Bitcoin Is About to Launch - Lawrence Lepard

So the biggest financial story last 100 years and nobody's paying attention. It's not caught in here to 126. It's going to 250 or 400. I think there's some people who've sorted it and continue to sort it. They're going to be wrong and they're going to get the faces ripped off. Their alternative is going to be to let the whole thing collapse like 1929 and let's go back up and nobody could take back the debt. Smart market participants are going to look through it and go, "Oh, I get it." They're going to print a shitload of money. It's all just utter f***ing. I mean, it's just total complete f***ing. It's so disgusting the way we've been gaslit by these people, you know, the dollars down this morning and building silver kind of consolidating for the next tire move and a big coin is about to launch. My case case is that we actually have full flesh type of inflation. Bolder than 5,000 will become bolder than 10,000. But Bitcoin at 100,000 is going to be Bitcoin at a million by 2032. Quick favor. If you're serious about understanding Bitcoin and building a better future, hit the subscribe button below. I release two deep dive Bitcoin conversations every week without hype or shilling. Thanks for being here. Today, I'm excited to welcome Lawrence LePard back to the podcast. Larry is the best selling author of the big print and a sound money and Bitcoin advocate. Welcome to the Bitcoin Edge, Larry. Yeah, I could to be with you again, Paul. I always enjoy our conversations. Yeah, I've been watching you lately and I've seen you've done quite a few interviews. And I saw your one with Simon Dixon, where you both talked about who is really pulling the global strings. What do you think about that? Well, you know, I guess that the you know, Simon has come into my focus more recently, probably in the last six months. And he's guy who's done a deep dive on a lot of things that have occurred in the world. And I wouldn't say I know as much as he knows about these topics, but I'm intrigued by, you know, the notion that, you know, the elites and the people who kind of run the world, you know, have a lot more power than the average citizen have been kind of orchestrating things in a certain direction for quite some time. And this isn't, you know, this isn't news. It's not entirely surprised to me, but it's just, you know, the hits just keep on coming, right? I mean, like Trump, who is supposed to be America first pivoted and of course now he's not. And, you know, just all the little signs. I mean, as we talked about earlier, the, you know, the Palantir Post this morning about, you know, what they stand for, which is universal service and technological control of everybody, which is pretty scary. And, you know, there's a there's kind of an elite that, you know, basically tries to run the world in a way that benefits the elite. And, you know, that's what's created the wealth equality. And it, I mean, it goes into every area, it goes financial, political, the war, you know, military, et cetera. And so it's a problem, right? And it's why we got this wealth inequality. You know, people say, well, the system's broken. It's not working well. That's not entirely true. It's working really well for some people. You know, it's just not working for the average person. So, and that's intentional. And I think Simon does a very nice job of kind of uncovering that. So I've really enjoyed following him and having conversations with him. Yeah, it's very interesting. And especially with the Iran world going on now, where we've heard that it could be about the global community going away from the US dollar. And maybe it's some of these elites that are trying to, you know, get what they want as far as controlling the money. Well, I think that's clearly a piece of a whole war is, I mean, whether intentional or unintentional, it's definitely dethroning the dollar and we're getting, like we need, you know, the Empire centric US-based world of dollar had Germany and supremacy. That's falling apart. I mean, and that's, that was falling apart long before the war. But it's, it seems to be falling apart more rapidly. And things like the war accelerate that, you know, we just saw, I mean, we were supposed to be the military superpower and we just, you know, a modest sized country around cripple one of our, should probably two of our carriers and wipe out, you know, jets that we spend a hundred million dollars to build, wipe them out with $30,000 drones. You know, and, you know, close an important choke point for, you know, energy and fertilizer and a lot of other things that the world needs to operate on. You know, the Strait of Hormuz. And so, you know, all of these things are, to me, you know, clues the direction that we're going, which it's not going to be King Dollar anymore. Actually, in the quarterly report, I just wrote and published it's on our Twitter feed. You know, we talked about how we're moving to a petro-sat world, you know, Satoshi's because, you know, interestingly Iran said they're only going to accept payment for the transit fees through the Strait in Satoshi's. I mean, not even stablecoins. And it was interesting to me to learn that the US through genius act and related clarity act has gained the ability, I think, to sanction the stablecoins. And they always had it with circle, because circle was really very friendly with the US government. But I think Tether has come underneath the umbrella as well. And so, you know, now if you really want to have non-sovereign money that somebody can't grab our sanction, because, you know, like we sanction the Russian reserves and, you know, when they invaded Ukraine, you've got to be either gold or Bitcoin. And it's kind of clunky to pay for a straight transit fee and gold. But it's pretty simple to pay for a straight transit fee and Bitcoin. So that's a very big use case and a positive. And it just kind of shows where we're going here. And then, you know, you got a lot of other interesting developments taking place in this morning, say, about 34, not so last week, they bought 34,000 Bitcoin. You know, if you annualize that, and that's not realistic, some of that's because you have a huge spike in purchases and stretch STRC to capture the dividend. You know, if you annualize that, that's 1.8 million Bitcoin a year. I mean, it's nuts. You know, to me, he's running a speculative attack on the dollar. You know, the dollar is down this morning. And gold and silver are kind of consolidating for the next tire move. And I think Bitcoin is about to launch, at least it feels like, you know, it is to me. Yeah, I was going to ask about that. Larry, why do you think with all these big buys from strategy that the price isn't moving more? I mean, we really have a supply crunch in some ways. Yeah, it's interesting, isn't it? I mean, there've been, you know, huge ETF buys and everything else. I mean, Bitcoin is always counterintuitive. It always does what you don't expect it to do. And I think, you know, I've talked about this in other podcasts. I mean, there's