Top Bitcoin Holder: He Asked AI to Build Something That NEVER Existed, Here's What Happened!

I used AI to make $15 billion last year. I used AI to make $15 billion last year. >> You did? >> You did? >> You did? >> I did. Because the AI gave us a solution >> I did. Because the AI gave us a solution >> I did. Because the AI gave us a solution to the problem that no one had ever to the problem that no one had ever to the problem that no one had ever encountered before in the history of the encountered before in the history of the encountered before in the history of the world. And so my advice is don't try to world. And so my advice is don't try to world. And so my advice is don't try to outwork the robots. What you want to do outwork the robots. What you want to do outwork the robots. What you want to do is ask the AI to do something that's is ask the AI to do something that's is ask the AI to do something that's never been done before. And if you want never been done before. And if you want never been done before. And if you want to create these incredible success to create these incredible success to create these incredible success things, you want to locate the magic things, you want to locate the magic things, you want to locate the magic opportunity. I know this because I'm an opportunity. I know this because I'm an opportunity. I know this because I'm an technology entrepreneur. And we're technology entrepreneur. And we're technology entrepreneur. And we're [music] the biggest buyer of Bitcoin in [music] the biggest buyer of Bitcoin in [music] the biggest buyer of Bitcoin in the world. So what is my mission? I'm the world. So what is my mission? I'm the world. So what is my mission? I'm preaching the gospel of digital preaching the gospel of digital preaching the gospel of digital empowerment [music] in Bitcoin as empowerment [music] in Bitcoin as empowerment [music] in Bitcoin as digital money. And it's going to be the digital money. And it's going to be the digital money. And it's going to be the best long-term capital asset. And you best long-term capital asset. And you best long-term capital asset. And you can actually own something and someone can actually own something and someone can actually own something and someone more powerful than you can't take it more powerful than you can't take it more powerful than you can't take it away from you. away from you. away from you. >> What do you mean they can't take Bitcoin >> What do you mean they can't take Bitcoin >> What do you mean they can't take Bitcoin from you? from you? from you? >> So this is a stack of currency. You walk >> So this is a stack of currency. You walk >> So this is a stack of currency. You walk through an airport on this, they ask you through an airport on this, they ask you through an airport on this, they ask you if you have cash. They just take it. So if you have cash. They just take it. So if you have cash. They just take it. So cash in a physical form is a problem. So cash in a physical form is a problem. So cash in a physical form is a problem. So what do you do? You put it in the bank. what do you do? You put it in the bank. what do you do? You put it in the bank. So the bank then decides whether you get So the bank then decides whether you get So the bank then decides whether you get to keep it and whether you get it back. to keep it and whether you get it back. to keep it and whether you get it back. But I could move a million dollars of But I could move a million dollars of But I could move a million dollars of Bitcoin from here to anywhere, to Bitcoin from here to anywhere, to Bitcoin from here to anywhere, to London, to anywhere in cyberspace in a London, to anywhere in cyberspace in a London, to anywhere in cyberspace in a few seconds. So the last thing in the few seconds. So the last thing in the few seconds. So the last thing in the world you want to save is money. world you want to save is money. world you want to save is money. >> So what about this? Why not just put all >> So what about this? Why not just put all >> So what about this? Why not just put all of my money into gold? of my money into gold? of my money into gold? >> Well, gold is up 12% a year, but Bitcoin >> Well, gold is up 12% a year, but Bitcoin >> Well, gold is up 12% a year, but Bitcoin is up 33. is up 33. is up 33. >> What about the S&P 500? >> What about the S&P 500? >> What about the S&P 500? >> You're going to get double the >> You're going to get double the >> You're going to get double the performance from BTC that you would get performance from BTC that you would get performance from BTC that you would get from like the S&P index. from like the S&P index. from like the S&P index. >> So should I buy a house? >> So should I buy a house? >> So should I buy a house? >> I will tell you why you shouldn't buy a >> I will tell you why you shouldn't buy a >> I will tell you why you shouldn't buy a house. house. house. >> And then you sold a bit of Bitcoin >> And then you sold a bit of Bitcoin >> And then you sold a bit of Bitcoin recently after telling a lot of people recently after telling a lot of people recently after telling a lot of people sell a kidney if you must but keep the sell a kidney if you must but keep the sell a kidney if you must but keep the Bitcoin. So why did you sell the Bitcoin Bitcoin. So why did you sell the Bitcoin Bitcoin. So why did you sell the Bitcoin instead of your kidney? instead of your kidney? instead of your kidney? >> Because >> Because >> Because >> Michael, beyond just buying Bitcoin, >> Michael, beyond just buying Bitcoin, >> Michael, beyond just buying Bitcoin, [music] [music] [music] what is a good strategy to build and what is a good strategy to build and what is a good strategy to build and become wealthy in your view? And then become wealthy in your view? And then become wealthy in your view? And then >> [music] >> [music] >> [music] >> you have 10 rules for young adults >> you have 10 rules for young adults >> you have 10 rules for young adults building a strong foundation for their building a strong foundation for their building a strong foundation for their life and career. So let's go through life and career. So let's go through life and career. So let's go through these. these. these. >> So first, >> This is super interesting to me. My team >> This is super interesting to me. My team gave me this report to show me how many gave me this report to show me how many gave me this report to show me how many of you that watch this show subscribe of you that watch this show subscribe of you that watch this show subscribe and some of you have told us according and some of you have told us according and some of you have told us according to this that you are unsubscribed from to this that you are unsubscribed from to this that you are unsubscribed from the channel randomly. So, favor to ask the channel randomly. So, favor to ask the channel randomly. So, favor to ask all of you, please could you check right all of you, please could you check right all of you, please could you check right now if you've hit the subscribe button now if you've hit the subscribe button now if you've hit the subscribe button if you are regular viewer of the show if you are regular viewer of the show if you are regular viewer of the show and you like what we do here. We're and you like what we do here. We're and you like what we do here. We're approaching quite a significant landmark approaching quite a significant landmark approaching quite a significant landmark on this show in terms of a subscriber on this show in terms of a subscriber on this show in terms of a subscriber number. So, if there was one simple free number. So, if there was one simple free number. So, if there was one simple free thing that you could do to help us, my thing that you could do to help us, my thing that you could do to help us, my team, everyone here to keep this show team, everyone here to keep this show team, everyone here to keep this show free, to keep it improving free, to keep it improving free, to keep it improving year-over-year and week-over-week, it is year-over-year and week-over-week, it is year-over-year and week-over-week, it is just to hit that subscribe button and to just to hit that subscribe button and to just to hit that subscribe button and to double-check if you've hit it. Anything double-check if you've hit it. Anything double-check if you've hit it. Anything I'll ever ask of you. I'll ever ask of you. I'll ever ask of you. Do we have a deal? If you do it, I'll Do we have a deal? If you do it, I'll Do we have a deal? If you do it, I'll tell you what I'll do. I'll make sure tell you what I'll do. I'll make sure tell you what I'll do. I'll make sure every single week, every single month we every single week, every single month we every single week, every single month we fight harder and harder and harder and fight harder and harder and harder and fight harder and harder and harder and harder to bring you the guests and harder to bring you the guests and harder to bring you the guests and conversations that you want to hear. I conversations that you want to hear. I conversations that you want to hear. I stayed true to that promise since the stayed true to that promise since the stayed true to that promise since the very beginning of The Diary of a CEO and very beginning of The Diary of a CEO and very beginning of The Diary of a CEO and I will not let you down. Please help us. I will not let you down. Please help us. I will not let you down. Please help us. Really appreciate it. Let's get on with Really appreciate it. Let's get on with Really appreciate it. Let's get on with the show. >> [music] >> [music] >> Michael, because of your success as a >> Michael, because of your success as a >> Michael, because of your success as a technology entrepreneur, you are a technology entrepreneur, you are a technology entrepreneur, you are a multi-billionaire from my multi-billionaire from my multi-billionaire from my math and you're heavily focused on math and you're heavily focused on math and you're heavily focused on digital currencies at the moment, digital currencies at the moment, digital currencies at the moment, specifically Bitcoin. What else do we specifically Bitcoin. What else do we specifically Bitcoin. What else do we need to know about you in terms of what need to know about you in terms of what need to know about you in terms of what you've built and accomplished outside of you've built and accomplished outside of you've built and accomplished outside of that? that? that? >> I always wanted to make a technical >> I always wanted to make a technical >> I always wanted to make a technical contribution. So, that the early contribution. So, that the early contribution. So, that the early business was business intelligence. So, business was business intelligence. So, business was business intelligence. So, how do you extract intelligence from how do you extract intelligence from how do you extract intelligence from large raw data sources and that was what large raw data sources and that was what large raw data sources and that was what MicroStrategy did. We created a global MicroStrategy did. We created a global MicroStrategy did. We created a global business intelligence company. And business intelligence company. And business intelligence company. And [snorts] I think in 2020, when the COVID [snorts] I think in 2020, when the COVID [snorts] I think in 2020, when the COVID lockdowns took place and the world lockdowns took place and the world lockdowns took place and the world turned upside down, that was when I turned upside down, that was when I turned upside down, that was when I discovered my greatest idea and it discovered my greatest idea and it discovered my greatest idea and it wasn't even my idea, right? It was wasn't even my idea, right? It was wasn't even my idea, right? It was Satoshi's idea, but I discovered Bitcoin Satoshi's idea, but I discovered Bitcoin Satoshi's idea, but I discovered Bitcoin in 2020 and the company today is in 2020 and the company today is in 2020 and the company today is $60 billion, but we peaked about 125 $60 billion, but we peaked about 125 $60 billion, but we peaked about 125 billion. So, we got somewhere between billion. So, we got somewhere between billion. So, we got somewhere between 100 and 200 times bigger since we 100 and 200 times bigger since we 100 and 200 times bigger since we discovered Bitcoin. discovered Bitcoin. discovered Bitcoin. >> And when you speak to the general public >> And when you speak to the general public >> And when you speak to the general public now, when you do podcasts like this, now, when you do podcasts like this, now, when you do podcasts like this, what is the the essence of the message what is the the essence of the message what is the the essence of the message that you're aiming to communicate to that you're aiming to communicate to that you're aiming to communicate to them. them. them. >> Bitcoin is is digital empowerment, >> Bitcoin is is digital empowerment, >> Bitcoin is is digital empowerment, digital capital. We're living through digital capital. We're living through digital capital. We're living through the digital transformation the digital transformation the digital transformation of assets, and this is just as profound of assets, and this is just as profound of assets, and this is just as profound transformation as digital intelligence. transformation as digital intelligence. transformation as digital intelligence. The real profound breakthrough of The real profound breakthrough of The real profound breakthrough of Bitcoin is this idea Bitcoin is this idea Bitcoin is this idea that you can take economic energy, that you can take economic energy, that you can take economic energy, convert to digital form, and tightly convert to digital form, and tightly convert to digital form, and tightly bind it to the person, the family, the bind it to the person, the family, the bind it to the person, the family, the company, company, company, or the country. We can talk about how we or the country. We can talk about how we or the country. We can talk about how we all hate countries, but you know, the all hate countries, but you know, the all hate countries, but you know, the history of the world is all the weak history of the world is all the weak history of the world is all the weak countries getting smashed by all the big countries getting smashed by all the big countries getting smashed by all the big countries. So, if what you're interested countries. So, if what you're interested countries. So, if what you're interested in in is empowerment and fairness and in in is empowerment and fairness and in in is empowerment and fairness and equity for the small company, the small equity for the small company, the small equity for the small company, the small family, the small person, the small family, the small person, the small family, the small person, the small country, the weak, country, the weak, country, the weak, how do you do it? Well, you basically how do you do it? Well, you basically how do you do it? Well, you basically encrypt the money, put it in cyberspace, encrypt the money, put it in cyberspace, encrypt the money, put it in cyberspace, protect it with a private key. So, like protect it with a private key. So, like protect it with a private key. So, like now you can actually own something and now you can actually own something and now you can actually own something and someone more powerful than you can't someone more powerful than you can't someone more powerful than you can't take it away from you. take it away from you. take it away from you. >> There's two types two types of money >> There's two types two types of money >> There's two types two types of money there in front of you. There's dollar there in front of you. There's dollar there in front of you. There's dollar bills, and then I've got a couple of bills, and then I've got a couple of bills, and then I've got a couple of Bitcoin on the table. What do you mean Bitcoin on the table. What do you mean Bitcoin on the table. What do you mean they can't take Bitcoin from you? they can't take Bitcoin from you? they can't take Bitcoin from you? >> Okay, so this is a stack of currency. >> Okay, so this is a stack of currency. >> Okay, so this is a stack of currency. You walk through an airport on this, You walk through an airport on this, You walk through an airport on this, they ask you if you have cash. If you they ask you if you have cash. If you they ask you if you have cash. If you do, they do, they do, they Cash in a in a physical form is a Cash in a in a physical form is a Cash in a in a physical form is a problem. So, what do you do? You put it problem. So, what do you do? You put it problem. So, what do you do? You put it in the bank. in the bank. in the bank. Well, the bank is is a counterparty. So, Well, the bank is is a counterparty. So, Well, the bank is is a counterparty. So, the bank then decides whether you get to the bank then decides whether you get to the bank then decides whether you get to keep it and whether you get it back. You keep it and whether you get it back. You keep it and whether you get it back. You go to the bank and you ask for it back, go to the bank and you ask for it back, go to the bank and you ask for it back, they might ask you why you asked for it they might ask you why you asked for it they might ask you why you asked for it back. If you ask for that much back, back. If you ask for that much back, back. If you ask for that much back, they file a form they file a form they file a form with the Treasury Department. You know, with the Treasury Department. You know, with the Treasury Department. You know, if you ask for too much money back too if you ask for too much money back too if you ask for too much money back too soon, right, someone comes knocking on soon, right, someone comes knocking on soon, right, someone comes knocking on your door. So, the challenge with this your door. So, the challenge with this your door. So, the challenge with this this is fiat currency this is fiat currency this is fiat currency and um you hold this at the pleasure of and um you hold this at the pleasure of and um you hold this at the pleasure of the nation-state. I mean, not just your the nation-state. I mean, not just your the nation-state. I mean, not just your nation-state. It's like every country on nation-state. It's like every country on nation-state. It's like every country on Earth gets to decide whether you get to Earth gets to decide whether you get to Earth gets to decide whether you get to spend this stuff, right? Which is spend this stuff, right? Which is spend this stuff, right? Which is interesting and if you want to actually interesting and if you want to actually interesting and if you want to actually transfer money to someone in another transfer money to someone in another transfer money to someone in another country, you need the permission of your country, you need the permission of your country, you need the permission of your bank, another bank, the central bank of bank, another bank, the central bank of bank, another bank, the central bank of their country, the corresponding bank. their country, the corresponding bank. their country, the corresponding bank. There might be seven different banks There might be seven different banks There might be seven different banks that have to decide whether the money that have to decide whether the money that have to decide whether the money gets from here to there. So, this is gets from here to there. So, this is gets from here to there. So, this is permissioned money, you know, that's uh permissioned money, you know, that's uh permissioned money, you know, that's uh managed by the state and with Bitcoin, I managed by the state and with Bitcoin, I managed by the state and with Bitcoin, I can take a million dollars. I can can take a million dollars. I can can take a million dollars. I can actually encrypt it in a chip in a actually encrypt it in a chip in a actually encrypt it in a chip in a physical coin, the Cascascius coin, physical coin, the Cascascius coin, physical coin, the Cascascius coin, and that's a million dollars. I slide it and that's a million dollars. I slide it and that's a million dollars. I slide it across and it's literally a bearer across and it's literally a bearer across and it's literally a bearer asset, you know, and so that's one asset, you know, and so that's one asset, you know, and so that's one manifestation of it. But, you could also manifestation of it. But, you could also manifestation of it. But, you could also put it into information form. I could put it into information form. I could put it into information form. I could transfer this to you just in the form of transfer this to you just in the form of transfer this to you just in the form of a private key that I wrote on a piece of a private key that I wrote on a piece of a private key that I wrote on a piece of paper and I gave to you. paper and I gave to you. paper and I gave to you. >> of letters you can give me. >> of letters you can give me. >> of letters you can give me. >> Yeah, or I could send you a message. I >> Yeah, or I could send you a message. I >> Yeah, or I could send you a message. I could send a text message. So, so, good could send a text message. So, so, good could send a text message. So, so, good luck getting a million dollars of gold luck getting a million dollars of gold luck getting a million dollars of gold from here to London if people don't want from here to London if people don't want from here to London if people don't want you to move it, but I could move a you to move it, but I could move a you to move it, but I could move a million dollars of Bitcoin from here to million dollars of Bitcoin from here to million dollars of Bitcoin from here to anywhere in a few seconds. The idea was anywhere in a few seconds. The idea was anywhere in a few seconds. The idea was I don't want to trust Apple or Google or I don't want to trust Apple or Google or I don't want to trust Apple or Google or Morgan Bank or a central bank or a Morgan Bank or a central bank or a Morgan Bank or a central bank or a government, right? And so, in the government, right? And so, in the government, right? And so, in the extreme case, extreme case, extreme case, you know, two people can meet in Africa you know, two people can meet in Africa you know, two people can meet in Africa and I can trade you some Bitcoin for and I can trade you some Bitcoin for and I can trade you some Bitcoin for your truck your truck your truck and I don't need the permission of seven and I don't need the permission of seven and I don't need the permission of seven banks and 16 governments and 32 other banks and 16 governments and 32 other banks and 16 governments and 32 other bureaucrats bureaucrats bureaucrats in order to buy that truck. in order to buy that truck. in order to buy that truck. >> What is it that most people, the average >> What is it that most people, the average >> What is it that most people, the average person, doesn't understand about the person, doesn't understand about the person, doesn't understand about the nature of money as it sat in their bank, nature of money as it sat in their bank, nature of money as it sat in their bank, as it relates to the debasement of it or as it relates to the debasement of it or as it relates to the debasement of it or the sort of inflation of it. Because the sort of inflation of it. Because the sort of inflation of it. Because most people think if they've got, you most people think if they've got, you most people think if they've got, you know, $10,000 in their bank and they know, $10,000 in their bank and they know, $10,000 in their bank and they keep it there, and maybe getting keep it there, and maybe getting keep it there, and maybe getting interest on it at 4% a year, they're interest on it at 4% a year, they're interest on it at 4% a year, they're going to be good. going to be good. going to be good. >> So, this is about $10,000, I guess. Um >> So, this is about $10,000, I guess. Um >> So, this is about $10,000, I guess. Um 1 acre of land in Miami Beach on the 1 acre of land in Miami Beach on the 1 acre of land in Miami Beach on the water cost $10,000 about 100 years ago. water cost $10,000 about 100 years ago. water cost $10,000 about 100 years ago. I know this cuz I have a house on the I know this cuz I have a house on the I know this cuz I have a house on the water and I have the the deed of sale, water and I have the the deed of sale, water and I have the the deed of sale, and it was about on 2 acres and it was and it was about on 2 acres and it was and it was about on 2 acres and it was $20,000. The entire house cost $100,000. $20,000. The entire house cost $100,000. $20,000. The entire house cost $100,000. And uh it's about $20,000 worth of land. And uh it's about $20,000 worth of land. And uh it's about $20,000 worth of land. Today, uh 1 acre of land on this the Today, uh 1 acre of land on this the Today, uh 1 acre of land on this the same acre same acre same acre on the water on the water on the water $10 million? $10 million? $10 million? Maybe $20 million. So, you know Maybe $20 million. So, you know Maybe $20 million. So, you know what happened here, right? It's the same what happened here, right? It's the same what happened here, right? It's the same dollar. It works out to be a thousand X dollar. It works out to be a thousand X dollar. It works out to be a thousand X increase in price. So, when land goes increase in price. So, when land goes increase in price. So, when land goes from $10,000 to $10 million, that means from $10,000 to $10 million, that means from $10,000 to $10 million, that means that the currency, the dollar, the money that the currency, the dollar, the money that the currency, the dollar, the money lost about 7% of its economic value lost about 7% of its economic value lost about 7% of its economic value every year for 100 years running. every year for 100 years running. every year for 100 years running. If you lose 7% a year If you lose 7% a year If you lose 7% a year you know, then you get cut in half, you know, then you get cut in half, you know, then you get cut in half, right? 10 times. right? 10 times. right? 10 times. Right? So, what do most people not know Right? So, what do most people not know Right? So, what do most people not know about about money? What they don't about about money? What they don't about about money? What they don't realize is that the best currency, realize is that the best currency, realize is that the best currency, money, my money being a medium of money, my money being a medium of money, my money being a medium of exchange, unit of account, store of exchange, unit of account, store of exchange, unit of account, store of value, the dollar, the best in the 20th value, the dollar, the best in the 20th value, the dollar, the best in the 20th century and the 21st century, the US century and the 21st century, the US century and the 21st century, the US dollar dollar dollar lost 7% of its value every year going lost 7% of its value every year going lost 7% of its value every year going for 100 years. That's the best it's ever for 100 years. That's the best it's ever for 100 years. That's the best it's ever going to get. going to get. going to get. It's not that good for everybody else. It's not that good for everybody else. It's not that good for everybody else. If you go to most other countries, they If you go to most other countries, they If you go to most other countries, they lose 14% of their value, and so they lose 14% of their value, and so they lose 14% of their value, and so they collapse in about 30 years. So collapse in about 30 years. So collapse in about 30 years. So what you have is a situation where if what you have is a situation where if what you have is a situation where if you store your wealth and currency and you store your wealth and currency and you store your wealth and currency and and the money of the society, the and the money of the society, the and the money of the society, the question really is just are you going to question really is just are you going to question really is just are you going to lose most of your money within 10 years? lose most of your money within 10 years? lose most of your money within 10 years? That's the weak currencies in in Africa. That's the weak currencies in in Africa. That's the weak currencies in in Africa. For example, most currencies in Africa For example, most currencies in Africa For example, most currencies in Africa you couldn't hold you your wealth even you couldn't hold you your wealth even you couldn't hold you your wealth even for 10 years, maybe 5 years. for 10 years, maybe 5 years. for 10 years, maybe 5 years. Or are you going to lose all your money Or are you going to lose all your money Or are you going to lose all your money in 30 years? Hyperinflation happened in in 30 years? Hyperinflation happened in in 30 years? Hyperinflation happened in Brazil, happened in Argentina, you know, Brazil, happened in Argentina, you know, Brazil, happened in Argentina, you know, that's Mexico, that's most places, and that's Mexico, that's most places, and that's Mexico, that's most places, and that's the status quo. The average fiat that's the status quo. The average fiat that's the status quo. The average fiat currency, you know, collapses in about currency, you know, collapses in about currency, you know, collapses in about 29 years, I think. 29 years, I think. 29 years, I think. And then the best is if you happen to be And then the best is if you happen to be And then the best is if you happen to be a citizen of the greatest nation in the a citizen of the greatest nation in the a citizen of the greatest nation in the world and you win all the wars, you're world and you win all the wars, you're world and you win all the wars, you're just going to lose all your money in just going to lose all your money in just going to lose all your money in you know, half-life is 35 years. You're you know, half-life is 35 years. You're you know, half-life is 35 years. You're going to lose your money over the course going to lose your money over the course going to lose your money over the course of 100 years. of 100 years. of 100 years. >> So, should I buy a house? >> So, should I buy a house? >> So, should I buy a house? >> So, you get to the next interesting >> So, you get to the next interesting >> So, you get to the next interesting point which is that $100,000 in 19, uh, point which is that $100,000 in 19, uh, point which is that $100,000 in 19, uh, 26 26 26 in Miami Beach in Miami Beach in Miami Beach today would be worth $100,000, that today would be worth $100,000, that today would be worth $100,000, that house, house, house, 50 to 100 million dollars. 50 to 100 million dollars. 50 to 100 million dollars. So, the house is better, right? In fact, So, the house is better, right? In fact, So, the house is better, right? In fact, if you're trying to preserve your if you're trying to preserve your if you're trying to preserve your wealth, you have to acquire scarce wealth, you have to acquire scarce wealth, you have to acquire scarce desirable property. desirable property. desirable property. So, your choice is do I buy real estate? So, your choice is do I buy real estate? So, your choice is do I buy real estate? Do I residential real estate? Do I buy Do I residential real estate? Do I buy Do I residential real estate? Do I buy commercial real estate? Do I buy a commercial real estate? Do I buy a commercial real estate? Do I buy a private company? Do I buy a public private company? Do I buy a public private company? Do I buy a public company? Like stocks? Do I buy company? Like stocks? Do I buy company? Like stocks? Do I buy collectibles? collectibles? collectibles? So, let me tell you why you shouldn't So, let me tell you why you shouldn't So, let me tell you why you shouldn't buy a house. buy a house. buy a house. Because, uh, there's a 2% property tax Because, uh, there's a 2% property tax Because, uh, there's a 2% property tax on houses in in Florida, which means on houses in in Florida, which means on houses in in Florida, which means that if you buy a house, you pay 2% of that if you buy a house, you pay 2% of that if you buy a house, you pay 2% of the value every year. the value every year. the value every year. 2%, you know, means that every 36 years 2%, you know, means that every 36 years 2%, you know, means that every 36 years you actually pay the cost of the house you actually pay the cost of the house you actually pay the cost of the house in tax to the government. Not a very in tax to the government. Not a very in tax to the government. Not a very good store of value because, uh, you're good store of value because, uh, you're good store of value because, uh, you're taking on a massive tax load taking on a massive tax load taking on a massive tax load and you're taking on a maintenance load. and you're taking on a maintenance load. and you're taking on a maintenance load. But having said it, it's still a better But having said it, it's still a better But having said it, it's still a better deal than just holding cash in a bank or deal than just holding cash in a bank or deal than just holding cash in a bank or holding cash in a safe. You know, holding cash in a safe. You know, holding cash in a safe. You know, commercial real estate looks a bit commercial real estate looks a bit commercial real estate looks a bit better, right? Because with commercial better, right? Because with commercial better, right? Because with commercial real estate, you can offset the tax, the real estate, you can offset the tax, the real estate, you can offset the tax, the insurance, and the maintenance cost with insurance, and the maintenance cost with insurance, and the maintenance cost with rents. rents. rents. So, what really works out with So, what really works out with So, what really works out with commercial real estate most of the time commercial real estate most of the time commercial real estate most of the time is you buy a million dollars commercial is you buy a million dollars commercial is you buy a million dollars commercial real estate, you have a bunch of fees, real estate, you have a bunch of fees, real estate, you have a bunch of fees, you charge rent. The rent offsets the you charge rent. The rent offsets the you charge rent. The rent offsets the maintenance cost. You don't really make maintenance cost. You don't really make maintenance cost. You don't really make any money on the rent, but the any money on the rent, but the any money on the rent, but the underlying million dollars appreciates underlying million dollars appreciates underlying million dollars appreciates 7% a year every year. And so, you 7% a year every year. And so, you 7% a year every year. And so, you actually can build wealth actually can build wealth actually can build wealth with commercial real estate if you can with commercial real estate if you can with commercial real estate if you can just cover the maintenance expenses. just cover the maintenance expenses. just cover the maintenance expenses. >> Most people are are told that the way to >> Most people are are told that the way to >> Most people are are told that the way to build wealth when they leave university build wealth when they leave university build wealth when they leave university and they get into the working world is and they get into the working world is and they get into the working world is to buy a house. So, most people that's to buy a house. So, most people that's to buy a house. So, most people that's what most most people do. They They get what most most people do. They They get what most most people do. They They get a job, a 9:00 to 5:00, they take the a job, a 9:00 to 5:00, they take the a job, a 9:00 to 5:00, they take the money they get from that, they go and money they get from that, they go and money they get from that, they go and get a mortgage, they buy a house, and get a mortgage, they buy a house, and get a mortgage, they buy a house, and they move in. That's kind of what we're they move in. That's kind of what we're they move in. That's kind of what we're all told implicitly. Is that a good all told implicitly. Is that a good all told implicitly. Is that a good strategy to build and become wealthy in strategy