BTC Sessions - TOP 5 Mainstream Bitcoin Moments of 2020 ep133

Episode Date: December 31, 2020

2020 was a huge year for Bitcoin, as world events thrust it into the mainstream. This is a list of some of my top picks for mainstream Bitcoin coverage in 2020. SUPPORT THE SHOW: LEDN Bitcoin backed loans –  get $25 free https://bit.ly/397rlLN Get Wasabi wallet for Bitcoin privacy https://wasabiwallet.io/ Cobo Vault: secure your Bitcoin! https://bit.ly/2GgMFlH BillFodl: get your wallet backups in solid steel. https://privacypros.io/ Bitrefill: use Bitcoin to purchase gift cards https://www.bitrefill.com/buy/?code=O04UMic9 LIGHTNING tips: https://tippin.me/@BTCsessions Telegram channel: https://t.me/btc_sessions

What's going on, everybody? Welcome to the show. Today, special episode. By the way, happy New Year, everyone. Welcome. I hope you all had a good Christmas. I hope that you're ready for 2021. I don't know if anybody's really ready for 2021 if you're in Bitcoin, because it looks like it's going to be a wild one. But today, we're doing something a little different. Given that it is New Year's Eve, I wanted to bring up a few of just a few. of my favorite Bitcoin mainstream media moments this year. So what we're going to be doing is we're going to be watching the actual clips and then we'll do some commentary afterwards. And since this is live, feel free to be dropping comments. Wherever you're watching this from, I believe either just YouTube or Twitter, you can be commenting on here as the videos are playing. I'll try and put some up on the screen.

But again, as I said, this is live so anything can happen. And of course, quick message from my good friend here. We'll do it live. Okay. We'll do it live. Do it live. I'll write it and we'll do it live. Fibing thing sucks.

Of course, anything can happen. So if there's technical difficulties, we'll just roll with it as we go. But again, welcome. I'm excited for the show. I'm Ben with the BTC sessions. And this is your daily session. Okay, so let's dive in before we get rolling on these clips. I want to just take a look at what is happening with the price right now.

We're sitting around $29,040 some odd dollars for one U.S. dollar. You will grab yourself 3,443 sats. That number is coming down like crazy. 88.5% of all existing Bitcoin have been mined. That number will be hitting again 90% by the end of next year. And in terms of fees, this has moved. Oh, everything has changed. Oh, my God.

Anyways, I'm here on bitbo.io. If you guys haven't been to this page before, it is excellent. Okay, there we go. There's the fees. 79 sats per byte will get you in the next block. If you're willing to wait. an hour, three sats per bite. Pretty low. Awesome. Anything beyond that looks like one sat will do you, but who knows if there's going to be an influx of transactions. We're getting, we're,

we're kind of near previous all-time highs. The highest we've been so far is 29,000, 299. So we're just a couple hundred bucks short of that. We could be seeing 30K to ring in the new year. I don't know. What do you guys think. Now, before we dive into the clips, of course, shout out to sponsors of the show, leaden.io, where you can use your Bitcoin for a variety of different services. They've saved my butt on a few occasions, and that was in an instance where I needed to get my hands on dollars, but I didn't want to sell my Bitcoin because that's taxable and I didn't want to have to buy back in at a higher price, which I would have. So I was able to deposit and get dollars in my bank account within 24 hours, pay back the loan, get back the same amount of Bitcoin. They've

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So with that, let's get in to the clips. So I have five clips that I want to be looking at today. Now, I'm just going to check in the comments, make sure everything is all good. Yeah, it looks like everybody's all here. Everybody's having a good time. By the way, if you're watching, smash that like button. subscribe, give this a share. The more you do those things, the more this content gets in front of more eyeballs.

And I always love to see everybody here. So yeah, everybody in the I see Uvis, Ms. Taxi Driver, Crypto Curbit. I see you guys all in the chat. Thank you for being here. Let's get into the clips here. So I've got this first clip here. And this is actually just a clip discussing a conversation that happened with Larry Fink from BlackRock, which is the largest asset manager on the planet.

