Bitcoin Breaks $1 Trillion Market Cap | Altcoins Surge | Mark Yusko

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The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. This video was created for entertainment. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this video constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to “Buy,” “Sell,” or “Hold” an investment.

Bitcoin is over $52,000 its market cap is over a trillion dollars and the Bitcoin spot ETF inflows are absolutely going nuts over $500 million a day and growing is it clear skies ahead am I missing something are there some major headwinds that I’m not paying attention to well

I’ve got one of my favorite guests of all time as you guys know Mark yuso here to discuss this Market what’s going on what we can look forward to in the future and probably to show us some cool socks I don’t know and uh to talk some

Smack about politicians this is going to be a really fun show guys and of course we got the chart guys on the back half let’s go Let let do what is up everybody I’m Scott mker also known as The Wolf of all streets before we get started please subscribe to the channel hit that like button sorry that I missed yesterday uh was extremely under the WEA weather but uh making a raging comeback right now so uh glad

Glad to be back and I wouldn’t have missed mark yuso from the world they would have had to literally prop me up in the hospital bed uh turn me sideways take the tubes out put the mic in and said hey man we’re doing this Mark good morning good morning glad you are are

Feeling better and and uh I it uh I am impressed that you would you would get out of the hospital bed for me so I appreciate that of course if we had you booked in advance there’s no way I would I would ever cancel on you so man Bitcoin

$52,000 look you you said we’d do some socks so yeah okay so I have the green candle pants you know we’re wearing green instead of orange and I have the rocket sock Bitcoin Moon sock game and and it’s not just you know when Moon kind of Lambo no this this bull market

That’s just getting started like we haven’t even gotten to crypto fall that doesn’t happen till June the having is still yet to come and we have one more let’s call it um SpaceX like explosion that that was planned be right you know after the IDS of March before four tax season this

Year there’s one more selling wave that’s coming and people are going to go oh my God it’s over no no no no after that and once the having occurs you know this is interesting are you talking about Genesis just for clarity are you talking about the the Genesis because to

Me that’s a nothing burger by the way that’s that’s a nothing burger no every year there are two um something burgers and they are bigger three out of the four years fact they don’t really happen in the in the fourth year because the bad year there

Are no gains to worry about but what happens the Lunar New Year every year we know we just had it um before Lunar New Year there’s a bunch of selling in China to fill up the red envelopes with cash and it has happened every year since Bitcoin was started everybody’s like why

Is there selling pressure like do do you not understand a billion six people filling up red envelopes with cash they they they sell some Bitcoin so that’s that’s one and so we we survived that that was no problem and that actually coincided with the gbtc liquidations and

All that good stuff but then you have Uncle Sam has to get paid and you know it’s amazing it’s amazing man government we don’t we don’t care about Bitcoin bitcoin’s a fraud it it just doesn’t matter it’s the fifth question on tax return it’s insane it’s the fifth

Question so even though they care about but so and look after a really good year and last year was a really good year up 130% 155% sorry 155% so there’s G be some taxes due and people are going to sell to pay taxes and that happens every

Three out of the four years because you get three good years and a bad year three good years and a bad year three good years and a bad year and Tim Peterson who who I love I love him just put out this morning this cool thing

That we just yeah yesterday over the 52 weeks up exactly 100% And that has happened I can’t remember exactly how many times he said but in every incidence the next 12 months we’re up 100% so that’s interesting and then the last thing that I was gonna

Talk about but I for and we we’ll come back to it right I mean so now we’re at over again this meaningful trillion market cap number which listen it’s just a number but it’s nice to be back and we really haven’t spent much time above 50,000 in the history of Bitcoin I think

It’s 190 total days something like that I mean I think we’re 20% off the highest weekly close and the having hasn’t happened yet we are way ahead of where we should be if you were just looking at the fouryear cycle and it’s because of the ETF right I mean this

Is I disagree I I disagree I I think we are exactly on schedule and and I’ve actually been talking about this for a while I mean you and I talked about this nine months ago n or 10 months ago doesn’t doesn’t matter but and I’m about

It every Friday on on my uh on the margin show for over a year that the four-year cycle exists because of the having right having embeds this natural proclivity for price to rise otherwise the miners who are integral to the success of the the protocol would find

Themselves in in a pinch because their electricity cost and and space cost are fixed so long story short you have this cycle and the cycle is exacerbated by humans like the people watching the show and you know there are investors people who buy assets when they’re below their fair value there are