some paper Bitcoin out there. I mean, I think there's some people who've shorted it and continue to short it. And, you know, they're going to be raw. I'm not going to get the faces ripped off. And because of that, because of the financialization of Bitcoin, and that's what, I mean, look, we had to go through the stage, right? If we went a bit going to be global, sovereign money, it's got to go through the stage of replacing the old money. And so it's got to be adopted by banks and, you know, insurance companies and sovereign wealth funds and everybody else. And, you know, ETFs and all of that. But when you bring all that in, you bring in the ability to re-ipoticate it, to short it, and the right options against it, that futures and all of that sort of stuff. So all that stuff, in my opinion, is kind of suppress the price and, you know, the signal right now is pretty easy to kind of get depressed about what you really isn't going anywhere. But if we look at how Bitcoin has behaved in the past, it's done this in the past. We'll just sit there dormant, then I wake up one day and it goes crazy. And it did this in 2020 and October 2020. I mean, and usually it does it right after golds had a big move. And by the way, last two years, gold had a really big move and a gold one from 2000 to 5000. So in 2020 and fall of 2020, Bitcoin was $10,000 going September. And, you know, seven months later is it 60, so it did a six X. Now I'm not suggesting we're going to do a six X off of 75. But, you know, I think we're recently going to do a two X and maybe a three or four X when it breaks free on the next run. And I kind of see that as being related to or tied to, you know, the next Fed monetary regime. I mean, there are all these interesting things coming together at once. We've got a big deficit to begin with, but we got the war is going to increase the deficit. So it's not making a fiscal situation better. And that's that's lends nothing stops us trained me. And then we've got, you know, a Powell who's been who's tried to be tough on monetary stuff and does not cut rates of the Trump wanted. And I mean, he did cave in and by the way, and gave up a little bit of going back to QE didn't call QE to call it reserve, reserve management purchases or reserve purchase management, something like that. But anyway, you know, it's 40, it was 40 billion a month, although in the recent most last Monday, it's totally down to 25, but I think it's kind of a headache. There's a big change coming, right? I mean, war is just going to be made Fed share in a month, assuming they get a month, you know, proved my sense is ultimately right now, you know, till this, the center till is blocking that is blocking because you want some to drop the prosecution of Powell for lying about the building costs over Ronson. I think they probably will and the reason I think they will is that they'll be what war is going to do with being more important and more urgent. And so we're should get in there. And again, I wrote about this in my quarterly time, I website, but you know, worst we'll get in there and I think he's going to start cutting rates. He's already indicated in Wall Street Journal editorial and several public speeches. I believe that you know, AI productivity increases give the room the fed room to reduce rates without spiking inflation. All indicators in a regular world, all indicators say that Fed should be raising rates. I mean, we got inflation everywhere. It's about to get worse as a result of the war. And yet I have a I have a non consensus view because I looked at Fed watch recently in the June meeting the odds of a rate cutter like 4% and I think that's, I guess, horribly wrong. I think that there's a very good chance worse is going to get in there. he's gonna bully the board into cutting rates. And that's gonna start another credit cycle, and it's gonna light fire underneath Bitcoin, Angle and silver. All the gold silver already had a big move, but I think they'll start trending higher as well. But Bitcoin, Bitcoin gold terms is incredibly cheap. I mean, I've been selling gold and gold silver things to buy Bitcoin 'cause it's just so asymmetric right now. So it's a very interesting time, with all these moving pieces. And the war is just another one of them, but Simon kind of thinks the war is theater. I mean, there's an argument that maybe it is. I don't really know. I think I really know. I mean, I have theories about how and why it happened. We'll have to see. I mean, one thing that's definitely proving to be true, remember when they started, he said it'd be a couple of weeks a month at most. Well, here we are, six weeks into it. This echoes what Runchall said, back in Iraq, war, oh, this'll be six months a year at the most. We're there for five plus years or six years, whatever it was. It's easier to start a war than it is to end one. And so there's a lot of disruption that's gonna take place as a result of that. And that's gonna be chaotic for the global economy. Luke Roman has done a great job of pointing out the second, third or effect. So if the straight remains closed for a long period of time, as it measured in another few months, I mean, it's already starting to impact some supply chains. I mean, you see jet fuel in Europe is up, you know, 90% and you've got countries in Asia, you know, restricting use of hydrocarbons and fuels because they're running out. The economy's gonna take a hit. And in a highly leveraged economy with a stock market at record valuations, if things really start to take a hit and slow down, you know, that's not gonna be good. And we're running, the thing that's most amazing to me, Paul, is that we're running this deficit, this 1.8 last year, probably 192, maybe higher. This year, and we got a chart on that quarterly. And, you know, this is with a healthy stock market and full employment, you know, relatively full employment. I mean, and historically, you know, in 2008 or 2000, you know, or COVID, when the stock market takes a dive and employment takes a dive, you know, the deficit totally blows out. And so, you know, we're running a big deficit before anything's broken, wait till something breaks. If something breaks, I'm not saying it will, but it could. If something breaks, the deficit's gonna get only larger. And so these all lead to, you know, what I'm kind of famous for, what I've been pushing for, what I wrote a book about, which is, you know, eventually, you know, their alternative is gonna be to let the whole thing collapse like 1929, everyone's gonna go bankrupt 'cause nobody can pay back the debt, or, you know, create money and print like crazy to try and get the next credit, so I go going the next round of growth going. And, you know, what I call a big print. And so I think that's, I think that's on deck, but, you know, whether they'll, whether they'll do it, you know, before or after we have a correlation to one event, I don't know, but correlation to one event, I mean, something really breaks. Like in the GFC, housing market broke, banks broke, everything broke, you