(00:00) hey everyone this episode is brought
to you by river the place that I personally go to securely invest in Bitcoin with confidence
and with zero fees in 2021 the quote unquote value of my house went up by 31% my house did
not get 31% better like at all and my house did not get 31% more valuable the dollar itself
that you’re buying that with went down in value see these videos reposted of people just like
recognizing like why am I doing this I go to grocer store and I can’t buy anything and like I’m
(00:33) stressed at work and I think people are starting to wake up to like something’s wrong
here why do I feel stressed all the time about my money I want to start off with uh a quote that
you had on Twitter because I think this kind of is something that I deeply uh agree with empathize
with I don’t even know if it’s the right word you said I’m playing chess While others are playing
checkers what if the game is Checkers if the game is Checkers and you’re playing chess you’ll
lose it’s not about ego it’s about understanding (01:10) the game I play checkers and buy I
freaking love this quote so uh what are you getting at here Jim I feel like people tend to
over complicate things you know from a from a financialization point of view of oh we have
to go and create all these new types of assets and products and what about this what about that
it’s like look what are we what are we trying to accomplish um and that’s that’s what Bitcoin does
Bitcoin simplifies money and yeah this whole thing of I think it’s a lot of it’s ego- driven this
(01:49) whole like I’m playing chess while you’re playing checkers like dude what like that’s great
but you could be way off because you’re trying to put your ego first like just buy Bitcoin and
be done with it that’s it it’s it’s not very difficult it’s funny owning Bitcoin like
I’m very vocal on this and I like sort of do this for a living has talk to people about
Bitcoin in a lot of Senses so I go like three years at a time looking like a but then for
like a year every few years I look like I’m (02:15) unjustifiably smart and it’s really
not because I’m smart it’s just simple I just I don’t know I’m I’m playing checkers I
just buy Bitcoin yeah yeah but I mean there’s there’s a an enormous amount of intellectual
rigor that has brought you to the point that you you realize the game is Checkers and not
this complicated like 4D chess board and um so like I think you have to I think you have to
talk to the deep deep rigor that you had to put into understanding what is the game what is my
(02:51) environmental factors that I’m dealing with to deduce and compress what appears to
be this super complex thing down to something that’s way simpler so like walk us through that
if you know something really well you should be able to articulate it simply so like my kids
for my my oldest is six so my oldest for a six-year-old has a really good understanding of
how money Works what inflation is how Bitcoin works why Bitcoin Superior to other currencies he
and uh uh my father-in-law his his grandpa play a (03:25) game where my uh my father-in-law they
have a big globe and AD my six-year-old has to identify a country and tell him about it
and then if he gets it correct uh grandpa will give him a piece of money from that country
and because of this attakus has now accumulated lots of different currencies some of them are
still strong some have been massively devalued I have my $50 trillion dollar bill from Zimbabwe
he knows about these things and that’s you don’t have the hundred you have a 50 yeah man if uh I
(03:59) it’s hard it’s hard find the hundreds now ironically they’ve gone up in value because
they’re collector’s items now uh oh interesting I would love to find a hundred I have one I have
one in in uh I think it’s in this book over here keep talking I’m going to go see if I can uh find
it in this book because I’m pretty sure it’s a bookmark in this book go ahead nice you lucky
dog yeah that’s uh explaining to him how money works and how different currencies and debasement
(04:25) and why Bitcoin if if I did not understand this well I could not articulate in a way that is
simple enough for him to understand and I think that’s what you see a lot and like so I work in
financial planning I I own a financial planning company and I I talked to financial planners
a lot and what I’ve come to realize over the years is there’s a lot of financial planners who
are really smart and great at managing money the problem is they’ve never stopped to ask what is
money and that seems like such a foolish stupid (04:56) question not unnecessary question to ask
you know it’s like a fish asking what is water the problem is though if your fish has been swimming
in polluted water for a long period of time you never stop to ask like what is actually water
anyways you won’t think to ask is the ecosystem I’m in actually designed to provide for me what I
need to actually to thrive and flourish if you’re if you’re used to swimming in sludge that’s
sort of water you’ll be okay with that instead of asking like what is this what is water
(05:24) then you’ll recognize wow this is so different than the actual thing I’m supposed
to be in and you’ll look for that exit so go to be in that place you need to be if we don’t ask
what is money arriving at Bitcoin doesn’t make sense you’re you’re then trying to yeah you’re
you’re trying to answer a question that was never asked and that’s why people look at Bitcoin as
being foolish so it’s it’s so simple it’s just starting at those first principles those base
(05:49) questions what is money what is this why are we doing this um and
you it logically arrives at in my opinion the most logical conclusion yeah I a huge fan you know on like The Wizard
(07:01) of Oz they think that the the Wizard this this great man has it all together but
then they P the curtain comes back on accident and it’s revealed like he’s a simple guy he’s just
an old man with that’s putting on this facade and that’s where I’ve come to realize most the
people that trafi thinks is this great wizard uh with a big booming voice is really just a
couple old dudes calling the shots and even like me a lot of people think that oh like this
is what he does for a living he must be super (07:33) smart like look I’m I’m a normal guy
you know um I and I’m I’m willing and uh vocal on what I know and what I don’t know and until
you go there admitting these are things that I don’t understand like I think we we’d all
recognize the first step to buying Bitcoin is admitting I was wrong about Bitcoin the first
time I encountered it so you have to place that come to that place of like I’m not the greaty
Great and Mighty wizard I am just a guy that’s been behind a uh little curtain this whole
(08:05) time um yeah you you have to admit that you’re wrong I think we’re all we’ve all
been there I I want to come back to that point because I think it’s a really important
point before we go there um I just want to talk about like speculators and um I think
