The Wolf Of All Streets - Bitcoin, Asymmetric Risk & Macroeconomic Cycles | Noelle Acheson

Starting point is 00:00:00 The stock market has been putting in new highs 13 days in a row to the upside, maybe a 14th day coming. We have congressional bills passing around crypto, Ripple winning against the SEC, and still Bitcoin is doing absolutely nothing. What is it going to take to move this market? I have one of my favorite people to discuss it with today, Noel. We're going to talk about that and probably quite a lot more. You guys don't want to miss this conversation today. Let's go. discuss she's going to do better. Noelle, how are you today? I'm great, Scott. Thanks so much for having me. Pleasure to be here with you. Of course. So let's get it out of the way. You look a little different today than last time you were on. You wear it exceptionally well, I have to say. Well, Scott, one, thank you very much for the compliment. Two, I'm flattered you noticed.

Starting point is 00:01:18 Thanks very much. And I guess we should fill in your viewers and also those that are listening without video. I look different from the last time I was on Scott's show because I have no hair. And the reason I have no hair, it's apart from the fact that it's very hot right now in the state. Back in April, I was diagnosed with stage two breast cancer, currently going through the chemo. This is the result. And the reason I decided to go with a slight parenthesis here, the reason I went public with my diagnosis, as well as the reason why I decided I'm not trying to hide it with wigs and scarves is, apart from the heat, I think it's time we normalize this, Scott. I mean, this stuff happens. It

Starting point is 00:01:55 happens often and it can happen to anyone. So, you know, embrace it. Everyone should have the choice. And I hope that I can transmit the message to women anywhere going through something similar that you have a choice. You can go the Wigan scarf route and try and have as normal a life as possible. Or like I've done, embrace the experience. It certainly is different. It is kind of fun playing with your appearance, especially when it wasn't your choice, because that gives you a long creative leeway. Yeah, well, I have to say that your spirit and your positivity, I can tell you cancer doesn't have a chance against you. I think we could all do

Starting point is 00:02:32 that, but it's really, really, it is truly inspiring. I've known quite a few people, obviously, who've gone through similar things and attitude can vary quite dramatically as to how people approach it. Understandably, it is pretty scary stuff, but it is more and more treatable, thank God, for science. And it is also something that we can go through together. It's not something that people have to suffer in isolation, especially when it hits your identity. And especially, I think, with women,

Starting point is 00:03:00 that is very much tied up in our hair and our physical appearance. Well, I know you're looking forward to that first, I think you said vodka mart and our physical appearance well i know you're looking forward to that first i think you said vodka martini is that correct when you're done so i'm visualizing five lined up i am counting the days and we're almost there and let's stretch now maybe we could all fly out there as a community and have that drink together it'd be wonderful but uh yeah thank you so much for sharing that we really do appreciate it. And now we have to talk about something different, which is why is Bitcoin doing absolutely nothing right now? There's so muchs than headwinds for the first time in quite a long time i mean okay the scars of last year are still fresh but that was more than half a year ago it is time to move on and the signs are looking good we had the ripple ruling which is pretty darn positive especially for crypto businesses trying to gain a football in

Starting point is 00:03:59 the united states and for those investors looking for some clarity as to their portfolios. And yesterday was a really big step. I generally, I confess, tend to ignore the legislative side of the crypto news coming out of the US because there's so much noise. Hats off, huge respect to those fighting in the trenches every single day and huge respect to those keeping us informed because I know it matters. But there's been so much frustration recently decent sounding bills some terrible sounding bills but nothing seems to go anywhere that changed yesterday yesterday the first crypto specific bill made it out of the house financial services committee to two bills in fact with 35 to 15 and what what happened, Scott? This is where our minds should, you know, just totally get blown