Traders who don’t give a [ __ ] about fair value they just like to trade movement there are speculators which are the other side of hedgers hedgers are people who like produce things and have to sell like like the miners or oil producers but then there are the gamblers and the gamblers are the people

Who don’t understand or really care they just want number go up and then they buy on Leverage and that’s what pushes us to the crazy parabolic blowoff top and then not here yet on the other side pardon yeah and it’s not even here yet I’m assuming that’s the point you’re about to make

But this has been spot buying it’s incredible so so what’s happen build up in in in leverage it fair value we we we nowhere close yeah to the speculative top th this is fair value fair value according to again to Tim’s metaps law model and I’ve been using the metaps law model since

2014 metaps law is the definitive way of calculating the value of a network any network whether it’s Amazon whether it’s Apple whether it’s Bitcoin and so the mecast law model said the fair value is about 52,000 now I’ve been rounding it to 50 to make it easy but when we were

At 25 not that long ago I was like look we’re going to migrate slowly toward fair value of 50 and guess what here we are almost up to the having but then what happens is the having in previous Cycles doubles the fair value like well what do you mean

Well you think about if the block rewards go down in half the price has to adjust upward 100% to to keep the revenues the same now this time there’s a subtle difference so what I what I was saying before ordinals was that at the having this year now you know now it’s

Going to be April 8th which is kind of a coincidence that is a total total solar eclipse which I think is an interesting day to have the having but anyway um and so that 100K number was my base case but then ordinal happened and transactions went up and transaction

Fees went up so it’s possible and I’m I’m I’m still working on this part it’s possible that fair value only goes to 75 or 80 let’s just let’s just say 75 so then the investors have been buying all this time up to fair value okay well now

We have new people we have Traders we have speculators because the hedgers are selling the gamblers haven’t even showed up yet once they show up and once the leverage starts then we go right through fair value so right past 75 probably in history we go to 2.3x I

Was saying more than doubled it yeah at the peak we go to 2.3x at the peak so we went to 69 on a fair value of 30 and or 68 was and so I don’t think we’ll go 2.3 times because I think there’s less leverage I think we go two times fair

Value that’s 150 so sometime between Thanksgiving this year and June of the following year uh that’s when we see the the new all-time high and and then you know then we’ll have another crash and you tweet about this right and then prepared right that we will go past fair

Value and we will then have people come in and say okay I need to be short this and the cycle will start all over again and that’s that’s fine yeah here here’s the tweet I assume you’re talking about everyone’s talking about how much higher crypto prices will

Be in one to two years nobody’s talking about how I’m will solve them will likely be down 90 to 95% from the peak in three to four years W go down well okay I’m not saying Bitcoin will I’m saying all this small cap stuff that everybody percent Scott and scooter um

The the the the thing is and I loved your your comment on that which is look Bitcoin is the Apex Digital asset it is digital gold right ethereum World computer probably you know pretty big deal then there’s a few other cryptocurrencies that could maybe have a role maybe not we we’ll see they’re

Still fying for then there’s the thousands of utility tokens that are basically public or liquid Venture Capital preed Stage not even seed stage preed stage Venture Capital the loss ratio on preed stage venture capital is in the high 90s 97 98 99 so the vast majority of those

Projects are going to zero now that doesn’t mean they don’t go up first but the vast majority of them will go to zero and if you’re rifle shooting in those projects find a different occupation cuz if if you you know scatter shot you know shotgun blast okay build a portfolio

Position size right you know take some profits um that’s fine but yeah if if you’re betting it all on one number yes somebody will win and we’ll have to hear incessantly about them winning but the average person loses in couple top yeah there’s a couple topics

Here I want to get your thoughts on one is this gold ETFs bleed 2.4 billion so far in 2024 as Bitcoin ETFs hit record volumes I have obviously this tracker we now have market cap of Black Rock 5.73 billion I think objectively that’s a lot higher than people expected a month in

Fidelity 4 gbtc Rising fast I don’t think people realize this was down to about 20 billion now 24 billion and we know gbtc was about 26 billion total when these launched now we’re at 37 billion do you think that we are seeing people go from gold to bitcoin or do you

Think that these coincidental events like do you think that people are exiting gold ETFs because gold isn’t moving or do you think that this is actually moving money going from gold to bitcoin which is the narrative that our community loves no I mean 100% And and

You I can’t tell you exactly how much but there’s no question in in my mind no question um actually I just say there’s no question uh there’s no question that people are sell some people are selling gold silver other things that they’ve used as a hedge look there were people