to build and become wealthy in strategy to build and become wealthy in your view? your view? your view? >> The only way that it's a good strategy >> The only way that it's a good strategy >> The only way that it's a good strategy is is is you're buying the house in a you're buying the house in a you're buying the house in a jurisdiction where the property taxes jurisdiction where the property taxes jurisdiction where the property taxes are manageable. Then yeah, you can you are manageable. Then yeah, you can you are manageable. Then yeah, you can you can generate some wealth. But if I flip can generate some wealth. But if I flip can generate some wealth. But if I flip that and you end up taking a 7% mortgage that and you end up taking a 7% mortgage that and you end up taking a 7% mortgage and you get massive tax and massive and you get massive tax and massive and you get massive tax and massive insurance expenses, insurance expenses, insurance expenses, then that same investment, you know, then that same investment, you know, then that same investment, you know, works out the other way and it it works out the other way and it it works out the other way and it it crushes you to death. So, crushes you to death. So, crushes you to death. So, a better idea generally is commercial a better idea generally is commercial a better idea generally is commercial real estate if you're if you actually real estate if you're if you actually real estate if you're if you actually have the, you know, the business acumen have the, you know, the business acumen have the, you know, the business acumen to to get into commercial real estate to to get into commercial real estate to to get into commercial real estate business cuz you can pass all the business cuz you can pass all the business cuz you can pass all the expenses through to your tenants. expenses through to your tenants. expenses through to your tenants. These things are all hard, right? Real These things are all hard, right? Real These things are all hard, right? Real estate business is hard, starting your estate business is hard, starting your estate business is hard, starting your own company is hard. Investing in other own company is hard. Investing in other own company is hard. Investing in other companies is hard. The conventional companies is hard. The conventional companies is hard. The conventional thing, the safe thing is I just put all thing, the safe thing is I just put all thing, the safe thing is I just put all my money in a money market and I get my money in a money market and I get my money in a money market and I get paid 3% and then after tax I've got 1.5% paid 3% and then after tax I've got 1.5% paid 3% and then after tax I've got 1.5% and the currency is losing 7% of its and the currency is losing 7% of its and the currency is losing 7% of its value a year and you're just losing 5 or value a year and you're just losing 5 or value a year and you're just losing 5 or 6% of your wealth every year for your 6% of your wealth every year for your 6% of your wealth every year for your life. So life. So life. So that's why Bitcoin is such a compelling that's why Bitcoin is such a compelling that's why Bitcoin is such a compelling thing. That's why people that believe in thing. That's why people that believe in thing. That's why people that believe in Bitcoin are passionate about it because Bitcoin are passionate about it because Bitcoin are passionate about it because the average person shouldn't have to be the average person shouldn't have to be the average person shouldn't have to be a real estate expert. They shouldn't a real estate expert. They shouldn't a real estate expert. They shouldn't have to be a tax expert. They shouldn't have to be a tax expert. They shouldn't have to be a tax expert. They shouldn't have to be capable of launching their have to be capable of launching their have to be capable of launching their own restaurant or bar or bakery. You own restaurant or bar or bakery. You own restaurant or bar or bakery. You shouldn't have to be a stock picker. Why shouldn't have to be a stock picker. Why shouldn't have to be a stock picker. Why shouldn't the typical person just be shouldn't the typical person just be shouldn't the typical person just be able to take their money, put it into an able to take their money, put it into an able to take their money, put it into an asset which appreciates in value 15% a asset which appreciates in value 15% a asset which appreciates in value 15% a year and they don't have to worry about year and they don't have to worry about year and they don't have to worry about it? it? it? >> What about the S&P 500? They can just >> What about the S&P 500? They can just >> What about the S&P 500? They can just put it into the stock market, right? put it into the stock market, right? put it into the stock market, right? >> Yeah, John Bogle's real contribution and >> Yeah, John Bogle's real contribution and >> Yeah, John Bogle's real contribution and the success of the S&P 500 is this idea the success of the S&P 500 is this idea the success of the S&P 500 is this idea that that that currency is not a store of value. currency is not a store of value. currency is not a store of value. Real estate is illiquid and scary and Real estate is illiquid and scary and Real estate is illiquid and scary and difficult and inefficient and high difficult and inefficient and high difficult and inefficient and high maintenance. So what is the liquid maintenance. So what is the liquid maintenance. So what is the liquid capital asset that it can I can buy and capital asset that it can I can buy and capital asset that it can I can buy and it turns out to be like SPY. It's just it turns out to be like SPY. It's just it turns out to be like SPY. It's just the S&P 500 in the form of an ETF. So the S&P 500 in the form of an ETF. So the S&P 500 in the form of an ETF. So that has returned 15% over the past 6 that has returned 15% over the past 6 that has returned 15% over the past 6 years. years. years. Over 100 years? Over 100 years? Over 100 years? Maybe 10%? Something like that? Maybe 10%? Something like that? Maybe 10%? Something like that? >> Every year? >> Every year? >> Every year? >> And if the US dollar is losing 7% of its >> And if the US dollar is losing 7% of its >> And if the US dollar is losing 7% of its value in scarce desirable terms over the value in scarce desirable terms over the value in scarce desirable terms over the course of 100 years and you're getting course of 100 years and you're getting course of 100 years and you're getting 10% 10% 10% you're getting a 2 or 3% boost and you're getting a 2 or 3% boost and you're getting a 2 or 3% boost and in return for accepting the volatility in return for accepting the volatility in return for accepting the volatility of being invested in the stock market, of being invested in the stock market, of being invested in the stock market, but it's not a bad idea, right? If you but it's not a bad idea, right? If you but it's not a bad idea, right? If you want the conventional best idea to want the conventional best idea to want the conventional best idea to preserve your wealth without taking on preserve your wealth without taking on preserve your wealth without taking on individual, you know, corporate risk and individual, you know, corporate risk and individual, you know, corporate risk and individual real estate risk, I just buy individual real estate risk, I just buy individual real estate risk, I just buy the S&P index and wait. the S&P index and wait. the S&P index and wait. >> What about this? >> What about this? >> What about this? This is gold. This is gold. This is gold. >> Yep. >> Yep. >> Yep. >> Why not just put all of my money into >> Why not just put all of my money into >> Why not just put all of my money into gold? gold? gold? >> It's not an awful idea to buy gold. Gold >> It's not an awful idea to buy gold. Gold >> It's not an awful idea to buy gold. Gold is up, um, is up, um, is up, um, 12% a year 12% a year 12% a year for the past 6 years. So, whereas the for the past 6 years. So, whereas the for the past 6 years. So, whereas the S&P's up 15, gold's up 12, the NASDAQ's S&P's up 15, gold's up 12, the NASDAQ's S&P's up 15, gold's up 12, the NASDAQ's up 18. up 18. up 18. Bitcoin is up 33. Bitcoin is up 33. Bitcoin is up 33. Okay, so, Okay, so, Okay, so, generally, if you look at the world and generally, if you look at the world and generally, if you look at the world and you say, "Where do you want to save your you say, "Where do you want to save your you say, "Where do you want to save your money?" You want to buy a capital asset. money?" You want to buy a capital asset. money?" You want to buy a capital asset. Gold's a winner, S&P's a winner, Gold's a winner, S&P's a winner, Gold's a winner, S&P's a winner, diversified tech stocks are a winner. diversified tech stocks are a winner. diversified tech stocks are a winner. Bitcoin is a winner. Now, you're going Bitcoin is a winner. Now, you're going Bitcoin is a winner. Now, you're going to say to me, to say to me, to say to me, "Well, so then, well, why Bitcoin?" "Well, so then, well, why Bitcoin?" "Well, so then, well, why Bitcoin?" Well, the answer is, if you're living in Well, the answer is, if you're living in Well, the answer is, if you're living in Turkey, if you're living in Argentina, Turkey, if you're living in Argentina, Turkey, if you're living in Argentina, if you're living in Brazil before the if you're living in Brazil before the if you're living in Brazil before the currency collapses, or Mexico, or currency collapses, or Mexico, or currency collapses, or Mexico, or Venezuela, or any country in Africa, you Venezuela, or any country in Africa, you Venezuela, or any country in Africa, you don't get gold, you don't get the S&P, don't get gold, you don't get the S&P, don't get gold, you don't get the S&P, you don't get QQQ. You can't buy you don't get QQQ. You can't buy you don't get QQQ. You can't buy diversified real estate in the US. Those diversified real estate in the US. Those diversified real estate in the US. Those options I named are a Western world options I named are a Western world options I named are a Western world conventional capital assets. So, conventional capital assets. So, conventional capital assets. So, the big mistake, the big mistake, the big mistake, don't invest in non-capital assets. don't invest in non-capital assets. don't invest in non-capital assets. Don't put all your family's money in Don't put all your family's money in Don't put all your family's money in soybeans, you know? Don't buy barrels of soybeans, you know? Don't buy barrels of soybeans, you know? Don't buy barrels of crude oil, don't buy cotton, don't crude oil, don't buy cotton, don't crude oil, don't buy cotton, don't invest in things that a factory or a invest in things that a factory or a invest in things that a factory or a robot or an AI can generate infinite of. robot or an AI can generate infinite of. robot or an AI can generate infinite of. You buy things that the robots and the You buy things that the robots and the You buy things that the robots and the AIs and the big factories cannot pump AIs and the big factories cannot pump AIs and the big factories cannot pump out by the million gallons. And so, what out by the million gallons. And so, what out by the million gallons. And so, what is that? It is maybe an ounce of gold, is that? It is maybe an ounce of gold, is that? It is maybe an ounce of gold, it is a share in the 500 most desirable it is a share in the 500 most desirable it is a share in the 500 most desirable companies in the world, it is one out of companies in the world, it is one out of companies in the world, it is one out of 21 million Bitcoin. All of those things 21 million Bitcoin. All of those things 21 million Bitcoin. All of those things are things that the robots are not going are things that the robots are not going are things that the robots are not going to create infinite of. Those are capital to create infinite of. Those are capital to create infinite of. Those are capital assets. Which capital asset assets. Which capital asset assets. Which capital asset is a function of where you live is a function of where you live is a function of where you live and what your mindset is. If you're and what your mindset is. If you're and what your mindset is. If you're living in a war zone, living in a war zone, living in a war zone, my advice is Bitcoin because you're not my advice is Bitcoin because you're not my advice is Bitcoin because you're not carrying this through a checkpoint, carrying this through a checkpoint, carrying this through a checkpoint, right? Like, you know, if if you need to right? Like, you know, if if you need to right? Like, you know, if if you need to go through an airport, you want go through an airport, you want go through an airport, you want something that you get to keep and take something that you get to keep and take something that you get to keep and take with you. with you. with you. >> You talked about the robots there. >> You talked about the robots there. >> You talked about the robots there. >> Yeah. >> Yeah. >> Yeah. >> And uh when we say the robots, I think >> And uh when we say the robots, I think >> And uh when we say the robots, I think we mean both the the surgeon robotics we mean both the the surgeon robotics we mean both the the surgeon robotics we're seeing, but also artificial we're seeing, but also artificial we're seeing, but also artificial intelligence that's going to empower intelligence that's going to empower intelligence that's going to empower them to be very, very intelligent. them to be very, very intelligent. them to be very, very intelligent. >> Yeah. >> Yeah. >> Yeah. >> How has this changed your thesis in how >> How has this changed your thesis in how >> How has this changed your thesis in how you view the future? Cuz it's it's a you view the future? Cuz it's it's a you view the future? Cuz it's it's a profound surprise, I think to all of us profound surprise, I think to all of us profound surprise, I think to all of us that artificial intelligence is that artificial intelligence is that artificial intelligence is accelerating at the rate we're seeing. accelerating at the rate we're seeing. accelerating at the rate we're seeing. >> Technology fails until it succeeds. When >> Technology fails until it succeeds. When >> Technology fails until it succeeds. When I was at MIT, people were trying to I was at MIT, people were trying to I was at MIT, people were trying to make, uh you know, speech recognition make, uh you know, speech recognition make, uh you know, speech recognition work. It just didn't work. For a work. It just didn't work. For a work. It just didn't work. For a thousand years, people wanted to fly and thousand years, people wanted to fly and thousand years, people wanted to fly and it didn't work. And in 1902, the New it didn't work. And in 1902, the New it didn't work. And in 1902, the New York Times declared that every learned York Times declared that every learned York Times declared that every learned scientist knows that you'll never be scientist knows that you'll never be scientist knows that you'll never be able to fly. And then in 1903, we fly. able to fly. And then in 1903, we fly. able to fly. And then in 1903, we fly. In 2023, you know, the AI started In 2023, you know, the AI started In 2023, you know, the AI started working. You can see what's happening. working. You can see what's happening. working. You can see what's happening. We've affected the digital We've affected the digital We've affected the digital transformation of intelligence. transformation of intelligence. transformation of intelligence. Cars are going to drive themselves. Cars are going to drive themselves. Cars are going to drive themselves. It's pretty clear that anything that It's pretty clear that anything that It's pretty clear that anything that takes massive human labor, you know, takes massive human labor, you know, takes massive human labor, you know, whether it's lawyering, writing a whether it's lawyering, writing a whether it's lawyering, writing a contract, or composing a poem, or contract, or composing a poem, or contract, or composing a poem, or composing a script, or composing composing a script, or composing composing a script, or composing It's like, you want a book? It's like, you want a book? It's like, you want a book? Tell the AI what kind of book you want. Tell the AI what kind of book you want. Tell the AI what kind of book you want. Here's my 10, you know, I want this. I Here's my 10, you know, I want this. I Here's my 10, you know, I want this. I want it to be set in London. I want this want it to be set in London. I want this want it to be set in London. I want this protagonist. Can you make it like that? protagonist. Can you make it like that? protagonist. Can you make it like that? Put some more violence in it. Put some more violence in it. Put some more violence in it. Uh you know, Voltaire, right, was Uh you know, Voltaire, right, was Uh you know, Voltaire, right, was impressive because he created, you know, impressive because he created, you know, impressive because he created, you know, this much literature. And and when he this much literature. And and when he this much literature. And and when he did it, it came out of the mind of one did it, it came out of the mind of one did it, it came out of the mind of one man, and that was quite amazing. man, and that was quite amazing. man, and that was quite amazing. And you know, I think we're always going And you know, I think we're always going And you know, I think we're always going to admire the people that did it first. to admire the people that did it first. to admire the people that did it first. Right? But, you know, Right? But, you know, Right? But, you know, the AIs will think for us. the AIs will think for us. the AIs will think for us. You know, put the AI into the robot. You know, put the AI into the robot. You know, put the AI into the robot. We're not that far, right? Like when I We're not that far, right? Like when I We're not that far, right? Like when I sit when I sit and I talk to my voice sit when I sit and I talk to my voice sit when I sit and I talk to my voice assistant, whether it's Chad or whether assistant, whether it's Chad or whether assistant, whether it's Chad or whether it's Grok, and it's it's like she knows it's Grok, and it's it's like she knows it's Grok, and it's it's like she knows everything, and she keeps getting everything, and she keeps getting everything, and she keeps getting smarter. smarter. smarter. You know, you know, every single week You know, you know, every single week You know, you know, every single week she gets smarter, and it's like what she gets smarter, and it's like what she gets smarter, and it's like what happens when they go into a robot? It's happens when they go into a robot? It's happens when they go into a robot? It's like like like Well, you can you pretty much can Well, you can you pretty much can Well, you can you pretty much can imagine imagine imagine a billion robots, and maybe we'll pay a billion robots, and maybe we'll pay a billion robots, and maybe we'll pay 200 bucks a month for a robot, and the 200 bucks a month for a robot, and the 200 bucks a month for a robot, and the robot will just pretty much do robot will just pretty much do robot will just pretty much do everything. everything. everything. And so, the question is do you want And so, the question is do you want And so, the question is do you want someone to do everything, to cook, to someone to do everything, to cook, to someone to do everything, to cook, to clean, you know, to take out the trash? clean, you know, to take out the trash? clean, you know, to take out the trash? Would you like a self-driving car? Of Would you like a self-driving car? Of Would you like a self-driving car? Of course, you do. We're on the verge of course, you do. We're on the verge of course, you do. We're on the verge of these perfect products, right? That these perfect products, right? That these perfect products, right? That like we'll get to the point where we're like we'll get to the point where we're like we'll get to the point where we're like I I I I like I I I I like I I I I You used to actually have an oven that You used to actually have an oven that You used to actually have an oven that burned things? burned things? burned things? Like what? Like what? Like what? What what it was stupid? Yeah, it was What what it was stupid? Yeah, it was What what it was stupid? Yeah, it was too stupid to know it was going to burn too stupid to know it was going to burn too stupid to know it was going to burn the the the Huh? Why don't you just put intelligence Huh? Why don't you just put intelligence Huh? Why don't you just put intelligence into the appliance, right? What why into the appliance, right? What why into the appliance, right? What why would you ever have an unintelligent would you ever have an unintelligent would you ever have an unintelligent appliance, right? At this point, when it appliance, right? At this point, when it appliance, right? At this point, when it gets exponentially cheaper. We used to gets exponentially cheaper. We used to gets exponentially cheaper. We used to get in traffic accidents. get in traffic accidents. get in traffic accidents. Right? Like like the big reveal, right? Right? Like like the big reveal, right? Right? Like like the big reveal, right? The big the big inversions when people The big the big inversions when people The big the big inversions when people realize that the self-driving cars are realize that the self-driving cars are realize that the self-driving cars are safer than the person-driven cars, safer than the person-driven cars, safer than the person-driven cars, right? right? right? It's like you used to make mistakes. It's like you used to make mistakes. It's like you used to make mistakes. You know, the irony, of course, is now You know, the irony, of course, is now You know, the irony, of course, is now when you send a message to someone, if when you send a message to someone, if when you send a message to someone, if you want to prove that it came from you, you want to prove that it came from you, you want to prove that it came from you, you have to actually put errors in it. you have to actually put errors in it. you have to actually put errors in it. Right? It's like if you put errors in Right? It's like if you put errors in Right? It's like if you put errors in it, I believe you typed it. You know, it, I believe you typed it. You know, it, I believe you typed it. You know, the AI can draft the thing as though it the AI can draft the thing as though it the AI can draft the thing as though it had a PhD in English, and it had 20 had a PhD in English, and it had 20 had a PhD in English, and it had 20 years experience as a copy editor. And years experience as a copy editor. And years experience as a copy editor. And so, we're reaching this point where so, we're reaching this point where so, we're reaching this point where lack of of effectiveness is just lack of of effectiveness is just lack of of effectiveness is just laziness, right? Like, if you wrote laziness, right? Like, if you wrote laziness, right? Like, if you wrote something which wasn't perfect, something which wasn't perfect, something which wasn't perfect, it's cuz you're lazy, not because you're it's cuz you're lazy, not because you're it's cuz you're lazy, not because you're not perfect. I mean, the AIs create not perfect. I mean, the AIs create not perfect. I mean, the AIs create perfect documents. They do perfect perfect documents. They do perfect perfect documents. They do perfect research. research. research. The robots will do any amount of work. The robots will do any amount of work. The robots will do any amount of work. And I I think Elon makes this point, And I I think Elon makes this point, And I I think Elon makes this point, which is we're about to trip over an age which is we're about to trip over an age which is we're about to trip over an age of abundance. of abundance. of abundance. >> Do you believe that's true? >> Do you believe that's true? >> Do you believe that's true? What What does that say about Bitcoin? What What does that say about Bitcoin? What What does that say about Bitcoin? Because I'm looking at some of the Because I'm looking at some of the Because I'm looking at some of the quotes here that Elon said about the age quotes here that Elon said about the age quotes here that Elon said about the age of abundance. And he says, "In the of abundance. And he says, "In the of abundance. And he says, "In the future, where anyone can have anything, future, where anyone can have anything, future, where anyone can have anything, you no longer need money as a database you no longer need money as a database you no longer need money as a database for labor allocation. If AI and robotics for labor allocation. If AI and robotics for labor allocation. If AI and robotics are big enough to satisfy all human are big enough to satisfy all human are big enough to satisfy all human needs, then the relevance of money needs, then the relevance of money needs, then the relevance of money declines rapidly. I'm not sure we will declines rapidly. I'm not sure we will declines rapidly. I'm not sure we will have it. If you are stranded on a desert have it. If you are stranded on a desert have it. If you are stranded on a desert island with a trillion dollars, it will island with a trillion dollars, it will island with a trillion dollars, it will be pointless because there is no labor be pointless because there is no labor be pointless because there is no labor to allocate. In a benign scenario, we to allocate. In a benign scenario, we to allocate. In a benign scenario, we will have universal high income. Much as will have universal high income. Much as will have universal high income. Much as universal basic income mean anyone can universal basic income mean anyone can universal basic income mean anyone can have any products or any services that have any products or any services that have any products or any services that they want. Universal high income via they want. Universal high income via they want. Universal high income via checks issued by federal governments is checks issued by federal governments is checks issued by federal governments is the best way to deal with unemployment the best way to deal with unemployment the best way to deal with unemployment caused by AI/robotics. caused by AI/robotics. caused by AI/robotics. Because AI and [snorts] robotics will Because AI and [snorts] robotics will Because AI and [snorts] robotics will produce goods and services far in excess produce goods and services far in excess produce goods and services far in excess of the increase in money supply, so of the increase in money supply, so of the increase in money supply, so there will be no inflation. Work will there will be no inflation. Work will there will be no inflation. Work will become optional, kind of like playing become optional, kind of like playing become optional, kind of like playing sports or a video game. You can go to sports or a video game. You can go to sports or a video game. You can go to the store and buy vegetables, or you can the store and buy vegetables, or you can the store and buy vegetables, or you can go and grow them in your backyard go and grow them in your backyard go and grow them in your backyard because you like growing them. because you like growing them. because you like growing them. That's what work will be like. AI and That's what work will be like. AI and That's what work will be like. AI and robotics are going to make so much stuff robotics are going to make so much stuff robotics are going to make so much stuff and provide so many services that they and provide so many services that they and provide so many services that they will actually run out of things to do will actually run out of things to do will actually run out of things to do for the humans. Money is fundamentally for the humans. Money is fundamentally for the humans. Money is fundamentally information. The true constraints of the information. The true constraints of the information. The true constraints of the future won't be financial. They'll be future won't be financial. They'll be future won't be financial. They'll be energy and mass. energy and mass. energy and mass. >> He's half right. I agree with with part >> He's half right. I agree with with part >> He's half right. I agree with with part of what he says. That is, consumer of what he says. That is, consumer of what he says. That is, consumer goods, consumables, utilitarian goods uh goods, consumables, utilitarian goods uh goods, consumables, utilitarian goods uh will become abundant. But, there are will become abundant. But, there are will become abundant. But, there are always going to be scarce desirable always going to be scarce desirable always going to be scarce desirable goods that will not become abundant. And goods that will not become abundant. And goods that will not become abundant. And I think he overstates the case. Money I think he overstates the case. Money I think he overstates the case. Money will still be valuable, wealth will will still be valuable, wealth will will still be valuable, wealth will still be valuable. But, I'll give you an still be valuable. But, I'll give you an still be valuable. But, I'll give you an example. example. example. Henry VIII didn't have clean water. Henry VIII didn't have clean water. Henry VIII didn't have clean water. Did not have heat, did not have cooling. Did not have heat, did not have cooling. Did not have heat, did not have cooling. These things the King of England did not These things the King of England did not These things the King of England did not have. And technology gave all these have. And technology gave all these have. And technology gave all these things to the middle class. things to the middle class. things to the middle class. And so, if you live in the middle class And so, if you live in the middle class And so, if you live in the middle class today, you know, you can have your today, you know, you can have your today, you know, you can have your appendix out, you know. But, Henry VIII appendix out, you know. But, Henry VIII appendix out, you know. But, Henry VIII didn't have dental crowns, he didn't didn't have dental crowns, he didn't didn't have dental crowns, he didn't have x-rays. So, you get modern medical have x-rays. So, you get modern medical have x-rays. So, you get modern medical care, you know, the infant mortality care, you know, the infant mortality care, you know, the infant mortality rate has plunged. Life is safer, clean rate has plunged. Life is safer, clean rate has plunged. Life is safer, clean water, clean air, right? water, clean air, right? water, clean air, right? Clean food. And technology gave them to Clean food. And technology gave them to Clean food. And technology gave them to us. We stamp out infinite Coca-Cola, us. We stamp out infinite Coca-Cola, us. We stamp out infinite Coca-Cola, infinite Hershey's bars, ice cream, infinite Hershey's bars, ice cream, infinite Hershey's bars, ice cream, right? Running water. right? Running water. right? Running water. Right? Electricity. So, all of those Right? Electricity. So, all of those Right? Electricity. So, all of those things have been given to the middle things have been given to the middle things have been given to the middle class, the working class in the class, the working class in the class, the working class in the developed world. Right? Not everywhere, developed world. Right? Not everywhere, developed world. Right? Not everywhere, but let's say in the developed world. but let's say in the developed world. but let's say in the developed world. But, everybody doesn't get a Hampton's But, everybody doesn't get a Hampton's But, everybody doesn't get a Hampton's house, everybody doesn't get their own house, everybody doesn't get their own house, everybody doesn't get their own private jet, they don't get their own private jet, they don't get their own private jet, they don't get their own private yacht. So, what happened with private yacht. So, what happened with private yacht. So, what happened with the explosion of affluence? the explosion of affluence? the explosion of affluence? Massive utilitarian entitlement, lots of Massive utilitarian entitlement, lots of Massive utilitarian entitlement, lots of cars. But, you know, okay, so everybody cars. But, you know, okay, so everybody cars. But, you know, okay, so everybody gets a car, but how many people get a gets a car, but how many people get a gets a car, but how many people get a Porsche? What happens with humanity is Porsche? What happens with humanity is Porsche? What happens with humanity is we always invent the luxury car. we always invent the luxury car. we always invent the luxury car. We come up with the trophy asset. And We come up with the trophy asset. And We come up with the trophy asset. And And again, And again, And again, >> But, but most people don't actually want >> But, but most people don't actually want >> But, but most people don't actually want that. They want to be able to like feed that. They want to be able to like feed that. They want to be able to like feed their family and not have to worry about their family and not have to worry about their family and not have to worry about the bills. So, all of those people, the bills. So, all of those people, the bills. So, all of those people, you're saying that those people are you're saying that those people are you're saying that those people are going to be They're going to be good. going to be They're going to be good. going to be They're going to be good. They're not going to have to work. They're not going to have to work. They're not going to have to work. >> I'm saying that if if your aspiration is >> I'm saying that if if your aspiration is >> I'm saying that if if your aspiration is a good life, a good life, a good life, if you want infinite food, infinite if you want infinite food, infinite if you want infinite food, infinite energy, infinite education, infinite energy, infinite education, infinite energy, infinite education, infinite entertainment, entertainment, entertainment, right? You're probably going to get it. right? You're probably going to get it. right? You're probably going to get it. My point is, in theory, right, why does My point is, in theory, right, why does My point is, in theory, right, why does money matter today? money matter today? money matter today? Cuz everybody, you know, has electricity Cuz everybody, you know, has electricity Cuz everybody, you know, has electricity and water. Because people want to buy and water. Because people want to buy and water. Because people want to buy something more than water. By the way, something more than water. By the way, something more than water. By the way, water is the proletarian drink. water is the proletarian drink. water is the proletarian drink. >> What does that mean? >> What does that mean? >> What does that mean? >> It means that if you go to a restaurant >> It means that if you go to a restaurant >> It means that if you go to a restaurant and you don't and you can't afford and you don't and you can't afford and you don't and you can't afford anything else, you ask for a cup of anything else, you ask for a cup of anything else, you ask for a cup of water, water, water, right? right? right? >> [clears throat] >> [clears throat] >> [clears throat] >> And then if you have some more money, >> And then if you have some more money, >> And then if you have some more money, you get yourself a Coca-Cola or a soft you get yourself a Coca-Cola or a soft you get yourself a Coca-Cola or a soft drink, and that costs five bucks. But if drink, and that costs five bucks. But if drink, and that costs five bucks. But if you have more money, you buy yourself a you have more money, you buy yourself a you have more money, you buy yourself a vodka. And then when you have more vodka. And then when you have more vodka. And then when you have more money, you want to buy yourself the money, you want to buy yourself the money, you want to buy yourself the specialty high-end tequila. And and specialty high-end tequila. And and specialty high-end