Starting point is 00:04:46 here. Six Democrats broke ranks. Six Democrats voted in favor. Six Democrats told their party that they are not appreciating the anti-crypto stance the Democrats are taking. That's 25% of the Democrats in that committee, Scott. That itself is huge. It's not home run yet. Far from it. Today, it's with the ad committee. But it was a very big step. Bitcoin did nothing. Yeah, it did absolutely nothing. And I love your point about breaking ranks and the bipartisan support here, because rationally, this should be a bipartisan issue. It shouldn't be politicized in any way, shape, or form. I love Richie Torres from the South Bronx,

Starting point is 00:05:28 the Democrat who's been speaking pretty aggressively in favor of this. He also had sent the letter last week to Gensler after the Ripple decision saying, listen, man, back off. Your stance clearly isn't working. We're actually trying to get Richie onto CryptoTown Hall this morning on Spaces, and he's committed as long as they're not voting at that moment. But I'm looking forward to having that conversation. But like the market's just not reacting at all. And this really is the first time

Starting point is 00:05:55 that something has gotten through committee. We've had a lot of ideas, but this has gotten through committee. It will pass the House because the House is Republican led and we already are seeing Democrats break rank. I think the reason maybe that people just kind of shake their heads and, you know, are dismissive of it is because we know it has to still get past a Democrat Senate and president. Right. Exactly. I mean, this is definitely not a home run, but it's a good sign. And like the other good signs that we've been mentioned, and there's some we haven't even touched on yet. How many good signs is it going to take?

Starting point is 00:06:26 I mean, that's the ultimate riddle, isn't it? I have a theory on why this is happening. And it's part market structure and it's part sentiment. And the sentiment, because that's always easiest to talk about, the sentiment we know, and I don't mean any disrespect to this, but we know that investors, especially institutional investors, tend to move in packs because there's a lot of career risk in not doing so obviously there's outside returns available to those who are brave enough and convicted enough but generally they do tend to move as a pack and right now the level of conviction is not there those that have the conviction

Starting point is 00:06:58 they're already in we know that crypto funds for instance are pretty much fully invested so there's no new funds coming in from that corner. For any bull market, Scott, you know this probably more than anyone, is driven by new money coming in. New money coming in, driven by a sentiment change, which is generally driven by a narrative change. And we just haven't seen that yet. The news, but not enough to shift the sentiment, especially with still so much macroeconomic

Starting point is 00:07:24 uncertainty. I'm sure we'll get later on in this conversation to, is that even relevant these days? The correlation between Bitcoin stocks is lower than it's been in years. And I'll say, yes, it is still relevant. But anyway, uncertainty. And in terms of market structure, one of the reasons the big players, the new money that we're waiting for is staying away is that this is still not worth their while volumes are thin liquidity is low volatility is weirdly low this is very strange and so it's lowest ever if you absolutely it's like wake me up when it gets interesting yeah i mean i've shared

Starting point is 00:07:58 a few times but uh if you utilize bollinger bands which a lot of people do to determine volatility they're the tightest they've ever been right now on the weekly chart with the smallest spread. It just indicates that volatility really just isn't here. I did see, interestingly, a news article that seemed kind of clickbaity on the headline to refute what you're saying and also refute what I believed. Bitcoin, Ether, CME futures saw record participation from large traders in Q2. But when you look at it, it's an increase of like 95, from a 95, I think, to 107 large contract, people holding more than 25 Bitcoin futures contracts. It's from like nobody to nobody plus one. Absolutely. Everything in life is relative. We must always remember that, right? And yeah,

Starting point is 00:08:42 great years, but not enough to move the needle. Yeah. I mean, I think that there is probably an uptick in institutional observation of our space because of BlackRock. The question then just becomes, what is it going to take to actually get them involved? I mean, we should talk about the correlation momentarily, but even if these assets are almost uncorrelated, when everything is going up, we should see some positive movement. Absolutely. And okay, let's grab that uncorrelated bull

Starting point is 00:09:13 by the theoretical horns, if you like. Correlation is low, but correlation is always a backward-looking metric. Correlation is low largely because volatility is low, in my opinion, but we also know that that can change fast. One thing we can't lose sight of is that a lot of tech investors also hold Bitcoin. They are the tech-focused investors of the macro landscape, after all. seen this before that I'll say when the stock market turns out, because I strongly believe it