Who sold the miners there were people who sold micro strategy to buy the ETFs no question that was happening because people who were prohibited from owning gbtc or and didn’t want to deal with the hassle yeah or they just didn’t want to touch it like there’s a lot they didn’t

Want to G why would you buy you know something that was swinging premiums and discounts massively yeah yeah yeah yeah yeah although closed end funds people buy closed-end funds all the time people buy junk bond closed end funds they buy and they sell it a discount but but

Still you’re right there there are plenty of people said I’m not going to touch it the ETF legitimizes you know air quotes and despite all of you know gloomy gares protestations and fud I mean the guy I don’t I I he just looks so sad all

The time like his life is miserable he he’s like he he reminds me of um we’ve most people seen anal house except the youngsters who go see animal house this weekend um amazing movie right and Donald Sutherland when he’s up in front of the class he’s like oh okay I’m sure

You find mil I actually find Milton as boring as you find Milton but but this is my job and and I think he’s like I have a really important job I don’t I don’t have to talk about this boring Bitcoin stuff he he doesn’t want to talk

About it and and so he just spews nonsense because he’s on the payroll of M Warren and you know I call him I call them you know the naughty nine you know the bigcoin marketing club that uh someone put together the nine you know haters and look haters are going to hate

Why are haters going to hate well because they have a lot to lose anyone in the traditional Financial Services world or anyone who is bankrolled Miss Warren I’m looking at you um I probably shouldn’t do that I probably shouldn’t personally confront um people of power but whatever um although it was really

Funny Scott hopefully it doesn’t happen today I was doing a podcast once and I was going down my rabbit hole on on FTX which I have some pretty juicy stuff on FTX and suddenly the lights went out and people were like oh my God the black

Hats came and got it I got you man and got you happen to our Twitter space it happened to us on Twitter spaces the other day oh my God that did it did they shut us down they shut us down we got rug pulled there uh very regularly so

You uh you summoned her you said Elizabeth waren so now I have to bring this up even though she’s not implicitly mentioned this is Tom emmer the go the GOP majority whip of the Congress today I asked treasury’s head of finsen and ofac about the world Wall Street journal’s reporting on hamas’s digital

Asset fundraising campaign under secr AR Nelson confirmed on the record that the Wall Street journal’s numbers were inaccurate and that crypto was not even a popular tool for Hamas terrorists so we know this the Wall Street Journal published the article Elizabeth Warren went on a tweet campaign and then went

On letter writing campaign and then went on a raising awareness in Senate campaign saying that this was the new narrative against Bitcoin it was being used to fund terrorism that was outright just uh just dispelled by onchain data we knew that but they’ve kept going with

The narrative and now you have one the heads of fincen these are the people who know better than anyone saying this just isn’t true and we still have Elizabeth Warren and Friends writing letters and tweeting and aggressively saying that this is what crypto being used for Jamie

Diamond right AML kyc terrorist shut it down oh look it it it’s it’s convenient for them to you know rail against the thing that are disrupting and this this is not unique this has happened for centuries centuries there have been disruptive Technologies right and disruptive ideas I mean Galileo wasn’t really

Well-liked when he kind of said we you know the world doesn’t or the universe doesn’t revolve around the world he he wasn’t well liked and um you know he suffered for his sin so to speak but every disruptive idea every disruptive technology has been resisted by those with the most to

Lose and and that’s logical right I always use the the favorite example of of the red flag law everybody knows heard the term red flag and we use it for different things but where it came from is when the you know unions who you know scooped the poop of the horses and

And saddled the horses and made the whips didn’t like the Horseless Carriage so they lobbied fancy word for corruption paid New York City to pass a law called the Red Flag law that said if you had a horse’s Carriage you had to hire a human to walk in front of it with

A red flag now has anyone ever seen a person walking in front of a car with red flag no because that was a dumb idea but but it actually was a law that got passed and inevitably disruptive technologies that are good not all disruptive Technologies are good but disruptive technologies

That are good catch on and you know this this is a technology the Bas layer of money the digital base layer of money for the digital age that is not going away no matter how hard they cry complain object try to you know dissuade people through fud and and just outright lies

This movement of of electronic and physical analog assets into the digital world is not going to stop I mean I I kind of love this in the sense that for years and I I mean literally years like since 2017 18 I’ve been saying every stock every Bond every

Currency every commodity every asset in the world will be tokenized meaning in line item on a ledger now we Larry now we Larry Fink who is way more powerful and way more successful and way wealthier than me saying like almost word for word I’m like you know imitation is a sincerest form of

