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“I just want to get every coin off exchange and ensure that Bitcoiners will be able to enjoy the fruits of their sacrifices well into the future” - Peter Dunworth

Peter Dunworth, co-founder of The Bitcoin Adviser, explains:

• Key innovations of Bitcoin 
• Need for radical self-custody
• Role of banks in a Bitcoin standard
• Importance of financial education for children
• Benefits of saving in Bitcoin
• Impact of Bitcoin on consumption habits
• Protecting generational wealth
• Potential for Bitcoin to reach $7 billion per Bitcoin

https://www.thebitcoinadviser.com/about
https://twitter.com/PeterBTCAdviser

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https://serve.podhome.fm/episodepage/djvalerieblove/how-to-safely-self-custody-your-7-billion-bitcoin--peter-dunworth

(00:00:02) Introduction to the importance of self-custody of Bitcoin and its potential value increase to $7,000,000 per coin.

(00:02:12) Discussion on the key innovations of Bitcoin and the concept of radical self-custody.

(00:20:02) Exploration of Bitcoin's role in the financial system, collateralization, and implications for banks in a Bitcoin standard.

(00:44:57) Advice for individuals, especially young people, on financial planning, saving, and investing in Bitcoin for their future.

(00:45:56) Importance of teaching children financial education and saving in Bitcoin.

(00:50:15) Introduction to Lightning Piggy and the concept of financial planning for children.

(01:02:01) The significance of self-custodying Bitcoin and the risks of leaving Bitcoin on exchanges.

(01:12:26) Encouragement for individuals nervous about Bitcoin to get involved and ask questions.

(01:14:25) Announcement of a virtual creator summit on Bitcoin and value for value principles.

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WHAT IS VALUE FOR VALUE? - ADAM CURRY https://value4value.info/about/

[00:00:02] Unknown:

Hey. If you had this little golden ticket,   remember in Willy Wonka and it was the keys to the factory,   What would you do? Would you just, like, stick it on your desk and, you know, put it like a sticky note and hope that, you know, you can use it again one day? Well,   if you do not self custody Bitcoin and if you don't do it correctly,   you're essentially taking   your   life's work and possibly treating it like a sticky note.   And it could blow away. It could get rug pulled. That's what's happening on exchanges. Unfortunately, we've seen things blow up, and people have lost their life work. So don't do that. Peter Dunworth, my pal, we just had the best interview, and he talks about   how he believes it's possible for Bitcoin   201,000x   and go all the way up to $7,000,000,000   per Bitcoin, and we'll break it down for you in the episode. We never talk about price action and Bitcoin for peace. We talk about love action and human action and nature action. And I wanted to bring this point up,   on the podcast because I want we us all to understand why it's so, so, so important   to self custody and not trust anyone else with our Bitcoin. So tune in to this episode,   and Peter is such a gem. I'm so grateful to know him, and I know you will be too. Alright. Thanks for tuning in. Aloha.  

Hey. Aloha. Get ready for an epic episode. And if you love it, please share it. You know why? Because you got the love. Enjoy, my friends.   Hey. Aloha, love tribe. Welcome to Bitcoin for Peace. I've got somebody here   who is helping people   get their Bitcoin off of exchanges and making sure that their life's work doesn't go disappear and go poof.   And he's all about radical self custody. That's what I'm calling it. This is Peter Dunworth, partner of The Bitcoin Advisor. Welcome, Peter.   Val, it's a pleasure to be here with you. I'm excited to be having a chat. Me too. I'm so glad we're finally making this happen. I know, what time is it where you are down under?   We've got, 8 AM in the morning. Okay. That's good. That's not, like, so bad. Have you had your coffee?  



[00:02:35] Unknown:

The whole lot. Yes. I've had everything. I'm ready to go. Good. You ready ready for action?  

[00:02:40] Unknown:

Okay. So   tell us about I'm just gonna go straight to the juicy part, and then we'll go we're gonna circle back. You you made a claim about Bitcoin going to $7,000,000,000   I never ever, ever talk about   price on this show. And the reason I wanna bring it up is because I want people to understand why it's so critical for them to have self custody.   And so why do you think that Bitcoin could go upwards,   you know, of what you're suggesting? And,   you know, why is it so important? Why did you start the Bitcoin advisor to help people?  

[00:03:11] Unknown:

That's a really good question, Val. I think,   and a lot of people see the number and get turned off and think it's   clickbaity, but it's a sincere attempt to try and underscore how important this technology is and how important Bitcoin is. We've got in the finance world traditional finance is the world I come from,   and there's a huge trouble in valuing bitcoin because it doesn't have any of the traditional rails and valuation metrics that apply to valuing a company or a property or a commodity or a bond,   and this is where in, you know, my 25 years of steering into the finance abyss,   trying to figure out, well, how do we, you know, with the skills I've learned over the last two and a half decades   in finance, how do I look at this, you know,   pet rock, which some people like to call it, and try and put a valuation framework around how valuable this thing could be? And   the too long didn't read is probably Geoff Booth's assumption that it's impossible to value a new system from within the existing,   but in order to help bridge people to that new system and gain an understanding of what this is,   and then hopefully with an appreciation for how much this thing should be valued at, take their self custody seriously,   I attempted to create a framework using some of the more,   traditional economic or valuation frameworks that we're familiar with and then applying that to new technology. So,   for me, the first place to start is having a look at the key innovations with Bitcoin and what they all represent. And this is where Bitcoin usually,   looks too good to be true relative to everything else. And this is where, you know, I I hop back to, you know, my first memories of or first lessons in finance or anything in life, for mom and dad, typically, were if it's too good to be true, it's probably   probably not. Morning. Morning. So, you know, we we get conditioned with programming at a very early age, and this is where, for me,   Bitcoin,   tripped so many red flags that told me to avoid it that I probably put off the work in understanding it and really coming to terms with it because there are so many,   traditional red flags around it, but once you do the work, you realize what that is. But if I come back to that valuation framework and how we get there, there are 4 key technology innovations which humans have never seen before. And one of them, in their own right, would be spectacular, but all 4 in 1 sounds too good to be true. So those 4 key innovations, I think, are absolute digits digital scarcity.  

That term digital scarcity was an oxymoron until Bitcoin was invented. You had unlimited digital copies of anything you wanted until Bitcoin was created. So that's that's a big deal. But because we've never seen it before, we don't understand, you know,   how big a deal that is. Then you look at the fact that we have an asset that now is seizure resistant.   So   up until now, we never had an asset that we could store in our head that we could recreate at the thought you know, with our thoughts,   which which literally sounds like a science fiction movie. Like, hang on a sec. I can walk around with something in my head, and then I can recreate it. It's like a magic spell from Merlin's time that, you know, we can walk around with all our wealth in our head and then recreate it on, you know, with a spell, literally 12 words and poof,   everything reappears. You know? That, again, that sounds completely fanciful and too good to true, so, you know, another reason why we should dismiss it. And then, the third one, which is really valuable, and we only found this out in light of, you know, some recent events in the last 3 or 4 years with Russia having their assets seized   and exited from the SWIFT system, and we've had the Canadian truckers have their banking system stock. Bitcoin is censorship resistant. So that's a third key innovation that if you apply by the rules on the network and you have   Internet access, you can   use the Bitcoin network. It doesn't exclude anyone. You don't need like our traditional banking system, you need to be 18 years of age or you need to be signed in by an adult. Right. You need to have ID, KYC,   anti money laundering checks put against you. And if you don't pass all of those tests, you don't get given a bank account. And so   for the majority of the population of the world, they're not banked. You know, over 4,000,000,000 people on earth don't have a bank account. We in the Western society are very privileged to have access to bank accounts and Yeah. Probably every one of the well, 99% of people in the Western world have 1, if not, multiple different bank accounts. So   the ability to create your own wallet and have censorship resistant transactions is is a big deal, another sort of key innovation. And the final one, which is probably the most point point to talk about, but to me is where the most juice is, is the fact that the unit of account,   feature of Bitcoin is an immutable ledger.  

