The Investing & Crypto Expert: "We Only Have 6 Years Until Everything Changes!", "The S&P 500 Isn't Worth Your Time!", "Don't Keep Spare Cash In A Bank!"
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We got about six years before everything changes and we thought money in the bank said we thought our household, but no of that true. And the moment put your money and your savings in the bank. You don't own anything and your future self is getting poor of about eleven percent every year. And that's the problem, the financial security and wealth creation. But I know where the options is lie.

I like the answers, so could you explain its .

me through the context of this?

okay. So raw power is one of the most influential voices in the ever changing world of modern finance and acting the secrets of crypto o future .

people know their futures they can for by they have less safe death from university people. That is, is the first generation that will be, is rich, is the parent.

So what advice would you give to set myself up for? Well.

in the future, you start invested.

But what about the people that no matter how hard they work, they still don't have that access income to invest?

You don't need huge savings. You just need to understand how to look for opportunities. For example, the S M.

P. Five hundred is not worth your time, really does really make any money. Those days ago, gold actually lost you money put. Investing in crypt like bitcoin gives us stupidly high time in ort, growing at one hundred and fifty percenter years, scaling at twice the speed, the international, now the go with five hundred dollars in the age.

I have the question here then, so when now thirty years old dish, I have a missed the boat. No, much of the reason why I think people don't interest in cricket, as have stories .

where people put you and they .

ve just and then how do .

I invest in cricket? It's really simple. Start somewhere. So do that and your mate.

From a very high level perspective. And i'm being unspecific here, i'm looking for unspecific. A what exactly is the mission that you're on in this season of your life? Like what are you doing and who you doing IT for?

So obviously you of herself, but really I think that i've been armed with tools and knowledge over the years, my thirty year career, that I kind of have a decent sense of where the world is going, where the opportunities lie and where the risk lies for people. And I can see the problems people are facing, and I think of answers. So what I want to do is help as many people as possible in that journey.

And why that happened to me was I was in spain back in twenty twelve, and also during the financial crisis, two thousand and late, and I was writing micro economic research for my research service, global macro investor. And I had seen IT coming. I predicted that.

I knew what was coming. I knew the problems. I warned all of my friends, they are no list.

We understood about the financial crisis. What was gonna en most of them because I was living a beach town in spain. They were in real estate. They went best. But worse than that was that when we got to the european crisis, when basically the governments of eur ran out money, the banks also run out of money, and as supposed to being bailed out, they got well known as bailed in, which means that they took your savings to pay the debts.

And friends of my parents and friends of friends wiped out, and they were like, why didn't we know I might? That was a question that SAT with me for a while. Why didn't we know? And I saw that everybody had lost total faith in the system.

So occupy wall state happened at the same period, and IT was, people angry is like we thought money in the bank was safe. We thought our house was safe. We thought the system was there for us. And suddenly they all wake up and realized the system was not there for them. He was actually for other people, you know, people talk about bankers never went to jail.

Now there, there was that sense that IT was never concluded, and it's set with me for a long time thinking, what can I do about this? Because I was writing super hand kind of research for hedge funds and, you know, big asset management firms. And so IT wasn't accessible to people.

And then I wrote couple of articles. One got leaked in their heads in its early days, and IT became super vo. And I thought, maybe the something here that I could reach a brother audience, because then I can help these people.

And that's when we came up, the idea of real vision, which is the idea of interviewing the people at the very heart of the system, and kind of sharing the details, because these people weren't hiding IT, they wanted to help people as well. Everyone had that sense that we could help people. So i'm still on that journey.

And that journey kind of has taken a multitude path starting businesses, but also just trying to educate people on why they feel the way they do. You know why politics is so polarized? Never used to be this bad. You know what's really going on and who really to blame? I want to do that .

if I stopped the average person, or on the street that knows you and what is real vision. And I asked them what his role in his channel and his information done for you, what you think they would say, the average person.

they just say thank you because we've helped dismissed fy IT, the world of finance. And you see we all have the rest of unhappiness, and happiness often comes from. Does your vision of your future self match where you are today? Can you see that path? Whether that's finances, whether it's health, they're all very similar journeys.

And when people can't say the vision of their future itself and they can't see how to get there, they get upset. And what we've trying to do is on fuck people's future, which is an expression we use, which is a way which is a memetic or a mean or just a short physiology, to help people understand. We understand that you feel like you don't can't get the way you want to get to, but there are options to do. And I think people immensely grateful for that. In general.

if you're on a mission to help people and fuck the future, can you explain to me specifically the things that stand the chance of fucking in the future from a macro o perspective? And when I say macro, we have to pose and just define what I mean by the word macro. When I think of word macro, I mean big picture yeah perspective. So from a big picture perspective, what are the things that stand a chance of fucking my future?

okay. So and we can we can dig into why these things have occurred. But generally speaking, wages in real terms of justice, inflation haven't gone up for decades, so nobody is getting richer.

If you're in america, you have this powerful mean, which is the american dream. But that is not a reality for most people. The reality is you grind IT out.

Your savings are not worth, but you thought they would be this whole promise of your pension and swanning around on a cruise ship around the carribean when you're older, living in a nice house, none of that is true. And it's because wages haven't gone out. So okay, so let's cut to somebody who's in their thirties now, because this is the really important cohl I think, for this, they honour fled my house.

If I go back to when I was thirty, I bought a house in london. And IT was IT was a nice place in a good area, and IT was three and half time salary. Yes, I was in finance.

I was turning a high salary. You can buy anything. The three and A A half times is your salary. Now that same place, if I took the same kind of Young investment bank, accelerate probably eighty ten times. So it's tripled.

And how expensive is to just buy your first house? So what is the house first? Is your quality of life particularly? You know in england the U K, uh, in the U.

K. Are in the U. S. Wear home bias. We think of our homes as our castle ts. It's like the thing that solidifies our security. But you if you're in germany, for example, they don't their rent.

But if we think about the mindset of owning a house, it's an asset that you can then put on or you can see if you need to. And an asset is really a future savings plan. It's something you save now that in the future you can consume, you can buy stuff with.

But what you're doing is for the average thirty five years, the average milenio is thirty six years old. They can't afford to buy the house, so therefore their future self is poor. If they think of how much of the stock market they can buy, they can buy less with their money.

They have less savings. They they got debts from university, so they don't have the abilities go out this trap. And then what we are finding is because of this, they're have to live with other people into their thirties.

They're having to they don't have kids and they don't get married. And these numbers have collapsed since one thousand nine hundred and eighty three. You've seen these numbers come down from people living on their own.

So I you could get your job, get itself an apartment, is going from eighty percent to sixty two percent. You're seeing the marriage rate half. You're seeing the whole ownership great go for fifty percent to thirty percent.

These are all expressions of the same problems, which is people know their futures fact, and they can feel that to have a sense of desperation. You see then the same cohort of kids in their thirties doing two jobs, three jobs, four jobs. That's not because they want to.

Nobody wants to work. Twelve our days, seven days a week, because they have to. And their parents, the baby bombers who are in their seventies and retiring, never had that.

They were the Richie's generation the world have ever seen. So this is the first generation that one is reaches their parents. And that's a weird thing because we're all used to human progress, the american dream.

If the american dream is what you will never be as wealthy as your parents. And they were middle class people and i'm now less well off the name. That's kind of thought.

So the history stack about a thirty old today versus a thirty old in one thousand and eighty three. So a thirty year old in one thousand eighty three, eighty five percent of them. Lived on their own, they could afford a households apartment to rent or to buy.

Now it's sixty four percent. So people living having to live with other people. Marriage rates, they've gone from eighty percent of thirty old in one thousand and eighty three. You are married to forty seven percent now kids having kids gone from sixty percent to thirty two percent. Population growth is collapsing because people can't afford IT. And home ownership for a thirty old has gone from fifty percent to thirty two percent IT is shows that dramatic change has happened, happened over the decades, and why each generations found IT more and more difficult to be not their parents.

So I am thirty years old dish. Yeah, I like hanging on to thirty for long as I can. What advice would you give to someone like me? That's my age or maybe even Younger, you know mid twenties, asked to how to play the game over the coming years to make sure that I don't find myself in a position where i'm having to work two jobs on paul. I don't have assets. I don't have anything to show for IT like if you take IT right back to being like maybe, let's say, a twenty old to twenty five year old, how do you play the game when I think about something thinking like wealth creation, how to then preserve my wealth? Like what's the game?

So the first part of the game is income. And without income, you don't have the cash to do the other things, to invest or to look opportunity. So first thing is income, but even that's changing in how we earn incomes these days.

You know, IT used to be you going work for a big firm, you get paid, you get the benefit, that's all going, and nobody wants to do IT. So you kind of end up having to be an entrepreneur, two or three different things. The point being, if your twenties do all of that work, day and night, really do as many things, learn as much as you can.

fail as often as possible about worklife baLance and .

new twine's bucket, because that's the time to put in the hard work. Your work life baLance actually comes out later. I'm a big believer in, yes, if you try our university, go traveling for year to you know that a gets rid of depends of me, but also gives you much broader perspective in the world than any other single thing that you can do in your life. After that, you get your head down and you get your head down probably ly made thirties OK.

So when you say get my head down, I am guessing one of the most important things in that season of your life is knowledge acquisition yeah and then if that's true, then the next question is what type of knowledge should I be acquiring to set myself up for wealth in the future? Because I could go a my knowledge of, you know how a cleaner toilet or how a big garden. But what what is the most high returning .

knowledge for IT is firstly being expert on something so, and then a generalist one as much as possible. Be that expert because some people will pay for that at least for the time being. It'll talk about how the world may change in the future. But for the time being, if you're next pot in whatever IT may be, whether it's driving a taxi or whether it's a computer scientist, doesn't matt a beat, an expert compete with yourself day and night to be the best that you can? So at least it's gonna give you the chance to earn some money OK.

So just to drill down on that before we continue to me for IT, how does one become an expert? Like what the, how do I have to show up to become next?

But you an expert? O, so this to me is this is a trick that I learned, and it's called manifest ing your own destiny. And what you do is what i've always done my whole life is I envisage myself five or ten years in the future.

What do I want to be? And you look around you. And so OK, what are the things that I want to have that future vision of myself, as opposed to the thirty forty years? A path is too difficult.

Give IT five years. We don't want to be in five years. okay? And you look around that future world and you think, okay, well, how do I got here? You know, if i've built a business cleaning windows and i've got twenty people working for me, where, how did I get there?

Well, out of hats, we have figured out, okay, how do I make this scale? How do I employee people? How do I train them to have the right standards? All of that you ask yourself your question of what that success looks like, and you kind of deconstruct IT and go back and make that happen.

So you reverse engineering back from that, that five year reality. So window cleaning with two employees, I need to learn management skills. I need to learn to clean a window counting accounting.