Flattery so thank you Larry yeah the the Larry Fink Road show was really not on my bingo card for the last year and I actually credit that for a lot of this movement and I think that it’s genuine I really think that he gets it mooch told

Me he gets it I believe him by the way Elizabeth Warren I don’t know if you heard this but there’s rumor and I reached out that John Deon one of our favorite lawyers everyone loves one of our favorite guests just changed his address from Rhode Island to Massachusetts and is going to run

Against Elizabeth Warren in the 7 W did you hear that wow no you’re breaking news for that is that is awesome and uh I I will now tweet my my massive support yeah go go check it out Eleanor terret kind of broke it I reached out to John

And he said can’t say anything yet but I’ll need your help which to me mean uh very seriously considering a run against theth I I know that’s an extreme long shot you know coming from here she’s as powerful as it gets but man you gotta if you have an opportunity to support

Someone that you uh believe in going against the literal singular face of the enemy I think that you gotta you got to take that shot oh of course and and look I I applaud those in the community I mean Bruce made a run um and others have have made runs

And you know Brock actually tried to make a run president so I mean look and and and I applaud people who who try to to you know go with the Enemy the the good news though in this case is while while that would be amazing to have a legitimate intelligent I should I

Shouldn’t say she’s not she’s she very smart she probably is very smart she probably is um she just says dumb stuff to be provocative and and to create you know fud so she probably is smart but but she is like so many completely corrupted and it makes sense right I

Mean the challenge is to run for Senator so John’s got a big a big nut in front of you have to raise a hundred million that’s a that’s a lot of money to even have a small shot to even have a small shot oh yeah yeah no no I mean

Well the the average win right the average win for a senator is 100 million and most people don’t have it like Meg whitmann did she spent 103 million of her own money and lost unfortunately um I mean I don’t know I mean I I don’t

Know her well but but I thought she was better than the person she was running against but if you don’t have a hundred million and you have to raise it it turns out the people that give that kind of money to you want something expect stuff and it’s

Perfectly logical so either we have to change the rules like we’ve got campaign Finance yet you can still have a super pack that can spend unlimited amounts of money and you can donate unlimited well well then where are the where are the limits so you know it’s and again and I

Like Robert Kennedy but I I don’t think any independent could ever win um but I you know I felt badly for the guy because he’s like yeah my family’s kind of offended at the ad but I didn’t do it it was the super pack that dropped $7

Million oh they were offended by the Kennedy ad I thought it was great the like I thought it was I I think I think as I understand it there were some members of the family of his family that don’t support him so they don’t want him to utili use John’s memory you know

Legacy I assume yeah correct I mean he he kind of has the DNA so I you know invoking memories of Kennedy’s past I I can’t see that being a problem but there were people who are who are upset but he didn’t write the ad right it was this

Massive you know super pack but anyway we digress the I think the the really important thing I I want to do something with you Scott what if we tried to um make the case against bitco I said it in the intro maybe I’m missing the headwinds but I just don’t see them

Right now that makes me scared actually the fact that I don’t have a be case right now is extremely concerning so so so so let’s say um you know let’s say that that this is a this was created by the NSA and CIA to basically uh funnel a worthless currency the dollar

Into this non-w worthless thing so they could back door steal it from everybody what about that I I’m willing to listen i’ obviously I mean I’ve heard many times the argument that it was the CIA or the NSA that created bitcoin and I’ve seen some pretty compelling Arguments for it to be quite

Honest why they would do it uh is where I uh start to not really comprehend I I understand what you’re saying but man bitcoin’s going to have to get really really big for that to happen so that would be the benefit of everybody who holds Bitcoin so is that really the

Worst case scenar well and see so that’s not really a headwind for Price here’s the problem here’s the problem literally you’d have to get 100% not not 99 not 97 100 because as long as there’s one Bitcoin or even a fraction of a Bitcoin in the hands of the independent nodes then

All that would happen if you cancelled the like you know um Max and and look I I love Max and Stacy I love them they’re great but I when when Max says don’t don’t do the ETFs because they’re just gonna seize them like well okay so let’s let’s pull that thread let’s

Say black rock at all the plan is to get the Boomers to put their money in this thing and then we’re going to steal it from them those are the voters that put those people in so I I don’t think you would want to steal their stuff but okay let’s

Say because it’s not they’re not stealing the stuff from from the degens and and the people who have it on their their Ledger they’re stealing it from the Boomers who’re putting the Boomer rapper but okay let’s say they did that what happens well let’s say they had a third