another thing that’s that’s really missed when talking about these people that are trying
to time the market and they’re looking at patterns and the price action and and these
types of activities I think a lot of them just don’t have a deep appreciation for the
(08:34) the killer whales that are out there in the market and that can be a setting up
a chart pattern to to suck people in as if it’s a upside head and head and shoulders or
a head and shoulders pattern or this pattern or that pattern and it’s and because they are
controlling so much market share and and maybe there’s no other competitor out there they’re
they’re putting on trades as if this pattern’s going to play out only to get totally rug pulled
by some massive whale then you compound it with (09:07) the idea that maybe there’s a second
whale in the water that’s letting this person think they’re setting setting up some pattern only
to step in and smack the other whale in the face and meanwhile there’s somebody there with call
it a 100,000 bucks thinking that they’re a player and they’re just getting whipped just absolutely
obliterated in the market because they’re drawing lines and and doing these things that they think
are swoopy but they’re actually just demonstrating how little they know when the whole game
(09:40) that’s being played is a game of weight how how many sats are you able to stick on
the scale over 5 10 years that is demonstrating true knowledge and true depth of the problem
that’s being solved and um oh my God it’s just you just want to bang your head against the for
your your forehead against the wall when you see it and you know sailor talks about this sometimes
and there’s a guy who’s literally whips on around billions in in in trading volume per week
sometimes and he’s telling you he’s not trying to (10:20) trade this or trying to speculate this
he’s just stepping into the market and just trying to gobble up as many uh Satoshi as he
can so kind of curious to hear your thoughts on some of that you just never you don’t know I’m
not smart enough and it’s not like a lot of this is not even a question of smarts yeah it’s you
don’t have the information out there like what what shark or whale is in the water below you
that you can’t see um someone reached out a few weeks ago when Bitcoin went to like 72 or
(10:50) whatever for its first time like hey should we go ahead and sell some assuming it’s
going to drop um like no let’s hang in there and then it did drop and then it was like hey like is
it going to go down more and maybe we should sell some to buy again later I was like dude no like
stop um and there there’s a lot of ways to help address this another buddy of mine reached out um
and asked like it was when it was at back down to 62 and he asked if we should wait for it to get to
the 50s I was like dude if I had you know x amount (11:19) of dollars right now I’ll just buy
it right now I have no clue what’s going to happen and sure enough that was few days ago
and it popped right back up to where it’s at now like I I have no clue what’s going to happen
here the thing is like you know if you’re buying right now between 62 and 70 it’s like I have
friends who bought a bunch of Bitcoin at like 400 to 700 at that point 400 to 700 was a that’s a
75% increase you know that’s huge but now we look back it’s like dude you just bought a lot of
(11:46) Bitcoin super early who really cares and I have to remind you know people of that of
the difference between 62 and 72 seems like a lot but you never know what’s what could happen
to cause it to go from 72 to 92 or 72 to 42 I I have no clue but one day you look back and say
I’m glad I bought early like those people who bought between one and three cents and 50 to
100 and 4,000 to 6,000 it’ll be similar with 50,000 to 70,000 so yeah yeah um trying trying
to speculate and time this is is absolutely (12:23) foolish and again I think that’s a
lot of hubus that tries to come in and say that you’re you’re going to be able to do that
uh to time it and it’s probably not gon to work out well maybe it will um yeah that’s the like
like you mentioned with sailor it’s recognizing look this is an accumulation game not a trading
game yeah yeah um to your point that you made earlier you were really talking about ego and
you’re talking about uh you know a person who thinks that they have more information than
(12:52) they do or they just think that they have to do going back to your Checker’s example
they think they have to do these miraculous uh you you know gymnastics like fantastic things
in order to outperform and um it’s just way simpler than that I I guess and that’s very
difficult to overcome so like what do you tell like what advice can you give somebody to
develop an appreciation for that or to believe you because I think you can even tell people
this and they’re and they’re still saying yeah (13:24) but I I think I can get better timing
here or whatever so do you how do you Broach that subject with somebody uh I I like to think
I’m a pretty good orange pillar um so like again in my company like basically all of our clients
have exposure to bitcoin and 90 plus percent of them came to us as normal people looking for a
normal financial planner they totally got the bait and switch when they got me um and it’s in
order to have them go from looking for you know a dude the suit who’s going to help them just land
(14:01) in a 6040 portfolio to where we’re at now requires education um and that’s that’s we we
start off I don’t lead with Bitcoin I’ve taken a lot of flack from people on Twitter saying
that like like my financial planning website does not mention Bitcoin on it like I came
I’m I I came to reach these people who need rescuing not the people already understand
this thing um so I’m not going to advertise otherwise I’d scare them off so um I I wait
until we provided immense value in other areas (14:29) built a plan talk through tax planning
show that I’m not a that way when I bring this up there’s actually at least some level and
degree of trust and once we go there there’s a I believe you actually uh reviewed this
book eight years ago it was Chris uh Chris Voss never split the difference it’s a book on
negotiation and um I take some of his tactics so like a tactic that I bring up with clients
is hey um you’re going to think I’m absolutely nuts but I and our clients own Bitcoin so you
(15:03) start off with that is identifying hey what I’m about to say is going to sound crazy if
you don’t if you don’t acknowledge that they’re going to sit there think like this guy’s crazy
but if you admit you’re going to think that I’m crazy when I say this you’re disarming them
already because at least you recognize you’re a little bit nuts yeah and then before you go
to tell them like how Bitcoin works you have to go into tell me what you know or you have
heard about this thing okay because again if (15:29) you’re sitting there and getting the
best argument but in the back of their head they’re thinking it’s used for drugs it boils