And so for me, having an immutable ledger is a big deal because in in the most simplest of terms, this represents   the 3rd iteration of humanity. And this is no hyperbole when I say this. We've got prewritten word, we've got written word, and now we have recorded word. And so   this is a big deal because there's no fudging a recorded word because you can't fudge the blockchain. Everything on the blockchain   is true in that point in time. Because there's no going back and say, oopsies, backsies, let's just rub that bit out and Yeah. Change it. Whereas every history book, particularly in light of what we've been through in the last 4 years from, you know, a gaslighting episode when it comes to the Federal Reserve, the WHO, the WIF, you name it. Every government organization feels like they're gaslighting us at the moment to tell us that, hey, inflation's under control. And it's like, well, I just went to the shopping center, and I just bought, you know, my traditional bag of groceries, and it's costing me twice what it used to cost me 3 years ago. Don't tell me this shit's under control. Yeah. It's just not. Like  

[00:08:47] Unknown:

so It's under their   control. That's their control right there. It's under their control and not ours as   as consumers and citizens. It's ridiculous.   I love this explanation,   Peter. And   so, knowing these four things   and feeling passionate about this whole new thing, how did you get, like, the idea to, like, turn your   25 years of experience and help people,   you know, make sure that they're radically protecting   this digital   asset of the future, like this immutable,   wonderful   thing called Bitcoin?  

[00:09:25] Unknown:

Well,   I think it's   understanding that I think this thing will be worth 1,000,000,000 of dollars a coin.   And then what is the best way to protect it? And having a fiduciary duty to my clients that if I'm advising them to buy it, I also have a duty and a responsibility to ensure that they don't muck it up. And so in light of that and   the thought that if we wanna, you know, if   we wanna see a $7,000,000,000   Bitcoin, which is what I often talk about, well, what's the number one thing that we as a community can do in order to do that? The number one thing is to take self custody of our Bitcoin and take our Bitcoins off exchange,   take full full control. And if we all self custody our Bitcoin, there's going to be very little Bitcoin on exchange for the likes of BlackRock and, you know, the new ETF participants   to buy any of. And so that's gonna cause a dramatic spike in price, and all the while,   you're self custodying, which gives you the greatest form of protection for your wealth. And this to me is the ultimate form of self sovereignty,   that this is the first time in history we've been able to control our destiny. And so for any freedom loving person or, alternatively,   someone who wants full control of the outcomes in their life, this represents a radical departure from our traditional banking system and what we can achieve through that. All of a sudden, you have full control over what you want to do, and this is where in creating that custody arrangement with clients.  

Self custody arrangement.   I was terrified to, you know, to let my 70 year old clients walk out the door with, you know, 2 or 3 keys in a multisig.   Yeah. You know, that's terrifying because they're not familiar with what a private key is. To them, it looks like, you know,   it it's just a little dongle with, like, a, you know, a passcode on it, how important is it. Everything else happened to Bitcoin.   You know, you could just call whoever is responsible for it and say, can you fix it for me? Great. Thank you. And it's just a stroke of a key to fix it, but this is, you know, the importance of Bitcoin and, you know, really good key hygiene.   What we would do is we'd do a collaborative custody arrangement, which would ensure that no matter what our clients did,   we would always be able to recover their Bitcoin, but they'd have and maintain full control of their Bitcoin at the same time.  

So it was a compromise in some respects, but it gave a whole host of redundancies and ensured that there was no single point of failure for their self custody. And that, to me, was the most critical thing that, you know, I couldn't have a fiduciary duty to someone and a responsibility for their financial outcomes and let them walk out the door with the ability to lose everything that we just created for them. I didn't wanna be   responsible for that, and I felt that I would be if I'd help them set that up. So in an order to prevent and and safeguard, you know, any   ignorance or malfeasance on their part. It was a way that we created collaborative custody in a way to ensure that they wouldn't lose anything. And I'm I'm proud to say that,   well, sad to say that we've had to go through 3 probates, so where we've sadly had clients pass away. But they were self custody in this with this protocol, and we haven't lost a single Bitcoin.  

So I'm thrilled to say I know the protocol works because we've actually tested it out and seen that recovery. And, you know, for me, it's just really important to see that the sacrifices that Bitcoiners make, on the passing of of of them   aren't going to be lost to their family because typically, you know, we have to make huge sacrifices as Bitcoiners   that a lot of the time our families don't really understand this obsession that we have with Bitcoin.   And   they're gonna   understand it down the track when it guy's a 100 x or a 1000 x or win Bitcoin, 7,000,000,000 a coin. They're gonna turn around and go, oh, gosh. Thank god mom and dad were, you know,  

[00:13:07] Unknown:

this way, the pandemic. I know. It's like my family's starting to kind of just at least not think that I'm crazy, but they haven't jumped down the rabbit holes yet. But so that's they're softening up, which is nice. But but you're right. I mean, I think people,   you know, it is the biggest thing you deal with in when there's a passing is obviously   grief. And the last thing you wanna be doing is learning   what's a multisig thing and having somebody there that's trusted, that can share   the journey to help you recover that wealth that you're, you know, inheriting from your loved ones is very, very valuable and very, very important.   And it's got to be done right.  



[00:13:49] Unknown:

Being under emotional stress, which typically grief creates, is a really bad time to be learning about multisig and Bitcoin. Yeah. It's it's very counterproductive, and the scary thing is the thought of being able to lose your Bitcoin, and and there's no appeal to authority, there's no legal there's no legal decree. There's no court jurisdiction. There's no   arbing out the the loss of this, and this is where I think, in time, we're gonna figure out that cryptography   supersedes the law of the land. And   in time, you know, that will become apparent, but for the time being, a lot of people still think that there's an appeal to authority here with Bitcoin, but this is the terrifying thing that you realize. If you're holding a lottery ticket for $1,000,000,000   and you've just gotta wait a few years to cash it in,   you're gonna protect that lottery ticket with your life.  

And that's part of, I think, the most important thing that we can help clients and and help anyone understand that this is really important to get right.  

[00:14:47] Unknown:

It is. And and and it's gotta be done step by step by step until we each understand it. And some of us get it a lot quicker. Some of us need,   like, 10 extra steps or 10 repeats of understanding,   and and that's okay. You know, there's no one size fits all for Bitcoin education and understanding, Right? Because we're all approaching   it from different starting points, but everybody's starting at 0 no matter who you are.   And if you haven't done Bitcoin in your life,   nobody else has. And we all have to start from not understanding this this this whole new world and the whole new way of looking at it. So,   there's no dumb questions. If you're a billionaire or if you're a student, you know, with, you know, $20 or $20,000,000,   they're all   very, very equally important to understand from their own   perspectives, I suppose. Who's getting the most,   like, who are the who are your clients mostly? Like, who who are you finding? Is it older folks? Is it people who are TradFi? Is it brand new,   you know, investors, young people? Who are the people who are interested in working with Bitcoin Advisor?  



[00:15:52] Unknown:

That's that's   it comes in a broad range. There's a whole host of different   types of of clients. We've got older clients who have   an inability or a concern around being able to,   safely pass their Bitcoin to their loved ones.   We had a a client call up   2 weeks ago, first meeting, and within   less than 48 hours, we'd helped them secure,   you know, a very good sized portion of their Bitcoin. Mhmm. And that was a that was a thrill for me because this was a very endearing couple over the age of 80,   absolutely delightful to work with.   Obviously, presented some technical challenges from a technological understanding perspective, but we were able to to go through that.  

There's,   a number of Bitcoiners   who use the service because   they've reached a level,   in life where Bitcoin is a significant, if not   a very large portion in net wealth, and they want to ensure that they've got all of the redundancies covered. Yeah. So they might leave some or all of their stack with us because they don't want their wives or their children to, you know, miss out on what they've done.   Typically, we see that there's either 2 main catalysts for calling us. Let's say that Bitcoin's gone up dramatically, so they now wanna secure it because it's a meaningful level of wealth that they don't wanna be 100% responsible for. Mhmm. Or or, alternatively,   there's been a life, life change where there's now,   a wife or a husband in the picture. There's now children that they're responsible for, and the old adage of not your keys, not your coins, YOLO   isn't is no longer applicable because they're now responsible for other people in this world, and a lot of, you know, their their wealth and their   their family's outcomes are tied to Bitcoin.  