Of it let’s say they get a third of the Bitcoin so a third of the Bitcoin disappears the other twoth thirds goes up in value yeah that that’s that’s a bad that’s a bad plan so unless somehow you can get all of it and and here’s the other the other reason I

Don’t I don’t fear this because when I first got into this back in 2013 and I was talking to Dan Morehead he was trying to convince me and and I make the joke which is not a joke um I was not running drugs on Silk Road I was

Not a cryptography student the first time he said the word Bitcoin to me I was like I I don’t I don’t really understand I mean tell me more and he’s like well it’s infrastructure and it’s this you know new form of money I’m like okay tell me more um and it took me

A while but but I eventually got it but I I remember Googling saying I’m going do some work and if you Google Satoshi Nakamoto what comes up is intelligence Central because Nakamoto is the surname of the families from the central region Central provinces of of Japan and Satoshi means intelligence I’m like whoa

Whoa whoa whoa whoa whoa whoa that’s too close to CIA so I worked up this whole thing about they had a back door right they put a back door in it they created this and then they’re gon to steal all the money and you well why would they do

That well if you could take shitty money dollars and convert it into good money Bitcoin and then steal them that’s a good plan so Scott storett who is a venture partner of ours Scott invented the word blockchain he and his partner steuart Haber literally invented the word blockchain and pretty smart guy he

Forgotten more about blockchain and AI than I’ll ever know cryptography he’s crypto he’s a cryptographic expert and so I said to him one day said do you do you think this could happen and this fast said no what do you mean what do you mean like you thought about it for like five

Seconds he says well here’s the thing the way you’re thinking about a back door cannot exist in Bitcoin because it’s air gapped like okay so but but then just as fast he said but eth yeah it could happen on eth I’m like whoa whoa whoa whoa whoa that but that was really

Interesting um that he said both of those things I thought was crazy yeah I agree because the worst case scenario then is an extremely bullish scenario for the holders of it and it would literally have to be from people’s cold dead hands with the passion of the

Holders in this community I mean if you’ve held Bitcoin from $10 to a th000 back to 100 to 20 back to three to oh no Scott you’re you’re just lucky I I love Lena pronounced her name you know she’s the cartoonist and she has the you know

Bitcoiners are lucky you know with the fire and the falling off the cliff and yeah but now everyone’s like well you you’re just lucky like what are you talking about anyone who’s been here for any period of time yourself anyone in the community we’ve lived through [ __ ]

Like I mean I’ve had clients literally say I will fire you for even talking about this like really I mean I’m talking about a few percentage of your assets to diversify your portfolio it’s the best diversifying asset in the history of assets I can actually back

That up with data it is the best diversifying asset for putting a diversified portfolio together right which remember concentrated portfolios make you rich Diversified portfolios keep you rich my whole career up to the last five years was about the stay business I was in the stay Rich game so

Rich people and Rich institutions came to us and said keep us rich well the way you do that is have a diversified portfolio Equity oriented long-term focused heavy on venture capital and Innovation as an asset class and heavily Diversified with high volatility assets that are uncorrelated to one another the

Highest volatility lowest correlation asset in the world over the last 15 years is Bitcoin but I keep hearing how correlated is I drives me nuts what are people looking at it’s 0.0 correlated to bonds 0.15 correlated to stocks those are facts and people say no look at one

Month look they both went up or they both went down it’s random walk in the park days don’t matter weeks don’t matter months don’t matter correlation is a long-term statistic and short-term moves and wiggles don’t matter in fact and and and look I love the bitwise guys and

We’re investors in bitwise and I I hope that that company does really great because then I’ll make some money um and I love them and I love Hunter and and I love Matt but Matt tweeted out this thing yesterday saying that he was talking to an advisor who said you know

If we get a couple more days where you know stocks get hammered and bitcoin’s up my clients are really going to be interested like oh my God noop don’t get it but that that that means we’re early man that just means we’re early that’s exactly right that’s exactly right we’re

Bri I show this now all the time Brian EST has sent this to me 6040 portfolio sharp ratio adding Bitcoin or crypto 10 to it the more you add the higher your sharp ratio goes that’s it why is it like so doesn’t shouldn’t matter if Bitcoin goes up when stocks go down if

You have an emotional hatred for Bitcoin it mathematically improves your portfolio period this is the argument this no period end of story and look I I am fine if you want to say that that and I love Brian Brian is a good friend and

And um I love the man and one of the most inspirational people I know um but I’m fine if you want to say well his numbers are wrong like what do you mean he’s using the 15 years and the first five years of the data are