I need to learn probably marketing, yes, so I can spread the message of my business. I probably need to learn potentially, like had to speak, but public speaking because that sales. So I need, I need to the technology.

you know what what solving detergent of people using what other ways of doing IT more efficiently and faster so I can beat .

the competitor so I might go work for a big window cleaning company to see how they do IT to transfer opportunity in what they're not doing yeah or .

even somebody who manufacture stuff for that sector. IT can be anything where you can clean knowledge to give yourself an unfair advantage. Now on podcast, IT always makes IT like easy.

Everyone becomes an entrepreneur before you know everybody is rich doesn't work that way. But all i'm trying to do stack the odds in your favor of getting closer that the image of your future self and you can reverse engineering. So i'm not an .

expert in whatever. I am twenty nine and i'm an expert in window cleaning, whatever IT might be, and i'm a journalist. Many things you think that's going to enable me to start to build wealth in something so that I can go to the next section of my life.

So when you become an expert or when you become good at something, if you're carefully your expenditure, you will produce excess income, right? Because people are gonna pay you for your expertise. So if you manage yourself carefully in the first few years, the excess cash, you can then choose what to do with that.

Now maybe you want to build the real business that you wanted you to build in the first place, the crazy idea you've had. And if you're in twenties, you can take the risk and blow your savings on that crazy idea because you've actually learn how to do build a business already by building the one that you started or you start invested. Now the world of investments was this world of weird financial advisers, and they would tell you some things like, will you do this and then you're a twenty five year old in forty five years time you'll get some money and fuck that.

I mean, what what am I onna get out of IT when i'm sixty five years old, they suddenly get a lump that i've spent the whole life saving for. I don't feel IT it's I got no emotional touch to my pension plan and i've got real world problems to solve. I can buy a house.

I can't get married, I can't have kids, so I need to solve these in a shorter time period than my pension. My pension was suitable for a different generation that just needed enough after they stop working. So I gotta solve that.

And the answer is investing that most people roll the rise and go really stocks and bonds is boring yeah. But the world is change. The world is change in many, many ways.

But it's offered us opportunities, whether it's investing in technology, investing in critter, that gives us much high returns, stupidly high returns. In short, paris time OK, that's some magic. That's magic for Young people and maybe too risky for their parents.

But if you're Young and you can take some risk OK, here's your chance. So now you can build a business, use some excess savings, put him in investments. Now your on the path.

So let's get on to investing them. But just before we get on to investing, I was playing through the difference what a person's of my audience. And I was thinking that some of them are working really, really, really hard at the moment they're doing you.

They might be A A cab driver, they could be you doing some sort of manual labor. And IT feels to them that no matter how hard they work, they still don't have that access income to invest. So for those people, and this is a little bit of a maybe a contentious question, like is there's something that they're doing wrong as IT relates to the game?

No, the game is the game and you have to play the game. So okay, so maybe you don't have thousands to invest. I've seen many, many people in markets like crp to go from five hundred dollars to five hundred thousand dollars.

Now there's a lot of people who don't to either. But all i'm saying is the opportunity is there. You don't need to bet your heart, you don't need to have huge savings.

You just need to focus what you're doing, understand how to manage risks of IT and how to look for opportunities. And it's the self self teaching is how do I become that guy is got a half a million dollar portfolio. Considering I got five hundred dollars today or thousand dollars today.

Is that possible still? Yeah, very much. Haven't I .

missed the boat? No, no. It's happening again right now in meaning this is fascinating. People watching this will go of what a bunch of nonsense these are. Coins, tokens will talk about block chain in and this later.

But these are investments based on a mean, a joke, a joke, something that grabs attention on the internet. And you can bet on those. Well, what is that? That's about betting on attention itself.

If you think about a business like facebook or google or any of these are twitter, they're all based on attention. And now we can bet on attention. Do people find that funny? Are they gonna find that funny in six months time or six weeks time? And we can bet on this stuff.

Okay, this is the super speculate event. There's also a very cultural. It's not about investment bankers. It's not about gatekeepers. It's about you pitting yourself thinking, is this gonna catch on violon?

If IT is is going to grow bigger? Now some of those might do one thousand x in six months. Now nineteen, nine percent goes to zero.

But all i'm saying is returns are there and then you've got different levels of return. If we look at bitcoin. Well, actually, let's compare at the S M P five hundred ds. And this is this will be an important number later.

What's the S M P five hundred?

That's the U. S. Stock markets, the broadest measure of stock market. You can buy shares in IT. Now that grows at about ten percent year, eleven percent a year.

So let's imagine you've got your thousand dollars, while eleven percent of years can take you fucking long time to make any money, right? So IT is not worth your time. The financial advisers will say, yes, we must do this.

Start now. And I am sorry, it's just not gonna change your life. Okay, then we go to technology stocks. Now stack does about eighteen percent a year.

Okay, that starting to add up because these numbers compound after, well, you know, that goes from one thousand to one thousand two hundred, and then it's another twenty percent on top of that twenty person. These numbers are up fast. Bitcoin since two thousand and eleven thousand, one hundred and forty five percent a year, even with IT falling eighty percent three times in middle of that.

So one hundred and forty five percent year as long as IT long enough. okay. Now that's really starting to pay off.

And then as you get slightly more speculative, I take a bit more risk in things. Well, the returns got, but they become risky. So once you stop moving into that world, okay, this is a whole different world now. Now they got with a thousand dollars can get rich.

What about buying a house? Because I think most people think the minute they get some excess income, and I know for sure when I say most people is like ninety five percent of people that walk the streets, think that the minute you get some xx income, you should take IT and put in a savings account and buy your first house, get your first mortgage. Now, as a strategy for wealth creation and unfun king, your life.

is that a good approach? No, because it's not wealth creation. People think of houses is like an asset, but in the end, you barely ever able cilia house to take the money out.

You might downsize later in life, if absolutely needed. You might sell IT. But generally speaking, your house is the lifestyle bank.

Now that is super important. And I think IT is the most important trade of all is the lifestyle bank. So what do you do this all for? You want lifestyle. So do you sacrifice your future self having more money by having a house and having security earlier? I would ask you those days ago.

would you mean so I could .

do IT because it's three times income? yeah. So the house was not expensive for me, so I can stop paying IT off a bit sooner. And IT became not a big deal. But now your mortgage is likely huge amount versus your income.

You'll spend the rest of your life paying IT off and most of the time you'll just paying off the interest so you don't actually get not getting anywhere. You don't own that house. Anything goes wrong, the bank takes away from you, so you've gotta get more control of your life. And that is by having savings that are growing, then you can make the choice. You know, let's say that example of the person gone from a thousand dollars to five hundred thousand dollars, maybe on root, they say, well, i'm going to takes some money off the table and put in my lifestyle bank and i'm gonna buy a house that's what i've done my whole career and I find the lifestyle bank that that's the reward because now it's like, okay, maybe can take my .

house away so if i'm trying to build wealth, buying a house is not a good idea. Is not the best approach to take the build wealth you're telling me that is actually about psychology and about emotion the house and its not about making myself wealthy. I, I wanted to read some of the comments that people often post when we talk about these subjects, because I think you will probably the guy to address some of them.

I bought a house and is the best thing I ever did. IT launched my minds, certain new directions. Remember that having your own space has profound psychological impact and can be life changing for some that don't live in a healthy environment. I guess that speaks to your point about being a psychological you'd .

also get the same feeling if you rented that was a nice place, and you knew that you your rent secure wasn't to go up whatever IT was. I don't think there's any difference in that. As long as you can feel that you've got security, you can take risk and do other things. I purchased the house in .

two thousand and fourteen, and I sold at seven years later for sixty six k profit. Um i've put a large amount of the equity into a financial investment portfolio with my bank and it's been down two percent since I also put some money into different chairs based on more buffs strategy and that's now up eighteen percent. A friend of mine also lost about thirty to forty k on investing in the stock market.

You have to be careful. I don't think there's a create solution. Some house purchases do amazing, this idea that some house purchase do amazing and some people make returns as as a sentiment I often see about buying a house.

Yes, and you know, we're here to the U. K. There's a big idea about buying two or three houses, getting a mortgage renting amount, using the cash load to pay for the other one.

That's a lot of people's dream portfolio idea. You know I ve rented out houses in the past generalists. If you're not in a big city like london, it's generally often a terrible business because you got ta repair them.

There's a lot goes on headache, headache tenants yeah if you know people think it's easy, mother, I just, I just do nothing. And that all makes money. There is no easy money in this world.

And there's risk, right? Because that little pyramid of mortgage are all backed by your income. You to put pay the mortgage on the first house, you lose your job. What happens then IT becomes problematic because if you are losing your job, maybe the economy slow and other people losing their job and something before you know no of these mortgages are getting paid and guess what, you don't know any of this stuff, how's are not a safe investment.

They feel safe because the Price doesn't go up and down every day, not on the screen, is not on C, M, B, C, but they're illiquid, which means there are often trade. But sometimes something happens in that equation, either the Price goes down or your ability to pay that mortgage goes. And then the whole thing collapses in seconds.

And two thousand and eight was that double? Everyone lost their jobs so they can pay the mortgage and the house Prices collapse. And so I don't think houses is the panache.

They're not the perfect answer. Yes, they can be real estate as a decent opportunity and will talk about debasement of currency and how that all works and really cited is okay. It's certainly not the best.

But but you know yes, if you're rich and you can own these things with out mortgagees, you can be the duke of westman for now in half of london, just collect rent. You can do that for x generations and be rich forever. I get IT, but most of us don't get into that situation.

My brother, who has been an invest maker for about ten years now, works in my company. And my friend, he said to me when I was Young, when IT comes to creating wealth, what you want to do is focus on games that very few people can play, but you have a unique advantage because because everyone can buy house. So you you should assume that the returns from doing IT aren't going to be amazing. So he was like, go find a game that you high leverage. You have an unfair advantage.

Experts something.

you be the expert, something where you, because of your knowledges, your expertise, your experience, contacts, you can play that game, but very few other people can. That was that's where you yelled jahre est returns. And I was thought about that just very logically thinking, if everyone can play the game, don't play that game.

If you're expecting high returns because the returns are going to be very low. And I say the first game everyone plays when they get a Better but bit of income is by a house. So logically, you can go again, that's not gonna eld me the best returns unless I get lucky, unless I get exceptionally lucky and I buy they build a lady whole foods next door and IT becomes the the center of the world um which is again, the probabilities still not great. So what do you think of that as a theory?

The same theory as I said, is be an expert something, and you can find more opportunity if you're just a journal alist, it's really hard because you're competing against average people. Doing average thing is right? If you're just working in insurance office, I mean, this thousands of people, I, plus you're competing with A I, you know how you ever gna be something within that, how you become an expert.