tequila. And and eventually people find a way to spend eventually people find a way to spend eventually people find a way to spend $38 on a drink. $38 on a drink. $38 on a drink. And uh, you know, in New York City, you And uh, you know, in New York City, you And uh, you know, in New York City, you know, you can see that everywhere. Why know, you can see that everywhere. Why know, you can see that everywhere. Why do we go to restaurants and pay $300 do we go to restaurants and pay $300 do we go to restaurants and pay $300 to eat at a restaurant? Because you can to eat at a restaurant? Because you can to eat at a restaurant? Because you can actually feed yourself on three bucks a actually feed yourself on three bucks a actually feed yourself on three bucks a day. And the answer is, day. And the answer is, day. And the answer is, there's always going to be a hierarchy there's always going to be a hierarchy there's always going to be a hierarchy of affluence, and people are going to of affluence, and people are going to of affluence, and people are going to find things to aspire to that will be find things to aspire to that will be find things to aspire to that will be more than more than more than the utilitarian mean that everybody the utilitarian mean that everybody the utilitarian mean that everybody gets. If I give you a universal health gets. If I give you a universal health gets. If I give you a universal health care, people want private health care. care, people want private health care. care, people want private health care. If I give everybody a house, someone's If I give everybody a house, someone's If I give everybody a house, someone's going to want a house twice as big. going to want a house twice as big. going to want a house twice as big. Everybody's always going to have a Everybody's always going to have a Everybody's always going to have a reason to want something more, you reason to want something more, you reason to want something more, you >> Because we're status orientated animals. >> Because we're status orientated animals. >> Because we're status orientated animals. >> That's the cynical way to look at it, >> That's the cynical way to look at it, >> That's the cynical way to look at it, but the other way to look at it is, I but the other way to look at it is, I but the other way to look at it is, I wanted to be sitting on a mountain peak wanted to be sitting on a mountain peak wanted to be sitting on a mountain peak skiing, but not that mountain peak, skiing, but not that mountain peak, skiing, but not that mountain peak, because the snow's not good on that because the snow's not good on that because the snow's not good on that mountain peak this week. mountain peak this week. mountain peak this week. >> And it's too busy on this one. >> And it's too busy on this one. >> And it's too busy on this one. >> Yeah, and that one was too crowded. >> Yeah, and that one was too crowded. >> Yeah, and that one was too crowded. You know, it's like there's always going You know, it's like there's always going You know, it's like there's always going to be to be to be some exclusivity, you know, there's some exclusivity, you know, there's some exclusivity, you know, there's going to be a quest. So I I think that going to be a quest. So I I think that going to be a quest. So I I think that money's not going away. I think it's money's not going away. I think it's money's not going away. I think it's pretty obvious if you look around you pretty obvious if you look around you pretty obvious if you look around you that that Uh, people still need money. that that Uh, people still need money. that that Uh, people still need money. It is true It is true It is true that the basic needs in life, basic that the basic needs in life, basic that the basic needs in life, basic transportation, basic energy, basic transportation, basic energy, basic transportation, basic energy, basic health care, all of those things can be health care, all of those things can be health care, all of those things can be manufactured in quantity and they'll get manufactured in quantity and they'll get manufactured in quantity and they'll get progressively cheaper. We'll call them progressively cheaper. We'll call them progressively cheaper. We'll call them consumer goods. consumer goods. consumer goods. >> If this uh knowledge work does become >> If this uh knowledge work does become >> If this uh knowledge work does become I guess taken by the robots and the AIs, I guess taken by the robots and the AIs, I guess taken by the robots and the AIs, there's some people say there's going to there's some people say there's going to there's some people say there's going to be new jobs created and everyone will be be new jobs created and everyone will be be new jobs created and everyone will be fine. But it's not clear to me that fine. But it's not clear to me that fine. But it's not clear to me that there will be enough new jobs created in there will be enough new jobs created in there will be enough new jobs created in a period of time um to satisfy the a period of time um to satisfy the a period of time um to satisfy the demand of people to have something to do demand of people to have something to do demand of people to have something to do professionally. professionally. professionally. >> It used to be everybody was a farmer, >> It used to be everybody was a farmer, >> It used to be everybody was a farmer, right? And then all of a sudden in right? And then all of a sudden in right? And then all of a sudden in America we have new jobs like called America we have new jobs like called America we have new jobs like called accountants and lawyers and film accountants and lawyers and film accountants and lawyers and film producers. You're a podcaster. Your job producers. You're a podcaster. Your job producers. You're a podcaster. Your job didn't exist 20 years ago. It did you didn't exist 20 years ago. It did you didn't exist 20 years ago. It did you know, the job description did not exist, know, the job description did not exist, know, the job description did not exist, the business did not exist. There's a the business did not exist. There's a the business did not exist. There's a lot of things that exist today. Yeah. I lot of things that exist today. Yeah. I lot of things that exist today. Yeah. I There are people that make a living There are people that make a living There are people that make a living putting on makeup and clothes and putting on makeup and clothes and putting on makeup and clothes and posting on Instagram and that was not a posting on Instagram and that was not a posting on Instagram and that was not a job that existed 30 years ago. job that existed 30 years ago. job that existed 30 years ago. So, there'll be a lot of new jobs. So, there'll be a lot of new jobs. So, there'll be a lot of new jobs. There'll be dislocation. There's going There'll be dislocation. There's going There'll be dislocation. There's going to be political unrest. What do I think? to be political unrest. What do I think? to be political unrest. What do I think? I think this is the best argument in I think this is the best argument in I think this is the best argument in favor of encouraging a free market and favor of encouraging a free market and favor of encouraging a free market and allowing uh liberal allowing uh liberal allowing uh liberal uh unregulated uh unregulated uh unregulated businesses to prosper because businesses to prosper because businesses to prosper because if you have a progressive society and by if you have a progressive society and by if you have a progressive society and by the way, the United States is sort of the way, the United States is sort of the way, the United States is sort of more progressive. more progressive. more progressive. >> Define progressive in this context. >> Define progressive in this context. >> Define progressive in this context. >> You're allowed to start a business. >> You're allowed to start a business. >> You're allowed to start a business. You're allowed to sell product. You're allowed to sell product. You're allowed to sell product. It's not illegal It's not illegal It's not illegal to to to to create a podcast. to create a podcast. to create a podcast. By the way, you you can't do what you're By the way, you you can't do what you're By the way, you you can't do what you're doing in Cuba. doing in Cuba. doing in Cuba. >> Yeah. >> Yeah. >> Yeah. >> Right? In North Korea you couldn't do >> Right? In North Korea you couldn't do >> Right? In North Korea you couldn't do it. it. it. >> I read something crazy last night about >> I read something crazy last night about >> I read something crazy last night about driving autonomous cars. It said lawyers driving autonomous cars. It said lawyers driving autonomous cars. It said lawyers are trying to stop block EVs because are trying to stop block EVs because are trying to stop block EVs because these particular lawyers make a lot of these particular lawyers make a lot of these particular lawyers make a lot of money from litigating car accidents. money from litigating car accidents. money from litigating car accidents. >> We wouldn't want people to not crash. >> We wouldn't want people to not crash. >> We wouldn't want people to not crash. >> Yeah. >> Yeah. >> Yeah. >> Like Yeah, so the point is there all >> Like Yeah, so the point is there all >> Like Yeah, so the point is there all sorts of laws in restraint of trade. sorts of laws in restraint of trade. sorts of laws in restraint of trade. Like you can't have an Airbnb. In the Like you can't have an Airbnb. In the Like you can't have an Airbnb. In the face of modern technology, if you have face of modern technology, if you have face of modern technology, if you have modern technology is creating modern technology is creating modern technology is creating dislocation, if your goal is to dislocation, if your goal is to dislocation, if your goal is to embrace the technology, embrace the technology, embrace the technology, create maximum productivity, create maximum productivity, create maximum productivity, and then minimize the disruption and the and then minimize the disruption and the and then minimize the disruption and the inflammation, inflammation, inflammation, then the more degrees of freedom you then the more degrees of freedom you then the more degrees of freedom you offer, offer, offer, the less pain there'll be because in a the less pain there'll be because in a the less pain there'll be because in a more free society, you're going to have more free society, you're going to have more free society, you're going to have 10,000 new kinds of businesses pop up or 10,000 new kinds of businesses pop up or 10,000 new kinds of businesses pop up or 100,000 new business opportunities that 100,000 new business opportunities that 100,000 new business opportunities that no one conceptualized. And they'll be no one conceptualized. And they'll be no one conceptualized. And they'll be threatening to the status quo, but threatening to the status quo, but threatening to the status quo, but they'll be rational and they'll create they'll be rational and they'll create they'll be rational and they'll create value, and then they will create gainful value, and then they will create gainful value, and then they will create gainful employment, and they'll create wealth employment, and they'll create wealth employment, and they'll create wealth for all the people that are displaced for all the people that are displaced for all the people that are displaced right by by the technology. >> Steve, what you doing? >> Steve, what you doing? >> Uh just making myself a delicious >> Uh just making myself a delicious >> Uh just making myself a delicious coffee. coffee. coffee. >> From the freezer? >> From the freezer? >> From the freezer? >> From the freezer. You not heard about >> From the freezer. You not heard about >> From the freezer. You not heard about Cometeer? Cometeer? Cometeer? >> No. >> No. >> No. >> Oh my gosh. This is going to change your >> Oh my gosh. This is going to change your >> Oh my gosh. This is going to change your life. life. life. Couple of months ago, the founder of Couple of months ago, the founder of Couple of months ago, the founder of this business called Matt sent a big this business called Matt sent a big this business called Matt sent a big shipment of this coffee to our office in shipment of this coffee to our office in shipment of this coffee to our office in London. What most people don't know is London. What most people don't know is London. What most people don't know is that the processing of coffee takes out that the processing of coffee takes out that the processing of coffee takes out a lot of the taste. So what they do is a lot of the taste. So what they do is a lot of the taste. So what they do is they flash freeze it at the optimal they flash freeze it at the optimal they flash freeze it at the optimal moment when it's most tasty. And they moment when it's most tasty. And they moment when it's most tasty. And they send you in the post the coffee in these send you in the post the coffee in these send you in the post the coffee in these little frozen ice cubes. Now Matt sent a little frozen ice cubes. Now Matt sent a little frozen ice cubes. Now Matt sent a big shipment to my office. I moved it to big shipment to my office. I moved it to big shipment to my office. I moved it to the kitchen. I said to the team, knock the kitchen. I said to the team, knock the kitchen. I said to the team, knock yourselves out. And then I saw so many yourselves out. And then I saw so many yourselves out. And then I saw so many messages in our Slack channel of people messages in our Slack channel of people messages in our Slack channel of people going, "Oh my god, what the hell is going, "Oh my god, what the hell is going, "Oh my god, what the hell is that? It's so delicious." All I have to that? It's so delicious." All I have to that? It's so delicious." All I have to do is pop it out in the morning using do is pop it out in the morning using do is pop it out in the morning using the little button on the back of this the little button on the back of this the little button on the back of this thing. I pour my hot water in, and I mix thing. I pour my hot water in, and I mix thing. I pour my hot water in, and I mix it, it, it, and that is done. You can get $30 off and that is done. You can get $30 off and that is done. You can get $30 off your first order of Cometeer Coffee if your first order of Cometeer Coffee if your first order of Cometeer Coffee if you go to cometeer.com/steven. you go to cometeer.com/steven. you go to cometeer.com/steven. Try it and please Instagram DM me, Try it and please Instagram DM me, Try it and please Instagram DM me, LinkedIn me, and let me know if you love LinkedIn me, and let me know if you love LinkedIn me, and let me know if you love it as much as I do. it as much as I do. it as much as I do. One of the things you've heard me talk One of the things you've heard me talk One of the things you've heard me talk about quite a lot over the last couple about quite a lot over the last couple about quite a lot over the last couple of years, and this is something that's of years, and this is something that's of years, and this is something that's true in business and content, but also true in business and content, but also true in business and content, but also with everything in life, is that with everything in life, is that with everything in life, is that consistency is the thing that really, consistency is the thing that really, consistency is the thing that really, really compounds. The same is true in really compounds. The same is true in really compounds. The same is true in sales. When your team is small, sales. When your team is small, sales. When your team is small, consistency happens naturally. The team consistency happens naturally. The team consistency happens naturally. The team knows every deal, so nothing gets knows every deal, so nothing gets knows every deal, so nothing gets missed. But, as I've experienced, when missed. But, as I've experienced, when missed. But, as I've experienced, when you grow, this starts to break down and you grow, this starts to break down and you grow, this starts to break down and deals start to slip, follow-ups don't deals start to slip, follow-ups don't deals start to slip, follow-ups don't happen, leads go cold that shouldn't happen, leads go cold that shouldn't happen, leads go cold that shouldn't have. And when this happens, a lot of have. And when this happens, a lot of have. And when this happens, a lot of leaders look at it and think they have a leaders look at it and think they have a leaders look at it and think they have a people problem. When actually, it's a people problem. When actually, it's a people problem. When actually, it's a systems problem. The businesses that systems problem. The businesses that systems problem. The businesses that I've watched scale well commercially all I've watched scale well commercially all I've watched scale well commercially all have a system that team uses every have a system that team uses every have a system that team uses every single day. And for my team, that system single day. And for my team, that system single day. And for my team, that system has been our sponsor, Pipedrive. It's an has been our sponsor, Pipedrive. It's an has been our sponsor, Pipedrive. It's an easy-to-use intelligent CRM tool for easy-to-use intelligent CRM tool for easy-to-use intelligent CRM tool for growing sales teams that gives you growing sales teams that gives you growing sales teams that gives you visibility of every deal in your sales visibility of every deal in your sales visibility of every deal in your sales pipeline at every single stage. And it pipeline at every single stage. And it pipeline at every single stage. And it shows you what needs to happen for that shows you what needs to happen for that shows you what needs to happen for that deal to move forward, all in real time. deal to move forward, all in real time. deal to move forward, all in real time. It's what keeps our commercial operation It's what keeps our commercial operation It's what keeps our commercial operation consistent when we were a team of five consistent when we were a team of five consistent when we were a team of five or when our commercial team was a team or when our commercial team was a team or when our commercial team was a team of 50. Over 100,000 companies are of 50. Over 100,000 companies are of 50. Over 100,000 companies are already running their sales on it. So, already running their sales on it. So, already running their sales on it. So, if you'd like to join them, sign up at if you'd like to join them, sign up at if you'd like to join them, sign up at pipedrive.com/ceo, pipedrive.com/ceo, pipedrive.com/ceo, where you'll get an exclusive 30-day where you'll get an exclusive 30-day where you'll get an exclusive 30-day free trial instead of the usual 14 days. free trial instead of the usual 14 days. free trial instead of the usual 14 days. And there's no credit card needed at And there's no credit card needed at And there's no credit card needed at all. Head to pipedrive.com/ceo. You know, earlier you were talking about You know, earlier you were talking about how you can get AI to write a book. I how you can get AI to write a book. I how you can get AI to write a book. I was thinking as you were saying it, the was thinking as you were saying it, the was thinking as you were saying it, the interesting thing is, I now ask my AI interesting thing is, I now ask my AI interesting thing is, I now ask my AI um what book I need to read. um what book I need to read. um what book I need to read. And to make that book for me, versus And to make that book for me, versus And to make that book for me, versus being prescriptive to it and because it being prescriptive to it and because it being prescriptive to it and because it has what it this huge memory on me. It has what it this huge memory on me. It has what it this huge memory on me. It knows what I'm I'm dealing with. It knows what I'm I'm dealing with. It knows what I'm I'm dealing with. It knows the businesses I'm building, the knows the businesses I'm building, the knows the businesses I'm building, the problems I have. And so, I just say, problems I have. And so, I just say, problems I have. And so, I just say, "What What do I What's the question I "What What do I What's the question I "What What do I What's the question I should be asking you? Or what should should be asking you? Or what should should be asking you? Or what should book should I be reading?" And then, book should I be reading?" And then, book should I be reading?" And then, "Can you make that book for me? Make it "Can you make that book for me? Make it "Can you make that book for me? Make it 20 pages. I like it in this particular 20 pages. I like it in this particular 20 pages. I like it in this particular style cuz it's my favorite style of style cuz it's my favorite style of style cuz it's my favorite style of author. And then I I want to download it author. And then I I want to download it author. And then I I want to download it as an MP3 file and listen to it on my as an MP3 file and listen to it on my as an MP3 file and listen to it on my way to work. I have 43 minutes. way to work. I have 43 minutes. way to work. I have 43 minutes. Could you say what should What's the Could you say what should What's the Could you say what should What's the question I should be asking you? question I should be asking you? question I should be asking you? >> Yeah, you're you're using You're using >> Yeah, you're you're using You're using >> Yeah, you're you're using You're using that as an example, but at the end of that as an example, but at the end of that as an example, but at the end of the day, you have to govern the state the day, you have to govern the state the day, you have to govern the state space. For example, anybody could say space. For example, anybody could say space. For example, anybody could say what question should I ask, but the real what question should I ask, but the real what question should I ask, but the real issue is what's the What are the input issue is what's the What are the input issue is what's the What are the input constraints? If you're a baker in constraints? If you're a baker in constraints? If you're a baker in Nigeria Nigeria Nigeria in Lagos. in Lagos. in Lagos. >> Okay, yeah. >> Okay, yeah. >> Okay, yeah. >> Right? There's a certain set of >> Right? There's a certain set of >> Right? There's a certain set of conditions that are different than if conditions that are different than if conditions that are different than if you happen to be a fireman in Los you happen to be a fireman in Los you happen to be a fireman in Los Angeles. Angeles. Angeles. >> Yeah. >> Yeah. >> Yeah. >> Right? And so >> Right? And so >> Right? And so what's the state space that you're what's the state space that you're what's the state space that you're exploring in order to create a exploring in order to create a exploring in order to create a contribution? contribution? contribution? And I'll give you an example like um And I'll give you an example like um And I'll give you an example like um I used AI. I used AI to make $15 billion I used AI. I used AI to make $15 billion I used AI. I used AI to make $15 billion last year. last year. last year. >> Is that a true story? >> Is that a true story? >> Is that a true story? >> This is true. >> This is true. >> This is true. >> Okay. >> Okay. >> Okay. >> You did? >> You did? >> You did? >> I did. Yeah. >> I did. Yeah. >> I did. Yeah. And I used an AI to make $15 billion in And I used an AI to make $15 billion in And I used an AI to make $15 billion in a way that no one would ever conceive a way that no one would ever conceive a way that no one would ever conceive that you could make $15 billion. that you could make $15 billion. that you could make $15 billion. >> This is a true story? >> This is a true story? >> This is a true story? >> Okay. Yeah, let let's let's go back to >> Okay. Yeah, let let's let's go back to >> Okay. Yeah, let let's let's go back to me in 2025. me in 2025. me in 2025. We have a company that has billions of We have a company that has billions of We have a company that has billions of dollars of Bitcoin. Uh $30 billion of dollars of Bitcoin. Uh $30 billion of dollars of Bitcoin. Uh $30 billion of Bitcoin. We want to actually raise Bitcoin. We want to actually raise Bitcoin. We want to actually raise capital to buy more Bitcoin. We maxed capital to buy more Bitcoin. We maxed capital to buy more Bitcoin. We maxed out the equity markets. Uh we became the out the equity markets. Uh we became the out the equity markets. Uh we became the largest issuer of convertible bonds in largest issuer of convertible bonds in largest issuer of convertible bonds in the in the world. And we maxed out the the in the world. And we maxed out the the in the world. And we maxed out the convertible bond market. And And uh that convertible bond market. And And uh that convertible bond market. And And uh that was our journey in the first 5 years of was our journey in the first 5 years of was our journey in the first 5 years of our Bitcoin. our Bitcoin. our Bitcoin. >> To simplify this for Jenny Davis, you >> To simplify this for Jenny Davis, you >> To simplify this for Jenny Davis, you borrowed as much money as you could from borrowed as much money as you could from borrowed as much money as you could from traditional means. traditional means. traditional means. >> Yes. >> Yes. >> Yes. >> Okay. >> Okay. >> Okay. >> Yeah. >> Yeah. >> Yeah. >> To buy Bitcoin. >> To buy Bitcoin. >> To buy Bitcoin. >> Yeah. >> Yeah. >> Yeah. >> Yeah. >> Yeah. >> Yeah. >> By the beginning of 2025, we had issued >> By the beginning of 2025, we had issued >> By the beginning of 2025, we had issued as many convertible bonds as you could as many convertible bonds as you could as many convertible bonds as you could issue. We were the largest issuer in the issue. We were the largest issuer in the issue. We were the largest issuer in the world. And it wasn't scalable. So, we world. And it wasn't scalable. So, we world. And it wasn't scalable. So, we needed to invent a new type of security, needed to invent a new type of security, needed to invent a new type of security, a new type of credit instrument that we a new type of credit instrument that we a new type of credit instrument that we could use to borrow money to buy more could use to borrow money to buy more could use to borrow money to buy more Bitcoin. Bitcoin. Bitcoin. So, So, So, we went to the AI. I went to the AI and we went to the AI. I went to the AI and we went to the AI. I went to the AI and I started exploring how do I design a I started exploring how do I design a I started exploring how do I design a preferred stock. preferred stock. preferred stock. And so I said, I think I want to create And so I said, I think I want to create And so I said, I think I want to create a security that's not a common equity a security that's not a common equity a security that's not a common equity and I don't want it to be a bond. I want and I don't want it to be a bond. I want and I don't want it to be a bond. I want it to be some hybrid in the middle. A it to be some hybrid in the middle. A it to be some hybrid in the middle. A preferred stock, you know, for the preferred stock, you know, for the preferred stock, you know, for the layman, it's it's just a security that layman, it's it's just a security that layman, it's it's just a security that could be anything. You can give it any could be anything. You can give it any could be anything. You can give it any terms. I can sell you a preferred stock terms. I can sell you a preferred stock terms. I can sell you a preferred stock and give you the right to put it back to and give you the right to put it back to and give you the right to put it back to me in 12 months and it looks like that. me in 12 months and it looks like that. me in 12 months and it looks like that. I can give you a guaranteed coupon on I can give you a guaranteed coupon on I can give you a guaranteed coupon on it. I can give you conversion rights and it. I can give you conversion rights and it. I can give you conversion rights and and make it look like equity. So, we and make it look like equity. So, we and make it look like equity. So, we used AI to design a convertible used AI to design a convertible used AI to design a convertible preferred stock called STRK. When we did preferred stock called STRK. When we did preferred stock called STRK. When we did it, no one had ever created a preferred it, no one had ever created a preferred it, no one had ever created a preferred stock that was backed by Bitcoin before stock that was backed by Bitcoin before stock that was backed by Bitcoin before and and we'd never issued it and so it and and we'd never issued it and so it and and we'd never issued it and so it was kind of a combination of financial was kind of a combination of financial was kind of a combination of financial engineering and digital asset engineering and digital asset engineering and digital asset engineering and legal work and engineering and legal work and engineering and legal work and securities law. securities law. securities law. So, we built it and So, we built it and So, we built it and and, you know, when we asked the lawyers and, you know, when we asked the lawyers and, you know, when we asked the lawyers and the bankers, they're like, well, no and the bankers, they're like, well, no and the bankers, they're like, well, no one's ever done it before. one's ever done it before. one's ever done it before. Okay. And and you know, their their Okay. And and you know, their their Okay. And and you know, their their their answer, by the way, is no one's their answer, by the way, is no one's their answer, by the way, is no one's ever done it before and people don't do ever done it before and people don't do ever done it before and people don't do that. So, we don't think you should do that. So, we don't think you should do that. So, we don't think you should do that. that. that. And we're like, well, everything else And we're like, well, everything else And we're like, well, everything else that people have done we've maxed out that people have done we've maxed out that people have done we've maxed out and so we're kind of at the point where and so we're kind of at the point where and so we're kind of at the point where our growth is going to stop unless we our growth is going to stop unless we our growth is going to stop unless we find a way out of the box. So, we're find a way out of the box. So, we're find a way out of the box. So, we're going to have to do something no one's going to have to do something no one's going to have to do something no one's ever done before using ever done before using ever done before using new technology, right? We're using new technology, right? We're using new technology, right? We're using digital capital. We're using uh digital capital. We're using uh digital capital. We're using uh digital intelligence and we're using a digital intelligence and we're using a digital intelligence and we're using a digital treasury company. So, three new digital treasury company. So, three new digital treasury company. So, three new forms of something in order to create forms of something in order to create forms of something in order to create value. value. value. And after we'd done three of them, we And after we'd done three of them, we And after we'd done three of them, we decided what we wanted to do was create decided what we wanted to do was create decided what we wanted to do was create a short duration credit instrument, one a short duration credit instrument, one a short duration credit instrument, one that would be would trade stably around that would be would trade stably around that would be would trade stably around $100, around par. $100, around par. $100, around par. And we're trying to figure out how do And we're trying to figure out how do And we're trying to figure out how do you get a preferred stock to trade at at you get a preferred stock to trade at at you get a preferred stock to trade at at a stable level? It's what what you would a stable level? It's what what you would a stable level? It's what what you would call technically short duration credit, call technically short duration credit, call technically short duration credit, but it's like we're trying to create a but it's like we're trying to create a but it's like we're trying to create a money market type instrument where money market type instrument where money market type instrument where people can buy it at 100, sell it at people can buy it at 100, sell it at people can buy it at 100, sell it at 100, collect the yield, and not worry 100, collect the yield, and not worry 100, collect the yield, and not worry about it trading up and down or being about it trading up and down or being about it trading up and down or being sensitive to interest rates. sensitive to interest rates. sensitive to interest rates. Well, if you do that, you have to vary Well, if you do that, you have to vary Well, if you do that, you have to vary in order to get it to trade stable, if in order to get it to trade stable, if in order to get it to trade stable, if you want the price to be stable, you you want the price to be stable, you you want the price to be stable, you have to change the dividend rate. have to change the dividend rate. have to change the dividend rate. And so, we created an instrument And so, we created an instrument And so, we created an instrument that where we could change the dividend that where we could change the dividend that where we could change the dividend rate every month. Now, had anybody ever rate every month. Now, had anybody ever rate every month. Now, had anybody ever done it? No. In the history of the done it? No. In the history of the done it? No. In the history of the world, no one ever created a variable world, no one ever created a variable world, no one ever created a variable dividend rate preferred stock. dividend rate preferred stock. dividend rate preferred stock. Is it illegal? No. Is it illegal? No. Is it illegal? No. Why has no one ever done it? No one ever Why has no one ever done it? No one ever Why has no one ever done it? No one ever had a reason to do it. They never had a reason to do it. They never had a reason to do it. They never thought to do it. thought to do it. thought to do it. The lawyers, the bankers, the The lawyers, the bankers, the The lawyers, the bankers, the conventional investors, they're like, conventional investors, they're like, conventional investors, they're like, "Well, we've never seen it done before. "Well, we've never seen it done before. "Well, we've never seen it done before. We're not sure you can do it." We're not sure you can do it." We're not sure you can do it." We go to the AI, we said, "Well, can we We go to the AI, we said, "Well, can we We go to the AI, we said, "Well, can we do it?" They're like, "Of course you can do it?" They're like, "Of course you can do it?" They're like, "Of course you can do it. Just do this, this, and this, and do it. Just do this, this, and this, and do it. Just do this, this, and this, and this, and it Well, they said they don't this, and it Well, they said they don't this, and it Well, they said they don't like that. Well, just do this, this, like that. Well, just do this, this, like that. Well, just do this, this, this." this." this." >> Which AI? >> Which AI? >> Which AI? >> Chat GPT. >> Chat GPT. >> Chat GPT. Open AI. Open AI. Open AI. >> So, Chat GPT made you $15 billion? >> So, Chat GPT made you $15 billion? >> So, Chat GPT made you $15 billion? >> Yeah, because the short of it is, we >> Yeah, because the short of it is, we >> Yeah, because the short of it is, we brought our IPO to market, it became a brought our IPO to market, it became a brought our IPO to market, it became a $2.5 billion IPO, the biggest IPO of the $2.5 billion IPO, the biggest IPO of the $2.5 billion IPO, the biggest IPO of the year to date. year to date. year to date. And then, we put a shelf registration on And then, we put a shelf registration on And then, we put a shelf registration on it, we sold another $8 billion of it. it, we sold