And if they muck it up, then there are other people that are going to suffer,   from their mistakes. So, they're looking to outsource that responsibility, and probably for me   one of the most,   exciting parts of my job and the fun part is to meet the partner of the Bitcoiner in the family   and to have the discussion,   around that because typically the partner of the Bitcoiner in the family hasn't had any discussions with other Bitcoins.   To the partner. They just look at their partner and think they're a Bitcoin psychopath.   Why are you so enamored with this thing? And then when when we get to talk to them and actually have a conversation with them and, you know, hey. I'm a normal person. I'm not like a magic Internet friend. Like, I've got a real life, a real family, you know, and I'm here to help you if anything goes wrong. All of a sudden, you can see the relief come and the partner   who had no interest in Bitcoin now whatsoever   and was probably holding the Bitcoiner back from buying more Bitcoin or accessing more capital realises,   okay. I now have an app. I have someone I can call, someone I can trust who's going to recover it with a couple of other, you know, parties,   they're not gonna lose their wealth. So now all of a sudden, the hand breaks off with respect to pouring more capital into Bitcoin because the partner of the Bitcoiner is now satisfied that, okay. You can't muck this up now. Now you can go full steam and throw whatever you want at it. And that's, to me, the fun part in   playing playing those games with Bitcoiners and their families to say, alright. Well, how much more Bitcoin can you really get if we push around? So,   it's comical that it's, like, probably quite juvenile, but at the same time, it's   to me, the most fun that you can have is helping Bitcoiners get more Bitcoin. So  

[00:19:22] Unknown:

It is fun, and it's fun well, and it's also fun just when you see I was I just had an interview with,   Reina Chikas from Me Premier Bitcoin right before this. And   when you it doesn't matter what subject it is. When you see somebody light up   and they have a whole new shift in perspective and they get a whole new, like,   oh, there's this in the world. And, oh, there's this Bitcoin thing, and it's cool. Or there's personal growth, or there's this relationship thing, whatever it is, health, wellness, nature.   It's it's delightful to get to know that you're, you know, like a little sparkler underneath, and then you're helping them kinda get ignited. It's   like it's it's a fun human feeling. I love it. Like, I love turning people on to things, and then they're just like, yeah. It could be just like the brand new taco shop, but Bitcoin has definitely got more value than the brand new taco shop.  

But but it's so important, you know, and I think,   let's go I wanna go back to the 7,000,000,000, and and here's why. I I just I really want people who are listening, and again, my audience, we don't talk about the price, like, ever. I don't even know what the price is now.   But I I I want people to understand mentally, like, how this could come about where people are predicting these 10x, 100x, 1000x,   you know,   turns because   it's probably happening,   you know?   And how can people safely,   plan for their future, you know, and make sure that Bitcoin is a part of their portfolio, if not, of course, their whole portfolio, which is also great, but, you know,  

[00:21:03] Unknown:

I I I think probably the simplest way to understand how how this happens is to actually look at the market dynamics of Bitcoin. And one of your great, you know,   great lecturers, communicators in the US is a a sales consultant called Zig Ziglar, and he said I love Zig. Makes me do. Best. I think he's fabulous. And,  

[00:21:23] Unknown:

I won't do rest in peace, Zig. Yeah. He's yeah.  

[00:21:27] Unknown:

I I won't do his southern drawl,   any   any justice, but he said   money is not the most important thing in the world, but it is damn close to oxygen.   And the reason why I love that is because most people don't comprehend yet that Bitcoin is the best money ever invented, it is the perfect money. And   when you understand that Bitcoin is the perfect money, in order to understand that, you've got to break down, well, what is money and what are the functions of money? And if you look at the functions of money, there are 3, store of value, medium exchange, unit of account.   And   you look at this and think, okay, store of value is typically being dominated by gold for the last 5000 years, and that's a $15,000,000,000,000   market cap. But Bitcoin's better than that because there's absolute digital scarcity. So it's there's absolute scarcity and it's digital, which means we can send this all over the world, and there's never gonna be any more than 21,000,000. Whereas with gold,   what's really interesting is that as the price of gold goes up, we go and mine more Bitcoin or we sell our jewelry because we wanna cash in on that, so there's an infinite   relatively infinite supply of gold.  

And just to elaborate   just how   easy it is to get more gold is that in the 1850s,   relative to today,   in 1 year, in the year 2024,   we will mine more gold this year than was in existence in the year 1850.   So for the 5000   4,950   years up until   1850,   say there was, call it, a 100 tonnes of gold,   then this year, we'll mine 100 tonnes. Now it's not 100, but use the metric, whatever, but that's how compounding works, because every year they find 2% more gold, whereas Bitcoin   is set at 21,000,000. That's it. So absolute digital scarcity is a real real thing.   Censorship resistance, seizure resistance is a big deal too. Seizure resistance when it comes to your gold is a big deal, and we had Russia have the foreign reserves stolen from them. Now, I don't wanna get into that political debate, all   I wanna say is that   Russia, a foreign nation, had its foreign reserves taken from it. Now how on earth is that possible if they held it in Bitcoin? It wouldn't be possible. So Yeah. Maybe they should have had it or held it in Bitcoin.  

When you look at the second function of money, medium exchange dominated by the US dollar, 83% of global trade.   It's laughable to think that the BRICS is gonna ever compete with the US dollar because in order to compete with the US dollar and dedollarize the world, they need to redollarize the world and pay off all the US denominated debt, which is never gonna happen,   not not the way the US government's spending in creating more debt out of thin air.   And then the final thing is,   the final function of money is unit of account, and an immutable ledger represents a significant upgrade to humanity like I talked of before that never happened.   And now this is where it gets really interesting from an economic perspective, which is an irrefutable   conversation to have.  

With Bitcoin, with perfect money, there is an 8 1,000,000,000 person market   for this,   and it's accessible   with the Internet.   So you can be in the back of the Sahara Desert. You can be in the top of a mountain in Antarctica,   Kilimanjaro,   you name it. You can be in the runest places on earth. As long as you've got access to the Internet, you can get Bitcoin.   Now that's not possible for US dollars and the rest of it. So all of a sudden, this represents all of a sudden, you've moved the market from, say, a 1000000000 Westerners for US dollars to 8,000,000,000 people globally to have perfect money.   Now the problem is is that this information is not evenly distributed. 8,000,000,000 people don't understand that that's the money they want. They don't understand that they're breathing in a dirty mix of, you know, carbon dioxide, methane, and a bit of oxygen,   whereas   they could just be sucking in a 100% oxygen. Imagine, you know, we'd basically all walk around hard before we adjusted to it,   until that happened. But that's what it's like living on a Bitcoin standard versus a Fiat standard, and this is where   understanding what what is coming down the road is that we are going to have those three functions of money for the first time in history are going to be competing with each other because those three functions of money are dominated at the moment by gold, the US dollar, and the double entry ledger system for unit of account.  

Bitcoin can encapsulate all of that, so it's a holistic money system.   Whereas, gold can only do one of the functions. US dollar can only do one of the functions. The double entry ledger can only do one of the functions. We now have a perfect money that does all of this in one, and that's the first time in history this has happened. So from an economic perspective, what happens   when 3 functions of money have to compete for 1 asset?   This is where you get the exponentiality,   and people look at this and think,   oh, well, there's a $15,000,000,000,000   market cap with gold, $100,000,000,000,000   in US dollars. And to my account, but this is questionable, but choose your own adventure as far as, you know, how big this market is. But on a unit of account market,   I'm going to say it's roughly $2,000,000,000,000,000   worth of value. So you add all those things up, you get to roughly $2,100,000,000,000   in value that needs to be accounted for.  



[00:26:33] Unknown:

Are you including, like, real estate in there? What what are you including? Bonds, derivatives,  

[00:26:38] Unknown:

credit markets, you name it. Absolutely everything that needs to be valued and accounted for is into that $2,100,000,000,000.   And this is, I think,   what is intellectually lazy that doesn't have any rigor to it is to look at this and think, okay. Conveniently, there's 2.1   $1,000,000,000 worth of value   excuse me. And there's 21,000,000 coins.   Let's divide 2.1 $1,000,000 by 21,000,000 and we get to $100,000,000   a coin.   That's simple math, but it's lazy, and it's not how the real world works. Because that's assuming   that all of the coins are available, and it's also assuming   that those competing functions of money aren't going to have to compete and bid the price up of Bitcoin.  

So once you understand that when there's competitive tension   between those functions of money,   that is going to bid the price up of Bitcoin   exponentially.   And so it's not really about adding those functions of money together to get the total addressable market for Bitcoin.   It really is multiplying   15,000,000,000,000 in gold, multiplied by 100,000,000,000,000 in mean of exchange in the US dollar,   multiplied by the 2,000,000,000,000,000   in unit of account   because it's now an exponential function, not a linear function of addition.   That is where the price goes exponential.  

And when we can build out the types of services   that enable us to use our Bitcoin without having to spend it, This is where nobody's going to spend their Bitcoin,   and we're all going to use effectively a second layer.   And I don't wanna get into any contentious arguments around this, but there's going to be   a second layer or a proxy for the Bitcoin that we have that we're allowed to   basically use and sell without having to sell our Bitcoin in the form of a type of credit.   And when that happens, no one on earth is going to sell their Bitcoin when that type of facility is available   because this Bitcoin is going to be going up at 50 to a 100% per annum,   and the cost of borrowing on your Bitcoin is going to be somewhere between 0   15%.  