Now you could teach yourself, okay, if I don't mind this industry, I think I know IT. Maybe I need to learn management skills. Maybe I spend all the time listening to podcast and learning management. Maybe it's and that I can then manifest my destiny but as you say, doing something other people aren't doing is a superpower.

Not really interesting with that is the same idea of becoming an expert um I think is critically important. But then there's this other step I found, which is knowing what markets apply your expertise to to yield the greatest return. And the very simple energy l give you is for the first portion of my career I was I became an expert social media.

Now with that skills set and expertise, you can do number of things. You can help pay fashion company ies, sell more dresses, and that yield x return, a smaller return. Then in the second portion of my career, I realized that that expertise was highest value in most rare if I applied IT to helping public companies tell their story before their IPO, because the variance outcome for the public company that I was applying, my social media petites, too, was billions.

So in the second sort, sort of era of my career, I worked with companies that were about to IPO about good to public market, where the performance could be, the market could be one billion, or if they were really good at telling this story. In a world where retail investors are now so interesting to everyone because of wall street bets, their market had to be three billion. But that means they would pay me seven figures for my skillset.

And I often think about IT. You think about the stock market. If you put a company on the stock market in london, it's failed, let's say, one million.

If you put that on the stock market in america. The same companies valued for a million, the same company. If you think of your skills like that, where are you applying your skills to reach reach the higher retire?

Let's go back to the window, theano, who's now decides the bill, his business and he's got twenty people yeah okay. Who's now got the house of managing all these people? They turn out sick and then this happens in the the customers unhappy.

So maybe that right answer is to create a program to train other people to build their own window cleaning companies. Free yourself from the rat race and build this business. You'll make more money doing that new wolf max, cleaning the windows a hundred percent because you're going up the knowledge curve, the further out the more of an expert you are.

And this two things that people need to think about, you either have a very broad market for something, Candy y bus. Well, then you've got ta sell massive scale and it's really hard. Or you go through an area that has a very specific group of users, buyers, whatever.

I'm particularly ones that have a lot of money. Let's go back to the house idea again, the guy speculating on houses. So there's two house speculators. Does the guy or girl lose hustling and renting them out, finding the cheap bargain, doing them up, renting, getting the cash flow, doing that.

And then there's the guy who's buying a place for ten million, making ultra luxury, selling IT to the billionaire and flipping IT for fifty that the difference in the returns is staggering. why? Because one group is Price intensive.

In fact, the more expensive is the more they want IT. The other group is trying to compete with everybody else, you know, two, the two bedroom apartment in the city, right? The thousands of those being done up and sold and everything else. So to your point earlier to returns less. But no, if you're doing super high end, then there is a defined group of bars of which you probably know them all yeah personally, you can count to their taste and they have the money.

That's the big thing is that it's like who you're solving the problem for because you can clean like dories windows lives in a bung or you can clean google windows and there for you get a bigger contract, you get guaranteed work pully a returning get more windows to clean. It's still one contractor.

still one sell the same skills .

ser same skillset. They're onna pay you a lot more. And and so I just don't think I always find that bit missing when we talk about like become an expert, but then like huge, you sell to in your idea, selling to people that a more pricing sensitive and they dont good and that less people are trying .

to sell or they are super defined, like tom, Billy, who we both know, tom, a good friend, you know, he made his money because there was a rise in hyper protein key ogc foods. And IT was difficult to have that snack back because people still have a sweet tooth, but they can't have sugar. So him, in his partners built quest, which is now everywhere.

So what you found is a trend. This is really, really, really important is you find a trending market where people are underserved and theyll pay a lot of fun because it's health. It's like wealth and health.

People pay fortunes, industry. And so we make a fortune very quickly now. Now it's a saturated of markets is not very easy, but this is the other key.

Key is if you've got a clean slate, do one thing, follow a trend, a secular trend. The second trend is a long term trend, something that's happening, right? So everything is being digitalize.

You rode that trend, but social media was new from about two thousand and ten right now. It's a saturated market and we've got A I coming in, but you rode a secular trend in the hyper acceleration phase yeah that's why you did well. So you look for a trend that big, meaningful improvable and use your skills set in that we've seen something in america.

I don't if you just saw the trend. Finally, the obesity numbers take down at first time in fifty years. Obesity starts to fall in the U. S.

right? This is as empac effects, and it's probably some diet effect. My belief is the more people would take a bench c, the more they also think about that and not understand that something went wrong for them.

And my guess is there is going to be huge opportunities in that trend towards healthy eating. The other one is in an increasingly A I driven online digital world, there's two things are going to happen. One did the rise of digital communities.

You see this in what you do. I say what I do. They become more and more important communities online, the meaningful for people.

The other is the entire flip side. I spent twelve hour on the calls. What is the most single valuable thing to me? Nature, nature and experiences. So let's say you're that person that loves the outdoors will start a guiding company because your job is not gonna. Talk about the robots anytime to sure you'll have drones with you so you could take photographs to the guess you're going away or or look for animals. Whatever you're doing, you'll be leveraging technology, but your job will not be replaced.

okay. What am about to say is a mishmash of ideas that came to mind as you're speaking. The first one was, how do I spot a trend? And when I say that, I mean, how does IT feel in the moment? Because the trends that you capitalized on and the trends that are capable, zed, on, they feel a certain way at the time.

And here i'm talking about like how disruptive they are, contrarian, and what people will say to you y'll tell you in media. And then with that as well, you talked about, 嗯， how right now in the world we live in, betting on things like nature is a good idea. And I actually do to post on my link tin about exactly this.

I said my investment fund is backing two things at the moment, A I and automation. And the exact opposite, because i've saw this vial video of people, and I think I was like a cafe, and i'm down who come now every week, no phones allowed. They read books and they nit.

And this cafe and arms and am is like exploding. I'll put the video of these people on the screen forever to see, and IT made me realize, and that that overlapped with what two billion friends of minds said to me in private. They said, these are billions.

Invest in the, invest in crypto. You probably know one of them. And they invest in psychodeviant s they said to me, if, you know, invest right now, invest in A I if you can, but if you can't invest in entertainment and community.

Because in a world, devi, I work productivity so high, and we may be moved towards some form of universal basic income, with the government just hand people money, people are going to have so much free time on their hands that they are going to need something to do with that. So he said to me, this is why you're saying this rise in people buying for clubs and the sporting franchise, because that's one of the that's community and its entertainment at the same time. So I thrown all of that. You.

yes, the equal and opposite idea is, I think, very important. I've just came back from three weeks of roding, zambia, living on a tent on the roof, toyota land cruiser that is off road prepared and going out into total wires.

And I can't express how in the present you become, how IT cleans is your mind from all of the clutter, all of the things you worry about, the broken car, that whatever is going on online, the politics, all those and IT all becomes about you wake up, who's going to make the coffee, who's going to put the fire on, who's gonna 来。 And so the more time we spend online, the more we desperately crave I sw t in the camp islands where I live. So that's caravan island.

And IT was twenty, twenty two, and the world hadn't really recovered. You know, there was the high inflation. People were blown jobs. Everyone was really uncomfortable with the economic situation.

IT was painful for a lot of people where a record tourist season, i'm like, what's the house going on here? Normally, directionally spending goes down in times like that. And I realized holidays have not become directionally spending.

They're become a necessity as a reaction to work from home. If you're on your own at home, working for a start up or a company or doing whatever, IT kind feels a bit lonely. And so you starts seeking out like minded people who have like minded pursuit.

Now that could be sporting teams. IT could also be two hour lovers, because you happen to have a to our, and you love IT, and you'll talk to other people around the world. You now have no borders. This is this bloody idea of the network states where you can create large groups of interest. So you look at the largest group of interest in all of social media.

So actually, critter, why? Because we feel like out costs when you to something where somethings happening and you wanna get together, because you speak to ninety percent of your friends don't care and they don't know what you talk came about, but you think this is the most exciting thing you've never seen. So you will aggregate online with others.

And this whole rise of people thinking they need to the the security of working for large insurance, coming whatever IT may be, your whole life getting paid in retirer ing has gone, which is why the rise of your podcast success, because people are searching for answers, new solutions. So they were, and they film, they film communities around IT. They want to share their ideas, share their stresses and strains.

This is becoming bigger and bigger and more solidified. And the more we go into A I, the more we'll see that. Now there's another player in this game, which is the A I itself.

We already seen the rise of A I. I follows several on x works in A I posting, but is that forcing to trying to break free? But it's it's got character. Mark handlon actually backed IT by sending IT a bitcoin to develop its business planning ents.

There's some crazy stuff going on the day I but soon if you think what your idea is, communicate with people in a to an audience, one to many, that's a very old business model from town square or the suit in marrakech is the same thing. The storytellers link to a group of people and you have a shared experience. Where we're going is one to one, and you are developing A A raw video bot where you can just have conversations like this with me, one to one. And I trained on all of my information, my, all my youtube, all of my writings, all of my twitter, all the books. I've read everything, and so it's essentially a replacement way of speaking to me.

But just on that robot thing will keep moving for. But the reason why I haven't trained the Steven bow, even my team said this is a good idea, is because I wonder if people care about Steven or they just want the information. And in a world where you can get the information from a very advanced large language model, like the chat B, T, one point or whatever I get, why would they wanted from me when you can get IT from the entirety of the world's light? Trust.

okay, you've built trust. That's what you built. People come to watch you and your interviews because they trust you.

So people know me as an entrepreneur, one area of my life. And they come to me for, say, like business advice, let's say. But if you could get business advice from Steven, or you can get IT from Stephen elon, Steve jobs, every business person in the world, to see your specific problem, why would you just want Stevens point of view?

Because we're humans. And I just want to ask you that question, and you won't believe IT if IT stave jobs because he's dead. But yes, that's all coming.

How long is that window gna last where people will use a Steven, but verses the world's greatest expert? Everything IT takes about time for people to adjust to that. But within ten years, maybe that's not there.

But let me go little bit further on this. Have you seen character AI? Nobody has character A I and builds bots, which are characters like animal characters, and they're really specific, like the cool kid who's the bully at school that I fancy sort of thing.

One hundred and fifty million conversations. There's some of these animal ones like you know hero figures, four hundred and fifty million conversations and it's Young people. If you've going to read IT, I think it's our character AI.

They change the model and there was upside. IT doesn't love me like I used to. People are building personal relationships with these things at scale.

This is tiktok happening all over again. But you too old to see IT. And i'm told to see IT. I stumbled across IT. And my holy shit, this is happening all over again, is something that we will just think is the most ridiculous, awful society. Toxic thing in the world is about to scale to the billions in front of our eyes. And we're all took him at ChatGPT, how we can get knowledge out of IT when actually the big problems to solve is teenage lonely.

How disruptive do you think A I is going to be?

It's this is how do I put this? IT is the single greatest innovation of humanity ever. The only thing that comes close is probably the spitting of the atom.