another $8 billion of it. it, we sold another $8 billion of it. So, we sold 10 and 1/2 billion dollars So, we sold 10 and 1/2 billion dollars So, we sold 10 and 1/2 billion dollars of that instrument, plus 4 billion of of that instrument, plus 4 billion of of that instrument, plus 4 billion of the other instrument. So, we basically the other instrument. So, we basically the other instrument. So, we basically sold $15 billion of credit, which kind sold $15 billion of credit, which kind sold $15 billion of credit, which kind of equates to the company making about of equates to the company making about of equates to the company making about $15 billion. $15 billion. $15 billion. >> I'm thinking about what this means >> I'm thinking about what this means >> I'm thinking about what this means generally for the average person generally for the average person generally for the average person listening. listening. listening. >> Yeah. >> Yeah. >> Yeah. >> Because everyone's like searching for >> Because everyone's like searching for >> Because everyone's like searching for business ideas. business ideas. business ideas. >> Right. >> Right. >> Right. >> New ideas. And you're telling me that >> New ideas. And you're telling me that >> New ideas. And you're telling me that you you can use AI now to come up with you you can use AI now to come up with you you can use AI now to come up with novel business ideas and solutions that novel business ideas and solutions that novel business ideas and solutions that are outside of the box and that would are outside of the box and that would are outside of the box and that would generate value for people. Um you though generate value for people. Um you though generate value for people. Um you though there is it's almost like hearing that there is it's almost like hearing that there is it's almost like hearing that there's an arbitrage opportunity with there's an arbitrage opportunity with there's an arbitrage opportunity with this intelligence. this intelligence. this intelligence. Now, I was reading something the other Now, I was reading something the other Now, I was reading something the other day that said only 2% of households have day that said only 2% of households have day that said only 2% of households have a Chat GPT or AI subscription still. a Chat GPT or AI subscription still. a Chat GPT or AI subscription still. So, do you think there is an an an So, do you think there is an an an So, do you think there is an an an arbitrage there for people who go to AI arbitrage there for people who go to AI arbitrage there for people who go to AI now and and can build business ideas now and and can build business ideas now and and can build business ideas from it? from it? from it? >> If If you're an entrepreneur, right? If >> If If you're an entrepreneur, right? If >> If If you're an entrepreneur, right? If you If you aspire to create a business you If you aspire to create a business you If you aspire to create a business or create something of value, then it's or create something of value, then it's or create something of value, then it's the no-brainer is you definitely should the no-brainer is you definitely should the no-brainer is you definitely should pick one or more of these AIs and maybe pick one or more of these AIs and maybe pick one or more of these AIs and maybe you want to become adept using multiple. you want to become adept using multiple. you want to become adept using multiple. They're They're just different tools. They're They're just different tools. They're They're just different tools. It's It's kind of like saying you got to It's It's kind of like saying you got to It's It's kind of like saying you got to learn how to use a computer and you got learn how to use a computer and you got learn how to use a computer and you got to learn how to read reading, writing, to learn how to read reading, writing, to learn how to read reading, writing, arithmetic, right? Just basics. arithmetic, right? Just basics. arithmetic, right? Just basics. And then And then And then once you've done that, you you do need once you've done that, you you do need once you've done that, you you do need to have some domain expertise in to have some domain expertise in to have some domain expertise in something, right? The question is something, right? The question is something, right? The question is what are you going to do, right? You what are you going to do, right? You what are you going to do, right? You either want to create either want to create either want to create a new product or you want to create a a new product or you want to create a a new product or you want to create a new service new service new service or you want to radically transform an or you want to radically transform an or you want to radically transform an existing product or service using AI to existing product or service using AI to existing product or service using AI to be much cheaper, much better. be much cheaper, much better. be much cheaper, much better. But to my mind, you know, I would try to But to my mind, you know, I would try to But to my mind, you know, I would try to create something magical. create something magical. create something magical. Like for example can you create Like for example can you create Like for example can you create something that does everybody's something that does everybody's something that does everybody's accounting, does you know, does the work accounting, does you know, does the work accounting, does you know, does the work of a million accountants and sell it for of a million accountants and sell it for of a million accountants and sell it for 10 bucks a month? 10 bucks a month? 10 bucks a month? Right? Right? Right? >> If you're 18 now, if your kids came to >> If you're 18 now, if your kids came to >> If you're 18 now, if your kids came to you and said, "Dad, what should I you and said, "Dad, what should I you and said, "Dad, what should I go and study at university? And what go and study at university? And what go and study at university? And what shouldn't I study at university? shouldn't I study at university? shouldn't I study at university? Would your answer be different now as we Would your answer be different now as we Would your answer be different now as we stand on the foothills of this new stand on the foothills of this new stand on the foothills of this new technology?" technology?" technology?" >> You want to study the new thing, right? >> You want to study the new thing, right? >> You want to study the new thing, right? You want to learn the new thing. And so, You want to learn the new thing. And so, You want to learn the new thing. And so, if you look at the history of of if you look at the history of of if you look at the history of of science, the real question is, what's on science, the real question is, what's on science, the real question is, what's on the S-curve? the S-curve? the S-curve? >> On the S-curve? >> On the S-curve? >> On the S-curve? >> The whole theory of the S-curve is for a >> The whole theory of the S-curve is for a >> The whole theory of the S-curve is for a thousand years we try to fly. thousand years we try to fly. thousand years we try to fly. And infinite energy makes no progress. And infinite energy makes no progress. And infinite energy makes no progress. You cannot fly. And then in 1903 You cannot fly. And then in 1903 You cannot fly. And then in 1903 all of a sudden we can sort of fly. all of a sudden we can sort of fly. all of a sudden we can sort of fly. And in 66 years we go from flying 20 And in 66 years we go from flying 20 And in 66 years we go from flying 20 miles an hour to flying 300 miles an miles an hour to flying 300 miles an miles an hour to flying 300 miles an hour. First a fighter jet, then a hour. First a fighter jet, then a hour. First a fighter jet, then a passenger jet, then we have like rockets passenger jet, then we have like rockets passenger jet, then we have like rockets that are unmanned. Then we have manned that are unmanned. Then we have manned that are unmanned. Then we have manned rockets. And then we have rockets to go rockets. And then we have rockets to go rockets. And then we have rockets to go to orbit. Then we have rockets to go to to orbit. Then we have rockets to go to to orbit. Then we have rockets to go to the moon. And so that's an example of an the moon. And so that's an example of an the moon. And so that's an example of an S curve. But then you know what happens. S curve. But then you know what happens. S curve. But then you know what happens. In the mid 70s, we designed the 737, the In the mid 70s, we designed the 737, the In the mid 70s, we designed the 737, the 747. 747. 747. And we hit a wall. You know, and 737 is And we hit a wall. You know, and 737 is And we hit a wall. You know, and 737 is still the primary airplane for the next still the primary airplane for the next still the primary airplane for the next 50 years. 50 years. 50 years. And if you look at the efficiency of an And if you look at the efficiency of an And if you look at the efficiency of an airplane from 1975 airplane from 1975 airplane from 1975 uh to the year 2025, over 50 years, uh to the year 2025, over 50 years, uh to the year 2025, over 50 years, the modern airplanes are 15% more the modern airplanes are 15% more the modern airplanes are 15% more efficient. efficient. efficient. Like So, what you got was a diminishing Like So, what you got was a diminishing Like So, what you got was a diminishing return. And when you're on the S curve, return. And when you're on the S curve, return. And when you're on the S curve, things are doubling every 3 years. things are doubling every 3 years. things are doubling every 3 years. You're doubling, you're doubling, you're You're doubling, you're doubling, you're You're doubling, you're doubling, you're doubling. You're exponential growth. doubling. You're exponential growth. doubling. You're exponential growth. And then you hit diminishing returns. And then you hit diminishing returns. And then you hit diminishing returns. And then you stagnate. And then you And then you stagnate. And then you And then you stagnate. And then you stop. And then things are just not stop. And then things are just not stop. And then things are just not getting any better. So, getting any better. So, getting any better. So, >> Let's show an S curve on the screen. And >> Let's show an S curve on the screen. And >> Let's show an S curve on the screen. And also also also uh the the new S curve coming in below uh the the new S curve coming in below uh the the new S curve coming in below it. it. it. >> Like when I was at MIT, you know, >> Like when I was at MIT, you know, >> Like when I was at MIT, you know, everybody basically flocked to uh everybody basically flocked to uh everybody basically flocked to uh electrical engineering and computer electrical engineering and computer electrical engineering and computer science. Because that was the cool science. Because that was the cool science. Because that was the cool thing. And so, the mistake to make when thing. And so, the mistake to make when thing. And so, the mistake to make when you go to school is you go to school is you go to school is you get at the end of the S curve. You you get at the end of the S curve. You you get at the end of the S curve. You basically start studying something that basically start studying something that basically start studying something that has hit diminishing returns. And once has hit diminishing returns. And once has hit diminishing returns. And once you hit that diminishing return, you hit that diminishing return, you hit that diminishing return, no material progress may take place for no material progress may take place for no material progress may take place for 100 years. It might be that you just 100 years. It might be that you just 100 years. It might be that you just can't break through. Propulsion can't break through. Propulsion can't break through. Propulsion technology is the limiting factor. Like technology is the limiting factor. Like technology is the limiting factor. Like why don't we have planes that will fly, why don't we have planes that will fly, why don't we have planes that will fly, you know, supersonic, you know, on um you know, supersonic, you know, on um you know, supersonic, you know, on um you know, a tank of gas that's that's you know, a tank of gas that's that's you know, a tank of gas that's that's this much, right? Or fusion drives. this much, right? Or fusion drives. this much, right? Or fusion drives. Well, cuz we don't. Now, on the other Well, cuz we don't. Now, on the other Well, cuz we don't. Now, on the other hand, hand, hand, semiconductors semiconductors semiconductors uh started exploding. And semi And uh started exploding. And semi And uh started exploding. And semi And semiconductor technology has continued semiconductor technology has continued semiconductor technology has continued to advance. We haven't hit to advance. We haven't hit to advance. We haven't hit that limit yet. And that's that's why so that limit yet. And that's that's why so that limit yet. And that's that's why so many profound breakthroughs were made in many profound breakthroughs were made in many profound breakthroughs were made in computer science over the past 50 years. computer science over the past 50 years. computer science over the past 50 years. >> This is kind of hit a nice curve, hasn't >> This is kind of hit a nice curve, hasn't >> This is kind of hit a nice curve, hasn't it? As a form factor, my iPhone here. it? As a form factor, my iPhone here. it? As a form factor, my iPhone here. You know, that over since the iPhone, as You know, that over since the iPhone, as You know, that over since the iPhone, as you said, since the iPhone like 6, you said, since the iPhone like 6, you said, since the iPhone like 6, it hasn't really gotten thinner, but uh it hasn't really gotten thinner, but uh it hasn't really gotten thinner, but uh the battery hasn't really taken a leap the battery hasn't really taken a leap the battery hasn't really taken a leap forward as such. So, we're now looking forward as such. So, we're now looking forward as such. So, we're now looking for another form factor to interface for another form factor to interface for another form factor to interface with computers. with computers. with computers. >> Yeah, you know, the iPhone 1 didn't have >> Yeah, you know, the iPhone 1 didn't have >> Yeah, you know, the iPhone 1 didn't have cut and paste. cut and paste. cut and paste. And we didn't get cut and paste till the And we didn't get cut and paste till the And we didn't get cut and paste till the version 3. version 3. version 3. And so, there was a rapid improvement And so, there was a rapid improvement And so, there was a rapid improvement versions 1 through 6 or 1 through 7, versions 1 through 6 or 1 through 7, versions 1 through 6 or 1 through 7, call it. call it. call it. And at that point, you start hitting And at that point, you start hitting And at that point, you start hitting diminishing returns. And if you were to diminishing returns. And if you were to diminishing returns. And if you were to do some utility function, and you were do some utility function, and you were do some utility function, and you were to score on a scale of 1 to 100, you to score on a scale of 1 to 100, you to score on a scale of 1 to 100, you would have gone from like 5 to 70 in a would have gone from like 5 to 70 in a would have gone from like 5 to 70 in a hurry, and then you would have gone from hurry, and then you would have gone from hurry, and then you would have gone from 70 to 90 over the next few iterations, 70 to 90 over the next few iterations, 70 to 90 over the next few iterations, and then that you're 91, 92. and then that you're 91, 92. and then that you're 91, 92. You hit that limit, and I if if you are You hit that limit, and I if if you are You hit that limit, and I if if you are starting a company, right? You don't starting a company, right? You don't starting a company, right? You don't create another iPhone. create another iPhone. create another iPhone. Right? The [clears throat] real question Right? The [clears throat] real question Right? The [clears throat] real question right now right now right now is uh is uh is uh can I create smart glasses where I have can I create smart glasses where I have can I create smart glasses where I have something that's like my Maui Jim something that's like my Maui Jim something that's like my Maui Jim sunglasses, I put them on, they weigh sunglasses, I put them on, they weigh sunglasses, I put them on, they weigh nothing, and they have the camera, and nothing, and they have the camera, and nothing, and they have the camera, and they see what I see, and they hear what they see what I see, and they hear what they see what I see, and they hear what I hear, and they know where I am, I hear, and they know where I am, I hear, and they know where I am, and plug that into AI, and in that and plug that into AI, and in that and plug that into AI, and in that point, I can just say, "Hey, Eve, what point, I can just say, "Hey, Eve, what point, I can just say, "Hey, Eve, what is that?" is that?" is that?" You know, "Where am I? And tell me about You know, "Where am I? And tell me about You know, "Where am I? And tell me about that." And and it's like that." And and it's like that." And and it's like "Why do I have to type anymore?" "Why do I have to type anymore?" "Why do I have to type anymore?" >> When I met Mark Zuckerberg, he showed me >> When I met Mark Zuckerberg, he showed me >> When I met Mark Zuckerberg, he showed me the the device that's on the way from the the device that's on the way from the the device that's on the way from Meta. This is not secret, cuz I know Meta. This is not secret, cuz I know Meta. This is not secret, cuz I know they've talked about it publicly. Which they've talked about it publicly. Which they've talked about it publicly. Which is just a it was just a plain wrist is just a it was just a plain wrist is just a it was just a plain wrist strap with no screen on it. strap with no screen on it. strap with no screen on it. But it linked to the glasses. But it linked to the glasses. But it linked to the glasses. And in the glasses, when I looked And in the glasses, when I looked And in the glasses, when I looked around, I could see all of my screens around, I could see all of my screens around, I could see all of my screens and everything like that. And I And if I and everything like that. And I And if I and everything like that. And I And if I just because of this wrist strap, if I just because of this wrist strap, if I just because of this wrist strap, if I just click, it clicks on all the stuff. just click, it clicks on all the stuff. just click, it clicks on all the stuff. So, I was just like, "Hey, with this So, I was just like, "Hey, with this So, I was just like, "Hey, with this little wrist strap. The wrist strap little wrist strap. The wrist strap little wrist strap. The wrist strap again was just like a cotton bracelet, again was just like a cotton bracelet, again was just like a cotton bracelet, very thin cotton bracelet. And as I just very thin cotton bracelet. And as I just very thin cotton bracelet. And as I just looked around, I could click on looked around, I could click on looked around, I could click on everything and open things and call everything and open things and call everything and open things and call people and send texts and go on YouTube, people and send texts and go on YouTube, people and send texts and go on YouTube, etc. And it was just up here in my etc. And it was just up here in my etc. And it was just up here in my peripheral. You imagine again, imagine peripheral. You imagine again, imagine peripheral. You imagine again, imagine that on an S curve. At some point it's that on an S curve. At some point it's that on an S curve. At some point it's going to be a some sort of like almost going to be a some sort of like almost going to be a some sort of like almost like contact lens type thing like contact lens type thing like contact lens type thing that's that I can just that's that I can just that's that I can just >> By the way, this is why you should study >> By the way, this is why you should study >> By the way, this is why you should study fantasy, right? Because they have this, fantasy, right? Because they have this, fantasy, right? Because they have this, right? In magic worlds, right? This is right? In magic worlds, right? This is right? In magic worlds, right? This is like like like you know, like I just wear my talisman. you know, like I just wear my talisman. you know, like I just wear my talisman. You know, I have a necklace. What does You know, I have a necklace. What does You know, I have a necklace. What does it do? Oh, it makes me omniscient, all it do? Oh, it makes me omniscient, all it do? Oh, it makes me omniscient, all powerful, immortal, indestructible. I powerful, immortal, indestructible. I powerful, immortal, indestructible. I live forever. What what what do you have live forever. What what what do you have live forever. What what what do you have to do to make the product work? Nothing. to do to make the product work? Nothing. to do to make the product work? Nothing. I'm wearing the wristband and I walk and I'm wearing the wristband and I walk and I'm wearing the wristband and I walk and every door opens to me and stuff every door opens to me and stuff every door opens to me and stuff happens. And here's where Elon gets it happens. And here's where Elon gets it happens. And here's where Elon gets it right. It's like the number one right. It's like the number one right. It's like the number one engineering mistake is engineers want to engineering mistake is engineers want to engineering mistake is engineers want to optimize the part that shouldn't exist. optimize the part that shouldn't exist. optimize the part that shouldn't exist. Like make the parts go away, right? We Like make the parts go away, right? We Like make the parts go away, right? We start on the topic of what should you start on the topic of what should you start on the topic of what should you study, study, study, right? It's It's study technologies that right? It's It's study technologies that right? It's It's study technologies that allow you to create magic things that allow you to create magic things that allow you to create magic things that your parents could never your parents could never your parents could never If your parents would say that's magic, If your parents would say that's magic, If your parents would say that's magic, you're on the right track, right? So, you're on the right track, right? So, you're on the right track, right? So, like how about What's better than the like how about What's better than the like how about What's better than the wristband? Just like How about you just wristband? Just like How about you just wristband? Just like How about you just like implant one pellet? like implant one pellet? like implant one pellet? >> Neuralink. >> Neuralink. >> Neuralink. >> Yeah. Maybe it's a Neuralink. Maybe it's >> Yeah. Maybe it's a Neuralink. Maybe it's >> Yeah. Maybe it's a Neuralink. Maybe it's Maybe it's when I'm born, there's a Maybe it's when I'm born, there's a Maybe it's when I'm born, there's a slight implant and now I I hear like I slight implant and now I I hear like I slight implant and now I I hear like I can talk to the AI in cyberspace can talk to the AI in cyberspace can talk to the AI in cyberspace forever. forever. forever. >> But should you go study that because >> But should you go study that because >> But should you go study that because conceivably the artificial intelligence conceivably the artificial intelligence conceivably the artificial intelligence and the robots are going to be the ones and the robots are going to be the ones and the robots are going to be the ones that create that technology. If they that create that technology. If they that create that technology. If they have a PhD in everything and that's have a PhD in everything and that's have a PhD in everything and that's accelerating. accelerating. accelerating. >> Yeah, well, I guess we're back back to >> Yeah, well, I guess we're back back to >> Yeah, well, I guess we're back back to the what should you study? You ought to the what should you study? You ought to the what should you study? You ought to study digital intelligence or digital study digital intelligence or digital study digital intelligence or digital assets. If you can generate, assets. If you can generate, assets. If you can generate, you know, generate proteins, generate you know, generate proteins, generate you know, generate proteins, generate generate any kind of generate any kind of generate any kind of life form or enzyme or protein or the life form or enzyme or protein or the life form or enzyme or protein or the like, maybe it's interesting. like, maybe it's interesting. like, maybe it's interesting. But I think with regard to AI, But I think with regard to AI, But I think with regard to AI, you don't want to learn how to do things you don't want to learn how to do things you don't want to learn how to do things that AI can do. What you want to do is that AI can do. What you want to do is that AI can do. What you want to do is learn how to ask the AI to do something learn how to ask the AI to do something learn how to ask the AI to do something that's never been done before. Like if I that's never been done before. Like if I that's never been done before. Like if I were to go back to school, 95% of what I were to go back to school, 95% of what I were to go back to school, 95% of what I learned, uh, probably wouldn't want to learned, uh, probably wouldn't want to learned, uh, probably wouldn't want to study. study. study. >> What about a surgeon? Do you think >> What about a surgeon? Do you think >> What about a surgeon? Do you think you're going to be a surgeon? you're going to be a surgeon? you're going to be a surgeon? >> No. >> No. >> No. >> What about a a lawyer? >> What about a a lawyer? >> What about a a lawyer? >> No. >> No. >> No. >> Accountant? >> Accountant? >> Accountant? >> No. >> No. >> No. >> Driver? >> Driver? >> Driver? >> No. >> No. >> No. At some point, what you have to do is At some point, what you have to do is At some point, what you have to do is ask ask ask the AIs aren't really answering the the AIs aren't really answering the the AIs aren't really answering the question yet, but you have but you have question yet, but you have but you have question yet, but you have but you have to ask whatever is the marginal question to ask whatever is the marginal question to ask whatever is the marginal question that hasn't been answered by the that hasn't been answered by the that hasn't been answered by the civilization. Maybe I'll take it I'll civilization. Maybe I'll take it I'll civilization. Maybe I'll take it I'll take that position, which is take that position, which is take that position, which is the way you create value in the world is the way you create value in the world is the way you create value in the world is you bring something into the world that you bring something into the world that you bring something into the world that wasn't here before. wasn't here before. wasn't here before. >> This is something that I've made for >> This is something that I've made for >> This is something that I've made for you. I realized that the Diary of a CEO you. I realized that the Diary of a CEO you. I realized that the Diary of a CEO audience are strivers, whether it's in audience are strivers, whether it's in audience are strivers, whether it's in business or health, we all have big business or health, we all have big business or health, we all have big goals that we want to accomplish. And goals that we want to accomplish. And goals that we want to accomplish. And one of the things I've learned is that one of the things I've learned is that one of the things I've learned is that when you aim at the big, big, big goal, when you aim at the big, big, big goal, when you aim at the big, big, big goal, it can feel incredibly psychologically it can feel incredibly psychologically it can feel incredibly psychologically uncomfortable because it's kind of like uncomfortable because it's kind of like uncomfortable because it's kind of like being stood at the foot of Mount Everest being stood at the foot of Mount Everest being stood at the foot of Mount Everest and looking upwards. The way to and looking upwards. The way to and looking upwards. The way to accomplish your goals is by breaking accomplish your goals is by breaking accomplish your goals is by breaking them down into tiny, small steps, and we them down into tiny, small steps, and we them down into tiny, small steps, and we call this in our team the 1%. this call this in our team the 1%. this call this in our team the 1%. this philosophy is highly responsible for philosophy is highly responsible for philosophy is highly responsible for much of our success here. So, what we've much of our success here. So, what we've much of our success here. So, what we've done so that you at home can accomplish done so that you at home can accomplish done so that you at home can accomplish any big goal that you have, is we've any big goal that you have, is we've any big goal that you have, is we've made these 1% diaries, and we released made these 1% diaries, and we released made these 1% diaries, and we released these last year and they all sold out. these last year and they all sold out. these last year and they all sold out. So, I asked my team over and over again So, I asked my team over and over again So, I asked my team over and over again to bring the diaries back, but also to to bring the diaries back, but also to to bring the diaries back, but also to introduce some new colors and to make introduce some new colors and to make introduce some new colors and to make some minor tweaks to the diary. So, now some minor tweaks to the diary. So, now some minor tweaks to the diary. So, now we have a better range for you. So, if we have a better range for you. So, if we have a better range for you. So, if you have a big goal in mind, and you you have a big goal in mind, and you you have a big goal in mind, and you need a framework and a process and some need a framework and a process and some need a framework and a process and some motivation, then I highly recommend you motivation, then I highly recommend you motivation, then I highly recommend you get one of these diaries before they all get one of these diaries before they all get one of these diaries before they all sell out once again. And you can get sell out once again. And you can get sell out once again. And you can get yours at the diary.com. yours at the diary.com. yours at the diary.com. And if you want the link, the link is in And if you want the link, the link is in And if you want the link, the link is in the description below. the description below. the description below. There should be a button just down below There should be a button just down below There should be a button just down below here. And if it says subscribed, you're here. And if it says subscribed, you're here. And if it says subscribed, you're already subscribed. If it says subscribe already subscribed. If it says subscribe already subscribed. If it says subscribe bar, that means you're not yet. And if bar, that means you're not yet. And if bar, that means you're not yet. And if you're not subscribed, please could you you're not subscribed, please could you you're not subscribed, please could you do us a favor and hit that button. It do us a favor and hit that button. It do us a favor and hit that button. It helps the show more than you know. And helps the show more than you know. And helps the show more than you know. And according to the algorithm, you're according to the algorithm, you're according to the algorithm, you're someone that watches our show, but you someone that watches our show, but you someone that watches our show, but you haven't yet hit that button. Thank you haven't yet hit that button. Thank you haven't yet hit that button. Thank you so much. so much. so much. Beyond just buying Bitcoin, is there any Beyond just buying Bitcoin, is there any Beyond just buying Bitcoin, is there any sort of actionable steps that the sort of actionable steps that the sort of actionable steps that the working class should take right now to working class should take right now to working class should take right now to pre- prepare for this robot transition pre- prepare for this robot transition pre- prepare for this robot transition that you're talking about? that you're talking about? that you're talking about? >> I mean, the actionable step is is >> I mean, the actionable step is is >> I mean, the actionable step is is learn learn learn >> Learn about the robots. >> Learn about the robots. >> Learn about the robots. >> digital. Right? >> digital. Right? >> digital. Right? >> Digital. >> Digital. >> Digital. >> Like understand digital. For example, >> Like understand digital. For example, >> Like understand digital. For example, how much content's available on YouTube how much content's available on YouTube how much content's available on YouTube right now? Like right now? Like right now? Like >> Infinite, right now. >> Infinite, right now. >> Infinite, right now. >> Right? What can you get for free on >> Right? What can you get for free on >> Right? What can you get for free on YouTube and what can you create of YouTube and what can you create of YouTube and what can you create of value, right? If you're in the business value, right? If you're in the business value, right? If you're in the business of content creation, my advice would be of content creation, my advice would be of content creation, my advice would be study digital channels. As As like, study digital channels. As As like, study digital channels. As As like, should I go and become a stage actor on should I go and become a stage actor on should I go and become a stage actor on Broadway? Broadway? Broadway? It's It's a It's a It's It's a It's a It's It's a It's a a much smaller thing. Mr. Beast can get a much smaller thing. Mr. Beast can get a much smaller thing. Mr. Beast can get 100 million subscribers, you can get 20 100 million subscribers, you can get 20 100 million subscribers, you can get 20 million subscribers. You're not getting million subscribers. You're not getting million subscribers. You're not getting 20 million subscribers if you do the 20 million subscribers if you do the 20 million subscribers if you do the thing that your parents' parents did. thing that your parents' parents did. thing that your parents' parents did. So, I think that you want to look at So, I think that you want to look at So, I think that you want to look at digital platforms. There's There's digital platforms. There's There's digital platforms. There's There's digital communication like Acts or digital communication like Acts or digital communication like Acts or Instagram, there's YouTube and Instagram, there's YouTube and Instagram, there's YouTube and and the like, but there's also and the like, but there's also and the like, but there's also There's also digital intelligence. There's also digital intelligence. There's also digital intelligence. >> Let's just just test that first point a >> Let's just just test that first point a >> Let's just just test that first point a bit. I guess a lot of content creators bit. I guess a lot of content creators bit. I guess a lot of content creators are thinking at the moment now because are thinking at the moment now because are thinking at the moment now because of these frontier models that can of these frontier models that can of these frontier models that can produce video content, pictures. A kid produce video content, pictures. A kid produce video content, pictures. A kid in Mumbai or Manhattan, where we are in Mumbai or Manhattan, where we are in Mumbai or Manhattan, where we are now, can set up an agent while they're now, can set up an agent while they're now, can set up an agent while they're asleep and say, "Listen, just post 100 asleep and say, "Listen, just post 100 asleep and say, "Listen, just post 100 videos while I'm asleep on this every videos while I'm asleep on this every videos while I'm asleep on this