You know, if you like losing 85% of every purchase that you make in perpetuity,   then you'll spend your Bitcoin. But if you're comfortable with the facility that you can access, then you'll never spend it. My bet is that the majority of people will never spend it   as opposed to spending it.  

[00:29:02] Unknown:

This is a great segue because I get a lot of questions from people,   about, like, well, if Bitcoin's so valuable, why would I wanna spend it? Why would I wanna trade it? Why would how can it be   a medium of exchange? You know? And,   obviously, what you had just said,   again, I'm still you know, I'm always a student first, and, you know,   I I love to do this podcast and talk to people and educate because it helps me understand even deeper. Right?   How does this not duplicate the current   debt system that we have that used to be the gold   you know, the gold standard? Right? So if we're on a Bitcoin standard and everyone's holding their Bitcoin   and if whatever it is that's issuing anything that's based   on Bitcoin being held as the reserve,   Is that what I'm hearing you say? Because I'm just all I'm hearing is a gold standard again. No. I don't And and is it all one to 1? Are we doing like a you know, I guess what is Tether's   linked to the dollar? Like, how are we doing these things that are linked to Bitcoin and making sure that we're not,   oh, gosh. The word, the Rehypothecating.  

Thank you. The rehypothecating.   How are we making sure that that doesn't happen again?  

[00:30:13] Unknown:

That's a really good question and a huge concern. So, typically, it's done with the US dollar over Bitcoin, and   that's an integral part of getting to full hyper Bitcoinization where we don't have any debt. But the initial step is to get to hyper Bitcoinization.   People think that Bitcoin's gonna destroy credit models, and and credit in the globe totally.   I believe that to some extent, but before it destroys it, it's actually going to increase it exponentially.   And there's a few reasons I can give you for that, but in order to avoid going into the the Fiat system and rebuilding the Fiat system on Bitcoin that we've got, you would have to have overcollateralized   lending   as opposed to rehypothecated   lending. And I'll just explain the two terms. Overtritualized   lending means that if you've got a $1,000,000 of Bitcoin,   they'll let you   have a maximum loan on that of $500,000,   so there's always   a buffer of double the amount of money that you've borrowed on it.  

You you compare that to our existing fiat system in that if you put $50,000   in the bank   under the Basel Accords, which was the banking accords that came on the back of the GFC to avoid any future blow ups like the global financial crisis,   the the mandate was that you needed to have a certain amount of capital sitting in the bank in order to lend out. Now,   the bank prints money out of thin air, and their requirement for home loans was that in order for them to print a $1,000,000 home loan, they needed to have $50,000   of cash in the bank.  

So   you compare that to Bitcoin. Bitcoin, you've got to have $2 in the bank for every $1 that you lend out   versus   the bank has  

[00:31:53] Unknown:

$1 in the bank for every 50 that they lend out. But do they even now, like, I I I after COVID, like, the reserve requirements are 0 now. Isn't that correct? Correct.   Correct. So basically, you're for free things. You just get to go pay for money, la la la. I'm the banker in monopoly.   Check me out. I mean,   it's absurd, like, that that's even   can happen. And so how do we I mean, obviously, because Bitcoin is an open transparent ledger that we can all look   and see what's being issued against it. Is it gonna be something where   it's like, how how will all of this start to get issued in a way that we don't start to have that rehypothecation   and that we don't have, like, double, triple, quadruple the amount of,   you know, paper notes as it were out there for what Bitcoin is actually, you know, in reserve.  



[00:32:45] Unknown:

I I think it comes down to the products that are being built on Bitcoin that I see. Now probably the best one of the best lending platforms on there is Unchained, which we're probably both familiar with. Love that company, and they do a great job. Yep. There's also Huddl Huddl and the Ledum platform.   There's also Devify,   and what they do is they do a multisig arrangement. All 3 of them do a similar type model where they do an overcollateralized   land where there's a multisig,   wallet, which holds the Bitcoin.   The lender puts up the fiat   as, in exchange for holding 2 of the 3 keys to the wallet with the underlying collateral.  

If it goes down significantly, the lender has the ability to sell that out and recover that Bitcoin,   as a as a payment for for losing,   the the amount of collateral. They can sell it out and then take their money back. So I look at this and think that's probably the model of the future to avoid any of this happening.   But in the meantime, we I've got no doubt that we're gonna see traditional traditional banks, fiat banks,   come to the party with Bitcoin   and try and do traditional fiat lending with Bitcoin. And this is where it's going to be highly,   it's gonna be terrifying, to tell you the truth, because at the moment when Bitcoin's only a $1,500,000,000,000   market cap, it represents no systemic risk to the banking system.  

But if Bitcoin goes a 100 x from here, which I think it will, and it'll go a 1000 x from here once it's,   widely recognized as the world's best collateral   because it'll underwrite everything.   Once it gets to a $100,000,000,000,000   market cap, then the banking system becomes reliant on Bitcoin.   And then there's no amount of printing that can save you from a blow up,   or mismanagement of of Bitcoin as collateral. So I'm hoping that the banks understand, you know, the the kind of beast that they're playing with, that   it all of a sudden, it creates,   the ability for   or the removal of the government to step in and be able to   save face for these banks to print them out of or print them into existence or print them out of bankruptcy and liquidation. So,   it's going to be a forcing function that the banks, I'm not sure if they're they're really familiar with, you know, just how much of a forcing function this is gonna be for good behaviour and   good stewardess good stewardship and and prudence when it comes to the management of their treasuries.  



[00:35:09] Unknown:

Do you see any banks doing this right now? Because I think of,   Caitlin Long with Custodia.   And I was do you know Custodia Bank up here in Wyoming? Right? And so   and I don't know when I read this, but a little while back. But, you know, they're trying to apply for an over collateralized   banking license   where it's like, cool. We're, you know, we're gonna have this whole reserve and then some,   and they got refused for their banking license   because,   guess what? If I'm somebody who wants to make a deposit, I'm gonna go to her bank and pull all my money that doesn't exist because there's no reserve requirements, and all these banks will go bye bye. And so   how is this, you know, seesaw   from 0, you know, reserve to at least going on a Bitcoin standard gonna start going? Do you think the existing banks will catch on? Are we gonna see these new banks like Caitlin's   come up and displace them? Are they gonna play nice together and meet somewhere in the middle?  



[00:36:10] Unknown:

All all of the above, I think. We're gonna see everything come up, and this is where,   I'm I'm a huge fan of Caitlin. I think she does some incredible work. Yeah. Wickedly smart. Like, so clever.   Unfortunately, picking a fight that is almost impossible for her to win, and, I I don't say this as a discouragement. I have huge admiration   for Caitlin, and and she is doing   things that   I I sincerely think are almost on the verge of impossible. And I I'm rooting for her. I hope she wins because it's really important. But the fundamental premise of what she is trying to achieve,   I believe, is   very difficult because it represents a systemic risk to the u the entire US banking system. Right. If they're the only bank who's not overcollateralized   and in it,   then   by default, if there is ever a concern,   every all the capital runs to that bank. And the real problem is is that I think it's the 1st May or maybe mid May this year is that you've got a change to your US banking regulations, which is going to allow for t+1   as opposed to t+3.  

I don't know what that is. What's t+1?   T+3   is after any sort of stock exchange   transaction, you have   t transaction day plus 3 days in order to get the cash to where it needs to go. Okay.   And now you're moving to a t plus 1, which means all of the SWIFT network needs to be upgraded, and you've got a whole host of improvements in the banking system.   But that speed and velocity of money represents an existential threat to a lot of the banks because when you can move money really quickly,   you can move it out of the filing bank in a split second, and you can do a targeted attack   on a single bank by just giving them a heap of deposits.  

They then go and, you know, sell a whole host of loans on the back of the fact that they've got a tonne of capital available, and then   the the depositor basically moves   all of their all of their deposits to another bank. And now all of a sudden, there's a complete liability mismatch. There's a run on the bank from the borrowers sorry, the the savers who are at the bank realize, hang on a second. All the reserves have gone because 90% of the reserves have literally just exited the day before.   We've gotta get our money out or we're not gonna get it, and then that causes a chain reaction of that bank to file and then the next one and the next one and the next one, and all of a sudden, we've got that type of thing happening. So   for me, the difficulty with,   Caitlin's Bank is that, you know, this represents an app for everyone who's concerned about this. And the problem is is that when you've got, the 5 year US   basically, you've got US treasuries hovering between 4 5 percent. People can get a 4 to 5 percent risk free on their money now. Whereas when Caitlin started this process,   the risk free rate was at 0. They weren't getting anything, so it wasn't really a big deal to have that there. But if you can have a risk free, risk free rate of 4 to 5% on your money in the bank with Caitlin,   that represents a huge existential threat that   creates a vulnerability to the entire banking system. And this is   you know, it's really sad to say that we don't have this option available because having that option available would hold every other bank accountable for better treasury management on their part. Yeah.  