Starting point is 00:09:45 will and soon, when it turns out, the outperforming tech stocks will probably underperform suddenly. And most tech investors hold Bitcoin. When everything is heading south and you have cash goals, you have margin requirements, you're going to sell whatever you can, which is why when the stock market tumbles, Bitcoin does also get hit. You can tell me uncorrelated as much as you want. It's still going to get hit at the same time. However, here is a very big however. Here's where we get into the asymmetric risk. We know, Scott, we've seen this many times that Bitcoin has a strong support floor. We can argue about the level, but we know it's there because we've seen it. We saw it at 16. We saw it at 20. We saw it at 25. And the reason it has such

Starting point is 00:10:31 a strong support level is one, the diversity of its investor base. It's not just macro portfolio investors far from it. Two, the diversity of investment VCs. It's not even just about number go up. There are many large investors that are holding it as stores of value, investors from around the world. And that diversity of theses, of types of investors gives it the floor that stocks don't have. Stocks can have valuations, they can be influenced by interest rate, they do not have the floor that crypto has. They have more downside than the crypto market currently has, because there's very little negative sentiment baked into stock prices, whereas we can argue there is still quite a lot of negative sentiment

Starting point is 00:11:10 baked into crypto prices. So if you're going to put your eggs into a basket once the shakeout happens, once it does, which one are you going to choose? I agree. Obviously, you want the asymmetric upside after that downside has played out. And that's what you're hinting to right there. When you look at any metrics about Bitcoin on the adoption side, everything is exploding. Price may not be, but hash rate always continues to go up. Amount of holders continues to go up. And the amount of supply and exchange is going massively down to indicate the more people are holding. And long-term holders were at historic levels of them not moving their coins and not selling

Starting point is 00:11:51 anything. That's the floor you're talking about. Absolutely. And even, okay, we all look at the Bitcoin that hasn't moved in a year. Fine. That's a great metric. I think 75% hasn't moved in a year. But get this, Scott, something like 40% of Bitcoin hasn't moved in three years. Three years when any one of those holders could have at any stage over the past 12 months sold at a profit. Those are long-term holders. And that number is at record highs now, all-time highs. They have been steadily accumulating even through the bear market with a few dips here

Starting point is 00:12:24 and there. But overall, that is the floor. They have been steadily accumulating even through the bear market with a few dips here and there. But overall, that is the floor that we've been talking about. Yeah. And, you know, people love to point at capitulation for bottoms, but those holders do not capitulate. We've seen it. Like you said, they could have literally sold at $60,000 and they could have sold at $16,000 on the way down, right? Absolutely. Or $16,000 on the way up. And they were buying around at $16,000 on the way down, right? Absolutely. Or $16,000 on the way up.

Starting point is 00:12:45 And they were buying around about $10,000. Bitcoin was at $10,000 three years ago. So there's plenty of profit to be taken there, even obviously at times when that profit would have been very welcome because the world has been through some stuff in the past three years. But it's also, if I say when, we do get that shakeout. And I don't know how much it's going to hit crypto versus how much it's going to hit the stocks. I just don't know. But when we do get that shakeout, that is when we're going to start to see even more attention being paid by the macro investors because of the asymmetric equation that we've been talking about. But also because, oh, damn, I missed it when it was 20.

Starting point is 00:13:20 Okay, it's 25. That's close enough. Now I feel more confident in doing so. We do get that career risk thing going again. All of the macro investors that missed the last bull run don't want to have to explain why they're going to miss this one as well. Yeah, my feeling is that stops are topping here.

Starting point is 00:13:38 I have no idea what's going to happen. It's just my prediction, but we're starting to hear the celebration by bulls. 13 days in a row, the party will never end. Why do humans never learn? I'm not saying it has to be the top by any stretch, but it's the same sentiment and piling in that always happens sort of at these highs. I mean, this has to correct at some point.