So let's listen in and see what was said on this particular clip. John, in conversation with central bank governor Mark Carney at the Council of Foreign Relations this morning, Larry Fink, acknowledging that Bitcoin has caught the attention and the imagination of many people. It's still untested, pretty small relative to other markets. And he says it is seeing big giant moves every day, but it's a thin market. Can it evolve into something real, a global market? said possibly. He also noted that having a digital currency has a real impact on the U.S. dollar, making it less relevant, not for Americans, but international holders of dollar-based

assets. He did also raise the question that I think many economists and executives are wrestling with. Does it change the need for the dollar as a reserve currency? In other words, John, are there other ways to efficiently transact overseas as well as here in the U.S.? think really joining a prominent number of high-profile voices, Melissa, and the past couple of weeks that are saying, yes, this move that we're seeing in Bitcoin and digital currencies in general, it is generating an active discussion, and it's something that they're watching very closely. Yep, Guggenheim, right?

Paul Tudor Jones, Drucken Miller, the list goes on and on these days. Seema, thank you, Sima Modi. Shepard Smith here. Thanks for watching CNBC on YouTube. Thanks, Shepard Smith. Damn, what a bombshell from Larry Fink. Again, CEO of the largest asset manager on the planet. And he's talking about, is there even a need for a U.S. dollar as a World Reserve currency?

That is insane. Had you told me you'd hear that coming out of a person in charge of that much money and that many assets on an international news show, I you know a year back it would have been unthinkable and now now we're hearing it and but this is what bitcoiners have been saying for years is is the the world reserve currency is not doing its job it's not storing value it's being debased at a staggering rate much more so this year than any year before it and maybe this was was the straw that broke the camel's back because people are picking up on it it's crazy so I don't No, no, no, let me know what you think of Larry Fink here.

I'm going to bring up the next clip here that I really enjoyed. This is Anthony Scaramucci talking about why his fund moved into Bitcoin. We're going to go live on January 4th for outside investors. And we're super excited. And you either have to accept that Bitcoin is a store of value or not. There are still skeptics out there. And that's why I think we're in the first inning. But after doing the research that we've done, we believe it is.

And given the monetary support. in the global central banking coordination right now. This will be a very strong asset class over the next decade. And you don't feel, I mean, I know you said you wish you would have done it four months earlier. You don't feel like this is a little late, right? I mean, you know, I'm sure there's somebody out there who's watching this and says, okay, you know, now that Skybridge is launching this or anybody launching it now, maybe that's the top, that it's a little late after it's rallied as far as it's come.

Or we could be at the precursor of an avalanche of institutions. lanch of institutional investors heading in, not wanting to put it on their balance sheets in 2020, but orders indicating and orders building up from a large swath of institutions for the first quarter of 2021. I think that's the more likely scenario. But listen, this is something that has crashed upwards in the last two and a half to three weeks, not to say that there won't be volatility. We have a three-month holding period on this. We're really trying to target our investors to think about this long-term. Don't trade it. There's an expression called Hottle. Most people in the Bitcoin community know what that means. It just basically means buy and hold it.

This is an asset that could go up two or three X from here, in our opinion. And if you look at Bitcoin over the last decade, Scott, you could put a one penny in Bitcoin, 99 cents in cash. It would have beaten every other asset class, specifically the S&B 500. So for us, I don't think it's late. If anything, it's the first inning. You're about to see that wave of early adoption by the institutional community. I'd like to get our investors involved before that goes into full trial. So many great sound bites there. I love that. So I think Scaramucci hit the nail on the head when he said, you know, the poor mainstream media, oh, do you think it's the top? Is it the top? No, obviously not. There's just a lineup of people waiting to get in that,

haven't even been approved regulatory wise yet. And he's like, this is likely, in our opinion, just the tip of the iceberg. Now, you know, I love his comparison. Had you taken $1 and put one penny into Bitcoin and just left the rest in cash, you would be up the sizably compared to basically every other asset out there over the past decade. And that's very telling. The amount of risk that you take, the 1% risk that you take in that bet,

while still preserving 99% of your dollar capital or your capital worth in dollars, but still outperforming everything else out there is insane. The risk reward profile on it is crazy. Now, I think his projection is actually hilariously bearish. He said two or three X from here. And at the time, if you noticed, the price in the video, it was like 23K.