know, Paulson came in and said, hey, give us 700 billion of the whole, you know, the ATMs aren't gonna work in the morning until the 8700 billion. COVID same story, we're shutting down the world economy, correlating everything what's going to zero, including US Treasury bond, there was no bid for it. So, Paul came in and imitated Merrill Droggan, said, you know, whatever it takes, we're gonna print enough money to keep this thing going. So that's a correlation to one event, where something really breaks. That could happen. And if it does, you know, the balance sheet's gonna go from 6.6 trillion to 15 to 20 trillion. The alternative is kind of what I call just creeping debasement, where they up the QE number, they keep rates low, you know, we kind of limp along and we're, we're definitely debasing, but not in a massive one time big print, more of, you know, a limb called the gradual print, I'd call it, you know, kind of a moderate print. But both of those things are in place, and of course, the third alternative would be to let it all collapse or to try austerity or to kind of everything back, et cetera. Although, you know, we're at the stage, we're even if we tried, you know, fiscal austerity, that would croak the markets in the economy. So it's really, they really are kind of trapped. And sadly, I don't really most people have any understanding this is going on in the background, because these things take years to play out and everyone's time frame, time to spend is about, you know, one news cycle or a month or a week or whatever, you know, people can't see that it's coming, but it is coming. And, you know, I think it could happen this year, but I could be wrong, it could be 27, 28. I doubt they'll make it that far, but it's coming. Holding you Bitcoin in self-custody is an important step towards self-sovereignty, but writing your seed phrase on paper is risky. Paper can burn, fade or get lost. Micro seed helps you stamp your seed phrase onto a small steel washer by the device once and use it forever. I love it. It's durable, precise and easy to transport. Use my link below for 5% off. Now back to the show. James lavish also wrote about it recently. - Yes, he's done some great work on it, yeah. - He wrote after Hank Paulson's break the glass warning, it could be slow-dabacement fiscal reform, which is very unlikely, right? And for a bond market break, and she said it's probably a blend of one and three. And, you know, I often think about you and Lynn Alden because even though you say it's gonna be the big print, Lynn says it's gonna be the slow big print, but over time it is the big print. - I think so. I mean, it all depends on government policies and all depends on what breaks and what doesn't break. I mean, you know, they've seen, they've had a couple of models. I mean, they want to avoid having a quote-unquote big print, they'd like to slowly debase the currency and hold everything together. They're gonna try and do that, but let's go back to Hank Paulson's comments because I think this is really important. I think people need to understand this. So, Hank Paulson, for those who don't know, is a guy who was the Treasury Secretary during the Obama administration when, or not was the Bush administration, you know, the GFC level finance crisis happened in 2008. As we all know, there's housing bubble. I mean, the big short, when we make sure it tells the story, there's a housing bubble, everyone got way out over the skis, tons and tons of leverage, banks went incredibly levered, it all came crashing down. And so he was the guy who orchestrated the rescue through that in conjunction with Bernacchi and Tim Geitha. And, you know, he's retired now, he's 80 years old, and he, you know, he basically, you know, should be playing with his grandkids and not saying anything. And you haven't heard from him since that. I mean, it's been a long time, right? That's 16 years ago. So it's kind of like, okay, suddenly he surfaces and gives a mainstream interview on a mainstream media sort of thing with Bloomberg and says, hey, you know, this is kind of broken and kind of could croak. And, you know, we need to have a policy for break the glass on the bottom market when the kinds of things that James and myself and other Bitcoiners have been saying for some time. And, but he came right out and said it. I mean, you know, he said it out loud. And to me, this is an enormous clue, just enormous, because why would he say it? Why would he say it now? Why would, you know, what, to me, you know, I think it's just like when Bernacchi took, we were doing quantitative tightening. He's recently as Q3 of last year. And they went from quantitative tightening to neutral to quantitative easing in the space of the fourth quarter, right? But when they were doing that, they always gave clues. You know, like, well, the balance sheet, we might have reasons for reserves, you know, they float these trial balloons. So to me, what Paulson just did was an enormous trial balloon where he was basically saying, look, you know, the bond market is a possible risk factor. It's a big one. You know, if it happened, it would be catastrophic. People should go on Google, recent Hank Paulson comments, a recent Hank Paulson interview. And just listen to him in his words, you know, and he said, and if so, we should have a break the glass policy where we got a plan on the shelf ready to go. My God, does it get any more obvious that that's what they're working on? So I think-- Because really they can't let the system fail. And especially, it would be suicide. Exactly. Exactly. And so to me, this was just an enormous clue. I mean, and here it is, he's saying in one month before we got a new Fed chairman, right? And we know the new Fed chairman, you know, he's married to the daughter family, you know, to a lotter and she's a billionaire and they're old friends of Trump. And he wouldn't have gotten the job if he hadn't, you know, basically said some of the things Trump wanted to hear. He just wouldn't have gotten it. And so-- and he's friends with Vicent. And Vicent has talked about having new Bretton Woods and how the Treasury and the Fed have to work together. All these things, by the way, are written about my quarterly, which I highly advise people to read if they're interested. And so, you know, we don't know what it is yet, but we know that in the back room, they're cooking up the next plan. They're cooking up the next print. And we don't know the shape and size and the terms and all that kind of stuff. But we know it's coming. And these clues are very important clues to observe. And, you know, Golden Silver have already smelled it out. And I actually think Bitcoin's starting to smell it out as well. I think the 60,000 spike bottom on Bitcoin was kind of the bottom. And, you know, we bumped around here in the 60s and 70s for some time now. And actually, one of the things that made me feel that was a real confirmation of it was, go look at a chart of MSTR, like a strategy. I mean, my strategy really broke out last week. I mean, on Friday, you know, very