Starting point is 00:14:01 It might be 10% higher for all I know. But I agree with you that it's coming and we know that things correlate on the downside. It does have to go back to some sense. You are so right. You've seen many, many cycles, but talk to an investor today, filing in today, and they are not using that kind of a language, which is a very top signal right there. That sort of suspension of economic physics, if you like, that suspension of memory, that suspension of belief that things are going to be anything like they have been every other time. There is definitely a correction coming. That doesn't mean it's not going to go up another 5%,

Starting point is 00:14:36 maybe 8%, 10% before it does. And there's career risk in missing that last little gap as well. The thing which is super interesting is analysts and economists now pivoting and changing their minds. One of the most interesting things that I took away from Powell's press conference yesterday, I mean, it was really one of the most boring ones I've heard in quite a while, except for when he said that the Fed staff no longer predict a recession. Recession. That blew my mind. What? That is the top signal right there what can

Starting point is 00:15:07 possibly have changed between now and the last time consumers are confident so obviously there's not going to be a recession this is very backward looking and yes it's true there's generally not a recession when consumers are confident but also so you've seen, Scott, how fast sentiment can change, how quickly confidence can take a knock. And all it's going to take, Scott, is one or two series of bad data points from employment and from inflation. And I think we have both coming. And I think employment only has one way to go when you're at historic lows.

Starting point is 00:15:42 Mike McGlone always says that on Mondays. He says, listen, there's still tightening. They haven't even really absorbed the tightening of the past six or nine months because it's obviously takes a long delay. And if you're at historically low unemployment, do you think it's going to get historically lower or do you think that it's going to go on its way up? And like you said, when you get, when we get that inevitable rise in unemployment, that has to happen at some point, just based on rational thought, do we think that consumers are going to keep spending through Christmas and through Thanksgiving and into next year in the winter? I really just don't see it. Absolutely.

Starting point is 00:16:16 And even before we start seeing it in the numbers, two things here. Even before we start seeing the numbers, people are going to start hearing things. People are going to start to feel a little bit more insecure at work. And that is going to change some of their spending patterns, which is part of the trigger that gets the snowball going. And the second thing is I invite anyone, any of you viewers to pull up the unemployment rate chart going back to the 1970s. You'll see when it starts to tick up, it does so really fast, really fast.

Starting point is 00:16:43 And that's scary. When we start to see that kind of a jump and it's coming, then that is going to trigger sentiment readjustment even more. That is going to make people scared. And here's the third layer which compounds, Scott. And that is when the stock market starts to think, oh, my gosh, this is not going the way that we thought. When the stock market starts to correct, then people feel less affluent. The stock market itself is a sentiment trigger. Even if you are not invested in stocks, you're seeing the headlines, you're hearing people

Starting point is 00:17:11 talking in the supermarket checkout, you are going to start to think we're in trouble. You're going to rein your spending and see even if you're not invested. The Fed, I mean, the Fed is just not going to really dramatically change course until stocks drop. I don't think. And that's going to really dramatically change course until stops drop. I don't think. And that's going to be the single. The only way they pivot is if there's some sort of panic. And without that panic, maybe they don't see a recession,

Starting point is 00:17:33 but I do think they're going to just keep tightening. Maybe I'm wrong, but people are saying they're done, they're going to pause. Why would they be done if they think that the economy is strong and inflation is still too high? I totally agree with you. I don't think the Fed would change their strategy even with the stock market. It kind of wants a stock market drop. It has dropped hints that it's kind of concerned at the stock market resilience.

Starting point is 00:17:56 What it wants is unemployment to go up. It has pretty much said so, perhaps in couch words. And once it sees that, then it can relax a bit, that inflation might start to come down. But until it sees that, then we're not going to see any movement on that, no matter how much market pain it's seeing. So let's talk about the fact that obviously Bitcoin is boring. It's been sideways. It hasn't reacted to the news. In your mind, and we now have a downside case, in your mind, what would it take for Bitcoin to break up out of this range?

