632 --> 01:08:58,552
but the speed at which you can transact, particularly for agents.
1093
01:08:58,552 --> 01:09:03,352
And I've given my agent an eCash wallet, and it's funny just watching it go.
1094
01:09:03,352 --> 01:09:09,552
I'm like, hey, go on LNMarkets and just take, just messing with, go on LNMarkets, you can
1095
01:09:09,552 --> 01:09:15,812
sign in using your Lightning Network address, and then use eCash to trade and send its money
1096
01:09:15,812 --> 01:09:18,612
with eCash when you send it back, convert it back to eCash.
1097
01:09:18,612 --> 01:09:18,932
And it's...
1098
01:09:19,652 --> 01:09:23,812
Here's my issue as people kind of think of this. I think when...
1099
01:09:25,892 --> 01:09:34,052
So only reason I care about Zcash is because the privacy side, what Robinhood chain, like everything
1100
01:09:34,052 --> 01:09:39,332
for me started with X, Y, blah, blah, blah, blah. So I have a chain that goes backwards. The mistake
1101
01:09:39,332 --> 01:09:45,652
people are going to make is doing homework on these things like it matters. Whether something
1102
01:09:45,652 --> 01:09:50,592
goes from one to a hundred or one to 200 and something else goes from one to 300 or one to
1103
01:09:50,592 --> 01:09:57,672
400 is complete waste of time. In the end, they're both going to peak and they're both going to stop
1104
01:09:57,672 --> 01:10:04,872
growing at some point. And once we get to the point where privacy is valued, maybe that prevents
1105
01:10:04,872 --> 01:10:10,172
them from getting combined or let's assume there's 10 of them. I still believe in the end, and it's
1106
01:10:10,172 --> 01:10:18,932
perfect example, the value of privacy relative to Bitcoin should be 10 to 15% just because
1107
01:10:18,932 --> 01:10:23,652
that's what goes on in certain parts of the world where people need the privacy.
1108
01:10:23,652 --> 01:10:24,652
Most people don't.
1109
01:10:24,652 --> 01:10:25,652
Most businesses don't.
1110
01:10:25,652 --> 01:10:30,532
But some businesses like an asset manager, they can't have their clients out there.
1111
01:10:30,532 --> 01:10:33,592
There's certain components where agent to agent when they're talking, you don't want
1112
01:10:33,592 --> 01:10:34,612
them to know who it is.
1113
01:10:34,612 --> 01:10:41,412
So I just think for all of it, rather than get into who wins, who loses, that to me is
1114
01:10:41,412 --> 01:10:43,552
a dangerous game, especially at this part of the cycle.
1115
01:10:43,552 --> 01:10:57,502
I think this part of the cycle is like it was for semiconductors in the first quarter It didn matter which one you bought They all went up five to 10 times The pain now is which one do I buy And that the knife fight And the knife fight is much harder than the
1116
01:10:57,502 --> 01:10:59,542
oh, we didn't even see this coming fight.
1117
01:10:59,542 --> 01:11:00,822
And the, we didn't see it coming
1118
01:11:00,822 --> 01:11:02,242
is where we are in crypto in my mind.
1119
01:11:02,242 --> 01:11:04,062
You know what I've realized is,
1120
01:11:04,062 --> 01:11:06,182
I guess our fourth or fifth conversation with this one,
1121
01:11:06,182 --> 01:11:08,122
I think you might be the anti-Ed Zitron.
1122
01:11:08,122 --> 01:11:09,762
I think you two are on like Polar apps
1123
01:11:09,762 --> 01:11:14,262
that add to the spectrum of your view on this whole thing.
1124
01:11:14,262 --> 01:11:16,402
And it's funny that he's very popular right now.
1125
01:11:16,402 --> 01:11:23,462
Talk about the wall of worry and people fearful of the circular financing and the fact that nothing's here.
1126
01:11:24,322 --> 01:11:29,342
It blows my mind that somebody like him can get as popular.
1127
01:11:30,282 --> 01:11:32,882
The other thing is people want to confirm their priors.
1128
01:11:33,462 --> 01:11:38,442
But I think you're the anti-Ed Zitron is how I would describe it.
