Transcription
If you spent any time in Bitcoin, you'll know that there's a huge variety of opinions on whether or not Bitcoin will succeed or not. Michael Sailor believes that Bitcoin is inevitable. In a recent interview, Michael Sailor said that he'll be buying Bitcoin at a million dollar a coin, 10 million a coin, $50 million a coin. And then there's people out there like Jaime Diamond who still believe that Bitcoin is a fraud and a Ponzi scheme.
"Crypto, if you mean crypto like Bitcoin, I've always said it's a fraud, uh, there are so no hope for it. Well, if it's if they think they're a currency, there's no hope for it. It's a Ponzi scheme," it's a public decentralized... Even Jack Dorsey, who some believe could be Satoshi, even believes that there's a chance that Bitcoin will fail.
So let's fast forward to the future, and Bitcoin has failed. How did it fail? I think it fails through irrelevance. Like it it just it fails to be relevant to people on a daily basis. Um, if it just ends up being store value and nothing more, I don't I don't think it gains relevance at all. Like I think it has to be payments for it to be relevant uh on the everyday. Otherwise, it's just something you kind of buy and forget and only use in emergency situations or or when you want to uh get liquid again. Um, so I think if it doesn't transition to payments um and find that everyday use case, it just gets increasingly irrelevant. Then that's fair; that's failure to me.
As a guy who runs a Bitcoin show, you all are going to be shocked to hear what I actually believe. I ultimately believe that Bitcoin will fail in the end. Stick around; I'll give you my real, raw, uncut, honest thoughts about why I believe that Bitcoin will fail you in the end. No clickbait, just me being real. This is Dante Cook with Bitcoin Simply. Let's go.
Things that change the world often have a single person who will stand firm in the face of opposition and stand waving their fist with unwavering belief, not just with their words but with their actions. And in Bitcoin, that person is Michael Sailor.
Is there a ceiling that Micro Strategy has in mind in terms of how much Bitcoin it can hold, or you know, is is it kind of unlimited and and really depends on on what is happening in the market?
"No, we'll just keep buying," right? The price is going to go up; it's going to get exponentially harder, and the price is going to go up exponentially higher, and we'll just keep buying. And at some point, you know, if if we get to 5% of the supply, Bitcoin's probably going to be a million a coin. And if we get to 7 and a half percent of the supply, Bitcoin will be 10 million a coin. And then we'll be, you know, if I'm lucky enough to grind to 10% of the supply, Bitcoin's going to be 50 million a coin. And someone will be whining that whatever we have too much Bitcoin, but other people will have $400 trillion of wealth, you know. So, you know, our view is it's a ratchet, and we're just going to keep turning, cranking on the ratchet, and there's massive leverage here, and I think everybody's winning if we do that.
People like Nayib Bukele are the reason that Bitcoin is changing the world. Bukele has seen Bitcoin lift El Salvador from the shackles of poverty and has even bought 50 Bitcoin since the IMF told him that he's banned from buying it. Bitcoin is changing the world because people like Max Kaiser have been talking about Bitcoin like this since Bitcoin was 25 cents.
One way to deal with this is obviously raising interest rates to to to tackle inflation, an obvious uh move. But what is the answer to this problem? Then what can the uh US Treasury and the Fed do right now uh to deal with this uh looming crisis?
"Well, yeah, raising rates is what Paul Volcker did in 1980 uh when the debt to GDP ratio were had was at a po that was a possibility, and it worked after a massive debt uh raising of interest rates into the 18 19%, right? But the debt to GDP ratio right now is is you know, 10 times at least higher uh so that's actually not going to work. Um, there is no solution. Um, that's why people are running into Bitcoin. That's why Bitcoin is worth over a trillion dollars now. Why it's going to trillion dollars now is that people are running for the hills; they're getting out of dodge; they're dumping their US Treasury bonds; they're dumping whatever they can, and they're putting it into Bitcoin. And so Bitcoin, we're going to see Bitcoin be the major winner in this sovereign debt collapse globally. That's how you get to two, three, $400,000 per Bitcoin. Everybody knows it now. Paul Tudor Jones, Stan Druckenmiller, uh Michael Sailor over at Micro Strategy, they're all openly talking about a speculative attack against the central banks—borrow at that cheap rate, buy Bitcoin, and let them die. That's what's going on.
And Janet Yellen, for one, expects um these interest or these inflation levels rather to persist until mid-2022. Um, do you think that's an accurate forecast, or could we see these problems persist into the years after that?
"You know, last year Janet Yellen said the biggest problem was deflation. Uh, then they said, 'Oh, you know what, it's actually inflation.' Then they said the inflation was transitory. Now they're saying the inflation's going to be around for a few years. We're at the beginning of a multi-year secular inflation that will last quite a quite a bit uh of time. We we are leaving a 40-year bull market in bonds. It started when Volcker uh finished his job back in 1980, and Ronald Reagan and Margaret Thatcher came to office, and we've had 40 years of lower interest rates. Well, that's now finished. We're going to have now a multi-year period of rising interest rates. It's going to be worse than the 1970s. We're going to see major defaults across the uh corporate world. We're going to see sovereign defaults, uh and we're going to see more countries like El Salvador start to make Bitcoin legal tender to get out, and they're openly mocking the IMF. El Salvador is openly mocking the IMF on Twitter uh saying, 'We're buying Bitcoin, haha,' and it's we're in a completely new era, a new world, a new global standard, as uh Rand Paul, a senator in in America, has called on Bitcoin to be the new global monetary standard—not the dollar, not gold, Bitcoin.