significant volume. It just-- it was up like, I don't know, 89%. It was up a lot. So it was like, whoa. And so here's your levered Bitcoin proxy, really outperforming the market and really starting to move. And so, you know, so we're in it. Oh, I mean, it's Grab Your Popcorn. Because I don't think we have to wait very long. I mean, I think, you know, Worsh gets approved. If he gets approved, and I think they'll solve that problem, it'll be in there in May 15. And for the next Fed meetings in June, but, you know, he's a new chairman. He could do whatever he wants, right? So who's to say he doesn't call an interim meeting? And so. Okay guys, here's the plan. Here's what we're gonna do. And they roll it out. That's, you know, look, I'm making predictions, like, you know, they're just guesses, right? They're educated guesses. I could be wrong, probably wrong, but I've been wrong and planning, but I'm just saying from this observer's eyes, that's kind of where I think this is going. And if they do that, you know, no matter what they call it, no matter how they couch it, whatever it might be, you know, smart market participants are gonna look through it and go, oh, I get it. They're gonna print a shitload of money. You know, I gotta get into stuff they can't print. And the two categories that fit in that bucket are, you know, Bitcoin and gold. So off we go. - And that's why we love Bitcoin. And like you mentioned, it has been holding up pretty well through this. - It really has. I mean, during the war, it's outperform gold, you know? - Yeah, and a lot of people say that the foyer cycle is dead. Although, technically, this would be our bare market. So what do you think? - I don't know about that cycle. I mean, I think it's, yeah, I don't know. I don't really have a strong opinion on the four wheels. Sometimes I think it's dead. Sometimes I don't. I mean, it's, I think I know about Bitcoin. I've been in a long, long time. It's really, it trades like a wild animal. It's very hard to predict what it's gonna do. And so, and that's why, and it's hard to hold it because of that, you know, and because you get these big drops, these big rips. And like if you missed the best days, I mean, Fred Groover had a great book on that, Bitcoin won a million. If you missed the best days, you're gonna miss all of it. So you got it. I mean, there's really only one, if you believe in it, you understand what it is. You realize it's non-sovereign money that, you know, we all hold. The only solution is really to just buy it, bottle it and forget about it. And then dollar crossed average it or buy it on the dips. I mean, the only thing I will say though is the power law model, which Fred and Stasi and some other guys have kind of cooked up, does seem to be pretty good at giving a sense of when you're on the cheap side of the ledger and when you're on the expensive side of the ledger. You know, right now in the 70s, the median power law value, I think is like 131.40, that area, that range. And you know, the stream would be like 200 or something or more, you know, 250s. You know, so at 70 something, 70 something is fairly cheap and at, you know, 200 or something would be more dear. So it's not a bad time to be buying it right now. The sentiment's been pretty shitty until very recently. - Yeah, that's true. You mentioned that Bitcoin is sovereign money. We're not using it as money yet. Although like you mentioned, Iran is using it as money for fees. - You talk about it, yeah. - Yeah, not everybody's using it as money. Some of us are, I mean, I buy things with Bitcoin from time to time. I mean, I pay some of my vendors. I have a electrician on Cape God who's up to Bitcoin. You know, but you're right. It's not widely used, medium of exchange currency. You know, we're still in the early days. You're gonna get your strike walled up and running. You gotta get your staffs there so that you can, you know, make payments to people, but it's happening. And I mean, Square and Jack Dorsey is, you know, put it on their side. And I think Walmart and some others have adopted payments in that format and stake in shake. We'll take Bitcoin payments and it's becoming more widely used. But yeah, we're still very early days in terms of actual usage for payments, you know. - But you do believe that that will eventually-- - Oh, absolutely. No, absolutely. It's gonna, it will win that game as well. I mean, yeah, I have no doubt that over time it will become the medium of exchange. It's just so simple, you know. It's simple, it's easy. There's no credit card processor. It's final. Yeah, it's just, it works. And it's private and, you know, non-sauver. So across all metrics, it's superior money. And there's only one metric by which it's not. And that's just awareness and use. And that's because, you know, when you bring a new technology to the world and, you know, you've got a lot of existing technologies that work pretty well. I mean, PayPal and Venmo and credit cards and cash. I mean, these things all work. You know, why do you need something different? And, you know, you have to kind of start to understand what it is and why it starts off as a superior store value money. And that's, to me, that longer term, that's the real, that's the most important feature of money that it be sound, that it not be, you know, dilutable by, you know, politicians. So you've got to start there. But once you come to that, once you understand that, you know, then the media exchange follows, follows right and locks up behind it. And maybe as CBDCs start to come on board and more bank accounts get restricted, maybe people will realize that Bitcoin, that's the true, you know? Well, that's right. I mean, I think that's right. I mean, so as I said earlier, I thought stable coins kind of helped address the issue of back seizures and so forth. But I'm coming to learn that they don't. They can actually be sanctioned. Yeah. And, you know, when you look at kind of a command and control economy, like a ballot, you know, and, you know, technological snooping on everybody, you know, they can see every single financial transaction you make. And I mean, those countries in New York that want to ban cash for just that reason, they don't want to be able to do private transaction. And, you know, lightning transactions are extremely private and hard to trace. You know, the surveillance state obviously does not like Bitcoin. They obviously do not like, you know, lightning. But if you want to have private money, it's in my opinion, it's the best solution. Yeah. It definitely is. You mentioned gold and Bitcoin and paper, golden Bitcoin. I've always wondered they've manipulated gold to a point, but of course gold took off anyway. And how do we know that they do manipulate Bitcoin a little bit, but they cannot manipulate it as much as gold, right? That's my take. I mean, it's unclear, but so a couple of things. One, they've had 50 years to build up the gold manipulation apparatus. I mean, even longer than that, because they started with London Gold School in 1963. So, and, you know, there are cables