every single platform. single platform. single platform. I actually I'll make five agents and I actually I'll make five agents and I actually I'll make five agents and I'll ask all of them to post 100 videos I'll ask all of them to post 100 videos I'll ask all of them to post 100 videos each. So, you're going to have this you each. So, you're going to have this you each. So, you're going to have this you have in terms of supply and demand, have in terms of supply and demand, have in terms of supply and demand, presumably that's a supply shock. presumably that's a supply shock. presumably that's a supply shock. There's this slop tsunami coming in. And There's this slop tsunami coming in. And There's this slop tsunami coming in. And then if you look at demand of attention then if you look at demand of attention then if you look at demand of attention online, it is arguably fixed. Financial online, it is arguably fixed. Financial online, it is arguably fixed. Financial Times did a report said that young young Times did a report said that young young Times did a report said that young young people are actually starting to come people are actually starting to come people are actually starting to come down in terms of time spent online. Uh down in terms of time spent online. Uh down in terms of time spent online. Uh slightly older generations are starting slightly older generations are starting slightly older generations are starting from a lower base, but they're still from a lower base, but they're still from a lower base, but they're still going up, but they're starting from a going up, but they're starting from a going up, but they're starting from a lower base. So, you've got a tsunami lower base. So, you've got a tsunami lower base. So, you've got a tsunami slop of supply and fixed demand. slop of supply and fixed demand. slop of supply and fixed demand. I get this even this business feels a I get this even this business feels a I get this even this business feels a little bit insecure. Actually, a lot of little bit insecure. Actually, a lot of little bit insecure. Actually, a lot of the major podcasters are actually down the major podcasters are actually down the major podcasters are actually down on YouTube. If I look at the top who I on YouTube. If I look at the top who I on YouTube. If I look at the top who I would consider the sort of top five would consider the sort of top five would consider the sort of top five podcasters in my niche, um every single podcasters in my niche, um every single podcasters in my niche, um every single one of them is down at least 50% in the one of them is down at least 50% in the one of them is down at least 50% in the last 20-ish uh 12 12 24 months. last 20-ish uh 12 12 24 months. last 20-ish uh 12 12 24 months. >> Well, the solution is certainly not to >> Well, the solution is certainly not to >> Well, the solution is certainly not to not pay attention, right? So, for not pay attention, right? So, for not pay attention, right? So, for example, if you're in the business of example, if you're in the business of example, if you're in the business of creating content right now, you would creating content right now, you would creating content right now, you would ask the question, can I enhance the ask the question, can I enhance the ask the question, can I enhance the content with AI? content with AI? content with AI? Or can I better market or distribute the Or can I better market or distribute the Or can I better market or distribute the content with AI? content with AI? content with AI? >> What is the moat? >> What is the moat? >> What is the moat? >> The moat's going to be the most talented >> The moat's going to be the most talented >> The moat's going to be the most talented content cre- the person creating the content cre- the person creating the content cre- the person creating the best stuff that everybody wants to see. best stuff that everybody wants to see. best stuff that everybody wants to see. There are videos being created like, There are videos being created like, There are videos being created like, here's a walk-through of a 16th century here's a walk-through of a 16th century here's a walk-through of a 16th century warship. warship. warship. And you know, I don't know if you've And you know, I don't know if you've And you know, I don't know if you've seen a guy constructs the entire warship seen a guy constructs the entire warship seen a guy constructs the entire warship from the keel and he creates the ribs from the keel and he creates the ribs from the keel and he creates the ribs and he shows you the lower deck and the and he shows you the lower deck and the and he shows you the lower deck and the ballast and he takes you through every ballast and he takes you through every ballast and he takes you through every step and it's a three-dimensional uh step and it's a three-dimensional uh step and it's a three-dimensional uh video animation. video animation. video animation. Takes about an hour and it's absolutely Takes about an hour and it's absolutely Takes about an hour and it's absolutely riveting. I have no reason to care about riveting. I have no reason to care about riveting. I have no reason to care about 16th century warships, but I can't take 16th century warships, but I can't take 16th century warships, but I can't take my eyes off it because it's just so my eyes off it because it's just so my eyes off it because it's just so fascinating to see him explain fascinating to see him explain fascinating to see him explain everything. everything. everything. >> Are you saying creativity is the moat >> Are you saying creativity is the moat >> Are you saying creativity is the moat still? still? still? Or understanding what humans want and Or understanding what humans want and Or understanding what humans want and then delivering it it which I guess is then delivering it it which I guess is then delivering it it which I guess is creativity. creativity. creativity. >> Let's say the Led Zeppelin example. But >> Let's say the Led Zeppelin example. But >> Let's say the Led Zeppelin example. But what what you see in human history what what you see in human history what what you see in human history is is is within 10 years of whenever there's a within 10 years of whenever there's a within 10 years of whenever there's a new technology platform, there's some new technology platform, there's some new technology platform, there's some geniuses. They push it to the limit and geniuses. They push it to the limit and geniuses. They push it to the limit and they do 95% of everything that can be they do 95% of everything that can be they do 95% of everything that can be done and it all happens within 10 years done and it all happens within 10 years done and it all happens within 10 years and they live forever. So and they live forever. So and they live forever. So why didn't anybody before Beethoven do why didn't anybody before Beethoven do why didn't anybody before Beethoven do stuff with the piano? Well, the piano stuff with the piano? Well, the piano stuff with the piano? Well, the piano comes out, some genius does stuff with comes out, some genius does stuff with comes out, some genius does stuff with the piano, right? And between Beethoven the piano, right? And between Beethoven the piano, right? And between Beethoven and Chopin and you know, and a a few and Chopin and you know, and a a few and Chopin and you know, and a a few players, it's like it's not clear to me players, it's like it's not clear to me players, it's like it's not clear to me if humans try for another 10,000 years, if humans try for another 10,000 years, if humans try for another 10,000 years, they'll do they'll do they'll do much better. much better. much better. So with Led Zeppelin, you had electric So with Led Zeppelin, you had electric So with Led Zeppelin, you had electric guitars and amplification and everything guitars and amplification and everything guitars and amplification and everything kind of clicked late 60s. kind of clicked late 60s. kind of clicked late 60s. Like the sound of the early 60s was not Like the sound of the early 60s was not Like the sound of the early 60s was not quite there and then by 1971, 72, you quite there and then by 1971, 72, you quite there and then by 1971, 72, you could do some amazing stuff. And if you could do some amazing stuff. And if you could do some amazing stuff. And if you think about all the classic rock between think about all the classic rock between think about all the classic rock between 1970 and 1980, 1970 and 1980, 1970 and 1980, you have human creativity pushing the you have human creativity pushing the you have human creativity pushing the edge of the envelope in so many edge of the envelope in so many edge of the envelope in so many directions and then you hit this directions and then you hit this directions and then you hit this diminishing return. And then along comes diminishing return. And then along comes diminishing return. And then along comes sampling, right? And then you get sampling, right? And then you get sampling, right? And then you get Swedish House Mafia and Avicii and Swedish House Mafia and Avicii and Swedish House Mafia and Avicii and that's new technology and then they push that's new technology and then they push that's new technology and then they push it to the extreme. it to the extreme. it to the extreme. And then along comes YouTube and Justin And then along comes YouTube and Justin And then along comes YouTube and Justin Bieber comes out of nowhere, you know, Bieber comes out of nowhere, you know, Bieber comes out of nowhere, you know, and Mr. Beast comes out of nowhere and and Mr. Beast comes out of nowhere and and Mr. Beast comes out of nowhere and they push it to the extreme. they push it to the extreme. they push it to the extreme. And what you see with every generation And what you see with every generation And what you see with every generation is is is I give you a new thing, whether it's a I give you a new thing, whether it's a I give you a new thing, whether it's a piano or electric guitar or internet. piano or electric guitar or internet. piano or electric guitar or internet. Think about Facebook and Mark Zuckerberg Think about Facebook and Mark Zuckerberg Think about Facebook and Mark Zuckerberg and what he did at just about the point and what he did at just about the point and what he did at just about the point when you could do that with the web and when you could do that with the web and when you could do that with the web and then think about the early mobile apps, then think about the early mobile apps, then think about the early mobile apps, you know, WhatsApp and the like and it's you know, WhatsApp and the like and it's you know, WhatsApp and the like and it's like like like what you want to do if you want to what you want to do if you want to what you want to do if you want to create these incredible success things create these incredible success things create these incredible success things is is is you want to locate you want to locate you want to locate the magic opportunity right at the right the magic opportunity right at the right the magic opportunity right at the right point on the S curve where it just now point on the S curve where it just now point on the S curve where it just now became commercially viable to do it and became commercially viable to do it and became commercially viable to do it and is a zero to one moment and you want to is a zero to one moment and you want to is a zero to one moment and you want to be there. You want to be the first be there. You want to be the first be there. You want to be the first person person person that applies that technology, right? To that applies that technology, right? To that applies that technology, right? To this new idea. Like what did our company this new idea. Like what did our company this new idea. Like what did our company do to to go from nothing to 60 billion do to to go from nothing to 60 billion do to to go from nothing to 60 billion dollars or from 1 billion to 60 billion? dollars or from 1 billion to 60 billion? dollars or from 1 billion to 60 billion? We were the first company to take We were the first company to take We were the first company to take digital capital, Bitcoin, digital capital, Bitcoin, digital capital, Bitcoin, and put it together with digital credit and put it together with digital credit and put it together with digital credit and a digital treasury model. So, we and a digital treasury model. So, we and a digital treasury model. So, we created a credit instrument, a security created a credit instrument, a security created a credit instrument, a security that you could never created before. You that you could never created before. You that you could never created before. You couldn't have made it 10 years ago. You couldn't have made it 10 years ago. You couldn't have made it 10 years ago. You couldn't build it on top of anything couldn't build it on top of anything couldn't build it on top of anything other than Bitcoin. So, we needed to get other than Bitcoin. So, we needed to get other than Bitcoin. So, we needed to get to the point where we had 10 or 20 to the point where we had 10 or 20 to the point where we had 10 or 20 billion dollars of capital billion dollars of capital billion dollars of capital and then we could create this thing that and then we could create this thing that and then we could create this thing that was a multi-billion dollar thing and was a multi-billion dollar thing and was a multi-billion dollar thing and that becomes resident and that window that becomes resident and that window that becomes resident and that window is like 12 to 24 months. And you go is like 12 to 24 months. And you go is like 12 to 24 months. And you go through that window and you create through that window and you create through that window and you create something that might be a hundred something that might be a hundred something that might be a hundred billion dollar thing because you go billion dollar thing because you go billion dollar thing because you go through if you went through 36 months through if you went through 36 months through if you went through 36 months early, you smack into a wall and you early, you smack into a wall and you early, you smack into a wall and you fail. And if you wait, fail. And if you wait, fail. And if you wait, like at this point, our company is 20 like at this point, our company is 20 like at this point, our company is 20 times bigger than the next biggest one, times bigger than the next biggest one, times bigger than the next biggest one, 50 times bigger than the company doing 50 times bigger than the company doing 50 times bigger than the company doing something similar. Did we plan it? Not something similar. Did we plan it? Not something similar. Did we plan it? Not at all. at all. at all. We found some extraordinary cool thing. We found some extraordinary cool thing. We found some extraordinary cool thing. We committed to it with all of our heart We committed to it with all of our heart We committed to it with all of our heart and soul and we declared we were going and soul and we declared we were going and soul and we declared we were going to make it work come hell or high water to make it work come hell or high water to make it work come hell or high water and we got punched in the face a hundred and we got punched in the face a hundred and we got punched in the face a hundred times and every single time we ran into times and every single time we ran into times and every single time we ran into a problem, a problem, a problem, we stopped, we recalibrated, we went a we stopped, we recalibrated, we went a we stopped, we recalibrated, we went a different direction and the process of different direction and the process of different direction and the process of creating something beautiful, creating something beautiful, creating something beautiful, like the beautiful thing, like everyone like the beautiful thing, like everyone like the beautiful thing, like everyone wants a bank account that pays 10%. So, wants a bank account that pays 10%. So, wants a bank account that pays 10%. So, if you can figure out how to give people if you can figure out how to give people if you can figure out how to give people this thing they want with a new this thing they want with a new this thing they want with a new technology technology technology that was impossible that did not exist 5 that was impossible that did not exist 5 that was impossible that did not exist 5 years or 3 years earlier. years or 3 years earlier. years or 3 years earlier. Then you resonate in the society, right? Then you resonate in the society, right? Then you resonate in the society, right? You would go viral. Like we were just You would go viral. Like we were just You would go viral. Like we were just the first ones to get there. It the first ones to get there. It the first ones to get there. It exploded. If you gave me a billion exploded. If you gave me a billion exploded. If you gave me a billion dollars right now and said run a dollars right now and said run a dollars right now and said run a marketing campaign, it wouldn't be as marketing campaign, it wouldn't be as marketing campaign, it wouldn't be as effective. Like you couldn't buy the effective. Like you couldn't buy the effective. Like you couldn't buy the success with a billion dollars of success with a billion dollars of success with a billion dollars of marketing. You just have to that let's marketing. You just have to that let's marketing. You just have to that let's up guys. They didn't spend a billion up guys. They didn't spend a billion up guys. They didn't spend a billion dollars marketing. You got to be in the dollars marketing. You got to be in the dollars marketing. You got to be in the right place, the right time, right place, the right time, right place, the right time, and you have to have the courage and you have to have the courage and you have to have the courage to offer people the new thing. to offer people the new thing. to offer people the new thing. >> I have been thinking a lot about this. >> I have been thinking a lot about this. >> I have been thinking a lot about this. This idea of you said, you know, if you This idea of you said, you know, if you This idea of you said, you know, if you spend a billion dollars you couldn't go spend a billion dollars you couldn't go spend a billion dollars you couldn't go as viral as that. And if someone came as viral as that. And if someone came as viral as that. And if someone came along and spent a ton of money today, along and spent a ton of money today, along and spent a ton of money today, they couldn't go as big as they couldn't go as big as they couldn't go as big as let's say Michael Jackson. let's say Michael Jackson. let's say Michael Jackson. When we go back through history, I was When we go back through history, I was When we go back through history, I was thinking about this this idea because I thinking about this this idea because I thinking about this this idea because I watched the Michael Jackson documentary watched the Michael Jackson documentary watched the Michael Jackson documentary recently and he was recently and he was recently and he was at a level of fame that is I don't think at a level of fame that is I don't think at a level of fame that is I don't think we've ever seen since. And I think part we've ever seen since. And I think part we've ever seen since. And I think part of the reason why it was because there of the reason why it was because there of the reason why it was because there was a constraint on the distribution was a constraint on the distribution was a constraint on the distribution channels back then. So in my house, channels back then. So in my house, channels back then. So in my house, there was 20 albums over there, books of there was 20 albums over there, books of there was 20 albums over there, books of albums, and Michael Jackson was like albums, and Michael Jackson was like albums, and Michael Jackson was like three of them. And then the other way three of them. And then the other way three of them. And then the other way that we could consume was the TV over that we could consume was the TV over that we could consume was the TV over there and there was like six channels there and there was like six channels there and there was like six channels and MTV was one of them and it was and MTV was one of them and it was and MTV was one of them and it was Michael Jackson all day. Michael Jackson all day. Michael Jackson all day. >> [snorts] >> [snorts] >> [snorts] >> In the world we live in now where >> In the world we live in now where >> In the world we live in now where there's my phone experience is a there's my phone experience is a there's my phone experience is a completely different phone experience to completely different phone experience to completely different phone experience to yours because of AI. AI is learning what yours because of AI. AI is learning what yours because of AI. AI is learning what I like and showing me my own little I like and showing me my own little I like and showing me my own little version of the world. I wonder [snorts] version of the world. I wonder [snorts] version of the world. I wonder [snorts] if it's possible to be if it's possible to be if it's possible to be as big as a as big as a as big as a Michael Jackson once was for anybody Michael Jackson once was for anybody Michael Jackson once was for anybody these days. And actually I even with the these days. And actually I even with the these days. And actually I even with the YouTube you mentioned earlier, I wonder YouTube you mentioned earlier, I wonder YouTube you mentioned earlier, I wonder now if fame or cool being a content now if fame or cool being a content now if fame or cool being a content creator or a musician once looked like creator or a musician once looked like creator or a musician once looked like this this this this sort of like high ceiling and then this sort of like high ceiling and then this sort of like high ceiling and then you're known for a hundred years like you're known for a hundred years like you're known for a hundred years like Michael Jackson. Michael Jackson. Michael Jackson. And now with algorithms that are And now with algorithms that are And now with algorithms that are personalized, does it now look like personalized, does it now look like personalized, does it now look like this? this? this? Shorter and shallower. >> Is it possible to get big? You could >> Is it possible to get big? You could say, well, I can't get as big as Michael say, well, I can't get as big as Michael say, well, I can't get as big as Michael Jackson, but on the other hand, Elon Jackson, but on the other hand, Elon Jackson, but on the other hand, Elon Musk got big. Musk got big. Musk got big. Right? Like Like there are things that Right? Like Like there are things that Right? Like Like there are things that get big, right? Companies get big. get big, right? Companies get big. get big, right? Companies get big. OpenAI went from nothing to how many OpenAI went from nothing to how many OpenAI went from nothing to how many users in just a few months. users in just a few months. users in just a few months. So I I think what you could say is going So I I think what you could say is going So I I think what you could say is going viral is about hitting a resonating viral is about hitting a resonating viral is about hitting a resonating frequency in the civilization, whether frequency in the civilization, whether frequency in the civilization, whether it's an artistic frequency or it's a it's an artistic frequency or it's a it's an artistic frequency or it's a political frequency, or it's a it's a political frequency, or it's a it's a political frequency, or it's a it's a technical frequency. Yeah, there are technical frequency. Yeah, there are technical frequency. Yeah, there are some things some things some things where there's going to be a glut. where there's going to be a glut. where there's going to be a glut. There's going to be Well, let's take There's going to be Well, let's take There's going to be Well, let's take Instagram, right? It's like Instagram, right? It's like Instagram, right? It's like on one hand, a billion people have like on one hand, a billion people have like on one hand, a billion people have like bad photos posted online, but on the bad photos posted online, but on the bad photos posted online, but on the other hand, there are people that other hand, there are people that other hand, there are people that managed to get, you know, 8 million managed to get, you know, 8 million managed to get, you know, 8 million followers, and they, you know, are the followers, and they, you know, are the followers, and they, you know, are the Kard- Kardashians, you know? You have Kard- Kardashians, you know? You have Kard- Kardashians, you know? You have these people that get massively big, and these people that get massively big, and these people that get massively big, and that's the other side of the equation. that's the other side of the equation. that's the other side of the equation. So So So I don't really know how it all plays out I don't really know how it all plays out I don't really know how it all plays out except for the fact that it seems clear except for the fact that it seems clear except for the fact that it seems clear that there is room for human creativity that there is room for human creativity that there is room for human creativity and innovation. and innovation. and innovation. And if your goal is to make a And if your goal is to make a And if your goal is to make a contribution, contribution, contribution, right? If you're at the If you're in right? If you're at the If you're in right? If you're at the If you're in your working years where you want to your working years where you want to your working years where you want to upgrade the world and make a difference upgrade the world and make a difference upgrade the world and make a difference and be remembered for something, and be remembered for something, and be remembered for something, then a a pretty simple principle is then a a pretty simple principle is then a a pretty simple principle is don't keep doing the same thing over and don't keep doing the same thing over and don't keep doing the same thing over and over, working harder and harder every over, working harder and harder every over, working harder and harder every year, fighting against the modern year, fighting against the modern year, fighting against the modern automation, automation, automation, you know, epidemic, right? Don't try to you know, epidemic, right? Don't try to you know, epidemic, right? Don't try to outwork the robots. It's like you're outwork the robots. It's like you're outwork the robots. It's like you're you're lamenting, you know, you're lamenting, you know, you're lamenting, you know, how difficult it is for a content how difficult it is for a content how difficult it is for a content creator, but let me remind you that it creator, but let me remind you that it creator, but let me remind you that it used to be you would go be a college used to be you would go be a college used to be you would go be a college professor and teach 200 students a year professor and teach 200 students a year professor and teach 200 students a year for 20 years and you would feel that for 20 years and you would feel that for 20 years and you would feel that your life contribution was 4,000 your life contribution was 4,000 your life contribution was 4,000 people's whose minds you touched. people's whose minds you touched. people's whose minds you touched. And now you get 4,000 people a second. And now you get 4,000 people a second. And now you get 4,000 people a second. Okay? So, you're charging yourself Okay? So, you're charging yourself Okay? So, you're charging yourself against, against, against, you know, the next thing, but if you you know, the next thing, but if you you know, the next thing, but if you look back in time, technology has given look back in time, technology has given look back in time, technology has given us the ability to amplify us the ability to amplify us the ability to amplify our intellect and amplify our intellect and amplify our intellect and amplify our creativity our creativity our creativity in a way that is in a way that is in a way that is unprecedented in human history. unprecedented in human history. unprecedented in human history. >> Yeah, I think I think in part it's I'm >> Yeah, I think I think in part it's I'm >> Yeah, I think I think in part it's I'm wondering now if we're kind of wondering now if we're kind of wondering now if we're kind of we technology said, "Okay, you can reach we technology said, "Okay, you can reach we technology said, "Okay, you can reach more people." TV, radio, all these more people." TV, radio, all these more people." TV, radio, all these things. And actually now with things. And actually now with things. And actually now with intelligence, it's saying, "Ooh, we can intelligence, it's saying, "Ooh, we can intelligence, it's saying, "Ooh, we can figure out exactly what Michael wants." figure out exactly what Michael wants." figure out exactly what Michael wants." So, we're starting to live in these So, we're starting to live in these So, we're starting to live in these smaller echo chambers where your smaller echo chambers where your smaller echo chambers where your creative idea or your creative piece of creative idea or your creative piece of creative idea or your creative piece of content reaching lots of people is going content reaching lots of people is going content reaching lots of people is going to become harder because the algorithms to become harder because the algorithms to become harder because the algorithms are now in the way and they're deciding are now in the way and they're deciding are now in the way and they're deciding who sees what. who sees what. who sees what. And they're optimizing for And they're optimizing for And they're optimizing for the the I guess the platform, the the the the I guess the platform, the the the the I guess the platform, the the platform's monetary desire. The other platform's monetary desire. The other platform's monetary desire. The other thing that I think is really interesting thing that I think is really interesting thing that I think is really interesting and I've been mulling for the last and I've been mulling for the last and I've been mulling for the last couple of months is that that which is couple of months is that that which is couple of months is that that which is really really hard and scarce and really really hard and scarce and really really hard and scarce and actually you could say something being actually you could say something being actually you could say something being hard and scarce are are the are the same hard and scarce are are the are the same hard and scarce are are the are the same cuz to create something scarce is also cuz to create something scarce is also cuz to create something scarce is also hard, like you did with that financial hard, like you did with that financial hard, like you did with that financial instrument. Very few people on Earth instrument. Very few people on Earth instrument. Very few people on Earth could have created that. We don't run could have created that. We don't run could have created that. We don't run public companies, we don't have the public companies, we don't have the public companies, we don't have the information, etc. Or even that YouTuber information, etc. Or even that YouTuber information, etc. Or even that YouTuber you mentioned who walks you through you mentioned who walks you through you mentioned who walks you through those those those the 1600s or whatever. That is very hard the 1600s or whatever. That is very hard the 1600s or whatever. That is very hard to do. I theorize that actually pursuing to do. I theorize that actually pursuing to do. I theorize that actually pursuing that which is hard and scarce Getting that which is hard and scarce Getting that which is hard and scarce Getting you to come here today is not easy. So, you to come here today is not easy. So, you to come here today is not easy. So, that's kind of my moat. Michelle Obama that's kind of my moat. Michelle Obama that's kind of my moat. Michelle Obama coming and sitting down with me here is coming and sitting down with me here is coming and sitting down with me here is still kind of my moat. Um is is is what still kind of my moat. Um is is is what still kind of my moat. Um is is is what we should aim at. we should aim at. we should aim at. What do you think of that as a theory? What do you think of that as a theory? What do you think of that as a theory? >> I agree. Let's say you have a business, >> I agree. Let's say you have a business, >> I agree. Let's say you have a business, whatever your business is, whatever your business is, whatever your business is, right now the right thing to do is to right now the right thing to do is to right now the right thing to do is to spend an intense time with the AI spend an intense time with the AI spend an intense time with the AI considering what are all the ways you considering what are all the ways you considering what are all the ways you can upgrade and improve the product or can upgrade and improve the product or can upgrade and improve the product or the service you create, right? the service you create, right? the service you create, right? Uh, for example, like the it used to be Uh, for example, like the it used to be Uh, for example, like the it used to be you do this in English and the issue is, you do this in English and the issue is, you do this in English and the issue is, well, what if What about Japanese or well, what if What about Japanese or well, what if What about Japanese or Chinese or French or whatever? And, you Chinese or French or whatever? And, you Chinese or French or whatever? And, you know, the hard way is you learn 20 know, the hard way is you learn 20 know, the hard way is you learn 20 languages and, you know, but then how languages and, you know, but then how languages and, you know, but then how does your guest How do we translate it does your guest How do we translate it does your guest How do we translate it or you hire, you know, we used to spend or you hire, you know, we used to spend or you hire, you know, we used to spend money to hire translators, but now money to hire translators, but now money to hire translators, but now you could have the AI translate this you could have the AI translate this you could have the AI translate this into a hundred languages, right? Now, into a hundred languages, right? Now, into a hundred languages, right? Now, the question is should you the question is should you the question is should you or not? Can I enhance it? or not? Can I enhance it? or not? Can I enhance it? Right? It's interesting when someone Right? It's interesting when someone Right? It's interesting when someone describes something, but you're like, describes something, but you're like, describes something, but you're like, let's just put up a chart of the S curve let's just put up a chart of the S curve let's just put up a chart of the S curve there. And then the next step is can I there. And then the next step is can I there. And then the next step is can I market it better or distribute it market it better or distribute it market it better or distribute it better? And the next step is better? And the next step is better? And the next step is am I creating something that'll be am I creating something that'll be am I creating something that'll be valuable in a decade? Well, will it be valuable in a decade? Well, will it be valuable in a decade? Well, will it be valuable in a hundred years? valuable in a hundred years? valuable in a hundred years? >> Well, this is probably a good time to >> Well, this is probably a good time to >> Well, this is probably a good time to mention this. 24 months ago we started mention this. 24 months ago we started mention this. 24 months ago we started exactly that, which is exactly that, which is exactly that, which is >> They're all aliens, you just never see >> They're all aliens, you just never see >> They're all aliens, you just never see them. >> Tell me. >> Tell me. >> Yeah, and and ask yourself how many >> Yeah, and