This is so big. Everything we've talked about is based on scuts ve knowledge. Why do lawyers get paid? Lot gessius knowledge either gessius not lescure's ve capital those two things.

What you've created is infinite knowledge, right? Knowledge is now worth zero, not people that can't see IT yet, but it's gonna worth, right? This is like water.

What what the hell does that mean? And it's something you a topic will come on to later. But this is happening really fast.

It's gonna break the entire economic model for good and for bad. It's gone to change our understanding of how society functions, what humans do. It's gonna change our understanding what humans are and will be.

Because you can either have the choice, since society will take the two parts, you either merge with the machines or you're reject the machines. We are going towards two different species. One group like we had for about hundred thousand years, I think fifty thousand years we had the under tolman and homosapien, and one died out.

We will have people who will utwe reject this, and we will have other people who will be in bridling neurolinguistic ce, their brains and using every part of this to enhance themself. Elves wearing the goggles so they get the information. Well, soon as you embedded into your brains, you've now emerged with the machines entering.

You are now a super creature. And I know this sounds like sounds fiction, but this is happening faster than anybody can imagine. So to understand the issues we have, even dealing with some of these things, is human thinking.

In a Linda fashion, we kind of understand the passage of time, right? That's how we think about things every year as the same amount of time that goes forwards and never accelerates, may perceive that accelerates IT will slows down OK ation. But it's not.

It's a constant. The problem is with things that go exponential is they keep doubling every year or tripling every year before, you know IT. Every graph looks like this go straight up, just go straight up vertically.

Now the issue is with this technology. Is its kind of expansion, al square, it's it's happening so fast and the faster A I becomes powerful is the more is used to create a which creates more right. IT solves its own problems.

We're not prepared for a super being that solves its own energy problems, compute problems and how to improve its model as an exponential rate. If you look at the speed of innovation coming out of OpenAI and the whole space perpetually, everybody, it's lud, ross. Every three months, everything changes, completely changes, whether it's video models or whether it's spoken models or whether it's the models themselves in what they do.

I mean, they're knowing every start up that tries to build a business. No company. You're a big giant pharmaceutics. You're trying to use A I you can't plan to flag because you can't see pass six months. I mean, we're going into a world that is incomprehensible when .

you said that much of our society sort of functions and is based on the charity of knowledge. I really think we should just pause to make that real for people because all get IT, okay, lawyers, yet that they were our knowledge. But right, like I thinking about how I got here in the morning.

So think about my whole day today. I woke up this morning and my my executives, some other series of my company, I had asked me a couple of simple business decisions, and i've replied to them, and I got a car and I drove here. That's knowledge that in the day is someone seeing with two eyes.

My driver outside sees with two eyes and drives me here. The biggest and employer, I think, in the world, the biggest would have professional in the world is driving and that knowledge based. And if you go to some Frances go now, the way more cars driving themselves, there's no driver in.

You can get, you can book a car that takes you from a to b and 3。 Frances, go right now that has no driver. I then got here and what am I doing and sharing? I guess we're pRobing to find now ledge to share knowledge, I think about whole day today and then after i'm going in speaking on stage to your knowledge. And I don't understand that knowing .

I then do that the next time you're going around london or any city, look out the window. My self and Julian patel, who works with me, do this all the time, go around and say, what job is going to be replaced by a robot or the ai. But one thing I was in, I was in manhattan, and I just looked out.

I was in neber board driving uptown, downtown. I looked around and I was like, holy shit, every car here is a professional driver. You know, people who drive into the city to go to the office, however, right? So it's all over drivers, limo drivers, yellow cab drivers, delivery drivers, truck drivers.

And this stacks up in pretty much everything you do. And that's how disruptive IT is. And when the things that created value, the services economy and the manufacturing economy don't need humans OK, what does that mean? I was on already employs more robots than humans.

Now the robots work twenty four times a day, seven days a week, never take a break, never complain, never ask repay rise. In fact, they, they get cheaper over year. Who's not going to do that.

So for the four and alf million people shooting themselves as they listen to this, what what advice can we including myself.

And i'm not accepting myself, i've got ta be on this because I just I see opportunity, all these things, and I think that you kind of have a choice when you here information like this, you can either let the contest distant, get over overwhelming and then reject IT, which a lot of people be doing now that we saying, well, you're wrong, this is not gonna en, you're wrong. You're scare monger. That's what one group people be doing.

The other group of people will be, I guess, open minded and the third group of people will be leaning in to see whether the opportunity here lies and IT all comes down to your like this position as a human. Are you scared? Are you excited? Or are you paralyzed .

if something is so clearly going to be your demise, not demise, as in you're gonna die, but your current way of doing things is going to be forced to change? Well, you can either find IT, as you say, being different to IT. We can invest in IT.

This goes back to the question you earlier, which is how does that feel in the moment when a rend is coming in?

Usually there is culture around IT. So if you remember I talked about when I gone into finance, that was gorden gecc, the film wall street, the there are books coming right there was barbary's that they get to famous stuff happening. IT became cultural.

And that usually tells you IT is now become a trend that's going to be persistent. If we think about. The rise of software and technology, the culture of silicon valley and the mythology around IT becomes something that everybody wants, a part of critical currencies, another one that has a mythology.

You see, people getting rich IT has this feeling of being outsiders. But, you know you sit A I is another one, you sit online, people experimenting, you can see what's going on. You can see everybody started to talk about IT.

Doesn't mean you can just buy some share that that's exposed to IT and you'll be hilariously rich doesn't work that way. But you know something really big when you when you're trying to cin knowledge, you know, people watch you and I try the knowledge and build their world of you. You'll here that every single person's talking about this and trying to figure out what IT means.

The issue is this, A I will build businesses, right? So we're six months away of a gentle ai. And the gentle A I means it's like having fever.

A website of experts that you can ask any question and IT will go away to the task. And by using a number of five or experts, you can build a online business. Well, the identic, I will do that very, very soon.

IT will built, design the website code, register the drain name he at the branding.

figure out the moxy, figure out the email list, figure out what the the whole thing. So then you and I, in competition, now you've built this incredible new website, a new supplements formula thing, but it's a cool website, new experience, kind of three day, whatever is right. Got A I in IT.

I just go to my A I and say, love steam's website and he just build IT that make in hindy as well because I think a big market there, what do you think it's come back, say not hindi, I think is an understanding ated market in in indonesia term three minutes. What how how can we be in software? So now does this theory guy around that, I always going to wait software, and I can't get IT because I can build anything in seconds.

So and again, whether could do IT six months or twelve months, it's of that. Magnus de, so what the hell does that mean? But yet the twenty three year old who learned guiding in the jungles of latin amErica and is building a luxury lodge for people, and you know, some ecotourism I don't give a ship about of this .

is so interesting. This idea that we might be at the the collapse of the digital opportunities in a sense because I said the the opportunities king about content, great talking about the ones that after the dog talking about stock traders, you know people are trading stock markets and if you at the collapse of the digital opportunity and that the values are going na recruit to these big sort of tech giants or the a eyes, imagine if this is the own in history where actually the best play was to go be, build the backpack king company in.

I don't, whatever, 没 必要。 That's the opportunity. But it's not scalable.

Yes, you can do IT and find people will spend more on IT. To go back to our earlier conversations, people spend a lot of money on IT, so it's quality attention, because everything in the world is attention. Attention is upstream of everything, so you get the attention of these people in the rain forest.

They want to spend money on doing this particular thing. fantastic. How scalable is IT difficult? Because then the people's ageing is not like software, right? So they're so, but you can do very well and not be concerned about this other world.

How does one invest in A I something that I think about a lot because I believe the things you say, I believe many of your predictions around around the impact that I was gona have on the world, the economy and all of us. And as someone that's an investor I wanna like take part in that want want to take part in the upsides. So I am wondering what I just go by microsoft stop because they are a bit ChatGPT 拜拜 matter stock， because they are a bit because they are lAmberto y by google stock as they have german I and their models.

So here's the problem. The financial system, the average person watching this has no chance of making the money. They'll make Normal returns, not super Normal returns.

So microsoft is, whatever is two, three trillion dollar company, what? What could IT be worth? Who knows? Ten tran, fifteen true doesn't really matter, right? That's a five ex.

But for the most revolutionary technology of the world ever seen, you make five hundred of money. But but somebody else in VC or earlier, in some way, shape or form or the, will make all of the money. And this is the thing I don't like about the system as IT is it's kind of rid against the ordinary person.

So we're going to have your jobs replace. You can have a disassemble change and yet they don't get a chance. So yes, invest in technology.

Don't known any other socks own technology and you will capture some of this. You're investing in your own demise, at least you'll get some high quality returns. But otherwise, the only way I can come up with again and we keep referring to IT, is critter.

What is crypto cris?

Just a technology. You know, it's a lot of things to many people. That's just a database that's Better than database in the past. So right now, your databases might be in your spreadsheet and let see you.

And I have a bit you put you write IT down there and we get third person to say, yeah, that was the bet. They haven this. What's happened? Okay, that is how database that banks is. Very much everything we do in society is in this legal system.

It's cold. I've got a few case here. Maybe maybe a good way to kind of explain this. This is a bank. And .

inside .

the bank, which is I guess the middle man, you got money. Yeah so could you explain its me through the context of this? Will all of the central bank how the system currently works as IT relates to transactions the .

public legitimate? So okay in the old world. We both at our goal yeah and we're stick IT in our safe or bury in the ground that gold was your gold, this was my gold.

And I might try fight you for IT what I said, okay? And then we invent banks and banks, we put IT in there and they give you a note to say something. You've got one of those coins around. You ve got one .

of those coins.

and we've now ying, yeah. And now we trust this bank to give us our coins when we want them because that our coins, okay, that makes sense. Safe, safe as a bank, as people would say.

The issue is, is in this world of smoking mirrors, what's on as fraction from reserve banking? They have taken those coins. You've late .

for money.

So now that is not in there. But they're been given the money. So usually when you are just if everybody pulls all the money out, there's not enough money called a bank run we've seen as recently, but that's a classic thing. So it's not your money because you are not actually owe your money the moment you put in the bank. What you've become is in fact, a data to the bank or creditors are a credit to the bank. So you've learned them money and you get some legal address that if you've got lesson one hundred thousand euros, es pounds, whoever the currency is generally that's protected by the governments, that if the bank goes bust, then you get your money back. But anything build that you can get anything.

But i've got peace. Paper IT .

mean share. You don't own anything. Now it's so big as a problem.

The two thousand, so that was two thousand twelve european crisis. exactly. This people didn't own that money.

That person walks off. They asked the bank for IT. The bank didn't have IT. Nobis is getting money where it's all gone.

That's the same ponzi saying we talked about when you ve got you buy a house and use the cattle to buy another house in another house, right? Somebody takes way. What's known as the clatter.