from Kissinger and others talking about how they'd make gold ball well and nobody would ever ask for delivery. And I mean, there's a lot of evidence that gold was heavily, heavily manipulated. But one difference, one important difference between the two assets is that, you know, gold has never gone up 500% in six months. So, if you're a manipulator and you're trying to hold the price of gold down, all right, fine. You can do it. The BIS can do it. Hedge funds on the Cayman Islands can do it. Large G-Cip banks can do it, whatever. And if the government wants you to do it, maybe they bail you out through the back door by giving you some free-printed money, whatever. I mean, a big year in gold is it goes up 20%. That's a big up year in gold. There've been some bigger ones. Not manny. Last year was bigger. You know, the seven late 70s were a couple years a little bigger. But in general, it's generally speaking, gold's pretty stable in terms of its price movement. But as we all know, Bitcoin can double or triple quickly. And if you're short, something that doubles or triple, so you're wiped out. And so, you know, my sense is that while people are applying leverage to Bitcoin and creating paper, Bitcoin, derivatives and synthetic things around Bitcoin, they're going to get their head chopped off because when it moves against them, you're going to have to move so incredibly quick to cover that, you know, the price will jump right through where they thought they had a stop loss. And that's actually the real point. Because that exists, it's what makes this asset so hard. It's the volatility of it. That's really the only thing they can criticize it for these days all is volatility. Over time, as it gets widely accepted, we want to be volatile anymore. But that's years, years down the road. The volatility of it just, you know, when-- But so let's assume there's a lot of short-- a lot of people who are short Bitcoin right now, short paper, Bitcoin, I think there are. I think some people used this as a short against being long the Madag 7. You know, I know that trade was on for a while. When it changes, when the psychology changes, and it really starts to move, you know, and say it pokes through 80 and then 90 and then 110, you know. And it's clear that, you know, it's not just going to stop at 126. There are going to be a lot of people on the wrong side of this. We're going to be forced to cover. And by the way, those are the people who are going to drive it. I said this another practice reason. It's not going from here to 126, you know, to 180. It's going to, you know, 250 or 400. I mean, because all of the people around the wrong side of the boat are going to shift to the other side of the boat. And by the way, then it'll get to 200, 300. And it'll, you know, probably be over bought. And it'll back off again and come back down to 200 and something. That's the nature of a new monetary asset being adopted. It's going to be a volatile affair. You know, and Sailor Point set out. And that's why he created a stretch because a lot of the capital in the world doesn't want to play with some piece of equity that's that volatile, even though it's one of the highest performing pieces of equity in the world. If not the highest performing historically for 16 years, people just can't stand that volatility. And so that's why he stripped out, you know, the base layer of that and said, all right, you know, by, you can effectively buy Bitcoin. You don't realize what you're doing, but you are. And by buying stretch, STRC and you're getting 11.5%. You know, annual real return owned by the way because it's a return of capital. It's not tax. It's deferred to actually basis is going down. And so, you know, the boomer class, a lot of people in my age group and some of my friends, we do have a lot of money and I think how do I get a yield on my money and, you know, they're maybe getting three or four percent. Suddenly realize, huh, I can get 11 and a half percent in this thing. That's interesting. So they come and they buy it and that gives sale and more capital and he takes it and he buys the most volatile underlying, you know, coins. And as long as the return on the coins exceeds 11.5%, his equity grows in value. That's a great model. And, you know, he's going to push it until he's the richest guy in the world, which I think he will be, you know, in five years or 10 years. So it's really, it's kind of an amazing story. I mean, it's exploding heads on Wall Street and corporate finance and business goals. I mean, nobody, this is the biggest financial story last 100 years and nobody's paying attention. I mean, you are and I am and Bitcoin is our and some others are. But he's getting a little time on it and we see it and so forth. But I don't think people really understand, deeply understand what he's doing. I mean, that's some guy on Twitter who, you know, experienced one, a bridgewater guy is still calling it all a posse scheme. And I'm like, dude, you just don't get it. You know, you know, you don't understand it first principles, what this thing is. It is amazing, amazing, amazing what it is. I mean, it's, to me, I feel like we're watching history and I'm like privileged to be living through it. It's just kind of like why? Hi, everyone. I'm excited to share that I'll be a speaker at BTC Prague 2026, the biggest and most influential Bitcoin only event in Europe. From the 11th to the 13th of June, come and join me to hear incredible speakers like Michael Sala, Jack Males, Fred Fenigson and many more. And connect with a community of true Bitcoiners. Get your tickets now before prices go up and use my link below for a discount. See you there. Do wish though that they would show proof of funds in some way or that we could see the on chain payment or, you know, so that we know it's there. We know it's there because he wouldn't take that risk, but. Yeah, I don't know. I mean, I'm back and forth on that one. I mean, I don't disagree. Yeah, I just don't know about about that particular issue. I mean. Yeah, I don't know the logistics of it, but it would be more transparent. I agree. I agree. Back to the gold Bitcoin conversation. I mean, that's the other thing. I mean, you know, with gold, you can, you can always bluff it, right? I mean, you know, so we theoretically have $1,000,000,000 ounces of gold, you know, stored for nox in New York and Denver and. All these West Point, all these balls. And yet, it hasn't been audited since the 50s. You know, and my belief is that some piece of it, not all of it, but some piece of it's gone. Some piece of it, you know, what I was told by some people who knew. People now deceased that were in the Johnson treasure administration, administration that. This fellow knows some of those people and he said that basically they told him. That when the gold pool, the little gold closed, taking place between 63 and 68. And made the mistake of sending some over there to support it and you kind of rated for it knocks. And so, you know, I mean, and it's interesting to write. I mean, Trump comes in and one