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we're gonna be spending a lot more time with you but I do want to just get to one other top because we talk about everyday Bitcoin it is out of control like look what's Bitcoin let's talk Bitcoin mm mm 12 I was introduced to it I started to accumulate accumulate 2013 I wrote an article and York Joe hold on just a wee just so we know we can feel bad about ourselves you're accumulating it at what price well my dollar cost average is around a hundred and something and and you've held it everything you've bought well at one point myself and you know two so I was introduced to it by a person I asked him if I could disclose his name he said no but he myself and another person all three of us relatively well known in the valley we went we started at one point we owned almost 5% of the entire flow in 2013 we've sold they've sold etc etc I wish we had kept it all we didn't it's fine but and then I wrote an article and I said you know what there's so much asymmetric upside here this is a thing that either goes to you know at the time I said roughly the value of gold and at the time it was about $100 a coin and so there's very little downside there's all this asymmetric upside I said take 1% of your net worth and buy this schmuck insurance and it's a schmuck insurance in this kind of very elegant beautiful way did I miss this Hawkins yarn that was that $100 though what would I mean I I actually started hearing from people that I know very well who don't often invest who are now asking me if this is the time to buy this much insurance now here's the thing this is now a confidence game right there is no real utility in this this is a fantastic fundamental hedge and store value against autocratic regimes and banking infrastructure that we know is corrosive to how the world needs to work properly you cannot have central bank's infinitely printing currency you cannot have folks with you know misguided and misdirected monetary and fiscal okay you just called it a confidence game and we've done okay and the economy is built on central banks and built on on fiat currencies where you you said yourself how much better life is and in every respect and it's ever been and that's with that as a so we've seen the first future of this and now we have to go through this great unwind right when all this liquidity now what what has to do what happens we'll see what happens and so all I'm saying is to have the ability to hedge that out right in a way that isn't fundamentally correlated to the people and the infrastructure that made those decisions that we were not a part of fundamentally I think is a smart at that point is if you haven't jumped on this bus or train or whatever so vehicle you want to describe it as has it left the station no so here's what I would say the same way that I said in 2013 put one percent of your net worth into Bitcoin I will put myself out there today I think this thing is a hundred thousand dollars a coin probably in the next three to four years and I think it is in the next 20 years a million dollars ago so there you have it you'reyou're telling people to put one of one percent of your net worth at the time that's it's a lot but that's for people who have money to play with I mean if you're talking to an average retail investor who's looking at this somebody who's trying to figure out should I put it in my 401k or should I put it in Bitcoin you would tell them what well I don't think that's their actual trade-off in your 401k so for example in your IRA I'm saying that there are people who have to make decisions about these things who are fully invested in for one so what I'm saying is I own a lot of Bitcoin in my IRA it is possible so I did take a small percentage and I put it in there all I'm saying is there's a Scott tax-advantaged way absolutely but you have money to play with but what I'm saying is you could buy the sp500 index by 99 percent of that so if you have $100 to invest what I'm saying is what one dollar one dollar and and the reason that one dollar is so valuable is that it is fundamentally not correlated to the other 99 and just on the off-chance but all the people that manage the 99 may not totally know what they're doing the one dollar may actually save us all okay we are do you have any anxiety that it's Cora that its current rise is is correlated to a market bubble meaning exactly that reflects that there's just too much money sloshing around and people have so much money that they're looking for these sort of any opportunity to way that they might not have two and three and four years ago I think bubbles happen when there's a scale of importance and I think it's very unfair to look at a market that's still measured in the you know few tens of billions of dollars and call it a a market to begin with and then be that there's a speculative bubble maybe that can happen from time to time at such small scale I think what's more likely is that there's just an overwhelming number of people who literally don't even know what bitcoin is right and then there's a very very small number of people who are at the periphery lookie looing having opinions but have never even bothered to read the definition that's a good phrase you know have never bothered to open in a wallet has never bothered to even read the Wikipedia article but they want to correlate it to a framework they understand because it's safe and what I would say is I would suspend disbelief which is what I did in 2012 it took me 18 months to understand yeah unreasonably technical and so what I would say is other people if they took the time may come to a very different conclusion than what is the obvious negative Nelly conclusion I think it would be really elegant if the the bubble itself helped create the answer to what caused the bubble in other words the the central bank can I completely agree with you that would be a real in the way the universe were you know it works that would be interesting because then you'd really see whether the Emperor had closer to done see the there is a bubble from all the money sloshing around that what the real Bitcoin is the answer to the profit I thought the mark
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