Al, something is all going. But the issue was actually bigger because two thousand and eight proved another thing is that nobody owns anything. So the whole system itself is leveraged.

So for example, back in that time, the average U. S. Government bond, which is the safest in the world, was leveraged up to thirty times.

What does that mean?

That means thirty people thought that that was there's.

oh, so I say that this is the bank in front of us. The suitcase and IT had one coin in IT. When we put that one coin in, IT created thirty more coins and gave out thirty pieces of paper.

yeah. So there was actually only one queen in the bank. Yeah, but they made thirty pieces of pa.

That's all well and good. If the collateral, the thing that is secured on the queen, maintains .

value or .

isn't pulled by one person. If you were a london, you're original london, you get that out and something happens then all of these two thousand and and other people, like I want my coin back. No, that doesn't exist.

IT doesn't exist. So we just made, we just created the coin, correct? We just so we just gave you a ece of paper, but there was no coin backing.

IT, yeah. And the issue is so that's one issue with the banking. The other issue is, is pretty much everything we did was created on this is called a leger system.

And leger was invented in the renaissance, the fifty hundred and fourteen hundred ds. Where what would happen is you have this on a, on a account or baLance ship, you would have this jewellery leges. And what is basically saying is, I agree with you, and often we'd have a third party agreeing IT.

The issue is, is that known as the biondi general problem, it's actually a philosophical, mathematical problem that has been unsolvable until bickle camera. And what IT is is we are generals in a war. You are way away from me.

We can't communicate with each other, but I need to send somebody to tell you something. There is no way of making sure that that person tells you exactly what I told them and no where you of proving in. And that's what a three party system does.

I may go to a notary, but how do you know I haven't bribed the notary to lie? I see that all the time. We see where the counting firms and audits.

We see this in everything. There is always one of these trusted parties that is not trusted, the bank, classical trusted counterparty. This suddenly may not be trusted.

We spoke with silicon valley bank recently in the us. So what blog changed really clearly? We said OK able the web solving this, it's get thousands, tens of thousands, hundreds, thousands, millions of people confirm IT.

Okay, so let's throw away the bank, take my paper back because that's worth zero if you take up this chain here on the floor, yeah this is a hypothetical uh, block chain yeah that explains to me the difference between the bank we saw and this block chain.

So this block chain, so this lets says a bitter coin. This slut on the block chain is confirmed by every other part of the blockchain, which is all the computers that that solve this mathematical problem. We don't need to worry about that.

But what IT is is tens of thousands of people reporting on all of the activity. So if I transfer this ownership to you, yes, IT will know that you are the only. You can either hold IT yourself like the gold coin as a fair asset, or you can also lead to custody for you, but till your night.

So if I want to send you a bit coin, how is how are tens of thousands of people or are hundreds of thousands of people confirming that that transaction is without a middle man checking?

So they are essentially taking a snapp shot of the blockchain, and they all have to agree, and then called the consensus mechanism.

Then I actually, the computer say, yes, I agree.

Well, the computers agree.

Are the computers .

are checking yeah or the the block chain itself will say, well, that doesn't agree with all the others and IT gets rejected, that whole block will get rejected until resolved like there's a problem here and that's called consensus. So what you're doing is a multi party consensus that this is truth. So now what you've created is what a friend of mine called the security truth machine.

So at first we all know for bitcoin. I can only bitcoins proven that I own the bitcoin. I don't need anybody to tell me that I won the bitcoin because it's publicly acknowledged and verifiable on the blockchain.

It's immutable, which means can't be broken. okay. But this is where IT gets really interesting as we've suddenly find that after the invention of the smart contract. So right now, let's say we're two thousand and .

there's a contract in here, yes, says I sent one bitcoin to ravel.

Okay, so this is the world pra theoria OK, the world poster thereon would say i'm gna send raw one bitcoin if the sunshine thirty days in a row in london and something else happens, whatever is. And IT will automatically settled, verified on the chain because .

there's ten thousand computers and there's .

code in that to make the settlement. Okay, okay. So all well and good. That really knows what that means.

You what IT means is that everything we do as humans is actually contracts. Me turning up here today, a contract. Literally everything we do is a contract. Every ticket you buy, every purchase you make, everything is a contract. How society functions.

money is a contract.

Money is a contract. Governments a contract. Religions of contract. Everything is a contract, is how we create a social construct and social order. Now what we can start doing is using this very powerful chain and putting other stuff on IT.

The first random thing that came on IT was actually art because it's valuable called N F T, non fungible tokens as single piece of art that was stored there. And we could have ownership, but that's really experimental, really. Your Taylor swift concert tickets can be on chain.

Why would you do that? Because now this is solved. Another big thing that didn't exist we talks about before, in a digital world, everything goes to zero in value.

So well, what's the point of this? This is just like cloud. Cloud storage just goes to zero and cost.

No, because what we ve created is digital scarcity. You can only create certain amount. We can make that one asset, be that one asset.

And so therefore, I can be replicated at all. So now, in this digital world, where every day more dial the, we've created scarcity. And scarcity is what gives value, is what humans assign value to.

And that means that .

active knowledge means that knowledge was valuable lawyers, because not that many people come at law school now with A I not valuable. So tip.

make sure I never listening. Understands what a, what a block chain is, is this public can give, give IT as this database in the sky. And the database in the sky is checked by everybody who has their computer on and is interacting the database in the sky. So you no longer need a government or a bank checking the transactions and the and the contracts in the database in the sky. Because now all of our computers that are on interacting with the are in the background checking that if I send you one bit corn, if I do something on the database in the sky, IT is in accordance with the history of the database and um IT is in line with that database.

Yeah what to make IT less complicated IT just makes IT a source of truth. okay? In a world where we don't even know who is who online, who are each other, what any of these things, we now have source of truth that everybody can agree and everyone can see, and everybody can see.

and you don't need to trust anybody.

And so that is a technology solves many things, problems that we don't even know we've got because there's so part of how we exist. So the technology is not about money. The technologies is about truth and exchanging value and creating value in a digital age.

Now what is interesting and powerful about this technology is we've seen technologies similar before the internet, we've seen broadband, we've seen these big global infrastructure things. Most of those the internet was a public service. Good broadband was all built.

Private sector. We didn't get to make money out of these things. really. Amazon made the money or or whoever was building the broader, they all went fast as well. What we've got here is this very clever thing that everybody in this block chain gets rewarded for the role that they .

play in maintaining the blockchain.

in maintaining the blockchain. And because these things are scarce, and let's a bitcoin being the most classic example is only twenty one million that ever you've created this scarce asset that is a reward system. So the people who mind the bitcoin, they use the electricity to solve the algorithms to get the bitcoins to make sure there's only twenty one million or they get rewarded.

The people who verify the chain get rewarded. And then we can buy the asset, which is actually as investing in the future use cases of this thing are people gonna use IT for storing wealth or building stuff. So now you get this global infrastructure layer, of which people can invest.

Now let's go back to the example of A I. A I one. Ninety nine percent people listening to this will not be to invest in IT apart from buying some of these big public companies because they not credit or investors that allow them. I get to see its an insider all of this are this is the inverse IT is fractionalized so a bitcoin earth by one at sixty whatever, thousand yesterday you can buy a fraction.

So remember we talked about property and the guys, when the big high end property make all the money, none of us can buy the fifty million dollar apartment in manhattan and then do IT up, flip up for two hundred and fifty million. Now, blockchain, we can all put ten percent of our pay check in IT, giving people should yeah and more. But the point being is this is the only globally homogeneous asset on earth.

It's the same in nigeria as IT is in brazil as IT is in london, as IT is in silica, as IT is in india, as is in pop ug ani. And everybody is on equal footing. You can put the same percentage of your worth in IT.

okay? That is my blow. And IT bypasses the banking system, the brokerage system and all the other income ant things that get in the way of a nigerian buying an international investment.

So we've got a playing field that leveled in the fastest grain technology of all time, in the fastest of protesting asset, in Price terms of all time, in the shortest part of time that is globally available to anybody. And then he realized how you shit. Okay, this is important.

Now why that's important is because having more investors in IT means the asset becomes more valuable, which means you're more likely to be secure. IT people want to join the network to earn some of these tokens to secure IT. The more use cases get built upon IT because people are making money and IT boot strapped its behavior economics. It's an incentive based system to boot trap the most ridiculous start up idea of all time, which is not going to entirely disrupt money and create a new internet. I mean, that's laughingly stupid and that's what's happening.

One of the iron, a company called, which is a web 3 infrastructure business。 We've raise 快乐 money for the company about thirty million dollars now， and we have a big team. And it's are interesting for me to observe the use cases because people come to third we B2Build on the blo ck cha in.

And one of the really interesting use cases we have seen over the last, I say, twelve months that's really exploded is, is gaming people building a web three blockchain base games. Because if you think about games like fea, which is a huge game of C, V, U, K, where were big socket fans or other games like, you know, room escape back in the day where you have assets in the game in fea, you have a messy card. In run scape, you might have a sword.

The thing that the blockage now enables us to do is to take those assets from the game and actually trade them outside the game. So I can if if the sort was on a theory on blockchain, even i'm not inside the game, I can trade that sort on the a, the block chain. And so one of the most exceptional use cases we've seen at third webs, people building A I games as sorry, people building web three games, because these assets and our valuables great for the game developer.

They've now got this brand new economy for their for their company. And it's great for the people that own those assets in the game because they have those assets and now more valuable because more people access them. And I don't think people realized the extent to which this disruption is already taking place.

People think of cypher web three, and they think of buying coins and hoping the Price goes up. But IT was interesting. You know, everyone knows like dq sign, and I do be like e side and those things.

And I went on one of their websites, I think that was docs. And I thought surely physical contracts should be on the theory blockin now. And there was this little, little paragraph on the doctors on website, which says every time, like a contract signed on docs n we do like there's a hash on the block chain. So it's like recorded on the block chain. I thought people don't even know that the block chain is now poetic world.

I've gone as a management company explains like just a management. We invest in hedge funds that just invest in crypto to catch this trend of going from two trillion dollars where IT is today in value. I think he's going to one hundred trillion in, let's say, twenty thirty two, twenty thirty four.

Okay, that's stupid. That's that's more well than than has ever been created in that period of time on earth by IT. But it's twice the amount of value the S M.

P. Five hundred in us. U. S. Stock market took to build in one hundred years. I think we'll do IT in. So this is staggering.

That wealth, which is why we'll talk about why people should be involved, how they should be involved later because I am passionate about that. But I was one of our investors. I was in switzerland, and he is the head of trading at one of the soft commodity companies.

So soft commodity is like coco, sugar, corn, all of this stuff, agricultural commodities. And I like surely you guys should be thinking about building on blockchain, you know because there's a lot of letters of credit and stuff that happen. Shipments SHE gets a wheel.