the oceans it’s beanie babies they will not hear anything you have to say they’re going
to be waiting to bring that that thing out to shut down all what you’ve said so you have to
disarm them by allowing to get their baggage on the table it also gives you a place to start off
that you’re not taking talking way underneath or over them um but just starting off okay what
(15:53) where are you with this and then we go back and we go through a history of what is
money and what are stores of value we marched through that like way back to you know the the
classic Bitcoin stuff R stones and and Rome and then we go through like different forms of
money and how money has been debased over time we arrive at uh post World War I Germany we
talk through uh gold confiscation we talk through Bretton Woods then that leads us to bitcoin and
then I go into Bitcoin itself and how it’s not this thing that was created you know 10 years
(16:25) ago by some tech bro in his basement so he can buy a Lambo like this is a thing that
super smart people way smarter than I am have been trying to work on for several decades and so we go
to this history so it’s it’s again leading to the proper question so when we present the answer
as I think it’s Bitcoin we know what question was asked that allows us to go why Bitcoin
versus everything else and those everything else could be US Dollars stocks bonds uh but
also other cryptocurrencies um so we this thing (16:59) there’s there’s an education so anyways
to quasi sort of non answer your question how do we do this it’s it has to be anchored in
deep education education builds conviction and conviction builds strong hands um if you are
not properly educated you will want to abuse this thing rather than actually adopting it um
and holding it it’s it’s you have it’s it’s a matter of first principles what is this thing
and unless you go there you will be apply you will be trying to apply programs and trading
(17:30) formulas or whatever on top of this versus basic level understanding what it is then
you can actually move forward with how to own it yeah it’s kind of interesting when you think about
how how massive this is on a global scale but yet um because typically when people arrive at uh a
solution they deeply understand the problem like first and this is like all that almost flipped
on its head where you have all these people participating in this market and for you know
if you lined up a hundred of them that that own (18:03) or participate in this and you asked them
very deeply describe the problem that’s being solved here I think a lot of them might give you
such a generic answer that it’s like really not hitting the the Bulls Eye it’s kind of like near
the target but they don’t even really understand what the problem is that’s being solved for and um
I don’t I just don’t know as an educator in this space and person that’s been covering this for a
really long time I I am I struggle with is this a (18:34) function of culturally what’s playing
out um with a byproduct of Fiat itself is this because we’re just doing such a bad job
from an education standpoint um I I just don’t know but I I will tell you it’s something
I struggle with to to stay sane and just it can be it can be tough it can be really tough to be
patient um with with people so um I guess a few things this is qu sort of anec anecdotal but
I would totally agree the adopters um of just buyers or speculators obviously goes up that’s
(19:17) like this uh I think it’s Pierre who did the like uh the hype uh yeah phase yeah three
Cycles following a having h disillusionment and the third one um and that that I think that
really directly shows like there’s a lot of people who get into it via hype most of them fall
off and are disillusioned but each cycle there’s new class of people who actually are educated
uh and it’s you can buy this thing as hype in speculation but you will not be a long-term holder
or it’s going to be very difficult for you to be (19:55) one or maybe you’re an accidental
long-term holder there’s a there’s a meme I saw you I thought it was hilar I is uh I’ve
managed to not sell my Bitcoin from you know $2 up to 70,000 it’s like how’d you do that it’s
like well I lost my wallet um so maybe maybe you’re an accidental holder um but besides that
like yeah you have to actually be educated on this and there’s new classes regularly coming
in and being educated versus just buying it as a speculative asset it can be difficult
(20:20) to be patient with people on helping them understand the problem where it’s tough
for me like I love educating people who are normal where it’s frustrating for me is being
patient with people who work in finance it’s like all right this is your job is to learn these
things and you’re doing a massive disservice like there’s a a group of financial planners I
used to be part of a forum with and I had to leave because I just got I got mad I don’t
want to think I was an absolute jerk so I just (20:45) had to step out it’s like this it’s like
5,000 advisers in that group that represents hundreds of thousands of families that they’re
they’re working with and they’re giving in my opinion bad advice yeah so uh when did you step
I’m ious on that when did you step out from that because one of the things I wanted to ask you
was just how how it’s evolved because you have one foot in this Bitcoin culture deep into
that into that culture and you know like all the talking points on Twitter and all the
(21:15) you know the the psycho memes and all that kind of stuff and then you have your
other foot in traditional Financial advisement uh space and I couldn’t imagine what the
contrast of those two different cultures are and I’m I’m curious how it’s evolved call it
over the last four years like if you’d go back to 2020 pre-2020 like what was that culture
like and then like what’s it like today has it changed at all just help us understand what
that what that’s like yeah my my life is quite (21:45) dichotomous in that sense so yeah
Bitcoin Maxi like my assets for a handful of companies that are in the Bitcoin peripheral
space and I own my companies that’s it um and I’m very open with my clients on how what I
invest in and the things that I own and how I view these things um and then yeah the other
the other foot that I that I have is in this traditional Finance cfp super quote unquote
prudent way of investing like they think that if you buy any most financial planners now have
been so sucked into buying the index that if you (22:16) do anything beyond that you’re some try
like you’re trying to like time the market or whatever it’s like dude it’s first off what
frustrates me is these people not recognizing that they too are being active in some capacity
if you’re even if you’re just buying the index you’re making a decision how you’re waiting
those indexes what you’re buying is small mid large cap International you’re making a decision
it’s just a little bit less active but admit it you were making a decision so um yeah I
(22:43) listening to podcast I was listening to one last night and the there’s their outside