of the things that's talking about, you know, we're going to order a lot of for it knocks, right? I mean, that was. Remember that. Suddenly, it's gotten very quiet. My sense is he got read in that, you know, nah, we really want to do that. That's not a good idea. And at least with Bitcoin, you know where it all is. You can see it. It's all on chain is there. You don't necessarily know who's at versus what, but you know that it's all there and that's the limit. And, you know, there's a certain sort of two about the math of how many of these things there are. And with gold, you just never really know, you know, who's got it. Is it real? Where is it stored? Has it been a lot of it? You know, how do you move it? I mean, it's limb points out gold started getting demonetized when the telegraph came along. I mean, you know, they, I mean, we all remember the stories of the pony express and you know, you watch which Cassidy and it used to blew up the train that had the gold on it that was going to pay the payroll. And, you know, along comes the telegraph and suddenly back in New York and send it back in San Francisco, a bunch of money. And they can do it just through a telegraph message. Debted this account credit that account. So gold's been pretty clunky money for all and that was, you know, in the 1860s. So gold's been pretty clunky money for a long time. And the best money we've had until Bitcoin. Well, the sound is money we've had. I mean, that yeah, not the best because it lost the medium of exchange function years ago. I mean, really, although you know, my grandfather, I mean in the 20s and the 1920s, you could take a gold coin and get 20 bucks. And you could theoretically pay for things with gold coins and some people did. I don't think it was a widely spread widespread practice, but it wasn't unheard of. You know, imagine trying to pay for something with a gold coin today. That just, I mean, it's just like never happens. You know, it's been so completely demonetized in terms of everyday life. All it really became was a superior form of sound money and those of us who are gold, he's always knew that we would come. We have to come back to that because, you know, as Voltaire told us all fiat currency eventually goes to its intrinsic value to zero. And we're now living through another one of those episodes. And in a way that is by design, right? Dead based systems. Absolutely. Yeah. Zero and then the rich people get richer. And if you hold assets, you do quite well. But what we're trying to get out the messages you can hold Bitcoin, which is a new money. And what is really wide, Bitcoin's going up is because they're printing more money and there's more equity in the system. That's exactly right. I mean, it's, you know, it's just the money is just a representation of goods and services that it can purchase. You know, the system as you point out is designed whereby they absolutely have to increase the base layer of money to support the growth through debt. Because debt based, you know, it's not equity based. That's one of the things that will change by the way. If we go to a Bitcoin system, you know, there will be a lot more, there will be a lot less debt because debt will be more expensive since we're things will become deflationary, which all the Keynesians tell us is horrible. But in fact, it's actually quite good. I mean, imagine your money buying more year after year. And, you know, if we go in that direction, the whole thing will get turned on its head and that won't be that won't make sense. And it's funny. One of the people I interviewed before Chad, he asked what does it look like if we are on a Bitcoin standard and after the fourth turning. That's, is that what you see a better world? That's what I see. Oh, yeah, much better world. I mean, I think there's no doubt that the thesis of my book is that trend away from sound money to the point now where money is just incredibly unsaid. And I would say the it's an increasing trend that started, you know, let's start with the founding of the public, but it got worse at every step, you know, the founding of its head, the Roosevelt confiscation, the Nixon, you know, taking something, you know, exchange data, et cetera. You know, it's broken society. I mean, it's really, really broken society. There is no middle class anymore. The middle class is suffering. You know, the wealth extremes are just outrageous and it's time to fix that and to make the planning field level. And the only way to do that is to make the money sound again. You know, we built a great world and a great economy on sound money. And we went off it and in doing so, you know, we're running the world into a ditch. And so the only way to go back to that is to go back on to sound money. Yeah, when we're on a sound money Bitcoin standard Bitcoin gold standard or gold standard, you know, I imagine be some kind of a hybrid of a couple. I think probably that's why gold before Bitcoin. Let's been talking about a monetary reset, although about 100% sure, you know, that they'll have the courage to really do that. I fear that what's going to happen is they're going to just let it keep running until we get to inflation, very high rates of inflation, border and high inflation, and then maybe they'll do a reset. Or maybe the currency will completely fail and people say, okay, that was no fun. You know, let's transact in real stuff again. And, you know, the dollar won't spend and gold will spend a big coin will spend that's kind of where I think we're headed and you know, when we get there, it's actually going to be really good. I mean, people like, well, that's going to be very painful getting there and they're correct. I mean, currency failures aren't fun, but I've studied a lot of them read about all of them and many of them and. You know, the one thing it is true is that when you go back to sound money, things get better very, very quickly. I mean, if you can avoid a war or you know, we're not doing that right now, but in general, if you can avoid a war and you return to a sound money system, you know, everything organizes around the new form of mine and people go back to work and you can repair shit. And, you know, now, you know, the people who are going going through the hyperinflation, you know, certain people got more badly hurt than others. And certainly older people suffer the most in hyperplace because they don't have the earnings ability to earn its power to recover whatever savings or pension they might have lost. The younger generations just, you know, if they didn't have any savings to begin with, they just kind of pick up on the got labor and off they go and, you know, the world becomes normal again. And so we've seen this in a lot of countries, I haven't Ecuador. It happened in one more Germany. It's happened everywhere. So you can, you know, you can fix hyperinflation by going back to sound currency pretty quickly, but sadly, you know, there aren't a lot of instances. There's some, but there are tons of instances of inflation got bad and we went back to sound currency. I mean, in