[00:39:20] Unknown:

And and but but it's like, at some point,   how are we gonna unwind this   this disaster? Like, how are the banks gonna start having more   austerity   if if whatever the right word is for these banks because they you know, they're over   lending and and and we if we're gonna get on this new system   eventually, I mean, it's certainly not gonna happen in the next couple years,   you know,   how is the shift gonna happen? Is it gonna come from consumer demand?   Is it gonna come from just   policy? Is it gonna come from people understanding that Bitcoin is gonna have to be inside of these banks   in order to have that, you know,   that sound money to lend off of? Like, how do you see this transition   successfully   taking place?  



[00:40:06] Unknown:

I think there's one of 2 ways. You can have capital destruction, which we've seen part of to date.   The mortgage backed security market, both commercial and real estate,   are very difficult in that it takes all of the liabilities off the balance sheet of the banks and   it it sells it to the bond market, and then the bond market packages it up, and this is the whole GFC problem all over again. They package it up and then sell their sell I was gonna say, sell their Bitcoin, they don't sell Bitcoin. They sell their bonds,   and this packaged rubbish   to investors who are in bond funds. And they're like, great, we're getting 4 or 5%. This is wonderful. And what they don't realize is that it's on the basis of over overvalued collateral and   a very poor borrower   slash tenant who's paying the borrower who's paying   the mortgage, who the mortgage is then delivering a return to the bondholders.  

And I look at this and see a capitulation in the commercial and real estate sector and think, well,   that realistically should continue.   But   that's the capital destruction side of things, but in a global economy, it's impossible   to let your country be the one that has the capital destruction   because then you'd leave yourself vulnerable to the likes of China or Russia with any amount of capital to come in and purchase everything   and buy it for pennies on the dollar, and no government's really going to allow that. So I look at you you either have a debt problem   or a collateral problem.  

And so   which side of the balance sheet do you want to focus on? You can focus on the debt side and the devaluation of everything, and then you rip up, you know, you you probably cause absolute carnage.   You make everyone 80% poorer.   You know, if you've got nothing, well, that's no big deal. I'm already poor, but you don't understand how much worse it can get. And if you're really wealthy, you're going to lose 80% of your wealth. Everyone's poor, everyone's miserable,   as opposed to the alternate side of this, the balance sheet is basically inflating the collateral.   And to me, this is where bitcoin comes in because the fastest way   to increase,   the collateral   is to effectively watch Bitcoin go to $7,000,000,000,   and then all of a sudden, we don't have a problem in the world. Everyone's got Bitcoin. Asset value is inflated to the wazoo, the majority of that wealth is tied up in Bitcoin, so all of a sudden, you make some you make some,   Bitcoiners, psychopathic Bitcoiners, very, very wealthy.  

But at the same time, you've managed to restore balance in the housing sector, the real estate sector, and commercial both commercial and residential.   The stock market is on sound footings. Now the bond market is on sound footing because you now have an over collateralization   of the bond market. And the problem is is that the bond market   probably isn't really over collateralized at this point in time. So   and you think of how do you create that outcome?   And if the government's got to print money to create the outcome, if you want to create that overcollateralised,   system,   it's going to cost you roughly $10,000,000,000,000   of printed money from the US government   to over collateralize   the entire globe's assets with Bitcoin.  

If you wanna do it with gold, it's gonna cost you probably $20,000,000,000,000,   maybe more.   I might call it 30,000,000,000,000. If you wanna do it with property, it's gonna cost you a 100,000,000,000,000. If you wanna do it with stocks, it's gonna cost you a 100,000,000,000,000.   So I look at this, and I think, what's the cheapest way to do this and solve this problem?   To me, it's the the solving of of the problem is with Bitcoin because it's, you know, okay. You go into 10,000,000,000,000 in debt to buy Bitcoin, but at the same time, you've inflated Bitcoin from, call it, 70,000   US dollars to, you know, call it, 7 or $70,000,000.  

All of a sudden, that 100 or 1000 x increase in the value of Bitcoin   underwrites the rest of the collateral globally. And that that's how I think you solve the   the the current problem that we're in. Now I may have a bias because I own Bitcoin, and this is what I'd like to see happen.   But looking at it from a logical perspective, that's the cheapest and fastest way to do it.  

[00:44:01] Unknown:

And so how do you know, as this   if this happens, when this happens,   the everyday citizen who's listening, maybe if you're an artist or you're a,   a healer, you're a nonprofit person, you're a teacher, You're a young person.   How can people whose wages aren't going to 10, 100,000   x right now, how can they, you know,   start protecting themselves? Obviously, get some Bitcoin. Get some Bitcoin. You know, that's what we're all gonna say to them. But, like,   you know, how are we helping our young people   who are vulnerable   to what's around the corner with   technological   innovations, which is gonna cause them to have to retrain and upskill in different levels, and then also having them to help them understand how to save and get Bitcoin going in their   their future plans, you know, so that they are on the wave and not behind it   or not in front of it getting clobbered in the sand.  



[00:44:57] Unknown:

I I think it's just about getting getting people started. Like, the golden rule of finance or home finance well, any finance, but our government's clearly forgotten this, is spend less than you earn.   So if you can do that, then that is the first part to becoming financially free.   And the problem up until now, up until Bitcoin, is that you never had an asset that you could invest in or save money in that was going to outperform   and give you,   the incentive to save   until bitcoin. That's the big key. And so if you can get someone to just, you know, just spend one less dollar than they earn every week   and put that into Bitcoin.  

That sets in motion the learning curve for understanding that they can break free, that they now have   agency in this problem that is their financial future.   And this is the problem that I think most people face, particularly the young, is that they look at the debt in front of them, They look at the, you know, exorbitant house prices. They think, how can I ever go out and afford a home? How can I raise a family? Right. You know, I I literally look at this situation for myself personally, and I look at, you know, all that my parents have done for me, and I can't tell you how fortunate I am to have them in my life. Like, I've I've been the beneficiary of that that, you know, I I cannot tell you I won the   the the j pool comp   by, you know, the proverbial mile. And I think   I I   personally struggle to think, how can I be you know, how can I deal with my children what I've received from my parents? And this is where,   starting off young and learning the principle of spend less than you earn and then save into bitcoin   is going to be the best education that any parent can give their child.  

And I'm so glad you brought this up, because one   of the things that I did,   maybe 8 years ago for,   I've got a number of godchildren,   and one of   the key things that I did for them was I was to to put this into perspective, I was a little bit,   maybe a killjoy   might maybe the term or just   incredible foresight. Time will tell on what happens with this, but I was,   sick of buying them toys that they would look at and climb in the box the rest of it, and there was nothing like it. There's no substantive gain for them and me doing that for them. So I said, right. Forget that. I'm not gonna do that. What I'm gonna do is I'm gonna buy you,   yeah, some Bitcoin,   and I'm gonna help you look after it, and I'm gonna add to it over time and see what happens. And if I'm right, when you turn 21, you're gonna have sort of $1,000,000   worth of Bitcoin.  

And if I'm wrong,   well, you're just gonna forget that I bought you any presents and didn't buy you any presents, and, you know, we'll get over it. I'll shout you a, I don't know, a drink or a dinner, and, you know, I'll I'll say, sorry. I didn't get your present. But the flip side in the bit I was making is that this Bitcoin was going to help,   protect their future and give them   the financial education that they need to   prosper in this world moving forward with it. And   what was interesting was, I've done this for 8 years now with them,   and the eldest of the godchildren,   have nearly 0.4 of a Bitcoin.  

Wow. And they're 19 years of age, so they've been saving for the last 8 years in Bitcoin.   And, you know, if Bitcoin goes 10 x from here, that's a   substantive deposit on   a new home for themselves.   And so if they hold for another 10 years, then it'll probably be,   more than enough to buy buy a home for themselves. So for that reason, I think that education piece and starting them young,   giving them agency and education around, you know, when it booms, they feel really wealthy and, yay. I'm rich. We need to sell some. And it's like, hang on a second. And then it dips and it crashes, and it's like, why didn't I sell? And you watch   this is awful.  