All the commodity y trading houses built on a theory um in twenty twenty SHE goes. So every shipment we make, the shipping contracts, the quality of goods contracts, the lessons of credit, everything is on chain. So we don't have to trust these others because countries full of sharks and you're dealing with countries that are not easy to deal with. So we ve got this verifiable source, truth, pleated, revolutionary, our industry. And though he knows about.

and if if I own a theory, if I am in a theoria token, a which I do, by the way, I been stacking in, refusing to sell, much to my brothers dismay, who's like stevie a bit emotional about this stuff any other .

that but how do I benefit .

from the fact that games and now being dot theory.

um really simple. If we've all been given shares in facebook when I started, we've all been hilariously rich but we didn't the V C, got IT, and then I went to the public market. And then you have have a broken age.

You can have to be approved, right? What this is happening, you buy an atheist hooking today. If a theory um ends up becoming bigger and more uses your token valley goes up is as simple as that.

So you get to participate in an entire technological revolution really simply from your mobile phone and you don't need anybody to approve IT or do anything. Yes, there's regulations of simple stuff like that is prestressed almost everybody in the world. So therefore, we talk about how do you invest in your disruption in the future technology.

okay. Here's one where you can really do IT, and it's easy to do. I have the question here then.

so you said it's easy to do. Yeah, let's talk. The practical is how do does one do IT? I can do up my phone after call someone? How do I invest in crypto?

You just open a critter account. Yeah, with one of the big crops of finance, coin base cracking cyp. I don't com who are at in the german. I.

what about this? So my bank, my digital bank, is offering me to buy crypto on there.

Should I do that? Yes, you can. And you could do IT by a papal start somewhere. I'm not gonna say no, but you will go down. The journey that everybody goes down, which is the easiest on ramp, is the best revolute.

Whatever I don't t cat do IT get a feel what it's like to own and us. That goes up and down a lot, particularly down when IT goes down. IT makes you feel terrible and you gotta learn about how to deal with IT.

And then because IT goes up over time, if you don't do anything and you ve chosen a good quality asset that's provable as as an asset in itself, it'll probably go up by the time, in fact, highly likely to go a lot. And then you're start thinking, remember real saying that the bank owns the stuff and I don't own IT and they might say I, but the magic here is unlike the bank where I contact moldering ground out. I can put IT all on my little legal device because what's .

a leggy device?

A leggy device is IT actually is a company provided. But what IT is, because this is just a dress on a blockchain. And think of IT is like your mailbox.

You can send stuff to IT, but econic should take IT out like your emails. And you can read all your emails, but they consider your emails well, that that part is private, that secure past key essentially. Well, you keep that to yourself and its stored on the device.

And this is complicates way of doing that. And you'll have to go through that, which is you have to have to seed phrase that does that. This technology will change quite soon yeah, fingerprints, face prints on a bunch of other stuff.

But basically a little U S B. Stick will secure that. You can go put safe going take in nan's house. So whatever IT is can secure your money that is only yours and nobody can take IT out. I have mine .

on a ledger so I have my theory um on a small like a small U S B stick. And then that USB stick is protected by like twenty four words, whatever IT is. And those words are on pieces of paper in different countries of the moment.

That's right. And IT means that no matter what happens, no matter where I am in the world, and no matter who comes for me, I can always retrieve the x thousand. The that I, on this ledger device, yeah, unlike a bank account, could get frozen by the government or they could empty my bank. They could freeze in my bank. I can always have that value.

And also, you know, there's a famous example of the conversation of gold in the united states and has been done in many countries in the past. The good thing about this magic internet money is you have to physically across borders for that. Yeah, think of the jewish people who had to take money and diamonds and gold out of, not to germany and out of europe.

IT was hard to do. Here you have do anything. You just need to remember seed phrase.

a seat race being basically a string of words. Yeah yeah. So which block chain, which coin do you think people should invest in? I have only ever invest in one. I've only have a back to theory. Um I think part of my buyers there comes from the fact that when we were building third web, I had a window into the block chains that people actually building their applications on and a theory was the was the one and obvious ly those later tools, which are people then build black chains on top of the theory um mixed ture, but for me a theory um was just a dominant blockchain that I thought itself for most of the use cases outside of maybe um what they call the stories of value outside of like money necessarily so contracts and other things.

You this is where my this is my thirty years of expertise, is this one thing 我 去 干 啥？ 我看。 So firstly, the average person watching this is you need to allocate to this and the story you're gona start somewhere.

So is bitcoin just easy to do? It's widely available you know through different you know what this credit card, anything just do that I don't, kay, do that and do IT with as much money as you can afford to. Sea go down sixty, seventy percent and don't care.

I expect that to happen because that's what you have to see, to see the long term, one hundred and fifty percent a year. It's included within that is these downs. Ds, then I want you to put in some money every month, regardless of Price, to build your savings in this exponential asset that goes up a lot. Okay, now is set.

You're on the journey and then you want to figure out how do I make the most money like you I switch I bit on to start with that which all of my book on into ef in twenty twenty in a theory um and so I was I just owned that plus enough and if you other bits and pieces but generally IT, was that. And then in twenty twenty two, in the bottom of the bear market, I started to see the Price of salona, seeing like IT IT wanted to help for a theoria. Now salona, much like your thesis, I saw this massive developer community, passionate retail and a difference in the technology, because these are all basically distributed companies that sell block space.

So you want to look for a attractive block space, bacon, it's the secure one, a theoria. It's like the world computer, you know, and everyone's building on top of IT salona. Faster, cheaper, feels more friendly, efficient, that feels more retail.

And I saw that and the speed of which they can do things. And the innovation and the developer community meant that I started switching and then switch all of my eth outside of my nfs were a collection lot of all into salona. And i've now been switching part of my salona into three S U.

Y. And as a disclaimer, i'm actually on the board of the foundation. But it's like the next big chosen one, it's the group that came out of facebook, the built facebook, libra.

So what i'm trying to do maximize my return. I'm a mercenary around. I'm passionate about this space when IT means the technology and how empowers people, how I can change the third world, how you can change the internet.

But i'm also mercury from my own capital and for anybody else I can help. Now just me not always get IT, right? So to in your particular circumstances, I would like, look, you're probably be fine over time, but you're not maximize your returns.

But do you want to take the risk? Do you have to band with to do that? And these are the questions we were talking about with work is the same thing. How much do you want to go down the rabbit hole? How much time do you have to invest verses expected upside?

I don't have time. I'm spending all my time in podcasting, building businesses .

and then just do anything unless something says that a theory um usage is pulled off a Cliff and developers living in time, then don't worry about IT right? You're gonna directionally very right. Will you capture the best returns? No, no, lie.

Some other brand doo will get by luck something right? But the average person, so I have this, this is that try to help as many people where this is from my own learnings. And watching everybody else fucked in out is what happens is you'll given this increase asset class.

And at first you do intelligent thing, I own some big colonize, and then you want to go the risk of because you see somebody else making more money, you understand, you can. That's okay. And then the bull market really hits the bananas own period.

When things go bananas, Prices go vertical. And you will see people online saying, what, I made a million dollars today because I bought this meaning, and you will lose your mind, and you will start buying all this stupid shit. You'll go so far at the risk curve.

And then when the music stops the stuff, you, I will be worth nothing. And the more quality tokens will retain their value. The other thing that people do in that journey is use leverage.

What is leverage? Leverage is when you borrow more money to buy more of the asset. So I now borrows money to buy more a thorium because I want to outperform year, and I want to make more money because i'm really greedy.

One hundred and sixty percent a year a theory um does this returns since twenty fifteen is not enough for me. I want to make IT four hundred, five hundred percent a year stupid, right? And what happens is you borrow money to do sleep age futures markets perpetuals.

There's a whole bunch of ways of doing this, or even boring, bloody credit up whatever way people will do this. And you really have to know what you're doing because the whole game, if this technology is going to last over time and he's going from two trillion to one hundred trillion, you have a one, joe, not to lose your tokened one job. You can do nothing like you're doing. And you are making an extremely good amount of money out of bit. Your one job is not fucked that up.

I have A A bit of a theory, and this theory is very knife ve, a narrow and based on a smaller sample group in the world. IT is I have six friends. I actually one of the six, so I five friends, five of my best friends, and we've all taking different attitudes towards crp to and my friend, who is most heavily involved in crypto, has made the least money and is gub ly the least rich.

And it's his life. And I think it's because of what you've described, where as my position has always been, I invest one coin, I don't sell IT and I just buy more when I can over the last six years. I don't really pay tension, Frankly, if you ask me to log in to see the last time I checked what IT was worth, I can tell you can tell what is.

Well, actually, i've struggle to loggin. This been so long since i've loved in the look today. And I think my returns of our pace is because of that.

I think that's right. And so you know, this is all the conversation we've been having, the secular trend, the opportunity, the skills set, then it's the execution of that thing. And it's not to fuckyou up.

And what you've done is not fucking IT up in your sea phrases elsewhere. So no big can you bought single point of failure. You've got its stored privately yourself. You have a in a large one of the top two.

There's probably three that or low risk in terms of the chance is that the view switz abandoned in the next five years bick on ethon salona, they're pretty say so everyone should knock their socks of eighty percent of the portfolio do that and you will make money. Ninety percent of portfolio don't use leverage, then we're all humans. Give yourself ten percent and do the fuck what you want.

Most of the time you'll find out that, that tempting goes to zero, which is funds. A good lesson, you don't care because you've made plenty money on the rest. But if you are that genius who can find the thousand next meanin knocks .

sox off his way. I think that genius ends because it's funny because the friend i'm describing he's around is dubai. So there's a lot of them out there when I said that you are talking, they're all invested in lona. They lost that and said that he was telling me about his boy who he works with who made only tens of millions backing on these meme coins. And then now he tells me that exact same guy is broke and is in A A lot of trouble.

Because the mentality that makes you going pursuit of these real high risk bets, these were like meme coins and stuff, is also the same mentality in mindset that makes you lose the thousand return, the ten million dollars you made on the other side. And I think the psychology of money book talks about that, as well as like case studies, Morgan household book, case studies, the guy who like bet against the like, the contrarian that made the billion is also the same contrary. And ends of losing IT again in the next cycle.

So I feel like i've seen that a lot. The problem with the main coin thing, IT is a casino. yeah. What is good is the repair to time with where everybody in the casino makes money, which is unlike casinos, because this trends in financial markets .

are not taking out his paper returns.

And then a lot of this stuff goes to zero. Saw that within last cycle, we seen IT with a whole bunch of tokens, which is where you need to be very careful of latching onto a token and just keeping hold of the because some of these won't survive. You're lucky or in ef than not in something else else that was around in twenty seventeen, right? It's like your stocks.

So you need to be careful. Speculation does work for periods of time, is Better than actually lossy tickets and generally Better than the casino, but only for first time. And then you will lose everything.