I think he's low-balling that like nothing else. know, what do you guys think? We're going to dive into another clip here that I really liked. And partly, I just love this guy, Jack Mallors from Zap and Strike. And so the beginning of the clip, I kind of clipped it off just for time because it is a lengthy one anyways. But he's, the preamble to this is he created a service called Strike that basically integrates Bitcoin on top, or rather it integrates the legacy banking system on top of Bitcoin. So you see this kind of inverse relationship between the technologies, just like we saw, you know, the internet used the phone lines initially.

And then the internet was so efficient that the phone lines eventually started using, you started doing phone calls on the internet instead of using actual phone lines. And we're starting to see the same thing now. why would you use legacy banking when you can build whatever you need on top of Bitcoin? And that's what he's done. And in doing so, there's been a high profile NFL player, Russell O'Cung, that has been very, very vocal about Bitcoin as of late. And about a year ago, he tweeted, pay me in Bitcoin. And now with Jack Mallors and Strike, he's able to convert half of his, or if you want to do the whole of his contract for this year.

and half of it added up to $6.5 million is going and being auto-converted into Bitcoin as he gets paid from the NFL. So he's not getting directly paid from the NFL and Bitcoin, but instantaneously he will be receiving his paycheck half in dollars, half in Bitcoin. And so that was the preamble to this story. And then Jack was on there describing kind of what Strike does. And then I just love when he goes into the bigger picture here. So anyways, without further ado, let's watch this clip of Jack Mallors on Fox business. Zapp's founder, Jack Mallors, joins me now to explain how this works. Jack, thanks for joining us.

What exactly is Zapp? Thanks for having me. Zab created a product strike, and strike is the world's first Bitcoin native NeoBank, where a bank built directly on top of the Bitcoin protocol, and we are able to perform things like sending money, receiving money and issuing payroll on top of that protocol. So we allow you to make Bitcoin payments with U.S. dollars, receive payments, Bitcoin payments as U.S. dollars, and process U.S. dollar payroll for someone like Russell.

Right. And he's definitely giving it star appeal. And I'm thinking the more mainstream, you know, these cryptocurrencies go so the higher goes their price. I mean, crypto's already up 40% in the month of December alone. Yeah, here's my take on this, and I think it's a really important one. The everyday person here in the United States and around the world operates their life at a loss due to the exponential asset inflation, and this is becoming more apparent because of the pandemic and what's going on with the Federal Reserves need to print money, right? So inflation typically is defined by the CPI, the Consumer Price Index, which is a handpicked set of consumer goods defined by the government.

And they claim that there is no inflation because my Netflix subscription is not going up in price. However, you know, people like myself, Russell, and everyone else in America, we don't desire just Netflix. We want houses. We want cars. We want to put our kids through the best education. And those are assets. Those are things that are hard to obtain. And those are things that are inflating at an incredible pace. My dad paid $9,000 in total to get his degree from Duke University. put my little brother through university for $250,000 30 years later. That is not 2% inflation.

That is almost 100% annualized inflation. And so if you are not outpacing the asset inflation rate in America, which is currently 15% to 20%, and you're not getting a 15% percent one percent days year over year, you are operating your life at a loss. Everything around you is getting more expensive. And so what Russell is doing is he's saying, I'm not going to risk my health, I'm not going to risk my body on the field and operate my life at a loss. I need to put my money in a harder asset, an asset that protects against inflation and that's scarce, and that's Bitcoin, and he's

doing that on a global stage, and we're really, really proud to support him in that effort. You did a good job explaining how important Bitcoin is and what exactly it is. But look, the average person sitting at home isn't going to say, yeah, pay me in cryptocurrency or what have you, But we are seeing more merchants, whether that's PayPal or Square, except Bitcoin. So the more retailers, the more merchants that accept it, just the more popular and more understandable it gets. So who do you think is next? You know what? I think everybody is next. I think that what Michael Saylor is doing at Micro Strategy, and he's saying that holding cash on his balance sheet is a disservice to his shareholders because it is a melting ice cube.