But you get to see the the the   the ecstasy and the agony of, yay. I'm rich and damn, I'm poor. And then   over cycles, they get to learn about it. And then, you know, they just start saving and then realize, okay, this is how I move forward in life and, you know, how I can better myself, for the future. So, for me, that's probably the most important thing, and that can start at any age. It can. And that's what's so interesting. A couple of things,  

[00:49:05] Unknown:

you had just mentioned about like, Oh, look, it went up. I should sell it. I know I hear that from a lot of people when they're like,   you know, just starting to get in and I'm like,   Look at the long, long, long, long term.   This is just little tiny blips like a heartbeat. It's just going up and down and it's going to do that forever on the way up.   And so,   you know, I always say, I'm like, What's going to have a better performance? And there's a there's some graph.   I I I have it on my phone, but it's like, you know, there's Bitcoin over the last, you know, 10 years, and there's 10 or 5 years. There's Tesla, Amazon, Google, you know, Facebook. Like, Bitcoin's up here.   Tesla's right here. You know, Google. And I'm like, what are you gonna invest in that has this much, you know, in return? And they're just like, I don't know. And I'm like, the dollar's not doing that. You know, none of it. So I think when you have different ways to share   education with people, whether they're a visual learner, whether they're tactile and they want to touch things, you know, whatever our learning styles are, I think it's very important for us to know our audiences,   you know, and understand how we can communicate,   so that they can get it in their own, you know, way of absorbing. I wanna ask you a question. This is something that's,   I I love these guys. Do you know who have you heard of Lightning Piggy?  



[00:50:21] Unknown:

No. Tell me more. Dude.  

[00:50:25] Unknown:

Dude.   Let me tell you about some Lightning Piggy over here.   I'll I'm gonna tell you a tiny story first. Do you have a few minutes? I know we're approaching the hour. Yeah. Absolutely.   Okay. Cool. Because this is a great story. And I still think we could build this, and I wanna see if we can support Lightning Piggy,   and make it happen.   When I first got married, you know, 20 ish years ago, I was at my ex husband's   house and his or his his sister's house,   and the sons came up and they're like, you know, Mom, I want to go buy some video game points or something like that, you know, whatever it was at the time. And she just hands them their credit card, her credit card, and they're kids, you know, they're, like, 10 years old.   And I just looked at her, I was, like, Why are you giving your kids your credit card? You know, aren't you afraid they're going to go, like, you know, buy a trip to Japan or something? You know, like, This is so weird.  

And,   she was like, Well, hopefully they don't, and I can get it reversed, and la, la, la. But, it was just one of those like,   Ah, you know? It just felt like they're not learning their own fiscal responsibility,   you know, by by her doing that. So,   you know, my my ex husband was, you know, a really good hedge fund manager and I was just the DJ. And I worked at Deloitte, so I wasn't some big money person, and he was more than me anyway.   And,   and I was just like, why don't we make some kind of a card, like a debit type card   that,   you know, would be for kids?  

You know, and, again, this was over 20 years ago. And I was, like, then you could have, like, these little buckets in each card.   You know? And then we would have I call them 5 buckets, and I call them the 5 discs. And so, like, every dollar that goes into the account,   you have a meeting with your parents, you'll have your quarterly financial meeting with your folks, and you'll set your financial targets. So whether you're a 5 year old or a 15 year old, you'll say,   okay, I wanna, you know, I wanna donate because you wanna raise kids who care about the world. And so it's like, I care about, you know, white tigers or something, you know, and then I wanna invest in my lemonade stand, you know. So you're donating, investing.   I wanna spend have a spending account for, you know, I wanna go buy ice cream every Thursday because they have the ice cream truck that shows up. So I wanna have my spend, you know. And then I wanna have,   a long term savings, you know, because I wanna get that bike, and it's gonna take time for me to get that bigger bike. And then, I want to have my education, my   C. And so, it was like the 5 discs.  

And then, so, you can, you know, reallocate   as needed. You can have a visual measure, digital visual thing that will go up and down and show like, you know, like when you go to those fundraisers and they show like   just   $600,000 more before we meet reach our yearly goal. Like, everybody pull out your wallet, you know. So, again, using the visual component and bells, whistles, all the stuff. Right?   And so I told him, like, why don't we do this? There's nothing like this on the market. You know, it's just you have a card and then, of course, you can have all the points. And then if the kids want to say, hey, mom and dad, I want, you know,   for my birthday present, I just want grandma and everybody to just put money into my, you know, into my little piggy, you know, and, and then it's gonna go and it get allocated according to what we do ahead of time. And I was just like, and then, you know, you can gamify things. And every time the child, you know, decides like, I'm going to I don't need that ice cream. I'm going to take some money out of the ice cream account   and put it into my donate or put it into my save. And then, everybody who cares about that child is gonna get a notification and say, Johnny   just made a good long term decision. So and then, if you wish to, you could match it or it could be auto matched, you know, all sorts of cool stuff, right, to, like, really support   the family conversation around money,   around your dreams, around making the world a better place. What does it mean to be an investor? Are you investing in someone else's business or yourself or whatever? And so so Lightning Piggy, la la,   they   were creating,   like, a physical   little piggy, like, a 3 d printed little piggy with just one display on it that would just have your Bitcoin wallet,   and it could be like a pig or a mermaid or whatever you want it to be, but there's only one layer in it. And so   I told these guys, I met them in El Salvador a year and a half ago, I was like, what if we chopped it up into these 5 buckets or these 5 little mini wallets and then we did lightning splits?  

And then we start doing that, and we teach kids and families   how to have kit help children save for the future, you know. And then you can have the bells and the whistles, the same exact model that you would use with a credit card and the SWIFT system and la la la, but we could do it using Bitcoin and lightning splits.   Don't you think that's a good idea?  

[00:55:12] Unknown:

I love it. I love it. And I love that. Do it.   Yeah. I I agree. And I might I might have a contact for you Okay. When we finish this to who's working on something similar, and it might actually be the same person. Oh my god. Okay. Cool. I I love that idea because empowering kids to make decisions is really important. And then it gets them in that ecosystem. It gets them familiar with the volatility.   It empowers them to understand that they take control and they've got agency for their future and the outcomes. Totally. And avoids avoids the nihilism and despair that comes with, you know, trying to save money and not being able to do that. I I love this in every way, shape, and form because   watching watching kids learn and and take that and be able   to create outcomes for themselves is wildly beneficial  

[00:55:56] Unknown:

on every level. And, yeah, I we'll talk off camera, and I'll we'll swap notes on that. Okay. Cool. And they're in all everything that they're doing is all open source too. So that's what I think is super cool. And so I feel like we have an opportunity to help support, you know,   the future financial literacy for for our even young people. Like, my   3 people in my family filed bankruptcy,   you know, as I was growing up, my brothers   and my dad. And and it was just like, I never was taught about money and saving, and I was taught that money was evil and it breaks up relationships, all this stuff. And so, you know, they say don't talk about money or religion at the dinner table   or politics too. Right? And it's just like, we should always talk about money. It's just energy, and it's a form of an exchange with us doing something valuable out there in the world, you know. And so I think   overcoming that old programming and stigma around having conversations about money,   I would love for us to rewrite that and create something more beautiful and powerful for the future.  



[00:56:59] Unknown:

I I think that's really, really, really important. And I've, you know, I've talked about money every day for a job for the last, so I probably miss a lot of the social cues that I should or taboos that I should be missing.   And I have some very inappropriate   questions because that's   just stupid.   I think they're really important from, you know, children's education. There are obviously a whole host of misconceptions around it, but I think   to me, Bitcoin incentivises saving and the downstream effects of   incentivizing kids to do that are incredible. Like, you look at all of the concerns that we've got around climate change and ESG and, you know, a whole host of other things. If kids were incentivized to save, then the consumption levels drop dramatically.  