Bitcoin is changing the world because people like Jack Mallers are walking into marble floors with high ceilings in the boughels of Wall Street in New York City wearing a hoodie and saying stuff like this. And this this is why Bitcoin will decouple because Bitcoin isn't priced on earnings. And if countries are looking for something to own, you're going to want scarce reserve assets—long gold, long Bitcoin, easy, easy.
So why people don't understand what we're living through, and I'm looking on the internet, and everyone's freaking out, and my message to my audience and to the Bitcoiners is just relax. You got to breathe, calm down, understand what you own, understand what we're living through right now. Let the stock market puke and figure itself out. And by the way, is it over? No. What are we living through right now? We're trying... Yeah, I'm literally on Wall Street having meetings with Wall Street people. This city is a full of a bunch of overlevered pompous hedge fund... These guys... I mean, the stock market's down like 4%; these guys are begging and pleading and screaming for a bailout. Give me a break. Everyone wants a relief rally. We're now at the phase where everyone's like, "You hear that? Oh my god, Trump, Trump said that he's open to negotiations. Trump said he might walk back what he said," and no one's actually pricing in the fact that Trump means business, whether you like it or not. Trump wants to help the poor American; Trump wants to create factory jobs; Trump wants to produce stuff here; Trump wants to fix the deficit problem. That that's until I see otherwise. Trump is about business; Trump is keeping his promises, whether you like it or not. This is not a political podcast; I'm just calling it how I see it. And you've got a bunch of overlevered people here in New York that are just losing their mind. It listen, it is what it is, and and this is so bullish for Bitcoin. They're going to have to print so much money; they're gonna have to... Bitcoin is really priced with how much fiat currency is slloshing around in the world. And in order for all of this to play out and work, we have to debase our currency; we have to devalue our debt; and we have to create more fiat. It's going to send Bitcoin nuclear.
Bitcoin is transforming how the world fights wars or whether we have war or not at all. It's defunding the system in which we could have a war for 20 years, print $6 trillion, and have no accountability for it. Listen to this clip from George with Nico.
"You know, if you think about what happened after 2008, the great financial crisis, I mean, anybody that you know was looking around thought, 'Hey, this is a this is a changed world we live in now.' You know, when Bernanke started the QE program in 2010, you could see the handwriting on the wall. In fact, I wasn't alone. You know, look at China at the time of the great financial crisis. China had 1.2 over that trillion dollars of US treasuries, and then within just a short period of time after the GFC and when they realized that they were going to start printing forever, they started selling them off. They're down to about 760, I think, right now. They're a little bit less than uh Japan. And the reason that's important and I mentioned that to Bitcoiners is because if you look around and you looked and you thought, 'Gee, you know, I got to get I got to get out of this system; I got to do something to protect myself,' there really wasn't that much you could do. I mean, you know, they were blowing an asset bubble, so if you were smart, you did you know, you put your wealth into asset bubbles and and let it rip, and many boomers did that. But you know, this is a different world that we're in today; that's not going to happen going forward. You know, you mentioned about conflicts and war, and I um th this is probably the my biggest hope; this is one of the reasons I got so excited about Bitcoin is because I'm hoping that Bitcoin is going to be what stops this nonsense. You know, we were in Afghanistan for 20 years, and you know what, that that's like five times as long as we're in World War II, a world conflict where we defeated you know, many powers, and and it took four years. And now we're in Afghanistan for 20 years. If you look at the the amount of money that we spent between Afghanistan and Iraq, it comes out to about 4 to 6 trillion. Why would we why could we do that? How can you fight a war for 20 some odd years? How can you spend $6 trillion? You can only do it one way: you can just print money; that's it; that's how you do it. If you look back on the past history of our country and others countries, you see that every time they get in a situation where they need to have a conflict, it's always printing money. So my goal, my hope was that Bitcoin would provide a way out. Once I began to study Bitcoin, and you know, I didn't get it right away, you you probably are smarter than I am. You know, I got it, and I was trading shitcoins, and I was I bought some Bitcoin; it went way up, and I sold it like an idiot. And uh, but you know, I when you realize that you don't understand what you hold, the best thing to do is just get right back in the books, just get in the books and start studying and reading and understanding, watching podcasts like this, and I did that. Once I understood it, once I really got it, I just started going back in and and bigger and bigger. You know how that is: you you start small; next thing you know, you've got more and more of your wealth in there. And then today, sitting here today, I mean, I've got all my wealth in Bitcoin or a proxy; I've got some MicroStrategy a stock too, but basically, you know, everything I have is in Bitcoin, and I'm pretty damn happy too. I'll tell you."
Bitcoin is no doubt changing the world and changing how our financial system works, but in the end, Bitcoin will fail. I'm going to tell you exactly how right after this.