1129
01:11:38,442 --> 01:11:43,202
first of all i think um there's a reason why
1130
01:11:43,202 --> 01:11:49,002
horror movies are very popular i think there's a reason why um
1131
01:11:49,002 --> 01:11:58,202
it's a lot of things people like worry about um worrying has just gotten worse over time so uh
1132
01:11:58,862 --> 01:12:05,802
you know what's that bears get slaughtered bulls uh bulls make money no like so i i'm not
1133
01:12:05,802 --> 01:12:12,962
Again, I think the fiat system is an old system that is not going to produce the returns that
1134
01:12:12,962 --> 01:12:18,862
people want. I think crypto is a hedge to that. I think AI is a hedge to it, but
1135
01:12:18,862 --> 01:12:24,722
AI disrupts AI from an investment thing. I don't think these are things that you can invest in
1136
01:12:24,722 --> 01:12:30,722
based on valuation. I think this is all about the speed. It's all about speed. That's just it.
1137
01:12:30,722 --> 01:12:35,482
And investing in speed is very different than friction. And if you just take those two,
1138
01:12:35,482 --> 01:12:38,722
like I'm investing in speed, I'm investing in friction.
1139
01:12:38,722 --> 01:12:40,782
And I said, well, which one is crypto?
1140
01:12:40,902 --> 01:12:42,382
Which one is fiat?
1141
01:12:43,002 --> 01:12:43,782
You know what it is.
1142
01:12:43,862 --> 01:12:44,722
Friction is fiat.
1143
01:12:44,882 --> 01:12:47,862
It's the intermediaries slowing things down
1144
01:12:47,862 --> 01:12:48,862
as much as possible.
1145
01:12:49,202 --> 01:12:50,702
I want to invest in speed.
1146
01:12:50,782 --> 01:12:51,622
And you know what speed is?
1147
01:12:51,922 --> 01:12:54,422
Speed is about everyone benefiting.
1148
01:12:54,582 --> 01:12:56,922
So like when you say concentration in circular finance,
1149
01:12:57,022 --> 01:12:58,842
of course there's circular finance.
1150
01:12:59,662 --> 01:13:01,502
That is called concentration.
1151
01:13:02,722 --> 01:13:05,422
Seven companies control the world.
1152
01:13:05,482 --> 01:13:11,982
literally so of course they're lending to each other that is called where we ended up in now
1153
01:13:11,982 --> 01:13:18,642
if you would invested in that circular finance back in in 2010 it didn't exist because we were
1154
01:13:18,642 --> 01:13:24,962
we weren't concentrated we got to this point so should nvidia be buying back stock or should they
1155
01:13:24,962 --> 01:13:30,962
be investing in the companies that they are helping grow this whole thing well i mean i think we've
1156
01:13:30,962 --> 01:13:34,782
discussed this before but like how much cash do these companies have on their balance sheet in the
1157
01:13:34,782 --> 01:13:36,542
in the 2010s, early 2020s.
1158
01:13:36,542 --> 01:13:39,022
And to your point, they were all just buying back stock.
1159
01:13:39,022 --> 01:13:41,502
They weren't investing in the infrastructure.
1160
01:13:41,502 --> 01:13:44,342
So taking a positive view of this,
1161
01:13:44,342 --> 01:13:46,662
it's like, hey, they're actually taking that cash,
1162
01:13:46,662 --> 01:13:47,562
taking risks with it,
1163
01:13:47,562 --> 01:13:50,782
investing in infrastructure that we're all gonna use.
1164
01:13:50,782 --> 01:13:52,422
They were growing too fast,
1165
01:13:52,422 --> 01:13:54,402
and their cash buyback started to become
1166
01:13:54,402 --> 01:13:58,182
a major part of the market, let's say in 2014, 2015,
1167
01:13:58,182 --> 01:13:59,362
because they were growing so fast,
1168
01:13:59,362 --> 01:14:00,662
they were getting so big.
1169
01:14:02,022 --> 01:14:03,182
This is one of the problems.
1170
01:14:03,182 --> 01:14:04,282
Like, so when,
1171
01:14:04,782 --> 01:14:09,242
Cash on the balance sheets is far bigger today than it was in 2010.
1172
01:14:09,542 --> 01:14:11,822
And this is part of the issue when people talk about the debt.
1173
01:14:11,822 --> 01:14:16,702
I'm like, you guys can create any scary stat you want.