The world around him is getting 15 to 20 percent more expensive every single year, and the Federal Reserve has no choice but to print assets out of our reach. That is, you know, it sounds like an institutional thing. It sounds like it's something you can't relate to as an individual. That is not true. That's the same for everyone. Everyone is going to grow up, work a wage, and want to buy a house, want to support their kids. And if life is getting increasingly more expensive, you have to preserve your wealth and protect your wealth in something that acts in your best interest,

something that does not get inflated away at that level. And so I think Bitcoin applies to everyone. You treat it as a savings account. Let me put it to you this way. Russell knows that he'd operate life at a loss if he kept receiving his salary in dollars. The other options are traditionally real estate, gold, other precious metals. It's really likely to receive your salary in real estate. And maybe Russell has the money to do so.

But what about the average citizen that gets paid a normal salary of $80,000 a year? getting their salary in Bitcoin, it's accessible, it's digital, it's global, it's easy. You can do it through a smartphone. It is the future. And I think it applies to every citizen that wants to operate their life in a profit as opposed to a loss due to the Federal Reserve. I love it. I love it. He's so good.

It's unfortunate that his connection was such crap and that his Slack notifications were on. But besides the point, you know, he really nailed it. And I love how he just sidestepped the bad questions and the total missing of the point and was able to zero in on what's actually important and zero in on why people like Russell Okung are saying, I don't want those dollars. I don't want to keep those dollars for the long term. I want something else. And the world is waking up and realizing that and starting to follow suit. And again, who was it in the, and Robin Mood in the comments here said, everybody is next. I loved that.

And I, again, when he said that, just such a good kind of hit back to a terrible question. Again, she's the, the host is focusing on, on merchant adoption, which is so tired. It's from 2014, 2015. It's the inverse of what people need, right? if you think about the idea that, well, more people need to accept this money so that people can spend it. Well, no, more people want to just have, you want people to actually desire the asset first. And then eventually people will try to incentivize people to pay with that asset, either by giving a discount if you pay with Bitcoin or by not accepting dollars anymore. I think that's where we're headed.

And so you get people interested in understanding the asset. And then the merchants will naturally migrate towards something where they can actually try to get that asset as payment. That's my story in a nutshell. Over time, I realized, listen, like my my tendencies and my actions are better and they reflect my goals for the long term when I'm dealing with a money that reflects, you know, a low time preference. And so that's kind of the move that I've made. Yeah, it's crazy. And again, part phase in here. We are so early.

100% when you see questions like this in the media, we are still so early. It's crazy. Now, I'm going to bring up, by the way, again, thank you guys all for being here. If you're here, make sure you're smashing that like button. Give this a share. Do whatever you need to do. Subscribe if you're not subscribed. All those things are going to help get this in front of more people.

Let's get to the next. Now, I have two more. I did not mean to do that. I'm sorry. Anyways, I have two more clips that I wanted to touch on here. And these are kind of the big hitters that I really loved. So up next, we're going to touch on the Guggenheim, how they're approved to start scaling into Bitcoin. They've said that they will scale up to possibly 10% of their capital into Bitcoin. And they give some pretty impressive price projections on what they think Bitcoin is worth. But the part about this that I really like is what they put off, the story that they hold off so that they can talk more about Bitcoin

in this clip. So let's give it a watch and then we'll talk about it. Scott, Guggenheim has reserved the right to invest up to 10% of its macro fund in Bitcoin. Have you guys started buying yet? And how much is this decision tied to the Fed's extraordinary policy? Well, you know, to answer the second coin and our interest in Bitcoin is top and the rampant money printing that's going on, in terms of our mutual funds, you know, we are not yet effective with the SEC. So, you know, we're still waiting. Of course, we made the decision to start allocating toward Bitcoin when Bitcoin was at $10,000. It's a little more challenging with the current price closer to 20,000. Amazing, you know, over a very short period of time, how big of a run-up we've had. But having said that, our fundamental work shows that Bitcoin should be worth about $400,000.

Wow. So, you know, we're going to, even if we had the ability to do so today, we're going to monitor the market and see how, trading goes on valuation, but ultimately look to buy it. Scott Miner, we want to delay the Fed Press Conference for this comment by you. How do you frame a 400,000 Bitcoin? How do you get from where we are now out to 400,000? Is it just based on scarcity? Yeah, right, Tom.