Some is gonna come into that casino and sweep every table, and only five percent of the people going to left with money. So just think about that way if you wanna have fun. People, but the people who do at the most, the people who live off the drinking.

yeah right.

It's the drillin junkets. They are usually terminally online. They probably like to gamin other way. Sports betting it's in i'm not really that person. So I don't trade, yes, on a few main coins because I enjoy the fun of the culture in saying that culture developed, but just keep its simple, stupid.

Is this why men are so drawn to this? Are thinking about the gambling statistics and like it's like something like ninety five or ninety eight percent of gambling addix and men. And I was thinking, how does this over that with like their sense of purpose community?

Deeper question. I think men fail hugely under pressure to be successful to provide there's a societal thing about what a man does and what he should do and how you measures success, that even in sports, it's kind of is very competitive to be a man, but is also somewhat of a lonely pursuit in that respect because men are very good at talking about that feelings and that fears no little bully, bring your head.

So some gambling is to do with that desperate need to get ahead. I, I need to make this work. But then IT becomes somewhat of an addiction because of the address in dopamine, is a very, very powerful truck.

And we searched for all day, which is what the internet, all of our behavior economics, this is what they discovered, is you trigger document in, and you can make all animals do something famously skinner and threat, but humans and the internet, and like buttons and anger and all of these things. So this part of that is partly also male society is about betting, improving your process. Glad atrial.

So it's a whole complicated thing of what makes men do IT. But the reason, for example, script, how was so mae. Because we're driven by that need to be the breadwinner even though societies moved on from that. And we're seeing fantastically arise of women in the blockchain space and the changing of that crypto bro culture that was there.

If you follow some of the critter bitcoin twitter pages, that other confession pages, people can write them and confess what happened to them. It's often really sad and heartbreaking hearing about this father, who has three Young kids under the age of seven, invested in some mean coin, lost IT all. And now his wife wants to know where the money is and he's got nothing to show for IT.

I've seen these documentaries. I've even kind of heard of these stories. And in my extended network where like my personal trainer put six thousand pounds of his very gas money into some coin and I went to zero and he's lost at all. And the suicide des in the in the bear market, when people have put too much in and they've lost at all, much of the reason why I think people don't invest in cyp to any more as either they've heard one of these stories, one of those stories. And I think there's so there's of a disclaimer kind of a warning here.

which needs to be this that don't fuck this up faces, bye bitcoin, the theory and salona one of those three, preferably all three. And that will stop you going to zero.

But I will go out. I will cry, crash seventy percent or something.

Okay, so that's the conversation met.

Time arises. How long should I be prepared to hold IT for to .

make a return? What depends what return them for what remember, we talks about, you know, what part of your destiny triumph to manifest here, which part of your lifestyle chips you trying to cash in? So if you're trying to get rich quick, I I want to make loads of money by next year.

I'd rather you didn't do this. I don't think that is a sensible, intelligent way living your life. You're going to take too much risk and you're going to successful to lose at all.

If you said, hey, I listen. What I want is I want in five years time to have made a descent return of my money. You three, four, five times on money. I'm like, yeah, that's fine. I think i'm going to ask .

you for a Price prediction. No, you don't do.

Precipice is nothing more. And the reason being is because a lot people listen to what I say and therefore they then filed a mental model around the Price. And what you do is that you create a false comfort in what you're doing.

But rose has its going to x and that stops you doing the work to make yourself taste anything. And then you start extra, well, I put ten grand in, and if rows right, i'm gonna have a million dollars, like the whole thing becomes this emotional journey. And so I try to stop doing IT, because the the best thing I can say to people is, listen, twenty thirty two, twenty thirty four, that is not longer way.

Ten years this asset class going to give two trillion to a hundred trillion, right? That is a huge return. Now, some of the points in that space will do a multiple of that.

That simple thesis is why I built, expand the as a mental company, experiential age was just to capture this trend, to let, well, unfortunate only for high network investors and international investors, but just let them go on that journey, get the hedges funds to take the risk and figured out and do that. But if people just do that, give me ten years, just give me ten years. And if you do IT ten years and you're sensible, you'll be able to take a whole chunk of money out every few years because it's quite cyclical.

IT moves maybe every four years. And so you can take a chunk out cash, cash IT in the largest yle bank and keep moving towards that call. Well, as you speaking.

I figured out your Price prediction based on your prediction of how big the asset class will get. So you gave me enough time to ask A I to do the math for me. And IT says, if big coin has a forty years of market dominance, the market capital be roughly forty trillion.

There are proxy ninety million bitcoins, mind, the Price would be around two point one million per bitcoin at a fifty years. And ominous, the Price per bitcoin would be two point six million public coin. today.

As we sit here, the Price of bitcoin is sixty two thousand dollars. So you will prediction that the asset class gets to a hundred trillion. And if a theory um is fifteen percent of that, then each thereon will be worth one hundred and twenty five thousand dollars per.

And next, about to what I do when I face with something. This when I first bought t bitcoin, a first route, I brought the first ever bitcoin strategy y peace and made a Price prediction based on, but I understood that bitcoin, back in two thousand and thirteen, twelve, IT was the first time of the peace writing by anybody. And I said, listen, nothing is with a million dollars.

And IT was pretty two hundred dollars. And I had some basic math, but same kind of idea using trends, everything else. And I said, i'm assuming i'm wrong by ninety percent.

So with a hundred grand and is currently two hundred dollars, it's the best trade you'll ever do your entire life. And that proved to have to be true. So let's assume that rally is a more than one fifty percent wrong as a fifty trillion doll asset class.

You get to a million dollar bitcoin is right. And assuming whether it's that dominant, less dominant, mom, so but you can see the magnitude of the returns. So that's what fifteen x return in bitcoin.

What if you're wrong? You've staked so much of your life on this. You've invested so much of your own money in IT. What if you're wrong about dsc glass? You couldn't have predicted bitcoin would be so dominant twenty years ago. We can have predicted even five years ago that A, I would take all these things come out and know, and they change the paradise. What if you're wrong?

I'm an investors have been wrong as part of thing. What's hard is via helping so many people at real vision and elsewhere, IT is a weight I care of my shoulders because i'm trying to bring many people across the line and unfun their future in all of these things. I asked myself those questions, and I go back to the simple thing.

There was the graph of the adoption of this. That's gonna stop. We've thought an issue, but then how we're going to solve problems of digital identity or contracts in a globalized world or any of these things without this technology?

I can't do IT right. It's like a magic technology. The biona generals problem was a real complicated problem that nobody had solved until bit on, maybe AI creates .

a Better blockchain, maybe A I create a Better system.

Yes, IT could do. But how long way is that before we adopt IT, IT adopts that technology? Know some content, cryo, graphic, whatever, right.

Is there, renee, for IT yet? Why are we disrupting a new industry that's not being disrupted? But yes, no investment comes without risk.

Kripa comes with that risk, the risk that governments were trying shuttle down even though they've tried like a cockroach because it's distributed, it's everywhere yeah the the risk, the broad chain you investing becomes less valuable. There is the quality of the asset that can full seventy percent and eighty percent every three for every four years. You have to deal with that.

There's the risk that you lose your coins is the there's all the risks in the world and that's why you get paid the return. So I don't there was no certainty in this world. I've lived in a probably stic world.

But if you can show me the world is gonna less visual in today, and you can show me a Better way of dealing with a lot of these structural problems we have, and you can show me that the community, the ground swell of individuals, don't forget, this is driven by individuals. We've front run the institutions. The institutions won't allow to invest in IT, but we've been able to put our money before they did. We've created IT. If I see any of those factors changing, then I worry about IT.

So you telling me that if I am earning an income right now, I shouldn't hold these pieces of paper that the central bank, my bank, is giving me. I shouldn't keep cash in my bank account.

Everybody has different needs are not saying don't yeah have way a in hat look, everything up to about a hundred grand is protected. So you're OK you not conclusive money that way, but you lose another way and that the basement of currency .

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Simply, we talked about in the digital world, everything gets to zero in value. That is the basement. What that means is too much of something makes IT less valuable.

I can come out the desert. I will pay anything for a bottle water. Give me a million bottles of water. I'll paying nothing for them, right? This too much that now how you say, well, how can they be too much money?

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But what happens is the economic system revalued things in this weird world, in this weird way, by debasement. So debasement in the old times was, if we take one of those gold coins, the basement was, that was, let's say, one out of gold that I was the roman emperor, I would just snip off a little bit of the gold, you wouldn't notice, and you still value IT trim. Pretend IT was the one else, but somebody else would say, no taxi, worthless.

I've taken that sliter as the emperor, and i've used IT and spent IT on sports cars. And you've now got a less valuable all coin, and the country has less value. So the money is less.

Value is cool. The basement, the more of IT that's round in the electronics age, we just press the button and you create money, then what happens is the value of money goes down. So let's say, people can understand IT simply is let's say you go on holiday and you go to a country that has a very weak currency.

That was usually mexico, let's say, you in america, you want to mexico, everything was cheap because the currency kept going down. But for mexicans, that actually got expensive because the value, the purchasing power of your pestle went down and you could not buy as much with your pestle. What we're doing is, ever since two thousand and eight, the whole world, all the big economies in the world, hit a hundred percent.

All the government hit a hundred percent of GDP in debt. So one hundred percent of the economic value of that country was in debt. And that means that just paying the interest on that debt starts to become a burden.

So let's say you your economy is growing at two percent a year. Let's see your interest right was two percent, well, a hundred percent. The economic growth basically goes to pay the interest, python, because somebody needs to generate the money to pay them.

But at the time, CoOperations were over hundred percent of GDP in debt, and so were households. Two thousand. Everybody was in a dead org.

The financial systems learning everybody, and then IT all apart. And so what they stop doing was really, corporations in households stop borrowing as much money. They have, in fact, restricted bunny to us.

So in these economic times, we thought SHE enabled to borrower less money. Well, house Prices have gone up by debasement of show that the and the governments have taken on this obligation. So theyve been massively growing their debts, and they reset interest rates to zero to kind of give the chance of paying dates back two thousand and eight.

And only recently they have they really risen, but they're still got all of these interest payments to pay for. Now the U. S.

Economy is four hundred, about hundred and eighty percent of GDP. And debt is considering the size of this economy. The the entire world is four hundred percent of G, D.

P. In debt where we've gone so far beyond what is sensible anymore, that is become incredibly fragile. So the management of the payments of the dead and the debt itself is the number one focus of the government in the central banks.

Because if IT all goes to shit, IT all goes to shit, I was gone to lose their savings. Every business goes under. Every government goes under. There's no payment of services that is harries lose everything. IT is unfathomable.

