Chamath Palihapitiya Explains Why BITCOIN Go Up

다듬은 글

※ 자동 자막 원문(다듬기 전)

01. the definitions of social capital and society are changing and i think the biggest business opportunities are driving change in those really big pillars that today define social capital and i define those big pillars as health care education and financial services live as long as you can have the skills to earn money and then have access to money those are the three in my opinion new maslow's hierarchy of needs that people give a about and so finding ways of reconstructing any business in any of those three areas is should be the primary focus of very capable people who are trying to both you know move the world forward and make a ton of money simply put those are trillion dollar markets that are completely up that are right right to be disrupted within that when i look at bitcoin it is one of the most interesting things happening in that financial services pillar that i've ever seen and um the reason i like it so much are two things one is it is for the first time you know the cheapest and most frictionless payment rails we've ever seen and so forget bitcoin as an underlying currency you don't have to care about whether it replaces fiat dollars or not what you have to care about is that instead of paying two and a half percent or one and a half percent i can basically pay virtually nothing to clear and basically process transactions and get money from one account to another account right from one address to another address which is effectively what today's payment rails do for people so what that allows you to do is much more profitably have businesses that can basically accept and take payments for anything for any kind of good and service and so as a result more services will exist and as a result more interesting creative uses of those payment rails will happen that's the most primary thing but then the secondary thing which is again going back to these trends which i think is more societal in nature is that you have an increasing level of mistrust around the monetary and fiscal policy for many governments including the united states and so when you think about things that could span anywhere from at the simple end devaluation to all the way at the other end asset seizures by you know federal institutions um and if you don't think those are happening those are happening today you know we're going to go through a devaluation in brazil we're probably going through a devaluation in india these are two of the most important economies in the world poland just seized half of the you know sort of private pension assets poland eu country right so that they could basically lower their debt to gdp ratio so that they could borrow more money and so if you're sitting in any of these countries right and you're thinking to yourself wow i've worked hard i've played by the rules i've saved money i'm trying to do very simple things with it buy a house have a vacation pay for a car pay for my kids to go to school pass that on pay for my daughter's wedding and now you have to deal with these you know people who frankly mismanaged didn't know what they were doing were put in a position of power simply because they were able to check a box and have a degree and convince somebody else to check the box and had a degree that they were just as smart as them all this flows downhill and then you pay the price what would you do and i look at bitcoin and i say my god like you can protect your assets so at a very very basic level if there's any fiscal or monetary instability in a country or you don't believe or trust what's happening you should absolutely have a percentage of your assets there this is no different when the nazis were killing jews left right and center they were able to basically transfer wealth into things like diamonds into and they were able to at least protect themselves somewhat but even then they were severely taken advantage of right but now you can take that to a much more structural you know uniform scale applied to everybody right so if you're at venezuela and you've been playing by the rules and now you don't like what's happening there you can get your money or your assets into bitcoin and shield it from a government you fundamentally don't trust i mean how is that a bad idea that's like this is genius right i mean we're sitting around here right now most of our assets in u.s dollars hoping to god that someone between larry summers or janet yellen knows what the hell they're doing just say i mean just so you guys know we've been printing money out the yin yang for about eight or nine years and now we're hoping that once the printing press stops that one of those two people can figure it out and all i'm saying is and i know larry very well and i think larry's is a genius and i think larry would do a fantastic job even larry can only control it so much and so i frankly have worked too hard for what i've earned and i just want to protect it and i want to be able to do whatever i want with it i don't want to be told what others think i just don't give a what others think and so that's why i think bitcoin is so amazing so as a business service it's genius and then secondarily sort of like as an instrument of protecting assets and asset value i think that will start as a developing world phenomenon and i think it'll spill over to the developed world and so you're talking about a 20-year arc but this thing is going to rip it's just going to continue to go up and to the right forever