And I I guess if I could ask a question for you and for me, like, I know personally my journey with Bitcoin is my consumption   has dramatically dropped relative to   what, you know, my net assets are. And for you, I just wonder, you know, is that a similar journey that you've been on? Like, I look at this, and I think   it really when I can save in Bitcoin and I can know that over time that's going up in value, It really checks me to think, oh, do I really need, like,  

[00:58:09] Unknown:

I don't know, a steam cleaner for the barbecue that I can use? You know? And I'm like You might open No. I know. It is. It definitely it's that that high and low time preference. Right? And so it does change your consumption models   drastically.   And, you know, I love to get my nails done, and I used to get my lashes done and do all this stuff. And I'm like, okay.   Okay. A couple $100 a month.   $2,000 a year. 5 years, that's $10. How many Bitcoin?   Okay. I know how to paint those little suckers all by myself. And, okay, I'm gonna pluck these babies. You know? I'm like, how much did I say? So, heck yeah, it's changed the way that I decide to spend my money, you know, because   I know   what happens if I'm just more patient, you know, and we see these numbers going up. And I think about my children   and what they can do. Like my daughter,   you know, she's starting to kind of catch on now. She just got like turned 18, and now she's waiting tables. And, you know, she had her first two shifts. She's like she calls me up. She's like, Mom,   I made more money today than I have any other week of my whole life working at this restaurant. I'm like, I know. It's awesome. And, I'm like, what are you gonna do with it? We gotta get you some Bitcoin. And, of course, I have Bitcoin for her in a separate thing. But I want her to touch it and do it herself, you know, and get excited. But she used to order DoorDash, you know, or I don't know what it's called. Yeah. I'm not sure. Yeah. DoorDash. Okay. And because she'd be like, Oh, I just want some snacks. Now, she's just like,   well, I don't what do you have in the cabinet, mom? I'll just eat what you have. And I'm just like, good. Save your why would you spend $15 when you could, like, save it? So I think something's shifting with her because she's having her own agency and earning her money.  

Now I wanna start showing her, like,   oh, this is what's gonna happen when you start putting it in Bitcoin. And so, I think the the thing about lightning piggy, you know, obviously, it's a cute thing and it sounds like it's for kids, but this is an exact, like, you know, it's a baseline financial planning tool,   you know, that you can put into, you   know, any individual   or a child or a family.   Like, think about a family if they use those those five mechanisms, you know, the 5 buckets.   And if, as a family, you decide, hey, we really want to care for the rainforest   and we're going to do this together. And so, then you can have your family,   you know, dashboard   where we all you get to see, oh, hey, family. So so think about all the conversations   and connection   Just having a visual dashboard   with a segment of your money, you know, or segment of your Sats and Bitcoin, like, think about the relationship   up leveling that can happen, whether you're a couple, whether you're a family, whether you're a church, whether you're a business, anything. Like, it it creates an opportunity for people to dream again, you know, and and continue to look forward, I think. So so I'm excited. I wanna I wanna help these guys and, you know, see what we can we can rock on together. So yeah.  



[01:01:04] Unknown:

Well, that that, I think, you know, that forms the foundation of any financial planning. Yeah. You know, we talk to Morgan or myself or any other financial plan, the first thing they're gonna look at is, are you spending less than you earn? Like, do we have a spending   problem or an earning problem?   There's never an earning problem. It's always a spending problem. And, you know, this is where   the the agency that Bitcoin gives you is just   revolutionary. I know for for me personally, it's changed my life.   It's changed the direction of my family's outcome   too, and this is where wanting to spread that message. And I think   to the most vulnerable in society, and this is the very unique thing about Bitcoin, is that to the most vulnerable in society, they still have access to it. You know? YouTube's free last time I checked, and, you know, they've got access to this. They've got access to any amount of information on Bitcoin. They just need to make the leap of faith to say, you know what? I am not going to, you know, let the world dictate what happens to me and what my future looks like. I'm going to spend less than I earn. I'm gonna   basically save a dollar, and I'm gonna go buy Bitcoin with it, and I'm gonna see where I am in a year's time. And, you know, when the progress is, you know, hey. I put in $5. It's now worth 50,   and   I'm substantially better off than where I am. That sows the seed and that little spark, that ignition to create   a momentum wheel, a flywheel to to really change their outcomes. And this is where, for me,   the   this is the real benefit of Bitcoin is and, you know, full circle comes back to what does it deliver you personally.  

It's about the thoughts and feelings that Bitcoin delivers you, and to me, it represents hope for that reason. Yeah. You know, out of the despair and poverty, you know, you can uplift yourself if you have the discipline to spend less than you earn and go buy Bitcoin with it, and this is where, you know,   once that's nailed down, the next thing to nail down is if if you think that Bitcoin's gonna be $7,000,000,000   a coin, like I think it is Mhmm. Make sure you get your custody absolutely locked down, and then  

[01:02:59] Unknown:

enjoy it. Just wait for the ticket to be cashed in. So that's all you have to do. It's pretty simple. It is. It's pretty simple. And but it's taking those first steps and having your hand held. Like, I know when I got my,   my first, you know, SATS off of,   I think I got, you know, Coinbase or something, you know, when I when I got into Bitcoin. I hired somebody,   you know, paid $150   to to somebody to say,   hold my hand. I don't know what I'm doing. I don't have anybody around me who knows what they're doing.   And, I mean, it wasn't a lot of of money, but it was money and I didn't wanna lose it. And I wanted to obviously keep going on the journey   and it felt so good and I felt safe And,   it was like, oh, good, human, you know, because I can read and I can watch videos. I can all of us can, but there's something special, and that's why I think the Bitcoin Advisor is so special   and helpful because there are a lot of people who who need that the handholding, and I was definitely one of them. And so it's it's important, you know? And   so I love what you're doing, and I'm glad that it's rocking and going. And who knows now we'll have a lightning piggy option for   Bitcoin Advisor.  

We'll we'll white label. We're gonna white label the pig.   I love the lightning piggy, man. Oh, my gosh.   Yeah. What's around the corner for Bitcoin Advisor? Do you guys have anything? Are you just expanding? I saw I was just in the site. I saw the teams growing. I saw you got Canute up here. It was amazing.  

[01:04:29] Unknown:

Yeah. I was gonna say I'm really excited about Canute's   and Luke. I mean, Luke's Oh my god. Both of them. Like, what a pair. Genius and Kinut, gosh. He's he just makes me laugh. 1 of my favorite Bitcoiners on earth and just so so damn amusing. And   I'm really excited he's joined the team.   You know, he's had a look at what we do and, you know, obviously, with some skepticism,   to start with to say, well, exactly how is this happening and what are you doing and, you know, is it in line with his principles? And, you know, I'm thrilled to say that, you know, he's tipped us upside down, emptied our pockets, turned us around, and, you know, to have him join the team and say, alright. That's something I can get behind and think there's gonna be, you know, some value in that for people. I'm I'm thrilled about that. And I think moving forward, it's just about helping people get coins off exchange. That's the number one priority. That's the mission.   We we obviously charge for our service, but we don't want that to be a hindrance to anyone wanting help in doing that. So,   we offer all of our IP on the website for free.  

If people wanna look after that themselves, then please,   if you're already self custodying,   please check out all of our resources to hopefully give you some ideas to improve your existing outcomes. And and this is where for me,   I don't want,   the cost of our service to get in the way of making sure that you self custody that Bitcoin.   So, for me, if we're all self custody, it's gonna be beneficial for all of us, so everyone benefits. And and this is where,   I think if we if if we knew that Bitcoin was going to be $7,000,000,000   a coin,   we would all treat our custody setup very differently to what we've got now. So I urge you to look at it as something that's probably really boring. It's tedious, and you don't really wanna do it because it's such a stress and all the rest of it. But   in light of getting making sure you get this right, for your future generation's sake,   spend a little bit of time on it and have a look at it and make sure you've got everything sorted out so that if something happens to you tomorrow, your your beneficiaries, your loved ones aren't going to miss out on all the hard work and sacrifice that you've made to  

[01:06:30] Unknown:

date. Yeah. It's super duper important. And, yeah, anybody who's listening who can't see where we're on, we're on the Bitcoin Advisor, adviser.com,   and you guys can go   contact Peter or any of the team. They're all highly capable, amazing Bitcoiners,   and they will set you up in the right direction. So   I think it's really, really,   really, really important to get your Bitcoin off of exchanges. Not your keys, not your cheese. A lot of people say that, but it's really   what's the worst horror story you've seen   with people, with having their Bitcoin on exchanges?  

Just we'll we'll throw we'll throw we'll dose a little fear here. Sorry, guys, but you're gonna get a little lesson in fear from fear.  

[01:07:14] Unknown:

We've had a prospect reach out to us to try and get his Bitcoin off exchange that he thought he was holding $6,000,000   in Bitcoin,   And,   sadly, he was scammed. He put circa a $100,000   into a a trading platform.   And in a in a very short period of time, less than 18 months, his 100,000 went from a 100,000 to $6,000,000   or so he thought.   And when he went to withdraw that,   they said, oh, we've got to pay the taxes on this. We need you to send us some,   money to pay the taxes so we can release the $6,000,000.   Can you send us $400,000?   And   we said, please don't do that. That is a scam. You're being scammed. Like, just   report it to the federal federal police or, you know, whatever, you know, local authority was because you are literally getting robbed as we speak. Please do not send them any more money. And sadly,   the the greed,   outweighed the fear, and so they sent,   some additional money to get the Bitcoin off, and   that that that was lost in addition to the $100,000.  