Bogus take them out I take him out doesn’t the numbers the numbers do go down a little bit but not very much even the last 10 years and the last 10 years are purely legit starting 10 years ago you could put institutional size Capital to work the first five years no the

First five years it was a you know went from 0.003 cents to a dollar fine that doesn’t count I’m okay with that but from kind of multiple hundred to today all of that counts and and people are are upset well the volatility is going down like yes it is and so did amazon3

It’s 129 yeah it’s just a lot of large numbers yeah I mean Amazon actually even today has the same long-term volatility as Bitcoin amazon.com stock okay has 80 fall8 Z he say no it doesn’t like well it does that’s just math and every year in the 28 years it’s been a public company

Every single year it’s had a double- digigit draw down it had two double- digit draw Downs last year every single year and the average is 31% so every year for 28 years on average if you held Amazon you lost a third of your money but when was the right time to sell

Never never but who bought it on the IPO and held it today there’s only five people in the whole world Jeff Mom Dad okay ex-wife and Bill Miller Bill Miller’s cost is seven cents he’s the only guy okay and this Bill Miller Senior there’s Bill Miller four who’s

Great too but and they’re bitcoiners by the way so I I in fact you should have Bill Miller for on the show I don’t know if you ever had I I would obviously uh kill for That interview but I have not no all right so I which is funny that you’re

Mentioning billionaires literally my newsletter this morning was entitled the billionaire list and I just literally rattled off 50 people that are billionaires that uh are holding and proponents of Bitcoin now I don’t think people realize at this point we’re getting to the point where there’s almost more billionaires who like it

Than hate it and the ones who hate it are bought Pap anyways there’s probably a lot if you are a billionaire right this go you’re already rich right so if you’re already rich you have either by luck or brute force or whatever you have been educated either self-educated or by

Your advisers or whatever that diversification is a good thing and diversifying assets are a good thing and all you got to do is go back and watch people like druck and Miller or Paul tutor Jones they don’t talk about Bitcoin Moon they don’t talk you know they actually don’t wear Moon stocks

Like me they don’t talk about you know the price they talk about it’s a diversifying asset it’s like gold it provides a hedge against the other things in my portfolio it’s the greatest macro asset in the history of macro assets well what’s a macro asset a macro

Asset is an asset that again is uncorrelated to the traditional assets of stocks and bonds and cash things that Vanguard loves which you know here’s the thing Vanguard I shouldn’t make fun Vanguard because more success no they’re more successful than me they’re more successful than me they they built an

Amazing business on the premise of we’re gonna we’re gonna Lobby okay we’re gonna Lobby we’re gonna pay lawmakers to install us as the default goto you know application for people in their retirement and we’re going to pay a lot of money for that privilege and then

We’re going to charge low fees but on a huge amount of money and we’re going to scare people into thinking that you shouldn’t do anything novel or interesting just passive it’s just passive and here’s the thing if that were such a great system then the average person wouldn’t have sub

$100,000 in their 401k and have no ability to retire right if it was such a great system right they wouldn’t wouldn’t allow you if you’re under 65 years of age to have fixed income in your 401k right that should literally be against the law I was just going to say

They don’t even recommend gold like an RA literally is just 6040 stocks and bonds they don’t even go as far as to say you should diversify Beyond those assets to yeah hard assets of any sort so and and look every sophisticated pull of money in the world everyone right endowments foundations Sovereign wealth

Funds you know pensions that are run by intelligent human beings um has a diversified portfolio that integrates these macro assets hard assets other assets into the portfolio to improve the sharp ratio the return per unit of risk and now look the flip side of that is if

You’re not in the get-rich business I mean if you’re not in the stay business right then it’s okay to be concentrated it’s okay to take some punts but again don’t don’t take single punts make sure you take enough punts so that the few that do go to zero don’t destroy you and

Let your winners run in fact you know I I was blessed right I I came down here to North Carolina Where I Live Now 26 years ago and you know as a kid I was a young kid and I got this job to run the endowment at UNCC and one of the guys

That became a mentor was Julian Robertson he was you know Alum and we had a big chunk of the portfolio with him at Tiger and for whatever reason he took a liking to me and I got to spend a lot of time with him uh over the years

And you know God Rest his soul but amazing man I mean maybe maybe the best investor I’ve ever known I mean there are plenty of good investors in the world but and I’ve met lots of them that was I I I got paid to talk to the