looking in speculation is that financial planners are starting to adopt this more heavily or
understand it more heavily um I’m a very small you know pieace in this but my view is at least
in this like deep cfp the only financial Planet world no it’s not um not nearly to the extent that
people are hoping it is right now so yeah I’ve been I’ve been into this for like really vocal
on this for right about four years now and um (23:19) what that looks like is for for the
last several years I would go quarterly onto this forum of financial planners and I would
just say like hey I really would love yall to learn about Bitcoin for yourself and your
clients and it would be like a hundred people commenting call me an idiot um and then I would
come back a quarter later and say hey like it’d be really great if you could learn about this my
calendar here’s my calendar put a Time on here I’d be I’d love to talk with y’all and again people
(23:43) just call me a this has been like this for years last last February um I posted Pierre’s
chart that hype that that that chart and I said because I meet with all of our clients every
February and August to basically pull apart their plan and rebuild it yeah so I put in that Forum
that chart and I said right now we’re meaning all of our clients and we are really putting our foot
on the gas to increase Bitcoin allocations that’s when Bitcoins are like 20,000 and again people
were I was thrown to the bests again like hundreds (24:11) of comments calling me a so I put out
there just for fun I said all right anyone who wants to take me up on this I will go all
day uh vti at that point V vanguard’s total us Index Fund was at $200 and change like 200
and something cents said hey I’ll pick up five shares of Viti you pick up 041 whatever was
$1,000 of Bitcoin in SATs we’ll both pick these up December of 25 whoever’s is worth more the
loser has to deliver that person’s asset to them no one took me up on it so the final straw was uh
(24:46) February of this year so last month I went back I screenshotted that and I post it again like
hey I would love to talk with y’all um also here’s an update on that wager I made and if any wants to
uh update this I will keep vti’s appreciation and I will I will wipe bitcoin’s slate clean anyone
and it still was like you’re such a jerk how could you it’s like you hurt my feelings um and at that
point it was like okay these people just think I’m they just think I’m rude and I I don’t want to I
(25:17) don’t want to say anything that would compromise my Integrity um so I was like okay
I’m gonna step out funny enough though I stepped out and I did have several financial planners
since then reach out to me directly and say hey I actually always appreciated your candidness and
your post um you know I guess they were afraid to speak up because then they would be lumped in with
being a lunatic like me I don’t know um but I uh a friend of mine sent me a screenshot of again I’m
not part of that Forum anymore so I can’t see the (25:45) conversations a buddy sent me a screenshot
probably two or three weeks ago and it was a guy saying hey we’re looking how we can allocate
maybe 5% of a portfolio to something tactical to get Alpha looking at DFA funds and um like any
ideas and all these people were posting things and a guy commented said this is where Jim kryder
would hop in and say you should buy Bitcoin and then people were like yeah that guy that guy
and then people started speaking I was like I actually sort of liked it and this one guy chimed
(26:13) in said actually after his post before he left I went and I bought a little bit of
bitcoin’s or of Fidel’s ETF and it’s gone up massively he might be right so um I’m hoping I’m
hoping the so oil is getting better um slowly but yeah that’s it’s very interesting going back you
mentioned something earlier like it’s how do you not Rage Quit though I guess I’m I’m looking to
you for advice right now Jim because like how do you not Rage Quit because for me I’m almost at a
(26:46) decade at this point with with this back and forth and this incessant like what feels
like me just taking my forehead and banging against the wall and it’s exhausting man this
is just exhausting like how like you you not in the form anymore right like you’re not like yeah
it’s cuz you were just so frustrated yeah I did not want to S I didn’t want to come across
as a jerk and there’s a point it was like I was viewed as a jerk for a very long time yeah
but I was still bringing value but I got to the (27:17) point at I got to a point where it’s like
I’m casting Pearls Before Swine I’m gonna step away um I think I’m much more tolerant from
normal people rather than financial planners because financial planners like again these
are like super smart planners who like out of the system like these weird terms like uh like
Fe only cfps at Super as long as the currency is not failing yeah yeah they’re like you know
cream of the CR financial planners you hope you or your parents or grandparents go to like these
(27:48) type of people crazy smart people and uh the problem is they Pride themselves in thinking
differently than like the other like traditional like Raymond James or Mar ly guys like okay
we’re going to really do what’s best for our clients but they won’t go there and that’s what
frustrates me like yeah normal people I can go with that all day because I remember I was one
of them I heard about Bitcoin in 2012 I didn’t pay attention because the guy that I heard it
from I thought was I thought he was probably (28:13) Stone most of the time like all right
whatever so I used to be that guy so I I I shouldn’t expect some guy off the street to
understand that like oh yeah our money is absolutely broken and you know all these things
you have to you have to pay attention to these things so here I you mentioned earlier about the
identifying the problem this may me think so so I’m I’m I’m a Christian and you can’t if you come
to someone and say like hey Jesus died so you can be saved they won’t understand that the thing is
(28:46) the Old Testament was thousands of years in the making of there was a law that was given
to people and the purpose of the of the law was to show that you can never fulfill the law it
was to show that you were absolutely broken and need of something outside of yourself to
save you that was the whole that was the role of the law that way when the solution came being
Jesus came you could recognize okay what I have I can’t do on my own I am absolutely broken
I need something outside of this to save me so you have to be completely aware of your
(29:19) Brokenness so I look at it in a very similar way um of you have to be complet you have
to be aware of the broken system and if you’re not aware of that you don’t you don’t have the need
for a solution um and again most people just don’t know the system’s broken and that’s where again
like educating our clients showing them like that bill that got passed this weekend of like the $1.