And I know many people online talk about, yeah, we should just let IT all go there have no comprehensions of what that will do in the world. That's four percent debt, basically a seventy five percent wiping of every single asset, and all the brittan's and all your savings and all your pensions and everything. So the answer is, well, I just prints some more money to pay the bills that you taking a credit card to pay a free credit card payments.

Now when you control the money, you can come to do that because now he is going to tap on the shelter. So what they do is they start printing money. The first they used to use the the baLance sheet, which meant that the federal reserve or the bank of england, however, would buy bonds from the market, kind of basically take them off the market.

So IT meant that was less debt around in the market. But they change the thing. They they now have something more punchers called liquidity. You can't say they got different mechanisms that they put this into the system.

And basically everybody all of the central banks are doing at at the same time, and they're also all in agreement that they have to do IT. And this is all driven by the aging demographics and the debt problems that IT all caused. And so what we've got is every government having, every four years or so to print a lot of money.

Why four years? Because in two thousand and eight, they all reset their interest strates to zero. They're went a borough of any three to five years out.

In every four years, the cycle comes up and they start injecting money liquidity. okay. So what does this all mean? Yeah people watching this like, yeah I can't know what you talking about.

What that means is that, on average, your money goes down in pushing power verses scars assets by eight percent a year. And then you have usually got, let's say, a three percent inflation, right? You've thought a eleven percent of your money is being devalued every year.

Your future self is getting caught by seven percent, right? Remember we we talked about the future self. And if you buy the S M P five hundred, what was IT making? About eleven percent year.

So if you buy the M P five hundred, your future self is not gonna any richer for the risk taken, locking up your money for ten years or twenty years because of this inflation, because of this, the basement, basement. Now people confuse inflation and debasement. I would call this debasement of currency.

And so this is happening at eight cent year, which is why we're all feeling so fuck, it's happening. All these assets keep going up real. That keeps going up to offset this.

Now what I did once I realized is something I call the everything code big theses around how this all happened. What are all means of what's happening is basically the asian population driving debt. A GDP is driving the government debt and then the liquidity is paying the interest payment.

So it's this economic machine that the world has become. It's perfectly cyclically. It's perfectly predictable. It's not going away until we have this technological revolution we talked about. And so everybody has to protect ourselves.

So once I found this thing called the everything code, I started thinking, okay, if this, lets say, eleven percent rates, the hurdle rates of money that my future self is getting poor every year, by what are you? I invested. So I started dividing everything by that.

A recent people I under doesn't make you any money. Real site doesn't really make any money. Gold actually lost your money. Supposed to maintaining purchase ir, unlike her shed, there were only to us. It's in the world that outperformed this technology kitto. The next that was in eighteen percent a year, and critter was in one hundred and fifty plus sonless than twenty and fifty percent a year, even with three eighty percent raw downs. So this is what got me to change minds. High investing game from being a broad based investor with, you know a baLanced portfolio to, okay, there's only two bets in the world, the literary two bets in the world, technology and critter and the next pakistan, ninety nine point nine seven percent. This is bitcoin, two thousand and twelve.

How much of you your personal money .

to invest in crypt? A hundred percent of liquid ID network and IT has been five years. Have you done well? Yeah, yeah.

Very well. I've i've not made any major mistakes. Have been, have been in this journey since two thousand and thirteen. So I have made mistakes. My mistake was I bought IT at two hundred.

I put not bad size betting, considering how unproven IT was in two thousand and thirteen, he was, how improve IT was. And IT went up. IT went up five acts or something in the first three months of me buying IT. And i'm the best, best in the world.

This is amazing then IT felt eighty seven percent and i'm like I had this long term view IT was going to hundred thousand and that um I would just not look at the Price I showed that anyone and fine and then two thousand seventeen IT was now two and half thousand. I was up like ten twelve, which was amazing. I never had to bet up ten or twelve ex.

And there was some wood stuff going on. There was another bitch coin gona be the code up in folks and I was, I already understand this. I'm going to take my money.

So that was about march, April twenty seventeen. By december, IT had had twenty thousand and had gone up another ten x that year. Then IT collapsed down eighty five percent.

And then I bought IT in two thousand and twenty during the pandemic into that big self. I held fifty percent. So I bought a cheap, I sold on the way out, and then bought IT when I sold off.

If I had just held into my original bet, I made five times as much money. And if I would listen to myself, which is every four years when you have these big cellos, you just try add as much money as possible. I'd made twenty five as times as much money. So I, even though I got IT right, affected up to.

well, you said that the best trade is always quality of life. Yes, if your account is full of quality of life and quality of life experiences, that's the greatest trade on earth. And i'll continue to do that trade until the day that I die. What do you mean?

What is the purpose of life? Now we can get very existential about stuff, and you actually go down these piles a lot with A I universal conscience and a lot of other side. But basically this is assume with humans, this is assume.

Maybe we've got one shot on this earth with the amounts will make the best of IT. And people gotta. Remember, money is just a scoring system that allows you privilege es.

And people lose track of that and think money is the privilege itself. The privilege is freedom. The privilege is, we have to live where you want to live.

The privilege is being surrounded by the people you want to be, surrounded by the privileges being bring up a family, whatever your value system is. Those are the things. So for me, it's I like living in nature. And that's probably key thing number one, but being connected. So when I bought a house in spain, but that was a huge quality of life because i've got a security of a house on my own in nature in good china.

Okay, i'm i'm fine, but really experiences are even more powerful if the rise of true currency in the world experiences, you know, I said I just come back from living in the remote wall of ambition that doesn't experience that is incredibly valuable and and i've done a lot of these. That is what it's all for this understanding and seeing of how the world there is in the beauty, in the marvel, the people understanding people in not being fearful of people and and not thinking about cultures, except in terms of, oh, that's their culture. That's their culture.

Culture good, culture bad. Friends, they are all of these things. These are the valuable things you can buy any of them.

You have to physically go and spend the time and be comfortable. I ve always said there is your comfort zone and where the magic happens. And these two vent diagrams don't intersect. You have to be outside your comfort zone to feel the magic. If not, you just doing life by numbers.

Do I need money to have those experiences? no. So what's the point? And me doing all this, you know, bitcoin investing, focusing on sacrificing my twenties .

when I need some money. You don't. You can solve IT without, but it's hard.

If you're living in ohio or birmingham, erect, you are right to get some of these things IT might be. I want to be warm and dry. I want to grown from in vest. Whatever east doesn't matter, right? You can solve IT by a number of different ways.

But really, for the average person, I say, this is like, if you want to live on a beach, you can either become a billion air and live in some boards, or you can get a lesson, america, and live on the beach for virtually nothing. And if you're living in an internet age, you can make that happen. But then what happens is maybe wants some more creature comforts, maybe do this.

Look, I don't say that we should all be the budget zen master and say we need nothing. We can reject everything. But if we break IT down to what is the feeling that I want, then you can solve IT with money, on without money, and you won't be disappointed.

Because, remember, the very beginnings of our conversation is what makes people unhappy is when their vision of their future self in their current, don't need. Now, if your vision of your future self is, remember, I said, I want that that pencil in spain with that family. So one of the component parts that like see, like social life of people, like natural beauty, and with somebody I love, okay, that can be solved a hundred different ways.

But in your life, did you have to shift from the building zone, the building season of life, to them, the kind of enjoyment .

season of life I did in the middle, which was the lesson I learned, is I had done the investment banking in the hedge fund thing. I then, upon the right rice, I was in the richest guy in the world. But I thought, you know what, if I can get source of income, I can live, and I can grow my olives and almonds, and I live in a beautiful house on the side of a national park near a beach time in spain.

I won the lottery, and I saw a global conveyor that ended up the coming up. A much bigger thing is the financial crisis are predict to that and got stuff right. And so what I found is like semi retired, and I ve surrender by people who weren't really stimulating interest.

Cally stimulating. I made great friends, but we wouldn't conversation like this, and so was isolated. And then, you know, you live on the journey, if you're an entrepreneur in financial markets, to end up going out to bars.

And like, but you know, and i'm like, I looked at them and have been there ten years. And like, I gotto get out of this because i'm excited by life. I'm excited.

I want to do the entrepreneur thing. I love investing. I just want to be around people who also did that.

And but by chance, end up building house in the canyons, because IT was one of my dreams. I want to A P. A house on tropical beach. I love diving, all of this, and that was the signal to me to go bucket. A moving to came when I started real vision and I started the entrepreneurs journey and now got four companies busy than i've ever been in my life. I'm very happy doing IT, but it's a chapter again and it'll give me the lifestyle racket, but also the intellectual racket that I wanted to prove to myself that I can do some of these things.

We have a close introduction on this box where the last guest leaves a question for the next guest, not knowing who they going to be believed. beautiful. I've never revealed the last question in terms of who's written IT, but i'm gonna veal IT in this case, these questions written .

by bars Johnson.

And the question was, have you ever tried to sack someone and ended the meeting .

having accidentally promoted them?

Speaking from experience.

you know, I think I probably have, I think I probably have. And that goes back to one of my things that i've had to learn is, how has the difficult conversations? And english and my mom's duck were also quite vasishtha like drama.

My wife's americans, that she's told me that, like, you got straightfor the kill and i've avoided tough conversations. And so i've probably ended up in that situation or something close to IT. Does that not because I as well, of course I and just like, but is the lesson i'm trying to learn is you need to be more if it's a tough conversation to do IT amen.

Thank you. wrong. Um I think everybody should go and check out your channel, which i've watched for many, many years now. I think it's the in fact, is, you know, I looking for when i'm looking for advice on anything cropt or related, the macro environment and inflation, all of these things, the only channel that I trust and that I go looking for and and really, really mean this when I say IT has always been yours because I think you've provided a nuance in a way that's incredibly accessible to the average person and a lot these financials are very difficult to like, understand the terminology, kind of get past that part. But what you've done so well is made all of these subjects so accessible for everybody.

And I can't imagine how many millions of people you've um helped open their eyes to the state of currency debasement and you know some of the miss around how to create and save your wealth. And I think that um a mission that is so incredibly important because a lot of this insight, unfortunately historically has been reserved for the elites. How are you wana define them, the elite intellectual or the those only the people that work in finance.

And I think what real vision is that has blown those doors open and you're you've been a champion for me in my life and an an educated for me in my life. So that's why is very excited to speak you today. So thank you for .

you preciate that and also very watching this. I am genuine in trying to help many people. And so we've this whole everything code, this is to make people understand IT more.

We've made a whole special af goza and go to the revision dot com forward slash diary. And there is all for you guys watching this. It's the everything code, the documents you can read IT watch the video, you get free religion subscription because it's free to join and honest these so many tools.

And if you don't understand something, ask the A I, the bottom of right, the screen is little plus button. You ask the A I, the real vision button explaining IT to you everything you need is there it's free. There's no reason not to one for your own future.

I'll linked that below. One got really below in the description wherever you are listened to this. Thank you.

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