and ask yourself how many >> Yeah, and and ask yourself how many people that do podcast interviews offer people that do podcast interviews offer people that do podcast interviews offer that level of quality of content? And that level of quality of content? And that level of quality of content? And >> I can see that >> I can see that >> I can see that >> I think that you're I think you're >> I think that you're I think you're >> I think that you're I think you're outstripping like I don't know that outstripping like I don't know that outstripping like I don't know that anybody else has done it that well. anybody else has done it that well. anybody else has done it that well. Right? Right? Right? >> We started almost three years ago and >> We started almost three years ago and >> We started almost three years ago and for the first 24 months it was a tragic for the first 24 months it was a tragic for the first 24 months it was a tragic failure. So, you had the data scientists failure. So, you had the data scientists failure. So, you had the data scientists in the corner of our office failing for in the corner of our office failing for in the corner of our office failing for 24 months. And then about 12 months ago 24 months. And then about 12 months ago 24 months. And then about 12 months ago for the first time ever we saw that the for the first time ever we saw that the for the first time ever we saw that the translation technology underneath us had translation technology underneath us had translation technology underneath us had improved and that we could get the view improved and that we could get the view improved and that we could get the view duration in Spanish to be higher duration in Spanish to be higher duration in Spanish to be higher [snorts] [snorts] [snorts] than English. than English. than English. >> And how many months do you think Jimmy >> And how many months do you think Jimmy >> And how many months do you think Jimmy Page spent trying to master the electric Page spent trying to master the electric Page spent trying to master the electric guitar? guitar? guitar? More than 24 months? More than 24 months? More than 24 months? >> a lot longer. >> a lot longer. >> a lot longer. >> My advice to an entrepreneur is >> My advice to an entrepreneur is >> My advice to an entrepreneur is you focus, you commit. you focus, you commit. you focus, you commit. If you're successful in less than 4 If you're successful in less than 4 If you're successful in less than 4 years, you got lucky. It's pro- Yeah. If years, you got lucky. It's pro- Yeah. If years, you got lucky. It's pro- Yeah. If it takes you 10 years, well, between 4 it takes you 10 years, well, between 4 it takes you 10 years, well, between 4 and 10 years is is very, very normal. and 10 years is is very, very normal. and 10 years is is very, very normal. If you haven't had success by the If you haven't had success by the If you haven't had success by the 10-year point, you're probably not cut 10-year point, you're probably not cut 10-year point, you're probably not cut out for the business. But, you know, out for the business. But, you know, out for the business. But, you know, what you're doing is it's totally what you're doing is it's totally what you're doing is it's totally logical. It's like, is AI going to logical. It's like, is AI going to logical. It's like, is AI going to remake this industry? The first issue is remake this industry? The first issue is remake this industry? The first issue is can you make the product better? And the can you make the product better? And the can you make the product better? And the second question is what's it worth? second question is what's it worth? second question is what's it worth? Right? Right? You can do that. Can you Right? Right? You can do that. Can you Right? Right? You can do that. Can you get paid? You know? And by the way, even get paid? You know? And by the way, even get paid? You know? And by the way, even if you didn't get paid, if you didn't get paid, if you didn't get paid, I would argue that your audience have I would argue that your audience have I would argue that your audience have limited attention span. It's like, I limited attention span. It's like, I limited attention span. It's like, I don't have time to listen to every Lex don't have time to listen to every Lex don't have time to listen to every Lex Fridman, every Joe Rogan, every Diary of Fridman, every Joe Rogan, every Diary of Fridman, every Joe Rogan, every Diary of the CEO, and every one of the next 20. the CEO, and every one of the next 20. the CEO, and every one of the next 20. And so, I'm going to become loyal. I'm And so, I'm going to become loyal. I'm And so, I'm going to become loyal. I'm going to become a customer and a fan of going to become a customer and a fan of going to become a customer and a fan of whoever serves me the best content. And whoever serves me the best content. And whoever serves me the best content. And certainly, if I'm a native Portuguese certainly, if I'm a native Portuguese certainly, if I'm a native Portuguese speaker speaker speaker >> [snorts] >> [snorts] >> [snorts] >> or a native Russian speaker, you all of >> or a native Russian speaker, you all of >> or a native Russian speaker, you all of a sudden just leaped, right? To the top. a sudden just leaped, right? To the top. a sudden just leaped, right? To the top. >> This gets to my point about hard and >> This gets to my point about hard and >> This gets to my point about hard and scarce because scarce because scarce because people in in Portugal maybe have never people in in Portugal maybe have never people in in Portugal maybe have never heard Michael Saylor before in heard Michael Saylor before in heard Michael Saylor before in Portuguese. Portuguese. Portuguese. So, in terms of scarce, it's actually So, in terms of scarce, it's actually So, in terms of scarce, it's actually the only interview now available that is the only interview now available that is the only interview now available that is 2 hours long of Michael Saylor talking 2 hours long of Michael Saylor talking 2 hours long of Michael Saylor talking in Cantonese with Steven, you know? in Cantonese with Steven, you know? in Cantonese with Steven, you know? And so, that the we then are competing. And so, that the we then are competing. And so, that the we then are competing. We have That's kind of the moat then, We have That's kind of the moat then, We have That's kind of the moat then, right? right? right? >> And that that becomes a benefit to all >> And that that becomes a benefit to all >> And that that becomes a benefit to all your guest. You're the distribution your guest. You're the distribution your guest. You're the distribution channel for me channel for me channel for me to send the message of digital capital, to send the message of digital capital, to send the message of digital capital, digital empowerment to the world. And digital empowerment to the world. And digital empowerment to the world. And then, then, then, your guest become your moat. I think your guest become your moat. I think your guest become your moat. I think that that that with every single business, it's pretty with every single business, it's pretty with every single business, it's pretty clear you have to ask the question, is clear you have to ask the question, is clear you have to ask the question, is technology going to cannibalize my technology going to cannibalize my technology going to cannibalize my business or disrupt it, and am I going business or disrupt it, and am I going business or disrupt it, and am I going to be the one that embraces it and to be the one that embraces it and to be the one that embraces it and evolves and grows with it, or am I going evolves and grows with it, or am I going evolves and grows with it, or am I going to fight it? And then of course, to fight it? And then of course, to fight it? And then of course, you're in a dialogue with the market. you're in a dialogue with the market. you're in a dialogue with the market. For example, the great thing about what For example, the great thing about what For example, the great thing about what you've done is if you've done it, you you've done is if you've done it, you you've done is if you've done it, you can look and see how it runs and how and can look and see how it runs and how and can look and see how it runs and how and whether YouTube actually expands your whether YouTube actually expands your whether YouTube actually expands your reach, and then you can look at the reach, and then you can look at the reach, and then you can look at the engagement and and figure out whether or engagement and and figure out whether or engagement and and figure out whether or not you're able to monetize that, not you're able to monetize that, not you're able to monetize that, whether you're able to whether you're able to whether you're able to able to convert that, and then you tweak able to convert that, and then you tweak able to convert that, and then you tweak it, right, and adjust, and you're it, right, and adjust, and you're it, right, and adjust, and you're 6 months or 12 months can be enough that 6 months or 12 months can be enough that 6 months or 12 months can be enough that you have a lasting advantage forever, you have a lasting advantage forever, you have a lasting advantage forever, right? If you're 12 months ahead of right? If you're 12 months ahead of right? If you're 12 months ahead of everybody else, everybody else, everybody else, >> and you're compounding in >> and you're compounding in >> and you're compounding in >> Yeah, it compounds over time, and then >> Yeah, it compounds over time, and then >> Yeah, it compounds over time, and then maybe they never catch you. Like it's maybe they never catch you. Like it's maybe they never catch you. Like it's That's you know, but that's the story of That's you know, but that's the story of That's you know, but that's the story of every business. every business. every business. Right, that's the that's the story of Right, that's the that's the story of Right, that's the that's the story of Ford Motor Company and Standard Oil, Ford Motor Company and Standard Oil, Ford Motor Company and Standard Oil, that's the story of Microsoft, it's the that's the story of Microsoft, it's the that's the story of Microsoft, it's the story of Facebook, it's everybody's story of Facebook, it's everybody's story of Facebook, it's everybody's story, which is story, which is story, which is you just have to focus, commit, and then you just have to focus, commit, and then you just have to focus, commit, and then if you're good enough, if you're good enough, if you're good enough, invariably what happens is is your invariably what happens is is your invariably what happens is is your customers customers customers will make you the winner. will make you the winner. will make you the winner. The world needs someone to do what you The world needs someone to do what you The world needs someone to do what you do. do. do. Like someone had to has to win, right? Like someone had to has to win, right? Like someone had to has to win, right? There needs to be a winner. The audience There needs to be a winner. The audience There needs to be a winner. The audience out there wants they want what you do. out there wants they want what you do. out there wants they want what you do. They want they they want to walk into They want they they want to walk into They want they they want to walk into the living room and figure out what the living room and figure out what the living room and figure out what Obama was thinking, or they want to Obama was thinking, or they want to Obama was thinking, or they want to hear, you know, what Mark Zuckerberg was hear, you know, what Mark Zuckerberg was hear, you know, what Mark Zuckerberg was thinking, and they want someone to bring thinking, and they want someone to bring thinking, and they want someone to bring them into that living room. They want them into that living room. They want them into that living room. They want you to host them in. They need someone you to host them in. They need someone you to host them in. They need someone to do that job. You don't to do that job. You don't to do that job. You don't you don't have to be you don't have to be you don't have to be what, perfect or better than anybody what, perfect or better than anybody what, perfect or better than anybody ever lived. You need to be better than ever lived. You need to be better than ever lived. You need to be better than the people that are currently doing it the people that are currently doing it the people that are currently doing it now, or you need to be one of now, or you need to be one of now, or you need to be one of you know, a handful of people that are you know, a handful of people that are you know, a handful of people that are that are doing it because at that point that are doing it because at that point that are doing it because at that point right, the audience comes to you, the right, the audience comes to you, the right, the audience comes to you, the guests come to you. guests come to you. guests come to you. You're making a market, right? You're making a market, right? You're making a market, right? You're the market maker in that You're the market maker in that You're the market maker in that information. information. information. It's just the real key is It's just the real key is It's just the real key is know what your value proposition is, know what your value proposition is, know what your value proposition is, stay in your lane. stay in your lane. stay in your lane. You know, don't don't try to compete in You know, don't don't try to compete in You know, don't don't try to compete in an area where you're not going to be the an area where you're not going to be the an area where you're not going to be the best in the world. best in the world. best in the world. But on the other hand But on the other hand But on the other hand right, the the one thing that's pretty right, the the one thing that's pretty right, the the one thing that's pretty clear is that anybody can have the best clear is that anybody can have the best clear is that anybody can have the best in the world in like 2 seconds at their in the world in like 2 seconds at their in the world in like 2 seconds at their fingertips. And so you don't want to be fingertips. And so you don't want to be fingertips. And so you don't want to be the third best. You don't want to be the third best. You don't want to be the third best. You don't want to be mediocre across a bunch of things. You mediocre across a bunch of things. You mediocre across a bunch of things. You want to be exceptional in one area. want to be exceptional in one area. want to be exceptional in one area. Figure out what that one area is and Figure out what that one area is and Figure out what that one area is and then then then maybe you have 2 million followers then maybe you have 2 million followers then maybe you have 2 million followers then 200 million followers, right? Then 200 million followers, right? Then 200 million followers, right? Then eventually, you know, over 100 years 2 eventually, you know, over 100 years 2 eventually, you know, over 100 years 2 billion. You billion. You billion. You You just You just have to have this You just You just have to have this You just You just have to have this vision. vision. vision. >> One of the things that comes with the >> One of the things that comes with the >> One of the things that comes with the pursuit of being first is you go over pursuit of being first is you go over pursuit of being first is you go over the hill, you take the arrows as the the hill, you take the arrows as the the hill, you take the arrows as the phrase goes. And so even in that phrase goes. And so even in that phrase goes. And so even in that experiment that I just showed you that experiment that I just showed you that experiment that I just showed you that we started 3 years ago, which was trying we started 3 years ago, which was trying we started 3 years ago, which was trying to figure out how we translate the to figure out how we translate the to figure out how we translate the diversity into lots of different diversity into lots of different diversity into lots of different languages. It sounds simple. Problem is languages. It sounds simple. Problem is languages. It sounds simple. Problem is you you discover you could up. you you discover you could up. you you discover you could up. Spanish words are longer. So the video Spanish words are longer. So the video Spanish words are longer. So the video in Spanish is 3 hours 10, but in English in Spanish is 3 hours 10, but in English in Spanish is 3 hours 10, but in English it's 3 hours it's just 3 hours. And then it's 3 hours it's just 3 hours. And then it's 3 hours it's just 3 hours. And then the video's going to be out and then the video's going to be out and then the video's going to be out and then Cantonese, how long is Cantonese words? Cantonese, how long is Cantonese words? Cantonese, how long is Cantonese words? And then you go, "Oh my god." You have And then you go, "Oh my god." You have And then you go, "Oh my god." You have to then translate all the thumbnails and to then translate all the thumbnails and to then translate all the thumbnails and all the titles in 20 languages at the all the titles in 20 languages at the all the titles in 20 languages at the same time. That's why you end up 3 years same time. That's why you end up 3 years same time. That's why you end up 3 years in when you thought it was just a 1-hour in when you thought it was just a 1-hour in when you thought it was just a 1-hour job. But also, if you zoom out even job. But also, if you zoom out even job. But also, if you zoom out even further, there's this graveyard of other further, there's this graveyard of other further, there's this graveyard of other things we tried that never worked. things we tried that never worked. things we tried that never worked. There's this the other 90% of There's this the other 90% of There's this the other 90% of experiments we ran in the corner that experiments we ran in the corner that experiments we ran in the corner that did nothing. did nothing. did nothing. And it's I I always say to the team, And it's I I always say to the team, And it's I I always say to the team, there's two things a year that define there's two things a year that define there's two things a year that define us. us. us. And of that, in our failure and an And of that, in our failure and an And of that, in our failure and an team, which is literally what it's team, which is literally what it's team, which is literally what it's called. We tried 60 things. Now, but called. We tried 60 things. Now, but called. We tried 60 things. Now, but there's this that you know, five of them there's this that you know, five of them there's this that you know, five of them are meh. are meh. are meh. Two of them Two of them Two of them game-changing. So, the attitude of game-changing. So, the attitude of game-changing. So, the attitude of dealing with failure at the very dealing with failure at the very dealing with failure at the very forefront of trying to be first, I think forefront of trying to be first, I think forefront of trying to be first, I think is something people don't talk about is something people don't talk about is something people don't talk about enough. enough. enough. >> Focus your energy. >> Focus your energy. >> Focus your energy. Guard your time. Guard your time. Guard your time. Just cuz you can do a thing doesn't mean Just cuz you can do a thing doesn't mean Just cuz you can do a thing doesn't mean you should do the thing. you should do the thing. you should do the thing. Right? Most of the time, the reason Right? Most of the time, the reason Right? Most of the time, the reason people fail is they get successful in people fail is they get successful in people fail is they get successful in their 30s and they're successful at one their 30s and they're successful at one their 30s and they're successful at one thing and it's like all of a sudden thing and it's like all of a sudden thing and it's like all of a sudden they've decided they're going to do 10 they've decided they're going to do 10 they've decided they're going to do 10 other things because they're good at other things because they're good at other things because they're good at everything and they dilute their focus everything and they dilute their focus everything and they dilute their focus in 10 ways. in 10 ways. in 10 ways. People always underestimate the People always underestimate the People always underestimate the maintenance obligation. Like always. maintenance obligation. Like always. maintenance obligation. Like always. And so I the right the right solution to And so I the right the right solution to And so I the right the right solution to growth is growth is growth is I would like to make whatever I'm doing I would like to make whatever I'm doing I would like to make whatever I'm doing twice as good. twice as good. twice as good. And if I do 10 things to make it 10% And if I do 10 things to make it 10% And if I do 10 things to make it 10% better, I'm probably diluting, better, I'm probably diluting, better, I'm probably diluting, distracting the uh phenomenon that distracting the uh phenomenon that distracting the uh phenomenon that causes most businesses to fail. causes most businesses to fail. causes most businesses to fail. It's uh dilutive distractions or it's It's uh dilutive distractions or it's It's uh dilutive distractions or it's it's dilutive expansions. They do one it's dilutive expansions. They do one it's dilutive expansions. They do one thing, it works, and then instead of thing, it works, and then instead of thing, it works, and then instead of turning their energy in turning their energy in turning their energy in to make that better and better and to make that better and better and to make that better and better and better and better, they start to better and better, they start to better and better, they start to bifurcate and trifurcate and they expand bifurcate and trifurcate and they expand bifurcate and trifurcate and they expand and they overreach and they overreach and they overreach to too many areas. It's like the dude to too many areas. It's like the dude to too many areas. It's like the dude with the great restaurant with the great restaurant with the great restaurant and he's got the second restaurant and and he's got the second restaurant and and he's got the second restaurant and he's got a chain of 37 restaurants and he's got a chain of 37 restaurants and he's got a chain of 37 restaurants and they all suck. they all suck. they all suck. And it's like, "Yeah, I remember the guy And it's like, "Yeah, I remember the guy And it's like, "Yeah, I remember the guy used to have There's no one, by the way, used to have There's no one, by the way, used to have There's no one, by the way, with a failed restaurant chain that with a failed restaurant chain that with a failed restaurant chain that wasn't a successful restauranteur at wasn't a successful restauranteur at wasn't a successful restauranteur at scale one. scale one. scale one. >> Mhm. >> Mhm. >> Mhm. >> Right? Like, you didn't get to a failure >> Right? Like, you didn't get to a failure >> Right? Like, you didn't get to a failure of 37 or 62 or 437 until you had a good of 37 or 62 or 437 until you had a good of 37 or 62 or 437 until you had a good one, but it's very, very common that one, but it's very, very common that one, but it's very, very common that people think that they can just people think that they can just people think that they can just cookie-cutter these things out and you cookie-cutter these things out and you cookie-cutter these things out and you can't. And so, the conundrum that you're can't. And so, the conundrum that you're can't. And so, the conundrum that you're putting your finger on is putting your finger on is putting your finger on is I want to grow and progress, but I want I want to grow and progress, but I want I want to grow and progress, but I want to not dilute and distract. And that to not dilute and distract. And that to not dilute and distract. And that requires this maturity of saying, I requires this maturity of saying, I requires this maturity of saying, I tried it, tried it, tried it, had a moderate success, but it's not had a moderate success, but it's not had a moderate success, but it's not enough. Kill it, right? enough. Kill it, right? enough. Kill it, right? Like and and and move on because it's Like and and and move on because it's Like and and and move on because it's just not going to work. just not going to work. just not going to work. >> There's two things that came to mind >> There's two things that came to mind >> There's two things that came to mind there. The first is a lot of young there. The first is a lot of young there. The first is a lot of young people come up to me and they're 9 people come up to me and they're 9 people come up to me and they're 9 months into their idea and they're not months into their idea and they're not months into their idea and they're not rich yet. So they're They look over rich yet. So they're They look over rich yet. So they're They look over there and they see their friend has there and they see their friend has there and they see their friend has started a thing with a CBD. And so started a thing with a CBD. And so started a thing with a CBD. And so they're like, I think I need to go into they're like, I think I need to go into they're like, I think I need to go into CBD. And so their careers kind of look CBD. And so their careers kind of look CBD. And so their careers kind of look like this sort of like swinging through like this sort of like swinging through like this sort of like swinging through the jungle grabbing onto the next branch the jungle grabbing onto the next branch the jungle grabbing onto the next branch and letting go of the last and never and letting go of the last and never and letting go of the last and never really making um really making um really making um upward motion towards any goal. And then upward motion towards any goal. And then upward motion towards any goal. And then the other thing I thought about as the other thing I thought about as the other thing I thought about as you're speaking is I've been mulling you're speaking is I've been mulling you're speaking is I've been mulling this um I've really only in the last 2 this um I've really only in the last 2 this um I've really only in the last 2 months this idea that if you take a months this idea that if you take a months this idea that if you take a long-term approach to things, you make long-term approach to things, you make long-term approach to things, you make foundational decisions today foundational decisions today foundational decisions today that create huge competitive advantages. that create huge competitive advantages. that create huge competitive advantages. And the simple analogy I would give, if And the simple analogy I would give, if And the simple analogy I would give, if you gave me 10 seconds to make the you gave me 10 seconds to make the you gave me 10 seconds to make the highest possible tower that I can, what highest possible tower that I can, what highest possible tower that I can, what I'm going to do is I'm going to go like I'm going to do is I'm going to go like I'm going to do is I'm going to go like this and I'm going to go like this and this and I'm going to go like this and this and I'm going to go like this and I'm going to try and do something like I'm going to try and do something like I'm going to try and do something like this and just by nature of the time this and just by nature of the time this and just by nature of the time constraint, constraint, constraint, it's unstable. If you gave me 10 years it's unstable. If you gave me 10 years it's unstable. If you gave me 10 years and infinite blocks again, I would start and infinite blocks again, I would start and infinite blocks again, I would start like this. I'd do this one here. I'd put like this. I'd do this one here. I'd put like this. I'd do this one here. I'd put this one here. I'd put this one here and this one here. I'd put this one here and this one here. I'd put this one here and I'd build something more stable. And I'd build something more stable. And I'd build something more stable. And when I look at some of the great when I look at some of the great when I look at some of the great founders and also when I saw that you'd founders and also when I saw that you'd founders and also when I saw that you'd been at your you know MicroStrategy for been at your you know MicroStrategy for been at your you know MicroStrategy for more than three, almost four decades I more than three, almost four decades I more than three, almost four decades I think it was, I thought, oh, you're one think it was, I thought, oh, you're one think it was, I thought, oh, you're one of the rare long-termists in a world of the rare long-termists in a world of the rare long-termists in a world where most of my generation, we think where most of my generation, we think where most of my generation, we think about our career or what we're working about our career or what we're working about our career or what we're working on in like maximum 5-year periods. Then on in like maximum 5-year periods. Then on in like maximum 5-year periods. Then we'd either quit and go do something we'd either quit and go do something we'd either quit and go do something else. else. else. Startup founders, they build so they can Startup founders, they build so they can Startup founders, they build so they can sell and then they they they're sort of sell and then they they they're sort of sell and then they they they're sort of holding it together with tape as the holding it together with tape as the holding it together with tape as the acquirer comes to buy the thing. And acquirer comes to buy the thing. And acquirer comes to buy the thing. And they're nervous as the contract's being they're nervous as the contract's being they're nervous as the contract's being signed cuz they know if the the acquirer signed cuz they know if the the acquirer signed cuz they know if the the acquirer looks under the hood they're going to looks under the hood they're going to looks under the hood they're going to see some but then I look at Elon see some but then I look at Elon see some but then I look at Elon and I go oh gosh he went and and I go oh gosh he went and and I go oh gosh he went and rebuilt a brand new battery and then rebuilt a brand new battery and then rebuilt a brand new battery and then built the charging network and SpaceX built the charging network and SpaceX built the charging network and SpaceX took two decades. My question is about took two decades. My question is about took two decades. My question is about this long-termism and does it create a this long-termism and does it create a this long-termism and does it create a competitive advantage? competitive advantage? competitive advantage? >> I think Elon thinks like a >> I think Elon thinks like a >> I think Elon thinks like a like an engineer and uh if you if you like an engineer and uh if you if you like an engineer and uh if you if you look at his businesses they're all built look at his businesses they're all built look at his businesses they're all built upon each other. Like upon each other. Like upon each other. Like if you figure out how to launch a rocket if you figure out how to launch a rocket if you figure out how to launch a rocket and you have the and you have the and you have the the highest payload capacity and the the the highest payload capacity and the the the highest payload capacity and the the the cheapest cost to orbit the cheapest cost to orbit the cheapest cost to orbit then you've got an advantage. Now the then you've got an advantage. Now the then you've got an advantage. Now the question is what do you want to put in question is what do you want to put in question is what do you want to put in orbit? We put satellites but what orbit? We put satellites but what orbit? We put satellites but what satellite? Like Starlink satellite satellite? Like Starlink satellite satellite? Like Starlink satellite because that's the thing everybody because that's the thing everybody because that's the thing everybody wants, internet. And so all of a sudden wants, internet. And so all of a sudden wants, internet. And so all of a sudden he's got an advantage, he's got an advantage, he's got an advantage, you know, in the sky and then you build you know, in the sky and then you build you know, in the sky and then you build on that advantage and you know, with on that advantage and you know, with on that advantage and you know, with battery technology, right? You see that? battery technology, right? You see that? battery technology, right? You see that? >> could have gone to Russia and bought a >> could have gone to Russia and bought a >> could have gone to Russia and bought a rocket and just shot that up and rocket and just shot that up and rocket and just shot that up and that would have been the short term. that would have been the short term. that would have been the short term. Even with Tesla he could have bought the Even with Tesla he could have bought the Even with Tesla he could have bought the batteries off Ford or batteries off Ford or batteries off Ford or >> One great natural example is like a >> One great natural example is like a >> One great natural example is like a chambered nautilus. If you look at if chambered nautilus. If you look at if chambered nautilus. If you look at if you look at a creature and it's building you look at a creature and it's building you look at a creature and it's building a shell and it's spiraling out on itself a shell and it's spiraling out on itself a shell and it's spiraling out on itself and basically it keeps building on its and basically it keeps building on its and basically it keeps building on its own structure and it's nature's solution own structure and it's nature's solution own structure and it's nature's solution for growth under pressure. It's the for growth under pressure. It's the for growth under pressure. It's the Fibonacci sequence too. If you look at a Fibonacci sequence too. If you look at a Fibonacci sequence too. If you look at a Fibonacci sequence, if I have this and Fibonacci sequence, if I have this and Fibonacci sequence, if I have this and then the next structure is here and the then the next structure is here and the then the next structure is here and the next structure is there and the next next structure is there and the next next structure is there and the next structure is there structure is there structure is there part of my previous business is the part of my previous business is the part of my previous business is the foundation for my next business. And so foundation for my next business. And so foundation for my next business. And so if you're thinking your growth strategy if you're thinking your growth strategy if you're thinking your growth strategy is to build on a foundation of something is to build on a foundation of something is to build on a foundation of something you already had and extend its you already had and extend its you already had and extend its functionality in a natural fashion functionality in a natural fashion functionality in a natural fashion that's natural stable growth. that's natural stable growth. that's natural stable growth. When your second business idea is When your second business idea is When your second business idea is unrelated to your first business in any unrelated to your first business in any unrelated to your first business in any way other than the fact that you own way other than the fact that you own way other than the fact that you own both. both. both. Right? Now you're not building on a Right? Now you're not building on a Right? Now you're not building on a stable foundation. stable foundation. stable foundation. So, most of these businesses that work So, most of these businesses that work So, most of these businesses that work and and the the best ideas that they and and the the best ideas that they and and the the best ideas that they start with someone dominating a market. start with someone dominating a market. start