(29:40) 2 trillion dollar that was just passed over like a couple hours a thousand pages that
no one read it’s those things when you just bring those up to people they’re like oh wow something
seems weird that’s when I went down the Bitcoin rabbit hole deep was March of 20 when all sudden
the shut shutdowns were were in conversations and it was like okay this is odd something’s got
to be broken I spent a couple of weeks going on these crazy long walks listening to
your podcast reading books on gold gold (30:09) mining and Bitcoin and after a couple
weeks of just like that’s all I did basically I was like all right I’m gonna go with Bitcoin
um but I I would not have gone there unless I recognize something’s wrong with the ABS like the
foundation level of our structure and most people don’t know that yet I think one of the things
that makes this really complicated is when you’re looking at the dollar and and somebody’s saying
oh it’s de basing it’s de basing and so what what are they typically comparing it to what what most
(30:39) people are typically comparing the dollar to is the performance against the Euro or the
performance against the Yen or some other like major top five top 10 currency and when you’re
looking at the performance of the dollar let’s say you’re looking at dxy the the dollar Index
relative to like all these other major currencies when you’re looking at that that comparison
of these currency to other Fiat currencies what you’re finding is that there’s these
gyration but for the most part it’s really not (31:05) changing all that much over a 10 20 year
period of time it’s pretty generically there’s just like a generic amount of volatility
between them and so a person’s looking at this and they’re saying well the dollar is not
really debasing all that much like it’s I don’t know what these crazy bitcoiners are talking
about but what they’re failing to to measure it against is something that is a hard desire
thing and where this gets even more confusing is when they do that they’re not accounting for
(31:35) Jeff Boo’s thesis which is tech technology is a deflationary force and so they’re looking
at like oh yeah the prices aren’t going up that much and so you have like these two in my opinion
the the thing that really makes the the problem difficult to wrap your head around are those
two Dynamics whether they’re comparing it to Fiat or they’re comparing it to some physical hard
thing there’s things that are that are naturally masking the issue at hand and and so they’re
looking at Bitcoin and they’re saying oh well it (32:06) doesn’t produce anything that’s uh like
there’s no free cash flows or anything and it’s just all this speculative Mania that’s causing
the price to go wild like this meanwhile it is the gauge it is the freaking gauge that’s that’s
showing people what the real problem is because it’s the only one that the governments can’t
plug or mask or hide of the other two things that I described earlier yeah no it’s so good
I love uh uh sailor has an interview with Tucker Carlson and he brings up that uh the
(32:40) inflationary basket of goods and he mentions like look if you’re yeah if you live in
your parents basement and you eat Domino’s Pizza your inflation rates going to be next to nothing
but if you desire like scarce desirable Goods your inflation rate is something different and that’s
where like so my my house I live in Texas and a lot of people moved to Texas and especially
Our Town um like in 2021 the Val quote unquote value of my house went up by 31% during that
year my house did not get 31% better like at (33:12) all I have I have four young kids there
are holes yeah definitely holes in our sheetrock from our kids running into the walls like it
got 31% worse so you have to recognize my like yeah maybe we could we could attribute some of
that growth of uh a value to like real growth to people coming in um the problem is most of
that’s nominal and my house did not get 31% more valuable the dollar itself that you’re buying that
with went down in value yeah and I think start people starting to wake up to this that’s why
(33:44) you’re starting to see like I don’t have Tik Tok but I see these videos reposted of
people just like sitting in their cars probably after a long shift recognizing like why am I
doing this I go to the grocery store and I can’t buy anything and like I’m stressed at work and
I think people are starting to wake up to like something’s wrong here why do I feel stressed
all the time about my money and why does it seem like it’s not taking me as far I have people
all the time I had someone put on my counter (34:08) yesterday morning um that hey uh
young family make they make good Mount uh like multiple six figures could have done like a
few decades would have been doing insanely well they said make this much um but feel like we’re
constantly behind and that’s where I think people are just it’s like what’s what’s wrong so they
understand now there is something in the water going back to that terrible analogy about the fish
there’s something in this water it’s getting it’s getting murky but what is it they don’t see this
(34:41) massive you know pipe just dumping in this toxic waste um yeah you it’s so it’s being trying
to be patient with people and recognizing like I’m I I did not know this all the time um I was
fortunate enough to listen to you and listen to other people and yeah you eventually you have to
do the work yourself yeah here’s a question I got for you that I would think would be frustrating
if I was in your shoes and it’s uh you’re dealing with couples a lot of the time and the the
management of their money and you you convince one (35:18) of them like they they get the problem
they understand the solution but there’s two of them and it’s like how do you how do you deal
with that because that’s a problem I don’t have to deal with I just record shows I blast
them out into the ether and like people either like it or hate it or whatever but like you’re
having these intimate relationships with people one-on-one having deep discussions and I can only
imagine that like it can get really challenging at times especially getting into let’s just
(35:47) say that they both agreed to take a position then it’s like what’s the proper
position size because one of them might be like gungho and wants large a large position size
the other one’s like I want less than a percent or whatever so talk us through how how in the world
do you manage that because I would imagine most people listening to this show are dealing with
this exact problem all the time yeah yeah um I guess a few things to that so I had a meeting
last night it was 10 o’clock meeting with a (36:12) family I’ve worked with for a few years
now and we we just calculated like all right let’s get updates where you are we recognize that
right now 41% of their total investable assets are allocated to bitcoin and we were talking about
one of their investment accounts um should we increase decrease or keep the same towards your
Bitcoin allocation there and they said Jim what do you think said well you know let’s hear
what y’all think first and I knew husband POS the question I knew he wanted to increase um
(36:41) and then I just I just pted them some with like consider volatility consider sequence
of return risk things like this like what would be part of my job and they they both like okay
yeah I definitely want to go up what about 25% what about 35 and they just sort of bounc
it back and forth so it’s I my wife Kendra brought this up a few nights ago of like she
do really care about Bitcoin like she she goes along with it she understands what she needs
to know but like I would assume she’s a lot like your wife like she your wife has a pod
(37:09) she didn’t have a podcast about this like yeah great I trust you and I love you
babe we’re in this together that’s that’s at least where Kendra and I are exactly where my
wife and I are as well just so people know like she’s she’s like very happy that I get a lot
of joy out of all this but just like not her cup of tea not very interested in it’s kind of
funny actually but go ahead sorry no it’s like yeah Montana this fall when we go out there for
that that Bitcoin Retreat like Kinder’s going to (37:35) come so she can go hang out in the
mountains not so she can talk about Bitcoin that’s totally fine and that’s how most of our
the couples we work with are so to get to a place where we can have good communication