many cases, it has to run its entire length. It's a total currency failure. And then, then it's, I mean, we got a couple of countries that kind of in that mid stage right now, like Turkey is one of them. But they have, you know, I haven't gone hyperinflation, they have a really high rates of inflation. Some of the South American countries wants to do that as well. And, you know, we could, we could be in that condition. It's just that I think if we're in that condition, if I think the US gets to the point where we're running double digit inflation regularly, my sense is the political outcry is just going to be enormous. And so, and somebody is going to stand up and say, I am a sound money politician, you know, elect me and we return to a form of sound money. And they're going to win overwhelmingly. And so, and then we'll, and the reform will happen. That's my, I mean, it's, that's my belief. It's kind of it's a little bit of a hope. And I suppose someone say, well, that's not even. like it happened, but I'm not so sure. I mean, it could happen and could not happen. I'd like to see, but I think it's a possibility. And that's what I hope happens. Like you mentioned, the system benefits those at the top a lot. And they all get quite for it. And it could be a long time coming because it obviously benefits them. But I kind of have the feeling that if we ever get to a Bitcoin standard, it's almost going to have to be forced upon some of these people. I think that's right. That's why my my base case is that we actually have full fledged hyperinflation. Sometime around 2030, 2032 somewhere in there. And yet we're still the cleanest shirt in the laundry. Well, yes and no. I mean, all the currencies are failing. You know, and who knows, I mean, they'll be wild cards. I mean, China could come in and say, hey, we're going to back to yuan with gold. And suddenly they've got a sound money, you know, but right now they're not doing that. They're printing as much money as we are. So it's not as if they're clean and we're but like, you know, what'll happen, my view is what's going to happen is this red team that's now running the show, you know, and started this down this path of war, you know, is losing traction very rapidly. And you know, it seems certain to me that the midterms are probably at the presidential level, you know, the other team will win. Just because, you know, it'll be, you know, who knows unless I mean, and they'll probably put up a terrible candidate and still win. And mainly because the average voter will think throw the bombs out. I mean, the sucks in the outside can't be worse, which is necessarily true, but, you know, they'll do it. And, you know, the blue team will be worse than the red team with respect to spending. I mean, they'll go to universal basic income. They'll forgive all that. Still, you know, they'll do STEMI checks. I mean, all of it. And it'll just, it'll just get worse and worse and worse. So again, I just can't emphasize how important it is for investors and individual people to take them. You know, this is a multi-decade affair or certainly multi-year affair could be a decade from inception. I mean, I think peak deflation was in March of 2020 and we changed to inflation after that. So now we live in an inflationary world. And until that gets resolved, saving in anything that's not, you know, sound money, not printable, is a bad idea. And the people who have their assets in sound money, things are going to be, in my view, they're going to benefit incredibly well, you know, compared to people who don't. And it's going to be kind of sad. And maybe the people will say, well, that's unfair. But, but no, I mean, everybody has an equal opportunity to buy sound money right now. I mean, you can stick with your 401K and the S&P 500 or even go by micro strategy and Bitcoin and gold, you know, pick one. And, you know, guess what, if you picked the wrong one, you know, in 10 years, you're not going to be as well off as somebody who picked the right one. This is going to be really, in my opinion, it's going to be really noticeable. You know, and so it's kind of like, all right, I mean, I, you know, I talked to a lot of potential investors in my fund who have a lot of stocks and they're wealthy, they're very wealthy, and they have it all in the stock market. And I'm like, well, that's great. And they, and they, and their answer is, why? And they say, what's work for me? And that's, and I get it. It has. I said, okay, that's fine. You have a 40 year deflationary trend, but now things have changed. And we're in an inflationary environment. And last, the place from around was the 70s. The stocks were flat for 10 years. Gold and gold and oil, you know, were the best performers by far. Don't you think you want to consider, you know, getting some of these some money assets, even if it's not all of your assets, even if it's 10% or 20% or 30% I mean, don't you, don't you feel like you need to have something over here? Some people say yes, and a lot of people say, nah, I don't need that. But I think those who said, nah, I'm going to kind of regret it in 10 years. If you truly understand Bitcoin, you know why it's so important to be your own bank. Without full self-custody, you're trusting a third party that knows who you are and how much Bitcoin you hold. Bitcoin is about eliminating counterparty risk. It's about self-sovereignty. The Bitcoin way is the best way to learn the skills for this level of freedom. Their one-on-one approach teaches you how to take self-custody without ever needing to know who you are or how big your stack is. Go to the Bitcoin way and book a free 30 minute console. Don't delay. Your freedom is at stake. I think you're right. All roads lead to Bitcoin and if you could get them to read your book with an open mind, they might get there. I hope so. Yeah, I mean, that's what I've been told. It's worked for some people. It doesn't work for everybody. I mean, it's, you know, there's a certain, I mean, it's interesting. Well, there's a certain category of boomer who, you know, has done well the rich, you know, the system worked for them, you know, they're pretty selfish. I don't really care about society at large. And, you know, they really don't want to consider, you know, the broader implications of the system and how it screws a lot of other people. It's kind of like the system works just fine for them. They're not feeling any pain and they don't see any reason why they should, you know, they change the behavior or hedge against any kind of a change. And they're entitled to that view, but if they live another 10 or 20 years, I'm going to realize that they miss something. They miss the change of the tide here. And so right now they don't need Bitcoin. They're not curious. They don't need it. That's what brings most people in, right? I think that's exactly right. I mean, it's interesting. I was tweeting. Oh, I think it was Natalie did it pod with Simon. Simon talked about how he got into it because of how his dad suffered in the GFC. And Natalie's family suffered in