It's based on the scarcity and relative valuations, such as things like gold, as a percentage of GDP. So, you know, Bitcoin has. actually has a lot of the attributes of gold, and at the same time has an unusual value in terms of transactions. I love it. I love it. So first of all, everybody obviously in the comments heard the, whoa, after the 400K price

projection, which is hilarious. If we go back a little bit before that, again, they got approval or rather they started deciding that they'd like to move into Bitcoin at 10K, and they still weren't ready to do it yet. It's basically tripled since then. So if you've bought Sats in the past month, congratulations your front-running Guggenheim, which is hilarious. And then finally, when they say, we're going to hold off on the Fed Press conference. They're going live right now, but we're going to hold off a minute. Can you dive a little bit more into why you think $400,000 Bitcoin makes sense.

They literally put Jerome Powell head of the Federal Reserve on hold. They didn't cut to it. They didn't care as much about the Federal Reserve, the Reserve Bank of the United States as much as they cared about

Guggenheim's price call on Bitcoin. Crazy. Crazy. Again, I love the shift in attention and the attention grabbing that Bitcoin has been able to pull people away from whatever, you know, whatever the central banks are trying to do, the levers they're trying to pull and the buttons are trying to push

and say, hey, this looks like it's much more interesting and more promising. Yeah, it's crazy. I love it. Yeah, and I agree,

GMO City, world of difference from 2016. I couldn't agree more. Imagine seeing this four years ago. It just, it would it would blow your mind and it still does it still does right now i've got one more clip here you know i got to throw in a michael sailor clip here so this is michael sailor uh the ceo of micro strategy the first major move into bitcoin that like it was it was pretty dumbfounding

seeing what he did uh he took basically all of their reserve cash not quite all of it but 400 and some odd million of 500 million in reserves into Bitcoin and has done it again. He took on debt since this clip to buy more Bitcoin. They're just acquiring like nothing else. And he has become an excellent voice to the world of the store of value use of Bitcoin. So this was one of the earlier clips of him shortly after they put in their first couple rounds of money into Bitcoin. So here he is.

We had 500 million worth of cash, but we knew we're going to generate another 500 million worth of cash. And we realized that if we held it in cash, it was going to debase by 10, 15% a year. And I didn't want to lose half of it. So what isn't so well understood is the BTC, Bitcoin is the best safe haven treasury reserve asset in the world right now. And it's engineered to be superior to gold in all aspects. So that being the case, a lot of people understand the asset story of Bitcoin. It's up 100% annually each year for the past decade, more or less. What they don't understand is that Bitcoin is it's a monetary network.

And as a monetary network, it's capable of storing and channeling energy over time without power loss. So we got really excited about this idea. And we saw it as a solution for the store of value problem, not just for, the $300 trillion of capital in the world, but for the seven and a billion people on the planet. And so that's pretty compelling. You know, the, go ahead. Sorry, sorry to interrupt, Michael, but, you know, cash on a balance sheet and wanting to preserve the power of that cash is one thing. Investing it in something that's speculative is another.

I mean, are you a software company or are you a Bitcoin hedge fund at this point? I mean, why bother with the software part of the business, if your belief truly is, is that Bitcoin is going to go up 100% every year going forward? Well, first of all, we do have a software company generating cash, but if we simply swept the cash into fiat currency and allowed it to base at 15% a year, we'd be losing as much on the balance sheet as we generated from the P&L. So that didn't make sense. On the other hand, the traditional concerns about Bitcoin have been that it might be hacked,

It might be copied. It might be banned. And after a decade, it hasn't been hacked. No one's managed to copy it. It is not going to be banned. So although people look at it as being volatile, it's volatile maybe in the first decade. The next decade, going forward, it doesn't look like it's going to be that volatile.

It actually looks like it's emerging as the primary Treasury Reserve asset for people that are looking for some way to avoid the great monetary inflation. How do you view, though, the size of your budget? the size of your Bitcoin position relative to the size of your business? And is there a point at which, even just for portfolio management purposes, you trim your Bitcoin position in order to be conservative? I mean, your enterprise value is, what, $2.4 billion or so? I'm not sure what your Bitcoin position is. You initially invested 400 million or so back in August, and that position's got to be enormous by now. Well, look, we love the enterprise business intelligence

business, and we want to be in it. But we don't want to decompt the the company by drawing our treasury to zero, and we don't want to allow our treasury to be debased by 10 or 20 percent a year either. So we had to do something. I think that as investors start to understand the Bitcoin story, they're going to migrate their capital on the Bitcoin network, and that's going to create a virtuous cycle of adoption, followed by price appreciation, followed by value accretion, followed by technology integration from companies like, you see Square in PayPal. It'll be absolutely. Apple and Google shortly, that's going to drive more adoption.