1174
01:14:17,022 --> 01:14:18,442
It's like picking a hitter.
1175
01:14:20,842 --> 01:14:22,882
Batter is seven of the last eight.
1176
01:14:23,022 --> 01:14:23,462
He's hot.
1177
01:14:24,462 --> 01:14:27,322
But of the last hundred, he's seven of the last hundred.
1178
01:14:27,702 --> 01:14:29,422
So he's only hot for a short amount of time.
1179
01:14:29,482 --> 01:14:30,842
He's ice cold for this.
1180
01:14:31,142 --> 01:14:32,462
You can play with statistics.
1181
01:14:32,462 --> 01:14:37,042
Look how big the debt market, whenever they show these charts, I know you've seen them
1182
01:14:37,042 --> 01:14:39,582
on X, like hyperscaler debt.
1183
01:14:39,582 --> 01:14:41,742
It was zero before.
1184
01:14:41,742 --> 01:14:42,742
Now it's big.
1185
01:14:42,742 --> 01:14:47,982
So the image we get that's big is these big histogram poles.
1186
01:14:47,982 --> 01:14:49,422
And before it was nothing.
1187
01:14:49,422 --> 01:14:51,322
There's two stories here.
1188
01:14:51,322 --> 01:14:57,102
One is how do companies get so big without taking debt for the prior 10 years?
1189
01:14:57,102 --> 01:15:10,173
Isn that part of the story Because the only way these things look big is based on the fact that it was so small before They have cash So if you put in how much cash they making they were making tons of cash
1190
01:15:10,653 --> 01:15:15,453
So I don't believe in any of this stuff in terms of this. The cash on the balance sheets of
1191
01:15:15,453 --> 01:15:22,253
corporates, when you add in the liquid, because we now have interest rates. So cash was bigger back
1192
01:15:22,253 --> 01:15:26,973
then or it was smaller, but the growth hasn't been that big. But that's because you hold treasuries
1193
01:15:26,973 --> 01:15:31,533
now because they're actually paying you interest. So when you combine them together and you take the
1194
01:15:31,533 --> 01:15:37,933
net debt of the market in terms of the corporate debt or the gross debt, and then you put in the
1195
01:15:37,933 --> 01:15:42,813
amount of cash they have, you'd be shocked at how good the balance sheets are in the corporate sector.
1196
01:15:42,813 --> 01:15:48,973
That's why spreads are so non-moving. Why is CDS going up? Because of that circular finance
1197
01:15:48,973 --> 01:15:54,653
concentration risk. You telling me you shouldn't be buying CDS on this and you don't think other
1198
01:15:54,653 --> 01:16:00,013
hedge funds who are long the names, the equity names, shouldn't be buying CDS on these names,
1199
01:16:00,013 --> 01:16:03,613
because they're the ones spending all the money. If for any reason they can't spend the money,
1200
01:16:03,613 --> 01:16:09,613
the whole AI trade goes down. So isn't this one way? Let me be long the receivers and let them be,
1201
01:16:09,613 --> 01:16:12,813
instead of being short the equity, because the equity is at all time highs, guys, if you didn't
1202
01:16:12,813 --> 01:16:16,093
notice, like, I don't know debt problems that have ever been in the world where the equities
1203
01:16:16,093 --> 01:16:20,493
at the all time highs, it's the junior part of the stack. So if the debt is an issue, shouldn't
1204
01:16:20,493 --> 01:16:23,933
the equity be down first? That's what happened in every, that's what happened with the banks.
1205
01:16:23,933 --> 01:16:28,173
that's what happened with the oil stocks but instead they're at the highest level ever so for
1206
01:16:28,173 --> 01:16:33,453
all of the spenders right now rather than short the equity just go buy the cds in the event that
1207
01:16:33,453 --> 01:16:38,973
something happens you'll make a lot of money on it you can lever it up yeah it's always an
1208
01:16:38,973 --> 01:16:43,853
incredible pleasure speaking with you jordy i appreciate you uh taking time anything that we
1209
01:16:43,853 --> 01:16:49,373
didn't touch on that uh we should make the audience aware of we covered a lot yeah uh
1210
01:16:49,373 --> 01:17:00,013
The only thing I'll say is for the last year, I've spent all my time focusing on launching
1211
01:17:00,013 --> 01:17:06,373
something to help educate people on AI with eventually crypto being part of it.