Starting point is 00:18:32 I won't say this week, but in the shorter term, a.k.a. coming months throughout the year? Or is this just going to be kind of boring through the halving in our normal four-year cycle, and here we go next year? Well, one thing we know about Crypto Scott is that it's never boring. And when prices are trending sideways, there's generally so much else going on anyway. So now I think this is a case of you go first. No, you go first. No, after you, really.

Starting point is 00:18:54 And somebody will at some stage go first. It could be that the trigger is the correction that we have coming up, which people can see as a chance to buy lower. It could be that. Or it could just be a news item such as a central bank has some has bitcoin on its reserves or a large institution not necessarily a u.s based one is taking a position or even launching services to its companies we're seeing signs of that already coming out of europe sokjen's announcement was very interesting of the day but somewhat vague

Starting point is 00:19:20 we don't yet know if they're going to be offering their clients bitcoin and ether and there are other similar things coming on. One thing that I think was very overlooked, Scott, was a couple of weeks ago, Argentina launched Bitcoin futures. Argentina now has a more sophisticated crypto market. Argentina with 114% inflation and an IMF loan that it is renegotiating. And with the IMF, very anti-crypto. Argentina literally, sorry to interrupt, the IMF literally told Argentina when they were getting ready to pass Bitcoin friendly legislation, you get no loan if you do anything positive in the Bitcoin arena, which tells you everything

Starting point is 00:19:57 you need to know about the world's, at least from the globalist economic perspective, what they think of Bitcoin and what they want to happen. And that was, of course, on the heels of El Salvador. Absolutely. And it's getting even more interesting because Argentina has to come up with a payment for the IMF within the next couple of weeks. And it is turning to China to borrow the money to pay the IMF.

Starting point is 00:20:20 That is mind-blowing. I didn't know that. I didn't know that. I didn't know that. It has very generous swap lines with the PBOC and it is using the swap line to pay down its IMF debt while it is continuing to negotiate with the IMF. Because let's face it, the IMF does have a vested interest, no matter its rhetoric about crypto, it does have a vested interest in Argentina being able to pay it back. They have a vested interest in being able to pay it back but they also have a vested interest in maintaining that loan to keep control of the economic situation in argentina and countries

Starting point is 00:20:55 like it i'm not a conspiracy theorist at all you just look at the history of the imf and the world bank and effectively the minute you take a loan from them, you are forever beholden. You never get out from under that thumb. Yeah. And the different pieces that are starting to slot into place in different regions of the world, it is getting especially interesting. I made a fascinating statistic. This is not totally off topic, but it's related, that the United States has lent a tenth of the amount to sub-Saharan Africa than China's two leading state development banks.

Starting point is 00:21:26 A tenth of the amount. I did not know that either. Really interesting. And that's why, I mean, not to stray too far off topic, but El Salvador is so unique because they were the one country in my mind that could really adopt Bitcoin and do it without getting in too much trouble because the dollar is their currency. Any other country like Argentina who has their own currency where the currency could be attacked, where effectively the dollar could be weaponized, that wasn't the case in El Salvador. So all the

Starting point is 00:21:54 rhetoric from the IMF, World Bank, et cetera, they're still using the dollar as their main currency. So they didn't really have the threat of their currency being destroyed when they adopted Bitcoin. Absolutely. And then you have a different approach in countries like Zimbabwe, which also uses the dollar. It's very complicated, but they use the dollar. And now they're launching a gold back. I seem to have lost Noel there. The question is whether you guys have lost me.

Starting point is 00:22:18 Well, it's my Internet. Sorry, though. Yeah, my Internet. Can you hear me now? My Internet seems to have dipped there for a brief moment, but I think we're back. Okay. I thought it was you, but it's always me. Every time I think it's the guest, it's my internet.