And that means that you really want to plug your company into the Bitcoin monetary network, right? It's probably the biggest thing that's happened over the past decade. It's going to be bigger than the Fang stocks. It's going to be bigger than Apple, Amazon, Facebook, the social networks. And it's the ideal time to plug into it because 99% of the investors don't understand what I just said. and with $350 billion of monetary energy in the Bitcoin network,

it's all but unstoppable at this point. Oh, man. I don't think there's been a better person on some of these mainstream media shows than him so far. Like he really, even with terrible questions, he again knocks it out of the park. And how, how, like, how clueless was that interviewer? I mean, again, you can't expect, I guess, the interviewers to be up to speed on everything and be hardcore Bitcoiners. But, man, those questions were absolutely atrocious. And he just, again, he zeroes in on what's actually important and they're just trying to steer it somewhere else.

Are you a Bitcoin hedge fund at this point? No, I'm just trying to preserve the wealth that I've generated through my business. And I love when she says, do you think you trim your Bitcoin position at one point to be conservative? You don't trim your Bitcoin position to be conservative. You trim your dollar position to be conservative. You don't want those dollars because you know they're going down. And if you want to conserve your wealth, if you want to be conservative with your wealth, you get them the hell out of dollars. Crazy.

Again, the whole interview was pretty bad on the part of the actual interviewer, the actual interviewer, but Sailor knocked it out the park. And again, I don't think I've seen better so far. I'm so excited to see him on all of the shows in 2021, because you know he's going to be everywhere now. And he's really got a laser focus on what he wants to get out. And I think he's getting better at it too. If you see some of the newer clips of him,

he's able to just succinctly pound it out really quick and get in everything without getting interrupted. I love this from I don't even know. Again, I still, Zah, yeah, Zazza. I'm definitely conservative. I only have 1% in Fia. But amen to that. Amen to that. I think people don't realize that they're being, that they're not, they're being irresponsible by not having exposure to Bitcoin at this point.

I mean, the smart money is starting to realize that. But I think that even just day-to-day regular mainstream people, they don't understand. They're still treating it as a speculative bet as, oh, I'm going to make a few bucks. I want more dollars. People haven't made that connection yet. And I think they're still going to make those mistakes this year. I think you're going to see people buying in early and maybe they'll sell. Some of them will be lucky to sell at a high point and others will continue to hold through

that but not realize the value of holding longer term and will sell at a loss in a bear market. It's going to be bad. But hopefully, hopefully people like Sailor will capture some. of those people and help them realize the value there. I love this. Robin Mood. USD has been the worst performing asset. Yeah.

And yeah, somebody was saying, Bernard was saying, you got to get Sailor on the show. I would love to have Sailor on either for an interview or for an episode of Why Are We Bullish. I love those panel shows because everybody just gets to riff on what they want to talk about. And it's a lot of fun.

By the way, I am doing a New Year's Day episode of Why Are We Bullish? I think around 3.30 Mountain Standard Time, MST, have a few guests on just ironing out the last few, but very excited. Very excited for that one. Yeah, I guess that's it for this. These were kind of, I wouldn't say like a top five of the year, but some important ones that really stood out to me. So if you watch this, if you're watching this after the fact, maybe let me know in the comments some of the clips that you really enjoyed from the year. Of course, be sure to smash that like button, give this a share, you know, subscribe all of those good things, of course.

And if you want to help out the show in another way, you can always hit up as per usual, the previously mentioned sponsors. that was Leden, bit refill, Kobo, and of course, Bill Fottle over at privacypros.io. All of that is linked down below. And if you really loved what you saw, you can always drop me a Bitcoin Lightning Network tip at my tippin.combe page. With that, I'm out.

Guys, again, it's been a wonderful year. I have loved having all of you here. It's crazy how much things have grown, and I'm really looking forward in the next year. So, again, I really mean this when I say, have a very, very happy New Year. And I'm sure I'll be seeing you guys tons. With that, I'm out.

Have a wonderful night. And I will see you next year for your daily session.