with someone dominating a market. I'm really good at this. I'm really good at this. I'm really good at this. >> Sounds like a bet. >> Sounds like a bet. >> Sounds like a bet. >> Yeah, and now what is the natural thing >> Yeah, and now what is the natural thing >> Yeah, and now what is the natural thing that I can add that I can add that I can add that I can use my existing business to that I can use my existing business to that I can use my existing business to to maybe I'm marketing it. Well, you're to maybe I'm marketing it. Well, you're to maybe I'm marketing it. Well, you're Coca-Cola. Well, we deliver a pallet of Coca-Cola. Well, we deliver a pallet of Coca-Cola. Well, we deliver a pallet of drinks to 87,000 drinks to 87,000 drinks to 87,000 restaurants in the UK every morning. restaurants in the UK every morning. restaurants in the UK every morning. What's the natural extension? Well, I What's the natural extension? Well, I What's the natural extension? Well, I can put one more type of drink on the can put one more type of drink on the can put one more type of drink on the pallet, right? You need to use your pallet, right? You need to use your pallet, right? You need to use your distribution strength, your market distribution strength, your market distribution strength, your market strength, your technical strength in strength, your technical strength in strength, your technical strength in order to lever. I think you look at all order to lever. I think you look at all order to lever. I think you look at all the great businesses the great businesses the great businesses in the history of the world. I got in the history of the world. I got in the history of the world. I got Standard Oil, Ford Motor, Boeing, Standard Oil, Ford Motor, Boeing, Standard Oil, Ford Motor, Boeing, Microsoft. The things they did that Microsoft. The things they did that Microsoft. The things they did that worked were generally building on top of worked were generally building on top of worked were generally building on top of their foundation, either loyal customers their foundation, either loyal customers their foundation, either loyal customers or distribution or some financial asset or distribution or some financial asset or distribution or some financial asset they already had. Another way to say it they already had. Another way to say it they already had. Another way to say it is is is if there's no one else in the world that if there's no one else in the world that if there's no one else in the world that has that is better situated to do this has that is better situated to do this has that is better situated to do this thing than you, thing than you, thing than you, then you're probably in good shape, then you're probably in good shape, then you're probably in good shape, right? If there are 97 other companies right? If there are 97 other companies right? If there are 97 other companies that have more assets than you in that that have more assets than you in that that have more assets than you in that space, well, space, well, space, well, you got to bet that all 97 of them are you got to bet that all 97 of them are you got to bet that all 97 of them are not going to react to you when you do not going to react to you when you do not going to react to you when you do it. It's a bit harder. So, it. It's a bit harder. So, it. It's a bit harder. So, >> And that's where the long-termism comes >> And that's where the long-termism comes >> And that's where the long-termism comes in because to build that fundamental in because to build that fundamental in because to build that fundamental advantage, it it it by definition is advantage, it it it by definition is advantage, it it it by definition is going to take time. going to take time. going to take time. >> Good example, >> Good example, >> Good example, uh Amazon uh Amazon uh Amazon Prime, right? Where Amazon started Prime, right? Where Amazon started Prime, right? Where Amazon started giving free shipping, you know, first giving free shipping, you know, first giving free shipping, you know, first free shipping or very cheap shipping and free shipping or very cheap shipping and free shipping or very cheap shipping and one day shipping and and everybody said, one day shipping and and everybody said, one day shipping and and everybody said, "Well, while losing money. You're losing "Well, while losing money. You're losing "Well, while losing money. You're losing money. You're losing money." And they money. You're losing money." And they money. You're losing money." And they lost money doing this for like a decade. lost money doing this for like a decade. lost money doing this for like a decade. And then they got to some point where And then they got to some point where And then they got to some point where like everybody in the country was a like everybody in the country was a like everybody in the country was a member of Amazon Prime and then like, member of Amazon Prime and then like, member of Amazon Prime and then like, "Okay, well, now it's 20 bucks a month "Okay, well, now it's 20 bucks a month "Okay, well, now it's 20 bucks a month instead of 10 bucks a month." And it's instead of 10 bucks a month." And it's instead of 10 bucks a month." And it's like an extra $10 a month times like 100 like an extra $10 a month times like 100 like an extra $10 a month times like 100 million people. And people like, "Oh my million people. And people like, "Oh my million people. And people like, "Oh my god, they just made $12 billion god, they just made $12 billion god, they just made $12 billion in one press release per year in cash in one press release per year in cash in one press release per year in cash flow. flow. flow. And that's worth like $250 billion." And And that's worth like $250 billion." And And that's worth like $250 billion." And And you're all like, "Well, And you're all like, "Well, And you're all like, "Well, what were you doing?" It's like, "We what were you doing?" It's like, "We what were you doing?" It's like, "We were were were We were building the moat." That story We were building the moat." That story We were building the moat." That story is not uncommon with every other thing. is not uncommon with every other thing. is not uncommon with every other thing. It's like you first believe, It's like you first believe, It's like you first believe, you build the biggest distribution you build the biggest distribution you build the biggest distribution channel you can. People are going to channel you can. People are going to channel you can. People are going to tell you They're going to tell you, "Oh, tell you They're going to tell you, "Oh, tell you They're going to tell you, "Oh, there's no future to whatever the there's no future to whatever the there's no future to whatever the podcast. There's no future to podcast. There's no future to podcast. There's no future to something." something." something." And what'll happen is 99% of people will And what'll happen is 99% of people will And what'll happen is 99% of people will drop out because they don't believe. And drop out because they don't believe. And drop out because they don't believe. And the true believers, the ones that are the true believers, the ones that are the true believers, the ones that are not creative, won't adapt. not creative, won't adapt. not creative, won't adapt. And then there'll be some that'll say, And then there'll be some that'll say, And then there'll be some that'll say, "I believe, but I also know there's a "I believe, but I also know there's a "I believe, but I also know there's a threat, but I'm going to channel the threat, but I'm going to channel the threat, but I'm going to channel the technology threat, and I'm going to technology threat, and I'm going to technology threat, and I'm going to evolve, and I'm going to emerge as evolve, and I'm going to emerge as evolve, and I'm going to emerge as something a thousand X better something a thousand X better something a thousand X better than anybody could conceive." than anybody could conceive." than anybody could conceive." And that's a beautiful story. And that's a beautiful story. And that's a beautiful story. >> So, speaking of strong foundations, you >> So, speaking of strong foundations, you >> So, speaking of strong foundations, you have 10 rules for young adults building have 10 rules for young adults building have 10 rules for young adults building a strong foundation for their life and a strong foundation for their life and a strong foundation for their life and career. And you've talked about two of career. And you've talked about two of career. And you've talked about two of them here, which is focusing your energy them here, which is focusing your energy them here, which is focusing your energy and not chasing every good idea. and not chasing every good idea. and not chasing every good idea. >> Yeah. >> Yeah. >> Yeah. >> The second one was guard your time. The >> The second one was guard your time. The >> The second one was guard your time. The third one is train your mind. third one is train your mind. third one is train your mind. And with that, you've got train your And with that, you've got train your And with that, you've got train your body. body. body. >> You know, the funny story of that is I I >> You know, the funny story of that is I I >> You know, the funny story of that is I I was invited to a cocktail party of a was invited to a cocktail party of a was invited to a cocktail party of a billionaire on the French Riviera in a billionaire on the French Riviera in a billionaire on the French Riviera in a beautiful home. And I showed up, and I beautiful home. And I showed up, and I beautiful home. And I showed up, and I walked into the party thinking I was walked into the party thinking I was walked into the party thinking I was going to hang out. And another going to hang out. And another going to hang out. And another billionaire showed up, and he said, "You billionaire showed up, and he said, "You billionaire showed up, and he said, "You know, Mike, I just had twins, a boy and know, Mike, I just had twins, a boy and know, Mike, I just had twins, a boy and a girl. And I'm walking around asking a girl. And I'm walking around asking a girl. And I'm walking around asking all of all of my friends for advice for all of all of my friends for advice for all of all of my friends for advice for them. And I want you to like write some them. And I want you to like write some them. And I want you to like write some advice for them that I can give to them advice for them that I can give to them advice for them that I can give to them on their 21st birthday. on their 21st birthday. on their 21st birthday. And he's got this book where he's And he's got this book where he's And he's got this book where he's actually collecting advice for his his actually collecting advice for his his actually collecting advice for his his children that to give them on their 21st children that to give them on their 21st children that to give them on their 21st birthday. birthday. birthday. As young adults. So, I sit down and I As young adults. So, I sit down and I As young adults. So, I sit down and I think think think think think and I'm think think think think think and I'm think think think think think and I'm like, focus your mind, guard your time, like, focus your mind, guard your time, like, focus your mind, guard your time, and train your mind. You got to learn and train your mind. You got to learn and train your mind. You got to learn that you got to that you got to that you got to learn something, right? You got to learn learn something, right? You got to learn learn something, right? You got to learn reading, writing, arithmetic. You have reading, writing, arithmetic. You have reading, writing, arithmetic. You have to actually develop a cultured base. So, to actually develop a cultured base. So, to actually develop a cultured base. So, I was like, get an education, and then I was like, get an education, and then I was like, get an education, and then train your body. train your body. train your body. Like, because if if you're weak, you're Like, because if if you're weak, you're Like, because if if you're weak, you're not going to make it, right? You're not not going to make it, right? You're not not going to make it, right? You're not You're not going to survive. And then, You're not going to survive. And then, You're not going to survive. And then, think for yourself. Everybody in the think for yourself. Everybody in the think for yourself. Everybody in the world wants to program you to believe to world wants to program you to believe to world wants to program you to believe to do something they want you to do. do something they want you to do. do something they want you to do. And you have to have the presence of And you have to have the presence of And you have to have the presence of mind to think, that's not right. Just mind to think, that's not right. Just mind to think, that's not right. Just because everybody that I know and because everybody that I know and because everybody that I know and famous, rich, and beautiful people tell famous, rich, and beautiful people tell famous, rich, and beautiful people tell me it's right doesn't make it right. You me it's right doesn't make it right. You me it's right doesn't make it right. You need to decide think for yourself. need to decide think for yourself. need to decide think for yourself. And then, curate your friends. And then, curate your friends. And then, curate your friends. Because you you know, you become who you Because you you know, you become who you Because you you know, you become who you surround yourself with. And if you surround yourself with. And if you surround yourself with. And if you surround yourself with positive uh surround yourself with positive uh surround yourself with positive uh inspirational, talented people, inspirational, talented people, inspirational, talented people, you'll be the best person version of you'll be the best person version of you'll be the best person version of yourself. And if you surround yourself yourself. And if you surround yourself yourself. And if you surround yourself with negative, cynical, failing people, with negative, cynical, failing people, with negative, cynical, failing people, they're going to want you to fail or they're going to want you to fail or they're going to want you to fail or they're not going to inspire you to they're not going to inspire you to they're not going to inspire you to succeed. And succeed. And succeed. And and they'll bring you down. and they'll bring you down. and they'll bring you down. And so, after curate your friends, And so, after curate your friends, And so, after curate your friends, curate your environment, right? Like, curate your environment, right? Like, curate your environment, right? Like, make it a happy place where you can work make it a happy place where you can work make it a happy place where you can work or you can live. And you know, or you can live. And you know, or you can live. And you know, the world didn't say you had to be in the world didn't say you had to be in the world didn't say you had to be in the dark and in an ugly situation. And the dark and in an ugly situation. And the dark and in an ugly situation. And And after that, And after that, And after that, keep your promises. keep your promises. keep your promises. At the end of the day, people remember At the end of the day, people remember At the end of the day, people remember if you didn't keep your promise. So, you if you didn't keep your promise. So, you if you didn't keep your promise. So, you you tell you tell someone you're going you tell you tell someone you're going you tell you tell someone you're going to do something, do it, right? If If you to do something, do it, right? If If you to do something, do it, right? If If you keep your promises, you'll find those keep your promises, you'll find those keep your promises, you'll find those are the people that invest in you. They are the people that invest in you. They are the people that invest in you. They uplift you. They make you successful. uplift you. They make you successful. uplift you. They make you successful. They may be the difference between life They may be the difference between life They may be the difference between life and death or the difference between and death or the difference between and death or the difference between success and failure for you and success and failure for you and success and failure for you and and ultimately, you know, we're all in and ultimately, you know, we're all in and ultimately, you know, we're all in relationships with each other, right? relationships with each other, right? relationships with each other, right? And and no one is so powerful that they And and no one is so powerful that they And and no one is so powerful that they can afford to take anybody else for can afford to take anybody else for can afford to take anybody else for granted. granted. granted. We all need each other and and um We all need each other and and um We all need each other and and um finally, finally, finally, stay cheerful and constructive. It stay cheerful and constructive. It stay cheerful and constructive. It doesn't matter whether bad things doesn't matter whether bad things doesn't matter whether bad things happen. The point is people want to come happen. The point is people want to come happen. The point is people want to come to work with someone that's cheerful and to work with someone that's cheerful and to work with someone that's cheerful and happy and constructive. They want to, happy and constructive. They want to, happy and constructive. They want to, you know, they want to be in a you know, they want to be in a you know, they want to be in a relationship with that person. All those relationship with that person. All those relationship with that person. All those are just basic principles to get through are just basic principles to get through are just basic principles to get through life and then the final point is upgrade life and then the final point is upgrade life and then the final point is upgrade the world. If you have a plan, if you're the world. If you have a plan, if you're the world. If you have a plan, if you're on a mission to upgrade the world, on a mission to upgrade the world, on a mission to upgrade the world, you're going to feel better about you're going to feel better about you're going to feel better about yourself. You get up every day, you have yourself. You get up every day, you have yourself. You get up every day, you have a mission, you have something to do. a mission, you have something to do. a mission, you have something to do. Like, what is my mission? Like, what is my mission? Like, what is my mission? You know, I'm preaching the gospel of You know, I'm preaching the gospel of You know, I'm preaching the gospel of digital empowerment, right? Satoshi digital empowerment, right? Satoshi digital empowerment, right? Satoshi created created created this this this economic property right. He gave economic property right. He gave economic property right. He gave economic empowerment to 8 billion people economic empowerment to 8 billion people economic empowerment to 8 billion people for the first time in human history. for the first time in human history. for the first time in human history. And we created the world's first perfect And we created the world's first perfect And we created the world's first perfect money. We created, you know, money. We created, you know, money. We created, you know, digital energy, digital matter, digital digital energy, digital matter, digital digital energy, digital matter, digital property, right? We can be a thousand X property, right? We can be a thousand X property, right? We can be a thousand X more as as humans with technology than more as as humans with technology than more as as humans with technology than we were. we were. we were. I look through all human history and I I look through all human history and I I look through all human history and I see it's a story of misery. see it's a story of misery. see it's a story of misery. You know, why do people die? Lack of You know, why do people die? Lack of You know, why do people die? Lack of clean water, lack of clean air, lack of clean water, lack of clean air, lack of clean water, lack of clean air, lack of clean food, lack of clean money. clean food, lack of clean money. clean food, lack of clean money. What do we want? We want to live What do we want? We want to live What do we want? We want to live forever. We want to live happily forever. We want to live happily forever. We want to live happily forever. forever. forever. >> Do you want to live forever? >> Do you want to live forever? >> Do you want to live forever? >> I want to live as long as I can live in, >> I want to live as long as I can live in, >> I want to live as long as I can live in, you know, constructively and make a you know, constructively and make a you know, constructively and make a contribution. If if I could be if I can contribution. If if I could be if I can contribution. If if I could be if I can be engaged and vital, then yeah. At the be engaged and vital, then yeah. At the be engaged and vital, then yeah. At the point that I can no longer make a point that I can no longer make a point that I can no longer make a contribution, contribution, contribution, uh then I will move on gracefully. uh then I will move on gracefully. uh then I will move on gracefully. >> But if there was a button in front of >> But if there was a button in front of >> But if there was a button in front of you now, and the button, pressing it you now, and the button, pressing it you now, and the button, pressing it guaranteed you immortality, would you guaranteed you immortality, would you guaranteed you immortality, would you press it? press it? press it? >> I think so. I suppose so. >> I think so. I suppose so. >> I think so. I suppose so. >> Why aren't you then committing more of >> Why aren't you then committing more of >> Why aren't you then committing more of your efforts to longevity? People ask your efforts to longevity? People ask your efforts to longevity? People ask Elon the same question. Elon the same question. Elon the same question. >> I think >> I think >> I think there's 8 billion people on the planet, there's 8 billion people on the planet, there's 8 billion people on the planet, and there are many people that I respect and there are many people that I respect and there are many people that I respect that are much more qualified to pursue that are much more qualified to pursue that are much more qualified to pursue that mission than me. that mission than me. that mission than me. >> And the thing that you've chosen to >> And the thing that you've chosen to >> And the thing that you've chosen to focus your efforts on and become the focus your efforts on and become the focus your efforts on and become the leading voice on, and I've watched you leading voice on, and I've watched you leading voice on, and I've watched you for many, many, many, many years as for many, many, many, many years as for many, many, many, many years as I've, you know, when Bitcoin comes down I've, you know, when Bitcoin comes down I've, you know, when Bitcoin comes down in price and when sometimes I need a bit in price and when sometimes I need a bit in price and when sometimes I need a bit of a therapist to of a therapist to of a therapist to remind me of why I've invested in remind me of why I've invested in remind me of why I've invested in Bitcoin, and that person has been you Bitcoin, and that person has been you Bitcoin, and that person has been you over the years. over the years. over the years. And then when it's up, you know, you're And then when it's up, you know, you're And then when it's up, you know, you're you're you're you're to your credit you're consistent about to your credit you're consistent about to your credit you're consistent about it. And that is, it. And that is, it. And that is, you know, I I have watched you and you know, I I have watched you and you know, I I have watched you and thought, I think this guy must be he's thought, I think this guy must be he's thought, I think this guy must be he's either like batshit crazy or a genius. either like batshit crazy or a genius. either like batshit crazy or a genius. And it's sometimes hard to tell. And it And it's sometimes hard to tell. And it And it's sometimes hard to tell. And it goes back to what you were saying goes back to what you were saying goes back to what you were saying earlier when people will say you're earlier when people will say you're earlier when people will say you're crazy at first, and and then you'll be crazy at first, and and then you'll be crazy at first, and and then you'll be proven right. Now, historically you've proven right. Now, historically you've proven right. Now, historically you've been proven right. been proven right. been proven right. >> If you if you zoom out from when you >> If you if you zoom out from when you >> If you if you zoom out from when you started advocating for Bitcoin, started advocating for Bitcoin, started advocating for Bitcoin, Bitcoin is down right now. So again, Bitcoin is down right now. So again, Bitcoin is down right now. So again, we're back into fear. People are scared we're back into fear. People are scared we're back into fear. People are scared again in that It's funny what happens again in that It's funny what happens again in that It's funny what happens because when it was going up a couple of because when it was going up a couple of because when it was going up a couple of months ago, everyone thought, "Oh my months ago, everyone thought, "Oh my months ago, everyone thought, "Oh my god, this is going to be the future of god, this is going to be the future of god, this is going to be the future of money." And now it's down, everyone is money." And now it's down, everyone is money." And now it's down, everyone is like convinced that it's it was always a like convinced that it's it was always a like convinced that it's it was always a Ponzi scheme and it's it's done. You've Ponzi scheme and it's it's done. You've Ponzi scheme and it's it's done. You've got a got a got a I guess trying trying to simplify this I guess trying trying to simplify this I guess trying trying to simplify this for average people, you've taken a lot for average people, you've taken a lot for average people, you've taken a lot of debt out to buy more and more and of debt out to buy more and more and of debt out to buy more and more and more and more and more Bitcoin. more and more and more Bitcoin. more and more and more Bitcoin. Is that accurate? Is that accurate? Is that accurate? >> I guess we've got about 6 and 1/2 >> I guess we've got about 6 and 1/2 >> I guess we've got about 6 and 1/2 billion dollars of convertible debt and billion dollars of convertible debt and billion dollars of convertible debt and 15 billion dollars of preferred stocks 15 billion dollars of preferred stocks 15 billion dollars of preferred stocks outstanding, and we're sitting on top of outstanding, and we're sitting on top of outstanding, and we're sitting on top of about 58 billion dollars of assets right about 58 billion dollars of assets right about 58 billion dollars of assets right now. So, we have raised now. So, we have raised now. So, we have raised about 65 billion dollars in capital to about 65 billion dollars in capital to about 65 billion dollars in capital to buy Bitcoin, but most of it was in debt. buy Bitcoin, but most of it was in debt. buy Bitcoin, but most of it was in debt. >> Okay. >> Okay. >> Okay. >> Of the 65 billion, for the most part >> Of the 65 billion, for the most part >> Of the 65 billion, for the most part we've raised capital with equity and we've raised capital with equity and we've raised capital with equity and some debt in order to buy Bitcoin, and some debt in order to buy Bitcoin, and some debt in order to buy Bitcoin, and we've been doing that because we wanted we've been doing that because we wanted we've been doing that because we wanted to pump 65 billion dollars of capital, to pump 65 billion dollars of capital, to pump 65 billion dollars of capital, of money, of energy into the ecosystem. of money, of energy into the ecosystem. of money, of energy into the ecosystem. So, we're we're powering the ecosystem So, we're we're powering the ecosystem So, we're we're powering the ecosystem with capital. with capital. with capital. >> Everyone theorizes, I've seen a few >> Everyone theorizes, I've seen a few >> Everyone theorizes, I've seen a few people on my timeline that I follow people on my timeline that I follow people on my timeline that I follow theorize how bad it would have to get theorize how bad it would have to get theorize how bad it would have to get for Bitcoin in terms of price for you to for Bitcoin in terms of price for you to for Bitcoin in terms of price for you to be in trouble. Because you have a lot be in trouble. Because you have a lot be in trouble. Because you have a lot >> Bitcoin could fall to $5,000 a coin, we >> Bitcoin could fall to $5,000 a coin, we >> Bitcoin could fall to $5,000 a coin, we would still be over collateralized would still be over collateralized would still be over collateralized against the debt. against the debt. against the debt. >> You'd still be fine. >> You'd still be fine. >> You'd still be fine. >> Yeah. >> Yeah. >> Yeah. >> And the other thing people theorize a >> And the other thing people theorize a >> And the other thing people theorize a lot, and I again I did a comment lot, and I again I did a comment lot, and I again I did a comment analysis to figure out what people want analysis to figure out what people want analysis to figure out what people want to hear from you, is you sold a bit of to hear from you, is you sold a bit of to hear from you, is you sold a bit of Bitcoin. Bitcoin. Bitcoin. You've been asked this a few times, I You've been asked this a few times, I You've been asked this a few times, I know. know. know. >> Yeah. >> Yeah. >> Yeah. >> You sold a bit of Bitcoin recently after >> You sold a bit of Bitcoin recently after >> You sold a bit of Bitcoin recently after telling a lot of people maybe to hold on telling a lot of people maybe to hold on telling a lot of people maybe to hold on to their Bitcoin. to their Bitcoin. to their Bitcoin. People want to know why you sold the People want to know why you sold the People want to know why you sold the Bitcoin. Bitcoin. Bitcoin. >> Okay. Well, so let's make the first >> Okay. Well, so let's make the first >> Okay. Well, so let's make the first point. The only person that's never sold more The only person that's never sold more Bitcoin than me Bitcoin than me Bitcoin than me >> Satoshi. >> Satoshi. >> Satoshi. >> is Satoshi. >> is Satoshi. >> is Satoshi. Satoshi never sold a million a million Satoshi never sold a million a million Satoshi never sold a million a million one Bitcoin. one Bitcoin. one Bitcoin. Our company has 847,000 Bitcoin. And so, Our company has 847,000 Bitcoin. And so, Our company has 847,000 Bitcoin. And so, we bought more and we're holding it more we bought more and we're holding it more we bought more and we're holding it more than anybody other than Satoshi and than anybody other than Satoshi and than anybody other than Satoshi and Satoshi's not active. So, we have a Satoshi's not active. So, we have a Satoshi's not active. So, we have a reasonable chance of of never selling reasonable chance of of never selling reasonable chance of of never selling more Bitcoin than Satoshi if we just more Bitcoin than Satoshi if we just more Bitcoin than Satoshi if we just keep at it for the next few years. keep at it for the next few years. keep at it for the next few years. Um what I've said is um Um what I've said is um Um what I've said is um >> So, I should probably share this. This >> So, I should probably share this. This >> So, I should probably share this. This is This is why there's a kidney. is This is why there's a kidney. is This is why there's a kidney. >> Yeah. >> Yeah. >> Yeah. >> Cuz you said sell the kidney if you >> Cuz you said sell the kidney if you >> Cuz you said sell the kidney if you must, but keep the Bitcoin. must, but keep the Bitcoin. must, but keep the Bitcoin. >> I I have I have waged a campaign >> I I have I have waged a campaign >> I I have I have waged a campaign non-stop every day for 6 years to to non-stop every day for 6 years to to non-stop every day for 6 years to to promote and advocate Bitcoin as a promote and advocate Bitcoin as a promote and advocate Bitcoin as a long-term store of value. Right? And and long-term store of value. Right? And and long-term store of value. Right? And and what I would say is if you have money what I would say is if you have money what I would say is if you have money that you don't need for the next 4 years that you don't need for the next 4 years that you don't need for the next 4 years and your choice is do I invest it in the and your choice is do I invest it in the and your choice is do I invest it in the S&P or a house or a private company or S&P or a house or a private company or S&P or a house or a private company or soybeans or money markets or debt soybeans or money markets or debt soybeans or money markets or debt instruments instruments instruments I think that Bitcoin is the best. Right? I think that Bitcoin is the best. Right? I think that Bitcoin is the best. Right? I think that Bitcoin is digital capital. I think that Bitcoin is digital capital. I think that Bitcoin is digital capital. It's going to be the best long-term It's going to be the best long-term It's going to be the best long-term capital asset. capital asset. capital asset. And uh you know And uh you know And uh you know >> So, why did you sell the Bitcoin instead >> So, why did you sell the Bitcoin instead >> So, why did you sell the Bitcoin instead of your kidney? of your kidney? of your kidney? >> Yeah. Um >> Yeah. Um >> Yeah. Um We sold some Bitcoin a few weeks ago We sold some Bitcoin a few weeks ago We sold some Bitcoin a few weeks ago because there was a narrative or a because there was a narrative or a because there was a narrative or a belief in the market that our company belief in the market that our company belief in the market that our company had become so systemically integrated or had become so systemically integrated or had become so systemically integrated or important to Bitcoin that we could never important to Bitcoin that we could never important to Bitcoin that we could never sell. sell. sell. And if we sold Bitcoin would go to zero And if we sold Bitcoin would go to zero And if we sold Bitcoin would go to zero and our stock would go to zero. and our stock would go to zero. and our stock would go to zero. >> Because you own 4% of the total supply >> Because you own 4% of the total supply >> Because you own 4% of the total supply of Bitcoin. of Bitcoin. of Bitcoin. >> We own 4% because we're the biggest >> We own 4% because we're the biggest >> We own 4% because we're the biggest buyer We're the biggest buyer of Bitcoin buyer We're the biggest buyer of Bitcoin buyer We're the biggest buyer of Bitcoin in the world. So the first sentiment was in the world. So the first sentiment was in the world. So the first sentiment was well Bitcoin will never succeed if they well Bitcoin will never succeed if they well Bitcoin will never succeed if they don't keep buying. And the second don't keep buying. And the second don't keep buying. And the second sentiment or belief sentiment or belief sentiment or belief uh misconception was if we sell it'll uh misconception was if we sell it'll uh misconception was if we sell it'll crash Bitcoin and it'll crash the crash Bitcoin and it'll crash the crash Bitcoin and it'll crash the company. company. company. And because of that short sellers and And because of that short sellers and And because of that short sellers and and certain people in the market took and certain people in the market took and certain people in the market took the position that the $55 billion of the position that the $55 billion of the position that the $55 billion of Bitcoin we own was worth nothing. Bitcoin we own was worth nothing. Bitcoin we own was worth nothing. And so what we had was this ignorant And so what we had was