1212
01:17:06,373 --> 01:17:10,993
Starting in, since you watch the stuff that I do in my videos, starting in June, I started
1213
01:17:10,993 --> 01:17:14,093
telling people, okay, I'm going to be launching a crypto site.
1214
01:17:14,093 --> 01:17:17,213
It's going to happen in September, October.
1215
01:17:17,213 --> 01:17:18,913
Now I could have launched something in July.
1216
01:17:18,913 --> 01:17:20,473
Why did I say September, October?
1217
01:17:20,473 --> 01:17:25,513
For those who know me, I work even in the summertime, even though I'm in Maine.
1218
01:17:25,513 --> 01:17:29,953
This was solely about me timing things based on where I thought the agentic side would
1219
01:17:29,953 --> 01:17:31,673
kick in.
1220
01:17:31,673 --> 01:17:33,913
And I believed it would happen later in the year.
1221
01:17:33,913 --> 01:17:37,333
So I've been talking about consumer agents as the big trade for next year, that crypto
1222
01:17:37,333 --> 01:17:38,613
would be the big trade.
1223
01:17:38,613 --> 01:17:42,553
Anyone who saw me speak in Fort Lauderdale or LA or any of the places this year where
1224
01:17:42,553 --> 01:17:47,493
I got on stage and I said, the micron of next year is crypto.
1225
01:17:47,493 --> 01:17:52,193
So when you're looking for what's a 10 bag or a 13 bag or over the course of a year,
1226
01:17:52,193 --> 01:17:56,213
it's going to be because consumer agents start getting into needing the guardrails and we'll
1227
01:17:56,213 --> 01:17:57,373
finally there.
1228
01:17:57,373 --> 01:18:01,233
So the only thing I want people to realize, the reason I'm now watching the crypto part
1229
01:18:01,233 --> 01:18:03,973
of it, which is on the site and for people who've already subscribed.
1230
01:18:03,973 --> 01:18:05,113
So they were always getting AI.
1231
01:18:05,113 --> 01:18:06,113
Now they're getting crypto.
1232
01:18:06,113 --> 01:18:07,793
So they're getting two videos a week.
1233
01:18:07,793 --> 01:18:09,913
These will not be on YouTube, but they're also getting the research.
1234
01:18:09,913 --> 01:18:14,913
And I bring that up because if you're a person that doesn't feel like you understand and
1235
01:18:14,913 --> 01:18:19,093
you can't get out of the worry. If you don't understand crypto, and if you watched last week's,
1236
01:18:19,093 --> 01:18:25,253
I compared it to learning cricket as an American baseball fan. Cricket is a very complicated game,
1237
01:18:25,293 --> 01:18:29,533
of which I'm not going to take the time. But learning a new sport, that takes a lot of time.
1238
01:18:29,613 --> 01:18:33,573
You got to see the nuances. Crypto is going to be a very difficult learning curve for people,
1239
01:18:33,753 --> 01:18:39,873
far more difficult than buying AMD, Intel, or Micron. You know that language. This is a new
1240
01:18:39,873 --> 01:18:44,733
world and unfortunately a lot of the crypto people are gonna scare you. A lot
1241
01:18:44,733 --> 01:18:48,093
of the TradFi people are gonna scare you. Jordy's job is to be here and keep you
1242
01:18:48,093 --> 01:18:54,153
from being scared. If you don't want to be scared, check out Jordy. As somebody who
1243
01:18:54,153 --> 01:18:58,693
watches your videos and is a subscriber, it's been an incredible amount of value
1244
01:18:58,693 --> 01:19:02,313
for me personally, so thank you for doing it and thank you for joining us. No
1245
01:19:02,313 --> 01:19:04,773
problem. Send me your thoughts on the video. It's getting released Wednesday
1246
01:19:04,773 --> 01:19:09,633
morning, so why now in crypto? I'll have to go manually buy a train ticket
1247
01:19:09,633 --> 01:19:10,753
and then watch it on the train.
1248
01:19:11,413 --> 01:19:12,393
Agents aren't there yet.
1249
01:19:12,813 --> 01:19:13,433
Peace to love, freaks.
1250
01:19:13,633 --> 01:19:13,873
The game!