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we pivot to a topic that I know I know you you find sort of laborious at this point uh that's a good good word which is Bitcoin um this ETF was approved uh just about a week ago now and I think a lot of people are trying to understand what it ultimately means JP Morgan I imagine uh if you're a client of JP Morgan you could call your broker and say uh get get get me some of this ETF uh what are you telling what are you telling your Brokers to tell them back when they make that call yeah so this is an important thing I would this is the last time I've ever talk about this in CNB okay so help me God blockchain is real it's a technology we use it it's going to move money it's going to move data it's efficient we've been talking about that for 12 years too and it's very small okay so I think we've wasted too many words in that cryptocurrencies there are two types there's a cryptocurrency which might actually do something think of a cryptocurrency has an embedded smart contract in it and then we can use a buy and sell real estate and move data that may have value the idea of tokenizing things tokenizing things that that you do something with and then there's a one which does nothing I call it the pet rock the Bitcoin or something like that and so on the Bitcoin you know there's First of and I'm I'm not trying to make a joke here there are use cases AML fraud anti-money laundering tax avoidance sex trafficking those are real use cases and you see it being used for hundreds maybe 50 hundred billion dollars a year for that that is the end use case everything else is people train among themselves so speculate yeah now okay now my last statement the last time every talk about Bitcoin is I defend your right to do Bitcoin I think you know it's okay I don't want to tell you what to do so my personal advice is be don't get involved but I don't want to tell any one of you what to do it's a free country what do you make what do you make a black what do you make of the other firms the black rocks of the world that that obviously and and L Larry think changed his view of this obviously and maybe he changed his view because you think he genuinely believes in Bitcoin or gen or believed it because he thinks that there's a Marketplace for it and he wants to be part of of that market but what do you think of the there's about a dozen big Financial companies Fidelity included number one I don't care so just please stop talking about this and and I don't know what he would say about blockchain versus currencies of do something versus Bitcoin that does nothing it maybe that not different than me but you know this is what makes a market people have opinions this is the last time I'm every state my opinion gold really didn't do anything either yeah but Gold's Limited in Supply so it's Bitcoin and it's been used H so you think so huh do I think there's a good chance that when Bitcoin when we get to that 20 million bit go to 42 no that satachi is going to come on there laugh hysterically go quiet all bitcoin's going to be erased I think how the hell do you know it's going to stop at 21 I've never met one person who told me they know for a fact they take that mathematically it's it it's not it can't happen because by the last one will be mined in 2150 and it it it gets harder and harder every time there's another having but but Jamie I looking back over you guys do what you want I'll do what I want as for gold you can the six characteristics that make gold valuable for 4,000 years they're all present in bin that's all I'll saying I love you and I don't want to and I also don't I don't also don't want to be a you may Jo Joe you may be right yeah like I don't own gold either so okay that's what I mean couple quick final questions I like to own things that pay me incomes it doesn't cost money to carry anyway and it cost money to carry Bitcoin too by the way we've talked a lot about commercial real estate uh here uh in Davos there was a big 60 Minutes piece on Sunday oh but I think there's another RIS to bitcoin if if you can't solve the bad use cases the government's probably going to have to close it down so that the thing about the moneya laundering you you can Here's the the number was 20,000 I think for US dollar for dollars in moneya laundering and it was 35 for how much is done with Bitcoin so at this point the but the do the dominant know theant historically the dominant currency for money laundering has been I understand okay uh quickly
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