Smartest people in the world that was my job that’s pretty cool but Julian I I asked hundreds of people that work for Julian over the years that have started some of the most successful hedge funds on the planet and asked them what made Julian so great and they’re like well

You know he was the most competitive person oh he had the highest Integrity oh he was so brilliant he could you know he could do the numbers and his big thing was never fudge the numbers okay well that’s good but they all said one thing and lots of people said different

Things but they all said one thing he had an uncanny ability to double up he never doubled down when something went against him he’s like I’m out I’m wrong I I I move on but when things would go well he would double up it’s like but that’s the antithesis of diversification

That’s the antithesis of rebalancing so that’s I’m not in that business for my winners when I’m right I’m gonna press the pedal to the medal and that is the hardest thing to do in investing full stop full stop man I know we’re almost out of time

But I want to just make a comment on what we were talking about with the billionaires and the argument of Bitcoin being a store of value I think the problem is that for 99% of the world they have no value to store I think I think billionaires are getting it now to

Your point because they’ve already concentrated made their wealth and they’re looking for diversify assets the sharp ratio these things we’re talking about but these are for wealthy people right well and and to that point Bitcoin is past the stage of the super wealth creation right it’s not going to

Go go from a dollar to 50,000 again ever now it is going to go from 50,000 to 150,000 it is going to go from 150,000 to 500,000 those are perfectly good M 3x each time so 9x total that’s fine but that’s different than if you want to go down a level to ethereum

Ethereum probably outperforms maybe and as long as there’s not a back door and down below that you know if salana fixes their problems you’ll make more money than that if you know Avalanche kind of catches on and so you keep going down and down at the bottom there will be new

Things that get created that solve new problems some of them can make you a THX 2000x look we made 2,000 times our money on salana it’s the best multiple I’ve ever had in my life and that wasn’t my money it was my client’s money and I’m

I’m happy and I get a little piece of that but but that and it wasn’t even me right that was Kyle and tusar and and whatever but that happened only because you went from an idea the germination of an idea to wide acceptance I won’t say Mass adoption but wide acceptance and there

Will be other projects like that but you got to realize that for every one of those you’re going to have four five six literally that go to zero and I can name the ones went to zero um like Har Harbor and others but it’s okay so and and that’s

Why investing has to be a portfolio approach and you got to have your core Holdings that preserve your wealth but to your point if if you’re still in the wealth creation phase then focus on Innovation Focus ideas focus on having enough exposure and then have the ability to let those winners run but

Don’t ride the losers yeah it’s funny I tweeted this right before I let you go I tweeted this yesterday want to make money in crypto buy stuff and wait a while thanks for attending my TED talk right but but to the point of what you’re saying I immediately got Maxis who I respect

Saying want to make money in crypto buy Bitcoin and wait a while ignoring there was a crypto every time I say crypto I get the bitcoiners that come in and I said I don’t buy Bitcoin to make money I don’t no I don’t if you’re a hardcore Bitcoin Maxi you shouldn’t be triggered

By me saying uh buy crypto if you and wait a while if you want M to go up because of the point you just made I’m buying Bitcoin because it is my money right and to hand it down to my kids but I’m not buy Bitcoin to sell if it goes

To X so that’s not a money-making scheme to me it’s a great line I buy Bitcoin because it is my money my money and and since I’m Mark yusa that’s my I like that my money no I’m just kidding um but but it’s it is that’s the

Whole point and and that is okay right once you have money you want to get it out of dirty Fiat into a good store of value and but you can make it in the Fiat world you get paid your wages you can invest it into

Other things I mean no no no harm in owning Nvidia I have been wrong I wouldn’t own it here but plenty of people and I thought it would go down to 300 to fill Gap yeah so look but but the point is owning things that go up a lot

Great and you want to own she and Doge I I don’t give a crap I’m not going to do it but if you do just remember to eventually convert it into my money right which is the Bitcoin and that’s the whole point but to the Bitcoin Maxi thinks only Bitcoin

Well okay but that just means you’re not an investor because in if you’re an investor you’re going to want to invest in venture capital and energy and and Ai and chips I mean one of we just made an investment in this company and look I’m not saying that

That it’s going to work but they have an idea and and and they’re six years in to developing a chip that would basically obsolete every chip in every Cloud Server in the world okay that that could be worth a lot of money now it could fail miserably but if

Their chip does what they think which will allow you to access your information without decrypting it I mean that is monstrous anyone who’s ever played poker understands pot odds sometimes you make a big bet at the end knowing that the odds are that you’re going to lose but the pot odds justify