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In the 666,666th block, there's an embedded scripture in the Bitcoin blockchain: Romans 12:21, "Do not be overcome by evil, but overcome evil with good." And one of my favorite passages in the Bible is Philippians 4:8: "Whatever is true, whatever is honorable, whatever is just, whatever is pure, whatever is lovely, whatever is commendable, if there is any excellence, if there is anything worthy of praise, think on these things."
I believe that Bitcoin is the only monetary system in the world right now that represents truth. I believe that it is actually a just and fair system, as Larry points out in his book and others have talked about equal weights and measures in our money. Again, I believe that allows us to do things honorably, to be paid for honest work, something that you've built, created, or acquired through honest means. I believe that the code is lovely. I believe that the work that people are doing in this industry is commendable. I believe that there are excellent people working day and night on Bitcoin products and solutions to bring fairness and access to financial markets to people all around the world. This is worthy of praise.
But I want to share a message with all of my followers: Bitcoin will ultimately fail you in the end. On your deathbed, you will not be worried about your seed plate or your private keys. You're going to be thinking about whether you were just famous online or whether you were actually famous in your own home. You're going to be thinking about whether you spent too much time worshiping a created thing or the creator themselves. You're going to think about whether you use your Bitcoin to give you more time to have more memories, experiences, and unforgettable moments with people that you loved and cared about, or whether you use your Bitcoin to feed the poor, the needy, or the hungry, or whether you just held it to increase your treasure. You've never seen a U-Haul attached to a hearse because there's nothing on this earth that you can take with you when you die, not even your Bitcoin. Your Bitcoin will never fully fulfill you. And I've gone further down the rabbit hole than most. I do this show; I read all about Bitcoin all the time; I talk about it all the time. When you get down to the bottom of the rabbit hole, it'll be just like Dorothy and the Wizard of Oz, rolling back the curtain and understanding that fiat was all fake. You're going to get to the end of your Bitcoin journey and realize that Bitcoin can never fill a hole that it ultimately wasn't designed to. It's a tool; use it to grow your wealth; use it to maximize your time and your ability to have moments with your loved ones and people that you care about so that you're thinking about them around your deathbed and not about your private keys. Your dollar-cost average will not come to your benefit to save you when you're coming to think about whether you lived a life of meaning or of purpose. All of these things are independent of Bitcoin, and Bitcoin cannot solve that problem for you.
But let me be clear: I'm in Bitcoin not just for the money but because I actually believe that Bitcoin will make the world a better place. And for that reason, I say let's continue to press on into the mission; let's continue to liberate people from the shackles of fiat slavery. Education is power, and I believe that one of the things that our world is sorely missing is education that comes from financial literacy. Knowing that life is getting harder is one thing; knowing where, why, and how you're being robbed is another thing entirely. And it's our job to educate people on why the system is broken. And with that, I want to leave you with probably one of my favorite clips from one of my favorite people in Bitcoin, and that's Natalie Brunell on the Charles Payne Show about the mission of why we actually do Bitcoin.
"Well, what is the total addressable market for perfect money or perfect capital, and what percentage do you think that Bitcoin could actually capture of global assets? I mean, I would say that 200 trillion is actually very reasonable over the coming decades. Um, but honestly, I mean, people talk about price, Charles; the money is great, but the mission is even greater. I don't know anyone who bought shares of Apple or Nvidia or even some beautiful beachfront property and said, 'Wow, I feel like I have a sense of purpose now.' But I know thousands of people who feel that way after buying just a small amount of Bitcoin. They feel empowered; they want to help others; they want to give back; and they feel a sense of purpose. And I tweeted about this today, so shout out to Max Kaiser, but that's what this is about; it's about something bigger than ourselves. Hope is the most powerful motivating force, and Bitcoin brings out the hope; it brings out the best in us. So yeah, the money's great, but this is about building a better future for every generation, and that's worth more than any price target."
Bitcoin will change the world, and regardless of whether it's a million dollars a coin, $10 million a coin, $50 million a coin, whether Jack Dorsey believes it will fail or not, if it doesn't become a medium of exchange and it's just a store of value, or whether or not people like Jaime Diamond still believe that it's a Ponzi scheme, Bitcoin will ultimately fail you in the end, but it's not for the reasons that you think. Don't place all of your hope and trust in Bitcoin; it wasn't meant to fulfill that purpose. Just go and read the white paper.
One of the things that I've loved to do since getting in my Bitcoin journey is by going to conferences and seeing all of the people around the world who believe the same things that I do about how Bitcoin is transforming the world. There's going to be 20 to 30,000 of those people in Las Vegas from May 27th through May 29th at the Bitcoin Conference, the largest Bitcoin conference in the world. The Simply Team and Simply Crew is going to be there. Come hang out with the crew; come say hi. We love to meet all of our fans and people that watch these shows that we put hard work into just to educate you all. We want to be with you. Go to b.tc/conference/25 and use the promo code simply to get 10% off. We hooked you up. Go to the Bitcoin conference website and use the promo code simply for 10% off. This is Dante Cook with Bitcoin Simply. Happy Easter and happy stacking.