this ignorant And so what we had was this ignorant uh skeptical notion that all of the uh skeptical notion that all of the uh skeptical notion that all of the company's assets were worthless. company's assets were worthless. company's assets were worthless. And because the company's assets were And because the company's assets were And because the company's assets were worthless we wouldn't pay our dividends worthless we wouldn't pay our dividends worthless we wouldn't pay our dividends and because we wouldn't pay our and because we wouldn't pay our and because we wouldn't pay our dividends the credit would go to zero dividends the credit would go to zero dividends the credit would go to zero and the equity would go to zero. The and the equity would go to zero. The and the equity would go to zero. The company would fail and the coin fail. company would fail and the coin fail. company would fail and the coin fail. And we said well Bitcoin is trades $20 And we said well Bitcoin is trades $20 And we said well Bitcoin is trades $20 billion a day or more and we've got 55 billion a day or more and we've got 55 billion a day or more and we've got 55 billion of it and if we were billion of it and if we were billion of it and if we were 0.01% of the market we could still meet 0.01% of the market we could still meet 0.01% of the market we could still meet all of our obligations and it's not all of our obligations and it's not all of our obligations and it's not going to change the price of Bitcoin but going to change the price of Bitcoin but going to change the price of Bitcoin but no one believed us. no one believed us. no one believed us. So if if you want people to believe that So if if you want people to believe that So if if you want people to believe that you can do a thing you have to do the you can do a thing you have to do the you can do a thing you have to do the thing. If you told me you could do a thing. If you told me you could do a thing. If you told me you could do a backflip right now but I said you you backflip right now but I said you you backflip right now but I said you you can't at some point you have to do the can't at some point you have to do the can't at some point you have to do the backflip. Right? Especially if I tell backflip. Right? Especially if I tell backflip. Right? Especially if I tell you that I'm going to throw you in jail you that I'm going to throw you in jail you that I'm going to throw you in jail if you can't do a backflip. if you can't do a backflip. if you can't do a backflip. >> Who told you that? >> Who told you that? >> Who told you that? >> Well that's exactly what's going on in >> Well that's exactly what's going on in >> Well that's exactly what's going on in the market. The market's position was the market. The market's position was the market. The market's position was the company is worthless. the stock is the company is worthless. the stock is the company is worthless. the stock is going to zero, Bitcoin is going to zero going to zero, Bitcoin is going to zero going to zero, Bitcoin is going to zero because they can't sell, right? because they can't sell, right? because they can't sell, right? So, if we want to defend Bitcoin, So, if we want to defend Bitcoin, So, if we want to defend Bitcoin, like we have to prove that we can sell like we have to prove that we can sell like we have to prove that we can sell it on occasion, right? So, it on occasion, right? So, it on occasion, right? So, what we're doing is we're what we're doing is we're what we're doing is we're commercializing the market in digital commercializing the market in digital commercializing the market in digital credit. And if you have a billion credit. And if you have a billion credit. And if you have a billion dollars of Bitcoin and they believe it's dollars of Bitcoin and they believe it's dollars of Bitcoin and they believe it's worth a billion, you can sell 200 worth a billion, you can sell 200 worth a billion, you can sell 200 million dollars of credit and then you million dollars of credit and then you million dollars of credit and then you can grow the business if they believe can grow the business if they believe can grow the business if they believe that. If they don't believe that. If they don't believe that. If they don't believe that the Bitcoin is worth anything, you that the Bitcoin is worth anything, you that the Bitcoin is worth anything, you can't and you sell the 200 million of can't and you sell the 200 million of can't and you sell the 200 million of credit, the credit's worthless and the credit, the credit's worthless and the credit, the credit's worthless and the company's worthless. company's worthless. company's worthless. And so, we were in a doom loop or the And so, we were in a doom loop or the And so, we were in a doom loop or the market was in this doom loop this this market was in this doom loop this this market was in this doom loop this this negative short I don't know, like a negative short I don't know, like a negative short I don't know, like a psychosis almost like hyperventilating psychosis almost like hyperventilating psychosis almost like hyperventilating saying that the largest buyer of Bitcoin saying that the largest buyer of Bitcoin saying that the largest buyer of Bitcoin can't sell it and if they do sell it, can't sell it and if they do sell it, can't sell it and if they do sell it, Bitcoin will fail. And what we needed to Bitcoin will fail. And what we needed to Bitcoin will fail. And what we needed to do was demonstrate that if we sold do was demonstrate that if we sold do was demonstrate that if we sold Bitcoin, it wouldn't fail. Bitcoin, it wouldn't fail. Bitcoin, it wouldn't fail. So, when we sold the Bitcoin, it was 60 So, when we sold the Bitcoin, it was 60 So, when we sold the Bitcoin, it was 60 59,000 and it traded up. And so, we 59,000 and it traded up. And so, we 59,000 and it traded up. And so, we broke that misconception, we broke that broke that misconception, we broke that broke that misconception, we broke that that narrative. that narrative. that narrative. It turns out that the break-even point It turns out that the break-even point It turns out that the break-even point for us is about 3.2%, so if Bitcoin for us is about 3.2%, so if Bitcoin for us is about 3.2%, so if Bitcoin appreciates 3.2%, we can pay the appreciates 3.2%, we can pay the appreciates 3.2%, we can pay the dividends forever by just selling the dividends forever by just selling the dividends forever by just selling the Bitcoin. Bitcoin. Bitcoin. But you can imagine if you're a short But you can imagine if you're a short But you can imagine if you're a short seller, you say, "Well, you can't sell seller, you say, "Well, you can't sell seller, you say, "Well, you can't sell the Bitcoin, hahaha, because Bitcoin the Bitcoin, hahaha, because Bitcoin the Bitcoin, hahaha, because Bitcoin will fail." And so, they want to say will fail." And so, they want to say will fail." And so, they want to say that the credit is worthless because you that the credit is worthless because you that the credit is worthless because you won't sell the Bitcoin. So, the way to won't sell the Bitcoin. So, the way to won't sell the Bitcoin. So, the way to break that cycle is you sell the break that cycle is you sell the break that cycle is you sell the Bitcoin. Bitcoin. Bitcoin. Now you can illustrate that the credit Now you can illustrate that the credit Now you can illustrate that the credit is actually good credit, we can pay the is actually good credit, we can pay the is actually good credit, we can pay the dividends forever and now the credit dividends forever and now the credit dividends forever and now the credit investors investors investors >> without having to sell more Bitcoin. >> without having to sell more Bitcoin. >> without having to sell more Bitcoin. >> No, the whole point of this was >> No, the whole point of this was >> No, the whole point of this was we were selling equity in order to pay we were selling equity in order to pay we were selling equity in order to pay the dividend on the credit. the dividend on the credit. the dividend on the credit. >> Yeah. >> Yeah. >> Yeah. >> And the short sellers took the position >> And the short sellers took the position >> And the short sellers took the position that you're going to sell the equity that you're going to sell the equity that you're going to sell the equity until the stock goes to zero until the stock goes to zero until the stock goes to zero because you can't sell the Bitcoin. because you can't sell the Bitcoin. because you can't sell the Bitcoin. >> Yeah. >> Yeah. >> Yeah. >> So, how do you actually get How do you >> So, how do you actually get How do you >> So, how do you actually get How do you break that? Well, you have to say break that? Well, you have to say break that? Well, you have to say well, we can sell the Bitcoin. well, we can sell the Bitcoin. well, we can sell the Bitcoin. >> And you sold enough Bitcoin to pay the >> And you sold enough Bitcoin to pay the >> And you sold enough Bitcoin to pay the dividend. dividend. dividend. >> So, we sold enough Bitcoin to pay the >> So, we sold enough Bitcoin to pay the >> So, we sold enough Bitcoin to pay the dividend, to prove that we could fund dividend, to prove that we could fund dividend, to prove that we could fund the dividends with Bitcoin, which means the dividends with Bitcoin, which means the dividends with Bitcoin, which means we don't have to sell the equity. And if we don't have to sell the equity. And if we don't have to sell the equity. And if if we don't have to sell the equity, if we don't have to sell the equity, if we don't have to sell the equity, then the equity trades at a premium to then the equity trades at a premium to then the equity trades at a premium to Bitcoin, trades rationally, and then the Bitcoin, trades rationally, and then the Bitcoin, trades rationally, and then the credit trades rationally. So, it was a credit trades rationally. So, it was a credit trades rationally. So, it was a benefit to the equity investors and the benefit to the equity investors and the benefit to the equity investors and the credit investors to show that you can credit investors to show that you can credit investors to show that you can power the company with Bitcoin. power the company with Bitcoin. power the company with Bitcoin. >> Do you Do you intend to sell more? >> Do you Do you intend to sell more? >> Do you Do you intend to sell more? >> It's not our primary strategy. So, if >> It's not our primary strategy. So, if >> It's not our primary strategy. So, if the if the the common stock trades at a the if the the common stock trades at a the if the the common stock trades at a premium premium premium to the underlying assets, then probably to the underlying assets, then probably to the underlying assets, then probably we fund with the common stock. But, if we fund with the common stock. But, if we fund with the common stock. But, if the common stock ever sells at a the common stock ever sells at a the common stock ever sells at a discount or trades at a discount to the discount or trades at a discount to the discount or trades at a discount to the common to the Bitcoin assets, then you common to the Bitcoin assets, then you common to the Bitcoin assets, then you sell Bitcoin in order to protect the sell Bitcoin in order to protect the sell Bitcoin in order to protect the common stock. common stock. common stock. >> And what do you think Bitcoin's going in >> And what do you think Bitcoin's going in >> And what do you think Bitcoin's going in terms of monetary value? In terms of one terms of monetary value? In terms of one terms of monetary value? In terms of one Bitcoin. Currently, what did you say Bitcoin. Currently, what did you say Bitcoin. Currently, what did you say it's worth? 68,000 or something? it's worth? 68,000 or something? it's worth? 68,000 or something? >> I think it'll appreciate about 30% a >> I think it'll appreciate about 30% a >> I think it'll appreciate about 30% a year for the next 20 years. year for the next 20 years. year for the next 20 years. Right? And then it'll slow down to being Right? And then it'll slow down to being Right? And then it'll slow down to being appreciated about 20% a year. So, appreciated about 20% a year. So, appreciated about 20% a year. So, >> You think it's the best asset to put >> You think it's the best asset to put >> You think it's the best asset to put your money in really it really your money in really it really your money in really it really respective of respective of respective of who you are? who you are? who you are? >> Another way to say it is I think it a >> Another way to say it is I think it a >> Another way to say it is I think it a pre- I think it outperforms the S&P pre- I think it outperforms the S&P pre- I think it outperforms the S&P index by a factor of index by a factor of index by a factor of 1.5 to 2. 1.5 to 2. 1.5 to 2. >> Who shouldn't invest in Bitcoin? >> Who shouldn't invest in Bitcoin? >> Who shouldn't invest in Bitcoin? >> The right people to invest in Bitcoin >> The right people to invest in Bitcoin >> The right people to invest in Bitcoin are long-term capital investors. So, if are long-term capital investors. So, if are long-term capital investors. So, if you have a certain amount of money you have a certain amount of money you have a certain amount of money and you don't need it for the next 4 and you don't need it for the next 4 and you don't need it for the next 4 years years years and ideally 10 years, then you would and ideally 10 years, then you would and ideally 10 years, then you would take a portion of your capital take a portion of your capital take a portion of your capital investment portfolio and buy Bitcoin. investment portfolio and buy Bitcoin. investment portfolio and buy Bitcoin. And if you believe in it, if you're a a And if you believe in it, if you're a a And if you believe in it, if you're a a Bitcoin maxi, if you spend 100 hours Bitcoin maxi, if you spend 100 hours Bitcoin maxi, if you spend 100 hours studying it, studying it, studying it, uh you'd buy a lot. uh you'd buy a lot. uh you'd buy a lot. And if you're not sure, you'd probably And if you're not sure, you'd probably And if you're not sure, you'd probably diversify that portfolio across, you diversify that portfolio across, you diversify that portfolio across, you know, some real estate, some equity, know, some real estate, some equity, know, some real estate, some equity, some other long-term assets, and some some other long-term assets, and some some other long-term assets, and some Bitcoin. Bitcoin. Bitcoin. The people that shouldn't buy it are The people that shouldn't buy it are The people that shouldn't buy it are people that need the money back in 12 people that need the money back in 12 people that need the money back in 12 weeks. weeks. weeks. >> What about like a regular 25-year-old? >> What about like a regular 25-year-old? >> What about like a regular 25-year-old? Um Um Um One of the questions that I saw emerging One of the questions that I saw emerging One of the questions that I saw emerging from some of the interviews you've done from some of the interviews you've done from some of the interviews you've done is if if a normal young person has a few is if if a normal young person has a few is if if a normal young person has a few hundred dollars to invest today, hundred dollars to invest today, hundred dollars to invest today, why should they bother with Wall Street why should they bother with Wall Street why should they bother with Wall Street products like stocks or corporate stocks products like stocks or corporate stocks products like stocks or corporate stocks instead of just buying a real Bitcoin instead of just buying a real Bitcoin instead of just buying a real Bitcoin and holding it themselves? and holding it themselves? and holding it themselves? >> Yeah, I think if you have money to >> Yeah, I think if you have money to >> Yeah, I think if you have money to invest for the long term, you're going invest for the long term, you're going invest for the long term, you're going to get double the performance from BTC to get double the performance from BTC to get double the performance from BTC that you would get from like the S&P that you would get from like the S&P that you would get from like the S&P index. index. index. >> But for that 25-year-old, would would it >> But for that 25-year-old, would would it >> But for that 25-year-old, would would it not be smarter for them to spend it on not be smarter for them to spend it on not be smarter for them to spend it on something that's going to help them something that's going to help them something that's going to help them train their mind, like you said? train their mind, like you said? train their mind, like you said? If you only have a hundred dollars. If you only have a hundred dollars. If you only have a hundred dollars. >> I wouldn't go spend five hundred >> I wouldn't go spend five hundred >> I wouldn't go spend five hundred thousand dollars on an expensive, you thousand dollars on an expensive, you thousand dollars on an expensive, you know, university education, but I would know, university education, but I would know, university education, but I would spend twenty bucks a month on an AI spend twenty bucks a month on an AI spend twenty bucks a month on an AI subscription. So So yeah, you should subscription. So So yeah, you should subscription. So So yeah, you should definitely spend money necessary to get definitely spend money necessary to get definitely spend money necessary to get the the the the super grok or the pro or the the super grok or the pro or the the super grok or the pro or the professional edition, whether it's, you professional edition, whether it's, you professional edition, whether it's, you know, twenty dollars a month or two know, twenty dollars a month or two know, twenty dollars a month or two hundred dollars Two hundred dollars a hundred dollars Two hundred dollars a hundred dollars Two hundred dollars a month is the most I would spend. Twenty month is the most I would spend. Twenty month is the most I would spend. Twenty dollars a month is probably the least I dollars a month is probably the least I dollars a month is probably the least I would spend. But look, we're talking would spend. But look, we're talking would spend. But look, we're talking about your Netflix subscription at that about your Netflix subscription at that about your Netflix subscription at that point. But I point. But I point. But I after you've done that, then you're after you've done that, then you're after you've done that, then you're talking about what you ought to be talking about what you ought to be talking about what you ought to be invested in. invested in. invested in. I think that the that you ought to be I think that the that you ought to be I think that the that you ought to be invested in digital capital cuz you can invested in digital capital cuz you can invested in digital capital cuz you can take it with you anywhere in the world. take it with you anywhere in the world. take it with you anywhere in the world. If you invest in an Airbnb or real If you invest in an Airbnb or real If you invest in an Airbnb or real estate, you know, you're you're locked estate, you know, you're you're locked estate, you know, you're you're locked into a certain city. You can't travel into a certain city. You can't travel into a certain city. You can't travel with it. It's high maintenance. There's with it. It's high maintenance. There's with it. It's high maintenance. There's a lot of risk. If you invest in an a lot of risk. If you invest in an a lot of risk. If you invest in an individual stock, you have a lot of individual stock, you have a lot of individual stock, you have a lot of anxiety because they come and they go, anxiety because they come and they go, anxiety because they come and they go, and you got to pick the right stock. And and you got to pick the right stock. And and you got to pick the right stock. And most stocks will fail, but some will most stocks will fail, but some will most stocks will fail, but some will succeed, but but it it really is much succeed, but but it it really is much succeed, but but it it really is much more challenging. more challenging. more challenging. I I think really it comes down to I I think really it comes down to I I think really it comes down to if you have a liquid portfolio, if you have a liquid portfolio, if you have a liquid portfolio, you know, are you going to invest in you know, are you going to invest in you know, are you going to invest in like the S&P index if you're a like the S&P index if you're a like the S&P index if you're a conventional capital investor, or you're conventional capital investor, or you're conventional capital investor, or you're going to invest in Bitcoin if you're a going to invest in Bitcoin if you're a going to invest in Bitcoin if you're a digital or a you know, a a a technology digital or a you know, a a a technology digital or a you know, a a a technology capital investor. capital investor. capital investor. >> Michael, we have a closing tradition >> Michael, we have a closing tradition >> Michael, we have a closing tradition where the last guest leaves a question where the last guest leaves a question where the last guest leaves a question for the next guest not knowing who for the next guest not knowing who for the next guest not knowing who they're leaving it for. And the question they're leaving it for. And the question they're leaving it for. And the question left for you is what is one thing you left for you is what is one thing you left for you is what is one thing you believe that maybe you haven't talked believe that maybe you haven't talked believe that maybe you haven't talked about enough about enough about enough that you think likely 99% of the world that you think likely 99% of the world that you think likely 99% of the world don't yet believe. >> If I look at my life and I think about >> If I look at my life and I think about something that's been that's had a real something that's been that's had a real something that's been that's had a real impact on me, it's after I got a full impact on me, it's after I got a full impact on me, it's after I got a full education, education, education, you know, uh you know, uh you know, uh from college, I from college, I from college, I I eventually I eventually I eventually went back and I studied two topics on my went back and I studied two topics on my went back and I studied two topics on my own. own. own. One, uh like practical applied One, uh like practical applied One, uh like practical applied statistics, all the stuff that Nicholas statistics, all the stuff that Nicholas statistics, all the stuff that Nicholas Taleb wrote, like Fooled by Randomness Taleb wrote, like Fooled by Randomness Taleb wrote, like Fooled by Randomness and Skin in the Game and The Black Swan. and Skin in the Game and The Black Swan. and Skin in the Game and The Black Swan. And uh you know, how do you know the And uh you know, how do you know the And uh you know, how do you know the difference between something that's difference between something that's difference between something that's meaningful and something that's just meaningful and something that's just meaningful and something that's just misleading random data. That was misleading random data. That was misleading random data. That was profoundly valuable to me and I would profoundly valuable to me and I would profoundly valuable to me and I would say, you know, anybody that hasn't read say, you know, anybody that hasn't read say, you know, anybody that hasn't read all of those books probably ought to go all of those books probably ought to go all of those books probably ought to go read those books and and obsess over read those books and and obsess over read those books and and obsess over uh applied statistics. uh applied statistics. uh applied statistics. That's the one thing that AI will not be That's the one thing that AI will not be That's the one thing that AI will not be able to do for you when you have to able to do for you when you have to able to do for you when you have to decide whether to cross the street while decide whether to cross the street while decide whether to cross the street while you're typing on your phone, that you you're typing on your phone, that you you're typing on your phone, that you know, know, know, the AI will not give you a never-ending the AI will not give you a never-ending the AI will not give you a never-ending real-time stream of common sense to tell real-time stream of common sense to tell real-time stream of common sense to tell you you should or should not do that you you should or should not do that you you should or should not do that thing. And so I I think that that's thing. And so I I think that that's thing. And so I I think that that's really important. And the second thing really important. And the second thing really important. And the second thing that I did after I left school and and that I did after I left school and and that I did after I left school and and after a a lifetime of experiences, after a a lifetime of experiences, after a a lifetime of experiences, like I went back and I just read uh like I went back and I just read uh like I went back and I just read uh The Story of Civilization by Durant. The Story of Civilization by Durant. The Story of Civilization by Durant. Every page. Every page. Every page. 11 volumes, 14,000 11 volumes, 14,000 11 volumes, 14,000 pages. Most of the history that you read pages. Most of the history that you read pages. Most of the history that you read in school, it's the CliffNotes. in school, it's the CliffNotes. in school, it's the CliffNotes. But if you go through the entire thing, But if you go through the entire thing, But if you go through the entire thing, and I recommend that one just cuz I and I recommend that one just cuz I and I recommend that one just cuz I think it was a pretty well-balanced think it was a pretty well-balanced think it was a pretty well-balanced history that covered art and culture and history that covered art and culture and history that covered art and culture and politics and technology, and politics and technology, and politics and technology, and it's not just military history, not just it's not just military history, not just it's not just military history, not just political history, but it was political history, but it was political history, but it was you know, all you know, all you know, all a very synthetic history. a very synthetic history. a very synthetic history. When you go back and you read it all When you go back and you read it all When you go back and you read it all as an adult, as an adult, as an adult, then it gives you such a profound then it gives you such a profound then it gives you such a profound appreciation for humanity, and it gives appreciation for humanity, and it gives appreciation for humanity, and it gives you so much wisdom. And what you'll find you so much wisdom. And what you'll find you so much wisdom. And what you'll find is all these things you think you're is all these things you think you're is all these things you think you're discovering, they got discovered in like discovering, they got discovered in like discovering, they got discovered in like 15th century Russia. And then they got 15th century Russia. And then they got 15th century Russia. And then they got rediscovered, you know, like most of rediscovered, you know, like most of rediscovered, you know, like most of these things that people tell you are these things that people tell you are these things that people tell you are this is new and profound. Oh, it's new this is new and profound. Oh, it's new this is new and profound. Oh, it's new and profound 100 times in a row, or and profound 100 times in a row, or and profound 100 times in a row, or 1,000 times in a row. It's just the the 1,000 times in a row. It's just the the 1,000 times in a row. It's just the the story was told a different way each story was told a different way each story was told a different way each time. time. time. >> Give me an example of a a thing >> Give me an example of a a thing >> Give me an example of a a thing that we think is new, but history tells that we think is new, but history tells that we think is new, but history tells you you you >> Maybe the fact that currency started >> Maybe the fact that currency started >> Maybe the fact that currency started getting debased when Nixon went off the getting debased when Nixon went off the getting debased when Nixon went off the gold standard, you know, and gold standard, you know, and gold standard, you know, and what happened in 1971, or whatever. And what happened in 1971, or whatever. And what happened in 1971, or whatever. And the truth of the matter is that was the the truth of the matter is that was the the truth of the matter is that was the point at which the US dollar started point at which the US dollar started point at which the US dollar started weakening at a much more rapid rate. weakening at a much more rapid rate. weakening at a much more rapid rate. But it turns out that every currency But it turns out that every currency But it turns out that every currency everywhere in history has been debased. everywhere in history has been debased. everywhere in history has been debased. My point here really is uh My point here really is uh My point here really is uh I think people think that they that they I think people think that they that they I think people think that they that they learn stuff in college, learn stuff in college, learn stuff in college, but really it's not too late to go back but really it's not too late to go back but really it's not too late to go back and relearn math, especially applied and relearn math, especially applied and relearn math, especially applied statistics, and it's not too late to go statistics, and it's not too late to go statistics, and it's not too late to go back and relearn history. And as an back and relearn history. And as an back and relearn history. And as an adult, adult, adult, you always appreciate those things much you always appreciate those things much you always appreciate those things much better. better. better. Yeah, you almost it's like the education Yeah, you almost it's like the education Yeah, you almost it's like the education is wasted on the youth. is wasted on the youth. is wasted on the youth. You know, because you don't you don't You know, because you don't you don't You know, because you don't you don't have the life experiences to appreciate have the life experiences to appreciate have the life experiences to appreciate what you're reading. what you're reading. what you're reading. But also, you know, they're they're But also, you know, they're they're But also, you know, they're they're summarizing, editing, and censoring a summarizing, editing, and censoring a summarizing, editing, and censoring a lot of the stuff you read. lot of the stuff you read. lot of the stuff you read. And and if you just go back and say I'm And and if you just go back and say I'm And and if you just go back and say I'm just going to, you know, read the entire just going to, you know, read the entire just going to, you know, read the entire thing in its entirety. And thing in its entirety. And thing in its entirety. And there are a lot of other things you there are a lot of other things you there are a lot of other things you could also read, full histories of other could also read, full histories of other could also read, full histories of other things, but things, but things, but as an adult as an adult as an adult I think that that just makes you a I think that that just makes you a I think that that just makes you a better person and makes you a better better person and makes you a better better person and makes you a better business person, makes you a better business person, makes you a better business person, makes you a better leader. And also, it helps you overcome leader. And also, it helps you overcome leader. And also, it helps you overcome the arrogance of thinking, oh, I'm the the arrogance of thinking, oh, I'm the the arrogance of thinking, oh, I'm the first guy in human history that ever first guy in human history that ever first guy in human history that ever encountered it. And and what you'll encountered it. And and what you'll encountered it. And and what you'll realize is no, you're not. And the realize is no, you're not. And the realize is no, you're not. And the empowering part is someone else did and empowering part is someone else did and empowering part is someone else did and this is how they worked their way this is how they worked their way this is how they worked their way through the issue. And and that can be through the issue. And and that can be through the issue. And and that can be very inspirational for you. very inspirational for you. very inspirational for you. >> Michael, [snorts] thank you. Thank you >> Michael, [snorts] thank you. Thank you >> Michael, [snorts] thank you. Thank you for taking the time. Thank you for for taking the time. Thank you for for taking the time. Thank you for opening all of our eyes. And thank you opening all of our eyes. And thank you opening all of our eyes. And thank you for for for building a business which has continued building a business which has continued building a business which has continued to innovate in such a way that people to innovate in such a way that people to innovate in such a way that people never thought was possible. Thank you never thought was possible. Thank you never thought was possible. Thank you for introducing me to Bitcoin. for introducing me to Bitcoin. for introducing me to Bitcoin. I think you both introduced me to it, I think you both introduced me to it, I think you both introduced me to it, but also you enabled me to have a mental but also you enabled me to have a mental but also you enabled me to have a mental framework for not selling it. When framework for not selling it. When framework for not selling it. When if I had, I would have lost a lot of if I had, I would have lost a lot of if I had, I would have lost a lot of money. And thankfully now I don't even money. And thankfully now I don't even money. And thankfully now I don't even know where it is. My brother my brother know where it is. My brother my brother know where it is. My brother my brother and some of my siblings take care of it and some of my siblings take care of it and some of my siblings take care of it for me. And I don't have to experience for me. And I don't have to experience for me. And I don't have to experience the angst. And also just thank you for the angst. And also just thank you for the angst. And also just thank you for pushing for this idea of sovereignty pushing for this idea of sovereignty pushing for this idea of sovereignty because I think because I think because I think in the world of increasing censorship in the world of increasing censorship in the world of increasing censorship and centralization, and centralization, and centralization, sovereignty I think is a really winning sovereignty I think is a really winning sovereignty I think is a really winning idea. And I think that's what you're idea. And I think that's what you're idea. And I think that's what you're sort of philosophically aiming at as sort of philosophically aiming at as sort of philosophically aiming at as well. And um well. And um well. And um >> [snorts] >> [snorts] >> [snorts] >> yeah, I hope to speak to you sometime >> yeah, I hope to speak to you sometime >> yeah, I hope to speak to you sometime soon because you're a very you're an an soon because you're a very you're an an soon because you're a very you're an an individual capable of speaking about individual capable of speaking about individual capable of speaking about such a broad range of subjects that I such a broad range of subjects that I such a broad range of subjects that I care so much about. care so much about. care so much about. >> It's a pleasure to be on the journey >> It's a pleasure to be on the journey >> It's a pleasure to be on the journey together. together. together. >> Thank you, my friend. >> Thank you, my friend. >> Thank you, my friend. 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