It because the size of the win is Justified to put your money in even if you think you’re going to lose amen and my my greatest my greatest poker moment ever and then we’ll I’ll let you go was has to be better than our than our poor Blackjack moments oh no

That that well that was fun at least we had fun together Mark and I lost a lot of quick money playing Blackjack just to hang out go go ahead yeah yeah yeah it’s just it’s just entertainment but my my best poker moment ever David Swenson again

God Rest his soul you know the the father of the endowment business so every year there’d be a big Gathering of of endowment Executives and and uh we’d get together we play this poker game and it was $20 Buy in small odds no big deal

But at the end of the night David who was pretty good poker player would pull out the wallet and start like tossing hundreds in and we’re like oh my god really he was just trying to bully every everybody and buy the pot and and I was poor because I worked

At a little University and and and but I like I I might have it take off your watch your shoes I exactly and I I’m like I’m like borrowing money from the guy next to me and and I and again there’s not a lot of money in in the big

Picture but but I got the River card and I won $1,400 from David Swinson and it made my life right at the time and and I came home and my wife confiscated so those are ill gotten I’m going to take and make sure and flip them into a valuable

Handbag exactly exactly exactly I know exactly man we’re overtime thank you so much by the way Bitcoin at 52,800 right now so uh still push it you the longer we stay on the higher it’ll go so maybe we just should stay on all day we talk forever we’ll be at 60,000 before the

End of the day but Mark always amazing to have you I saw James lavish was in the comments funny you’re always in the comments when I have James James is now in the comments when I have you so it’s perfect guys Everybody follow Mark Everybody follow Mark thank you and uh

Look I I enjoy this so much I I uh I I I feel so blessed in that te I tell people all the time look I’m I’m a late in life venture capitalist I I came in this business I get to hang out with young smart passionate intelligent people I

Having more fun today than I’ve ever had I loved my career I loved every day of it but I’m having more fun hanging out with you and James and and Dave and and all the people in this in this business because and again I don’t want to be

Overly dramatic but but because we’re changing the world and and that’s cool and it’s it’s real and it’s and it’s going to be persistent for eons and we’re a little you know part of that and that’s that’s fun awesome I agree 100% I literally

Said said that to my wife I was like I’m really enjoying work these days man said it this morning it’s great I missed it yesterday you know tell your better 90% that I said hello I enjoy her feed uh as much as yours will all right man thank

You Mark and we will speak very soon all right talk to man see you all right guys and before uh we we go entirely I do have to mention our amazing sponsor deie up there uh actually they they just officially launched uh so you can see here more deie grow more social impact

Less footprint Better Lives if you haven’t been following I’ve been telling you guys about them basically once a week pretty serious team you talking about the uh former head of the US defense intelligence agency the inventor of the Kindle CIO of Starbucks the president of Universal Pictures those

Are the people behind this you can see it right here if you do decide to trade it it’s on gate.io and Unis swap I think it’s done exceptionally well to be quite honest I haven’t even looked because I’m not in it to talk about the token but

For all the companies in the world that are working working and investing and some being forced to deal with ESG this is a blockchain that they’re all looking at I’m hearing rumors that there’ll be announcements with governments huge institutions there’s a lot coming for them there’s no affiliate link there’s

No upside uh for you clicking on it for me I just ask you to click on it down below to check it out because it’s a incredible project something that uh you know we don’t take sponsors lightly uh we talked to them for a very very long

Time before choosing to have them on think it’s uh really important that you guys understand that and it’s just absolutely worth checking it out oh by the way I mean while we’re while I’m sharing things I I showed this to you guys before my newsletter do you guys

Subscribe to the newsletter I write this five days a week completely free today’s I said was the billionaire list uh like I’ll show you this uh what was the last one I took a day off was it like one of them I listed a whole bunch of altcoin

Charts look full Bitcoin analysis here then a bunch of altcoin charts I was looking for I said hey just look for this pattern every one of these is absolutely booming right now very easy I give the basics on how I trade guys you know worth checking that out as well I’m

Worse chill I am I’m just terrible terrible at promoting things including myself it’s probably my worst uh worst thing anyways guys that’s all I got for you today gotta go hang out on Twitter spaces today I’m also interviewing Austin federa from salana a bunch of other things going on busy days but

Having a great time see you back tomorrow for the Friday five with Nathaniel whittimore and sorry chart guys didn’t show up today I didn’t realize he wasn’t going to be here I didn’t check schedule I’ve been off that’s my bad but he will be back I’m

Sure next week it’s all I got guys see you later bye let’s Do