and arrive at proper action steps we have to go way back so way back is not assigning
portfolios or talking tax planning it’s also not talking about goals like we want to buy a
lake house we can’t go there we have to go back to the underlying values what is important
to you as a family so like I have sort of (38:04) two definitions of money based off
of the context so one of those is that money is a tool or a resource to help you do what’s
important to you in life and my job is to help you use your money in the most efficient and
effective manner for that purpose that’s what we do so our when we start off with working with
families we have to go there like underlying base values for your family what’s important to you
that has to be that has has to be past goals if it’s like oh yeah we want to have a house in
(38:30) the mountains like okay that that seems arbitrary why oh we really want we want a place
that we can gather as a family to create memories it’s like oh you don’t want a house you want
memories with your kids that’s what you want so we have to go there um you don’t want retirement
you want freedom to spend the time with who you want to be with doing things that are important
to you not retirement you want time Freedom so we have to go there once we’ve established that then
we go into what’s the goals you have recognizing (39:00) like your goals are going to change
like your goals today are different than they were five years ago and they’re going to be way
different five years from now that’s totally fine the purpose of a goal is not to be arbitrarily
tied to this thing you once said was important to you it’s to inform what’s the best next
step to take understanding as you take these steps that goal will change but if your goal is
informed by the backdrop of those values even as that goal shifts you’re still ultimately
(39:23) pursuing the underlying informative of that so values goals then we talk through
decisions so we talk through the opportunity cost the things that you will have to decide
upon if you choose one thing you are directly or indirectly giving up something else if we’ve
gone through all of those things properly finally taking action should be relatively easy um I
forgot who said it I heard it years ago on the podcast when your vision is clear the decisions
are easy so we have to start with Clarity of vision so values goals decisions finally
(39:53) action so once we’ve got to this place of taking action I know it sounds like a
a lot of like talking through allocations and Bitcoin and all these things but really we’ve
done all the hard work up front now we can go and we are less apt to waste resources money
time career choices family choices because we have direction of what’s important to us
everything’s being addressed or uh informed by that so fin it’s like hey Bitcoin allocation
they we already discussed the opportunity cost also have them do sort of a premortal of
(40:23) like when we start working together what’s the most likely things I paint this picture
relatively Grim in the future and it’s like what things what actions were taken or not taken
what things happened or didn’t happen between now and then that got you to this point so I
allow them to inform me and themselves what’s probably the most likely cause of them being
unsuccessful so anyways once we’ve done all these things then we can go to specifically
in this case like Bitcoin and it’s less of (40:53) a Bitcoin conversation it’s we’ve
already got we’ve done the hard work it’s like okay cool now now we just talk through
the opportunity costs the risk the volatility um these other things it’s like okay now we can
move forward and we’re less we are super apt to not change our minds so like when we had we
had clients who joined in like the all-time high 69,000 you know prior outtime high and they
rode Bitcoin all the way down to 16 I didn’t have a single client who sold Bitcoin at the
(41:22) bottom not a single one I had a lot of clients who we went and scooped up a whole
bunch at 16 to 20 it’s because your values didn’t change your goals didn’t change the underlying
role of our view of Bitcoin didn’t change why would we change our plan um of course if if
you own if you owned inrw you know and it’s down to two cents still sell it but you have
to understand like why do I own this thing and that’s where we have to Anchor into education so
yeah it’s that’s sort of hard me to answer like (41:50) how do we arrive at those conversations
but it’s super easy if you start off on the same page that’s where like I mean that’s why I got
into Finance money is the number one cause of divorce basically every year this these Studies
have been done so we have to be articulate and communicative on what’s the role of money for our
family and if you’ve started there and you talk through my second definition of money is money is
a means of communicating storing and transferring value across space and time and then we’ve talked
(42:21) through Bitcoin and we believe I believe that Bitcoin is the best form of money we’ve
ever had it’s like cool money is this thing and it’s this thing are you aligning your
money with what’s important to you and is Bitcoin part of that and if so what role does
it have and then it’s inevitable that we bring these clients who came to us looking for normal
dude in a suit um for a 6040 portfolio arrive at yeah we should definitely own some Bitcoin and
usually that starts off for me conservative for (42:52) most people absolute nuts like I
guess people on Twitter would think it’s still conservative but normal people like
at first our a our average allocation for clients were like 10 to 20 per.
Right now I’d
say on average our a our clients have 35% of their total investment Assets in which is Nal
but like in some senses but like we are deeply talking through these things like you show someone
a chart of post World War I Germany that the the gold versus uh German marks it’s like I’m not
saying that’s that’s the in case right now but (43:25) like okay at that point like does a
2% allocation gold Mak sense does they yeah so it’s all about education and informing deep
you have to go there you there’s no shortcuts to this that’s the problem with like that’s why
people get frustrated is because you don’t get it you don’t get it it’s like well they never had
the understanding of why they should get it and that’s I don’t know I don’t I have the privilege
I recognize it of people wanting to have these conversations with me and trusting me um
(43:54) versus like you know a driveby uh by coin that you’re yeah you’re less apt to
get an adoption from that because you don’t have that trusted relationship and those the
ability to have those conversations I think it’s an important highlight and I don’t know
that this is true I suspect this is true when you’re saying such a large holding I would imagine
it’s because you have people that have been dollar cost averaging for a long period of time and it
has taken over their portfolio to be this sizing (44:22) and the number one thing I’ve heard
for a decade of doing the show from from the the best in the world at managing money is you
don’t sell your winners especially if the thesis hasn’t changed you let it run you let it ride
you don’t pay the taxes you you you allow your winners to run and I would imagine that’s why a
lot of people that you said such a large because that is for for financial management that is
massive allocation but Bitcoin has a tendency to just take over your portfolio if you’ve
(44:53) been allocating to it consistently for four years like it’s just going to take
over your port folio that’s how at least it has you know in my case y That’s the the meeting
I had last night it was okay right now I think we bought in it Bitcoin was like 5% of their total
investible assets maybe yeah and now it’s 41% and we talked through like okay like I would assume
at the end of this bull run like totally guessing obviously but like I would assume it’s GNA be
like 90% of your total investable assets like (45:21) it’s just it’s a function of these
things and that’s where you know the again I live in this weird dichotomous world of
like prent cfp stuff and like okay at that point do we take chips off the table why does
it make sense we talked through the impact of long-term cap gains like all right based off
if we guess bitcoin’s x amount and your cost basis is X and you’re going to be taxed at 18.