Starting point is 00:22:33 Go ahead. I'm sorry. That's not how you accept that responsibility if I'm received. Yeah. I think we were talking about Zimbabwe when I froze. I thought you froze, but I froze. Different philosophy, different strategy in Zimbabwe. They use the dollar, but now they're moving to a government-backed,

Starting point is 00:22:50 gold-backed, sorry, government-sponsored gold-backed crypto token, which, again, this is Zimbabwe. It's not really going to move the needle on much. Zimbabwe is kind of a mess anyhow. But that is, again, a piece in the puzzle that other countries in the area are going to be looking at. Whether it goes any further, whether the BRICS currency becomes a thing, it's much more complicated than it seems. What's fascinating is that these conversations are no longer just theoretical.

Starting point is 00:23:16 Yeah, it really is incredible. So I'm thinking we're going to be kind of boring for a while. You're so boring. As much as I want to. Do you take a look at the altcoin market at all? I mean, what do you make of the reaction there while Bitcoin sideways? We used to see if Bitcoin went up, especially doubled effectively in the year, right? And went sideways, we would see these massive explosions across the board from altcoins. It's been somewhat boring there as well. But the similar reasons, Scott, and that is

Starting point is 00:23:43 the new money is not coming in yet. Those that are going to be playing in altcoins at the moment are the crypto natives. They're pretty much full invested. They're going to be doing some rotation perhaps, but there's not enough new money coming into the altcoin market either to make much of a difference. I believe when the new money comes in, it will be Bitcoin first because that is the macro on ramp. And then once the new macro investors are comfortable with that, they're going to look for the extra returns and the diversification. And that's when the altcoin season will start. It hasn't started yet. We haven't even seen the Bitcoin season yet, but it will come once Bitcoin has run as well and truly

Starting point is 00:24:18 underway. Absolutely. There's one final story here. There's Bitcoin volatility expected on Friday's Bank of Japan rate decision? Here's why. I don't know. I'm going to be honest with you. But the story there, obviously, is that the Bank of Japan, whose long, openly practiced yield curve control, is slightly loosening that, which could further reduce liquidity in theory, if they're not just going to be buying and buying and buying bonds, if they're going to do it to a lesser rate.

Starting point is 00:24:44 Maybe there's a story here. I would love to hear your thoughts. I don't think there's a direct rates related story there, to be honest, because nobody really expects the BOJ to do anything notable at this stage. They have some tweaks coming. That's inevitable. Their inflation is starting to creep up. Mind-blowing statistics. Their headline inflation is higher than US headline inflation at the moment. Who saw that coming? I certainly didn't. But obviously, that's not what the Fed is looking at. And that's not what consumers necessarily going to be focusing on or even the investors. The big thing is, are they going to relax their yield? I think it's more likely that they adjust their bands slightly. So I think that's going to make much of a difference. And as for a change in interest rates,

Starting point is 00:25:26 it's not expected just yet. And it would be very surprising if they go against market expectations. I think what we are seeing is crypto traders desperate for something to move the market. And hey, let's just assume that this is going to trigger volatility. I think we're more likely to see DXY volatility

Starting point is 00:25:41 perhaps on Friday. That said, Fridays during the summer tend to be pretty volatile. see dxy volatility perhaps on friday though that said yeah friday you know that's it fridays during the summer tend to be pretty volatile i don't have even noticed that because volumes are really thin and sometimes people just like to have fun with the market so we could see some bitcoin fireworks i don't necessarily think it's going to be rates related it'll be purely i mean even fomc our fireworks are like a 400 move in either direction now. Right. Well, yeah, our volatility is now $500.

Starting point is 00:26:09 I mean, Scarlett, you and I were talking earlier. We have people testifying about extraterrestrials in front of Congress now, and we're like, whatever. Absolutely. Well, Noelle, thank you so much for your time. I love the perspective. The UFOs, yeah, we will go there next time. I don't even know what to do with that yet.

Starting point is 00:26:26 I haven't watched the hearing, but it's a lot. And, you know, we're all behind you, and I can't wait to hear about how you've triumphed, obviously, which is the inevitable. So, hopefully in a few months, you'll be back. Maybe you'll keep the hairstyle, though. What do you think?