So   for me, it's it's a and I've heard multiple stories like that. So I've got to say it's   insanely disappointing in this day and age that people are getting   a falling for that, but   this is where it's really important to seek out good counsel and ensure that you're dealing with reputable people. If you're in a trading,   in a trading platform that's doing the trading for you,   you're getting scammed 9 times out of 10. I hate to say it, and this is where,   unfortunately, the the elderly are more vulnerable   than than the young in this and the local exchanges well, actually, global exchanges across the globe. You know, if you have a look at the fraud rates,   basically, it goes vertical when clients hit the age of 70.  

Wow. Yeah. So it's old people getting scammed, not not young people, which is   particularly disgusting because they've worked their whole life. They think this is their life savings that they're dealing with, and, you know, they've got the end in sight. They're trying to plan for their children's future and their grandchildren's future   thinking that this is, you know, this is the outcome that they've waited their whole lives for, and then at the last minute, they get robbed and then they get rubbed again with, you know, the the the promise of releasing their Bitcoin if they pay the tax bill.   And I've gotta say it's bitterly disappointing to see that and devastating to have to deliver the news to them that, hey. This is a scam. I'm really sorry,   and I've had multiple situations like that. So,   yeah, please self custody your Bitcoin so you don't have to worry about it. We're gonna see another FTX style blow up, so,  

[01:09:55] Unknown:

I hope it's not on the likes of Coinbase or any of the other major exchanges. But, because that's terrifying because they're holding their custodians for, what, 10 of the ETFs? Or how many of the ETFs are they custodians for?  

[01:10:08] Unknown:

10 of the 11, I think. Yeah. Yeah. 90% of them. So  

[01:10:12] Unknown:

No. That's a lot. Like, how is that even like, why would you do that?   Yeah. So to be quite on the exchange.  

[01:10:21] Unknown:

And, you know, this is the funny thing. I just look at the ETFs. This is a whole another conversation, pal. But to me, yes, I I know it's not the ideal thing, but I look at the ETFs as you know, if we've got a funnel to Bitcoin, we now have a new new layer on top of the funnel, which represents the ETFs.   That'll create attention   and and attract a whole host of new investors. And hopefully, the migration from ETF to self custody Bitcoin happens,   at a faster clip, but it brings a whole new cohort of people to Bitcoin, which will be good to see.  

[01:10:51] Unknown:

It is. It does. And it gives I I think, you know, having the likes of Fidelity and BlackRock and just those names associated   with Bitcoin and people understanding that there's, you know, money waiting on the sidelines to be deployed in Bitcoin   using this top of funnel.   It you know, my ex husband, God bless him, like, finally, after 3 years of trying, you know, read this book, read Alex's book, go listen to all these guys. And he's just like,   Whatever. And just because of that social proof   of these big, you know- Larry and Mohammed Salef said it was okay. So, now it's good. Yeah. You know, and it's like, oh, okay. And fine. Great. I don't care. I don't need to be the one who opens the pickle jar. I'm just glad it gets opened. You know what I mean? And somebody's getting the pickles out of there, which is the Bitcoin. So   but it does,   I think, you know, not for a lot of people who are, you know, cypherpunks and that, you know, they could care less. Right? But it's like   there are there's a whole new audience that is gonna start to understand and then hopefully keep moving down the funnel, moving down the funnel to   radical self custody   and being our own banks. And so it's great. I love this. This is so much fun, and I'm so glad to know you. You're awesome, and I'm glad that Terrence introduced us. Thanks, Terrence. Shout out, brother. Thanks, Terrence.  

He's awesome.   Yeah. So, well, we're gonna have a conversation after we get off here and figure out how to how to help Lightning Piggy or whoever it is   come come and get rocking and rolling. But any final words for people who might be listening who are a little nervous about Bitcoin?  

[01:12:26] Unknown:

I'd say just get involved and be curious. And I think, you know, the work you do brings a a totally different dimension to to Bitcoin, which I'm incredibly grateful that you're in the space bringing in a whole new different bunch of people to Bitcoin because Bitcoin is for anyone. Yeah. And this is where, you know, the work you do is so critical because,   you know, I think people can be   so terrified with this and, you know, concerned about looking silly when it comes to Bitcoin. And this is probably, I think,   a a slight on myself that, you know, we get to an understanding of Bitcoin and be how can you not see it the way I see it? And, sadly, I forget that it's probably 20,000 of hours staring at this problem to get to this point in time, and   we we may all, suffer at some point in time from forgetting where we came from. And I I come from very humble beginnings that, told my brother, you know, 12 years ago that the government shut down. That'll never work and, you know, completely ignorant. But, there's no silly questions when it comes to Bitcoin. And I think you'll find that,   Bitcoin is, wherever you make them, extremely helpful in   in alleviating any concerns that you've got or trying to help explain things that you might not understand. So reach out, ask plenty of questions, and hopefully, we can, get you at the top of the, rabbit hole to to come down. And to your point earlier about the the great taco truck for me, one of the thrills is getting people and, like, standing at the top of the rabbit hole with them, pushing them in and thinking, I wish I could do this again, but I can't, but you can.  



[01:13:56] Unknown:

It is. It's like going down the slide, and you never it never stops either. That's what's so trippy. It's just like a free fall, and it's the best free fall for because we're with each other along the way. I think that's what's really cool about Bitcoiners and   Bitcoiners in training, and everyone will be a Bitcoiner eventually, just like everyone uses the Internet. We're not gonna talk about it and be it's, like, whenever it happens, we'll be, like, Yeah, whatever. That's money. No biggie.   One thing I wanna share is we're doing,   just the Bitcoin is for everyone. We're gonna based on,   having some conversations with people in Madera, we're gonna be doing a creator summit on May 25th.  

And this is intended for   anyone who is an educator, a content creator,   musician,   you know,   filmmaker,   writer,   whether you're a Bitcoiner or not. And then we're gonna also be inviting different platforms and protocols to come. And we're going to have, like, a 6 hour, kind of, Tony Robbins style,   value for value virtual summit. It's, you know, it's basically free.   But what we wanna do is teach people   who haven't gone to a meetup, who don't understand, who maybe wanna learn how to grow their audiences,   what is value for value, what is noster,   all the stuff, you know. And so I think there's a whole   host of people out there who   really could utilize Bitcoin as another tool for monetization,   obviously, using Noster to have more direct contact with your audiences and whatnot. So, so we're going to be doing that on May 25th. And, yeah, if you know anybody or if you guys want to participate, it'd be great if you want to have somebody on one of the panels. But it's really going to be hands on and I want it to be, you know, half an hour of talking, half an hour of breakout rooms, and we all get to go touch and play and feel da da da da da, rinse and repeat.  

But really, you know, meet each other and support each other and help each other out along the the journey. So that's what we'll be doing with Bitcoin for PCA.  

[01:15:53] Unknown:

That's a great idea. Is that an in person or a  

[01:15:55] Unknown:

It'll be virtual. And so that way, we can do it, you know, everybody can come from all over the world. We're going to record it. We'll put it up on the,   you know, up on the channel so everybody can have access to it afterwards and, you know, just help people really get,   to the next level of their experience as Bitcoiners and non Bitcoiners, you know, and helping new people.   So that's gonna be That's a great idea. I'll I'll talk to you offline about it. I can find it useful, but maybe Alright. Well, everybody, thank you so much for tuning in. And, Peter, you're the best. Thanks so much for taking time in your morning and chilling out with me and in my evening upon us.   I can't wait to meet you in person. Are you gonna go to Pacific Bitcoin,   in October?  



[01:16:37] Unknown:

There's a very high probability that I'll be there, but if I'm the only thing that could derail that is I'm maybe going to Nashville,   Okay. To catch up. So I'm not sure if you're gonna be at Nashville or not, but I'm working on that. If it's not Nashville, it'll be Pacific Bitcoin. So Okay. Looking forward to. Okay. Cool. If one of those 2, hopefully, I'll I'll be at both. I'm not positive, but we've got some things in the works. We'll see.  

[01:17:00] Unknown:

Nice. I'll look forward to it. Alright, everybody. Thank you again for tuning in. And thanks again, Peter, from The Bitcoin Advisor. And you guys, make sure you go check out the bitcoinadvisor.com   and say hello to Peter and the whole team. You can't go wrong. Alright. Peace, love, and warm aloha.  

[01:17:16] Unknown:

Thanks so much, Val. You bet.