(45:44) 3% long-term cap gains like you better hope that you time that dip by at least
18.3% dip to buy that thing to break even on a post tax basis yeah um yeah it’s lots of
fun conversations I like the point that you’re making uh uh in in your answer to to the couple’s
question because I think it’s it’s super profound it’s super important which is ask yourself
why five times is kind of the the saying as it goes uh when you were describing I want a a
house in in the mountains and I want to go do you know I want it to be like this and it’s
(46:19) like well why do you want that well it’s because I think it’d be a lot of fun to
go skiing or I think it’d be fun to live in a mountain town and it’s like well why would
it be fun well it’s because my family would be there and like you you really pull the thread on
like what is the root of the of why and then when you when you’re looking at it very objectively
and at the core of of the why you can say well do I need to really be making payments on that
particular house every day of the year or can I (46:50) just rent it out for one week or two weeks
out of the year at a drastically reduced expense and you and can I go to five different ski towns
if that was something you desire uh as opposed to going to the same one and would I get more enjoy
and you just you’re able to really kind of pick apart uh what works best for you and I what I find
so fascinating about this is when you’re dealing with money that you’re not worried about it being
$1 being worth 90 cents or 80 cents in a year from now you’re able able to kind of take a step
(47:29) back and ask these much deeper questions because you don’t have this propensity or this
urge to spend it as fast as humanly possible because it’s going to be worth less tomorrow I
I just think that it’s so important and I think that so many of us are just great at lying to
ourselves Jim I think we are I think we are I think we’re so good at at lying to ourselves as
to what it is we actually want because so many of us have like deep-seated insecurities or fears
that are driving a lot of our decision-making (48:02) as opposed to a frame of reference that
there’s just absolute abundance all around us and we can harness it at any moment that we want if
we just change our perspective or change our point of view to harness it I’ve I’ve had countless
conversations that lead to tears for people who are like super successful uh it’s or or people who
totally missed the mark and what happens a lot so for a while I did I worked particularly with with
uh Physicians who were about to or just retired okay so these people usually making half million
(48:37) to two million a year and you know in their 60s early 70s and we would sit down and we
would talk about their family and those sorts of things and we’d look at their money like wow
y’all were like wildly successfully successful financially I’m really curious like what made
you want to do this what made you want to be a you know anesthesiologist and do these sorts
of things and the the the answer is so often it’s so sobering it’s well when I was a kid my
parents F fought about money all the time and we (49:09) didn’t have good clothes we didn’t have
great food we never went on trips and I just heard them bicker all the time and I decided when I was
12 I wanted my kids to have a better childhood than I had like man that’s that’s amazing and
clearly you able you’re able to provide them for them in a different way how was it how is
being a parent how was y’all’s kid’s childhood was it able to be what you hoped it would be
when you were a kid and man I’ve had so many occasions where they just stop and realize for the
(49:38) first time like I don’t know I was at work too much I missed it and I break you know people
break down tears all the time recognizing that like grown men making a fortune realizing the
whole reason I did this is so I can spend time with my family and man it’s gone that’s why I’m
very cognizant of my job like again like I want I want Financial Freedom one of those reasons
is so I can spend a lot of time with my family thing is again I have four young kids my kids
right now want to want for me to read to them at (50:11) night they want me to sword fight
with them in the afternoons they want me to be present I can’t say hey attakus um sorry
I can’t be around don’t worry though we’ll get a house and tell your ride in 10 years then we
can hang out you know 10 years like forget you Dad where were you when I wanted you to read to
me and cuddle me amen again like if you are not being informed by what’s important to you you can
have a goal but that goal is gonna be way off you think you want a house you want time with your
(50:33) family you think you want retirement you want time to do what’s important to you you
think you want lots of money no you want options to be generous and to give and do like yeah but
you you cannot go there until you’ve asked these questions that’s I think that’s sort of why
like bitcoin’s easy for me because like for these conversations because they’re super
similar I had these questions of like life what’s important to you in life your money is just
a means of helping you do what’s important to you (51:00) in your life oh and then we move to
bitcoin what is money like what is bitcoin we’re not talking about Bitcoin as the solution
to a problem we have to go deeper than that like what’s the problem here what’s the thing we’re
trying to address and it’s a it turns over to each other the conversation type super simp like
simply and uh people start connecting the pieces of why and how these things work and actually
how they work in tandle one of the most common questions I get asked from family and friends is
(51:26) press where do you personally buy your Bitcoin from and the answer is really simple I
buy it on river.com not only can you easily buy Bitcoin with zero fees on recurring orders you
can have peace of mind knowing Bitcoin on river is held one to one in multisig Cold Storage
all while being fully licensed and regulated in the United States plus their relationship
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has built their own infrastructure from the ground up which means they don’t rely on on
(51:57) third parties to function like other Bitcoin exchanges River also just created a
new feature not found anywhere else called River link it allows you to send Bitcoin
over a text message to easily orange pill your family pay a friend for dinner or send
a gift there’s a new standard for investing in Bitcoin and river is setting it go to river.