Starting point is 00:26:41 I think you should. I don't know. I think you should well we'll get a vote going i'm loving the low maintenance aspect i must say absolutely level well thank you for your inside perspective have a great day thank you so much scott this was fun all right everybody so i'm actually going to be uh not on youtube tomorrow we will be on twitter spaces today and tomorrow of of course uh today talking about both the explosion of crypto in Asia versus the United States, but most specifically about the bills that are being passed today. We're going to get a full overview of that. We're hoping I saw that while we were here, I got a message that the financial services committee started about 30 minutes late.

Starting point is 00:27:23 So hopefully Richie Torres will be able to make it. It will be dependent on their voting. Of course, just going through the comments over here. Oh, I see that we have someone who's angry that I blocked him. So why did Scott block me? Because I called him out. So go ahead and share your Twitter and I'll unblock you right now. I know anyone who like says stammer or something just kind of generally gets blocked by myself

Starting point is 00:27:43 or my team. I will happily unblock you. And if you want to discuss Celsius, I'm happy to discuss that because I've discussed it no less than a thousand times. I lost more money than anyone on these platforms. Celsius, I worked with only for about two months in 2020, a year before anyone even sounded a remote alarm about them. It was a brand new podcast. It was peak COVID. It was still in the 2020 depths of the end of the bear market there. And I thought they were awesome. Everybody knows that I was fooled by Steve Ehrlich and SPF and the Shinsky. I openly supported them just like most people did. I thought that they were helping people. I thought they were banking the unbanked. I fell for it,

Starting point is 00:28:19 hook, line, and sinker. And I lost millions of dollars as a result of it. Also, I've literally never found a person that signed up for Celsius based on me and was still a customer by 2023. And we've actually looked around. Listen, I feel terrible, but I was doing, I was practicing what I preached. I had skin in the game. I got very little monetary incentive from it. I really believed in it and thought that CeFi was incredible. It is what it is. But if you want to go ahead and share it, I will unblock you and then you can endlessly talk as much shit about me as you want on Twitter and I'll allow it. I didn't think it was appropriate that RFK Jr. went on his podcast to discuss Bitcoin with prominent Bitcoin maxis. Scott isn't a Bitcoin maxi. He sells shit coins. I'll also tell you this. You do not get to litigate or decide, be it the judge or

Starting point is 00:29:09 the jury of who myself or anyone else included is a Bitcoiner. I tweeted about this this morning. Bitcoiners, Bitcoin maxis, they don't get to decide who gets a membership card. You're not the Illuminati. You're not the church of Bitcoin. Anyone who owns, likes Bitcoin, regardless of what else they like, they get to be a Bitcoiner too, and you do not get to decide that for them. But thank you for your very valuable opinion. You can go talk as much shit about me as you want on Twitter.

Starting point is 00:29:36 Until then, guys, I will see you on Monday. It's been a joy, as always. Leave your name, buddy. I'm going to unblock you. Going to unblock you. Oh, Bobby Kennedy was epic yesterday. Yeah, listen. So should I, in theory, have not hosted Bobby Kennedy because a few Bitcoiners think it's a bad idea? So what did I do? I put it together. I stood out of the way, simply hosted to give it a platform. And I allowed those Bitcoin maxis that

Starting point is 00:30:02 you love to ask their questions, have their time and get the answers out of them. If I had not done that, we would have a hundred thousand less people who had heard Bobby Kennedy's position on Bitcoin. So you may not like the messenger, but accept that I'm trying to do good and trying to deliver the message. Anyways, dude, if you're even here, you're probably not. I will happily unblock you. I'll look in the comments for you. I will lose sleep until I get to unblock you. Peace, everybody. I'll see you on Monday. Bye.

The Wolf Of All Streets - Bitcoin, Asymmetric Risk & Macroeconomic Cycles | Noelle Acheson

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