the GFC. And as you know, from reading my book, my family suffered in every one of these suffered the depression. It suffered in 79 and I suffered in the GFC. And you know, when you, when you've seen it, and what, when you've seen the financial system and what it can do to people and how unfair it can be, you know, you kind of go, Oh, this isn't right. One, I don't want to have that happen to me. How do I protect myself? But two, how do we fix the system that's so unfair for everybody? It's a sophisticated con that these guys have pulled on us. I mean, this whole canesian, you got to print money and we got to have inflation or else we'll fall into deflation. I mean, it's all, it's all just utter horseshit. I mean, it's just total complete bullshit. And it's so disgusting the way we've been gaslit by these people. But here we are, you know, and, you know, I'm not the Federal Reserve Chair. And, you know, and I'm not a senator. I'm not a congressman. I mean, I, but, you know, but I've got a voice. And so I can write a book and I can do podcasts and I can try and help people save themselves. And that's why I do this because I, you know, I feel like it's an important topic that people's wealth and savings is, you know, look, that matters, right? I mean, you know, families get built. Education is get paid for the, you know, the loss of the loss of wealth can be devastating for, you know, for families, individuals, et cetera. Greets all kinds of problems and health problems, drinking problems, marital problems, all of it. And so, you know, it's a core part of humanity, the notion that you can work hard, you know, save your money and get ahead in the world and not be taken advantage of, not be stolen from that's, you know, that's kind of the, you know, the core thesis of, you know, kind of the American way. And yet, in fact, if you look at what's happened, they've kind of, the condescent to accepting a system that's not really what I just described. They can take advantage of us and they do. And so here we are fighting back. And yet, some people get ahead, like you mentioned, some of your friends and they do pretty well. But for those of us who had some of your type of experiences, we have to really rewire our way of thinking. And your book really helps that. But in order to rewire your thinking, you have to keep an open mind. And I will put a link to it below Larry. I think it's. Well, thank you. I appreciate that. I mean, start with. Yeah, no, it's gotten good reviews. And I think it's a decent tool. A lot of people, I mean, not everyone likes it, but a lot of people say it's helped. And I wrote it. I tried to write it at a level that was sophisticated enough to show the evidence and really make the case. But simple enough that you don't need a, you don't even need a college degree. You could, you know, any count, it's a common sense kind of book. Anybody could read it and go, oh, yeah, I kind of get it. I see why I'm being screwed. And I see how they're doing it. And I know what I got to do to protect myself. And that's really, you know, that was the message I tried to convey in the book. How can you protect yourself? And buying Bitcoin is an act of self preservation and preserving your savings, your future energy, you know, your hard earned money. But it's also, it's also a political statement in the sense that if we can get, I mean, as my friend, Jack Puth has said to me several times, is it, look, remember, if we get everybody to use this, we could collapse this broken system tomorrow. It's right. I mean, it's like, you know, the, the, the fiat system only survives because people believe in it and they participate in it. And if everybody said, no, we're not going to do that shit anymore. You know, we're not going to borrow on your credit cards at 21%. We're not going to, you know, do all the stupid things that fiat makes you do. You know, we're going to live on the Bitcoin standard. There would be a lot of things that look a lot different. Well, we humans are slow to change. Well, at those times, yeah. Even I find myself, I'm moving more and more into Bitcoin. I'm not 100% there. But do you also feel like you're moving even more? Well, yeah, I mean, it's hard for me to move more and more because I'm already all, all the way there. But I, But I mean, to be fair, I mean, to be fair. - But you have some gold, right? - Yeah, I was gonna say to be completely transparent. As you know, and as most of the list is probably, you know, I came to this from a gold point of view, right? I've been in the Sound Money War for 40 years, and I always knew Fiat was a fraud and it kind of increased over time. The GFC was what really radicalized me. I mean, when they took race to zero and printed a gazillion dollars to QE, it was like, okay, now I really get it. I can see where this has had it. But I've never abandoned my gold roots. I mean, gold is a good alternative for those who don't like the volatility of Bitcoin. It still is Sound Money. It will continue to go out. Ultimately, Bitcoin will demonetize gold and gold will just become jewelry. That's gonna happen, but it's probably 40 years away. I mean, it's a long way out. Notice in this most recent episode of debasement, you know, gold and silver smelled it first. Now, Bitcoin's gonna come along and blow them away. I mean, there are 8 billion people on the world that intrinsically understand that gold is Sound Money. You know, sadly, there are only a couple hundred million, you know, that understand that Bitcoin is a better form of Sound Money. And so, you know, so I maintain a foot in both camps. I think over time, one of the things that happens, actually, it's interesting is, you start off with an equal allocation of gold and Bitcoin. And Bitcoin performs a lot better. You don't buy or sell either one. Bitcoin performs a lot better. Well, guess what? Your gold allocation just went down. So, I'm not really selling any of my gold, but I'm not buying any more gold either. - Right. - You know, when Bitcoin's a million, when Bitcoin's a million dollars, I mean, you know, my break down right now, so I don't know, somewhere around 50/50 with Bitcoin at 75K, it was more heavily weighted to a Bitcoin on Bitcoin, which is 126, obviously. But, you know, when Bitcoin's at a million bucks, my gold allocation is gonna be, I don't know, 10% of my net worth or something. It'll be substantially less. And gold, by the way, at that time, gold might be at 10,000. Gold's going higher, you know, gold at 5,000 will become gold at 10,000. But Bitcoin at 100,000 is gonna be Bitcoin at a million by 2032, if you follow the power loss. Your Bitcoin allocation squeezes out your gold allocation, even if you don't buy or sell either one. (laughs) I guess it's an important point to make. - And that's why they say it's an asymmetrical bet, right? - Exactly. - Well, thank you Larry. I really appreciate you being here. Tell us what people are. - Let people always do it. - Yeah. And I'll put links to your website and your book below. - Okay, sounds great. Thanks. - Thank you. (dramatic music)