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fundamentals woo amazing comments I just have to say just uh so refreshing to hear you say some
of this stuff um all right let’s uh talk uh more specifically just about Bitcoin this is one of
the questions I love asking people uh what is the one thing that you think is super important
about Bitcoin that is lost on so many people yeah this is going to seem super simple especially to
most of your listeners who are super familiar with (52:53) Bitcoin but recognizing that Bitcoin
it’s not a company it’s not a stock um it is the denominator um in these equations you have
to go there and that that then informs so much like there’s not going to be stock splits of
Bitcoin there’s not going to be arbitrarily more units created um it’s not competing against
uh the NASDAQ or a particular company it is the thing that those things are going to be
priced in and you that that’s something that is so profound that on a regular basis I have
(53:30) to remind myself of that when you’re thinking through again like if it’s like oh should
I buy should I buy this real estate property or heck even owning my company I was talking uh
Jesse Myers you’ve had Jesse on your show I believe yeah we I was talking with Jesse recently
and he was like look man I’ve come to terms that it’s most likely that like the things that I
own are probably the most valuable in Bitcoin terms that they’ll ever be right now M and uh
yeah you and that’s that’s someone who’s super (54:00) ingrained in Bitcoin and it’s it’s that
like again this I love I love the simple things like just reminding yourself of that um
yeah it is it is the money um it’s so true because I just know my my behavior as a
consumer has so drastically changed the more that I deeply understood Bitcoin and the more
that you you go through yet another cycle you just you find that you become quite efficient
and you find that oh yeah I just don’t really don’t need that like I could totally go bu it
but I just really don’t need it because you’re (54:39) you are valuing everything as this is
the most valuable that this will ever be in Bitcoin terms so like I just don’t really need
that and I don’t know it’s it’s very strange because I know what I was like before Bitcoin
and now I obviously have been in it for a few years and it’s just like you can see the change
happening in in yourself individually I can only imagine what that means from a corporate
stpoint from a I mean hell look at micro strategy like I mean you talk about uh a shift in
(55:11) in how they think about everything and how they perform economic calculation and now
like let’s zoom out to the country level or the local government level like once once leaders
truly start understanding this it’s going to just be a fractal of what we’re experiencing
on an individual level on how we think about our own consumption and what it is we need and
how efficiently we were we’re trying to live our lives it’s just freaking crazy so I guess
the question would be this like what do you see (55:39) culturally shifting in the next five 10
15 years it’s going to be an understanding of Bitcoin like I personally I’m Pro I’m probably
wrong um but right now I think that we will continue to see to some extent the these es and
flows of the price movement dictated or highly correlated with the having Cycles but I think
we’ll see a massive decoupling from that in the 2032 cycle um I think there’s I think there’s
two reasons that would lead to that conclusion one of those is more broad uh deep education
(56:10) and adoption again uh educated adoption is what’s going to build build strong hands
and long-term conviction versus these hype this I mean that’s the hype that leads that
fuels all this speculative Mania so broad understanding and education and I think we need
more time again like right now the adoption rate educated adoption rate of Bitcoin is like
1% of the population but it’s picking up massively if I was going to push back on that
okay and I’m not trying to uh be a proponent of it happening faster but when I’m looking at
(56:43) like what is truly going to drive it to to take off at an accelerative Pace it’s not
the number of participants it’s the the people that control the existing buying power figuring
it out if you’re person who’s who’s controlling F A5 billion do Bond trunch and you figure this
out or you’re a person who’s who’s in charge of a G7 country and you you have enormous influence
on the direction of where things are going I mean look at El Salvador right the the president
there he’s he’s figured it out um but he’s (57:18) controlling a pittance in the global
uh scheme of things with respect to the amount of buying power he’s throwing on but what
happens when when a few of these people that are controlling the purse strings of society and
these flow these flows of energy start figuring it out I’m sorry but things are going to things are
going to spiral really really fast like really fast it doesn’t you don’t need to convince uh
three billion people to understand this you have to convince maybe 25 or 200 I don’t know
(57:54) what the number is but I think it’s way less than then uh then I need a billion people to
figure this out I uh I I agree yes I I actually completely agree so um I know it doesn’t sound
like that but I I believe I believe there will see still be some correlation of the having with
what we’ve seen with this like whatever 15 20x followed by 70 to 80% drop I do not believe and
again I’m totally guessing here I don’t believe the drop will be 80% this time around I’ll be
I think it’ll be drastically reduced and then (58:28) it’ll be reduced again next having
cycle and then again the 2032 cycle because of dispersed Education Plus just the stock to
flow impact where like the having just doesn’t make as much as an impact from the again from
a stock to flow perspective those two things coinciding I think it’ll be like really boring
es and flows of price with the having C I’ve got a weird theory on that so I think that what
we’re going to see uh from this point kind of moving further to the right in the timeline
(58:57) is I think you’re going to start to see such aggressive impairment kind of manifest
itself in in the Legacy Financial Fiat system that it’s going to be somewhat similar to like
what we saw in covid where we had this this just unprecedented impairment that happened
in March of 2020 I think that you’re going to see those scenarios like quickly present
themselves you’re going to see Fiat get bid like crazy through that impairment because
there like all these paper promises are just blowing up and the cascading effect of that is
(59:33) going to be wild and I think that they’re going to have to step in and plug these holes
with so much Fiat Firepower that you’re going to see a a bounce back a swing back so like
the what we’ve seen in the first let’s call it the first half of Bitcoin was that we had
these 80% draw downs but they were like long and drawn out and lasted a year I think you
still see like crazy volatility but it’s much maybe shorter and um and like once they plug
the hole that it just comes screaming back into (1:00:09) it similar to the so if you go to
Jim’s uh Twitter he has a picture of the 1920s uh Germany uh you know the volatility that was
happening in Gold relative to the mark and then you have this quote you got lucky holding gold
instead of the German Mark post World War I no I understood money and I’m able to zoom out
was was your quote on top of this this chart which I think a lot of people in Bitcoin are
familiar with but and and I’m not saying that that’s what is going to happen I just wouldn’t be
(1:00:41) surprised if that was what was HP what was playing out moving forward that is uh I would
agree that’s my thesis and with with the adopters like uh I mean we’re seeing that already like
for instance the whole uh the Fidelity mutual funds up in Canada you know like the total
allocation funds so like their conservative has 1% their moderat a 2% their aggressive is
three I believe yeah I believe that by the by the end of next year we will see those not
just in Canada but in the US with Fidelity funds and it would not surprise me if we see
(1:01:15) one to 5% allocation in Fidelity Target date funds that means they’re going
to be an incredible amount of people who own Bitcoin inside of their 41k plans just by opting
into the 2060 Target date fund because that’s what I’m going to retire you know yeah and then
suddenly you know institutions Fidel is not going to be trading this like some bro like that leads
these massive abs and flows of the H of these the hype Cycles um they’re they’re more long-term
informed holders so I totally agree I’m just (1:01:44) really curious to see to what extent
retail versus institutional is able to impact these things um again I I would I would argue
it’s going to be massively reduced but still notice and maybe I’m projecting that I just
hope it’s there because man I hope it’s there you know goes up yeah save all these people
they’re goingon to get wrecked yeah by the way the rebalancing on these for them to keep it
at 1% is just such a punch in the face like such a punch in the face for performance but I’m sure
(1:02:19) that’s what they’re going to do they’re going to they’re going to rebalance it they’re
going to keep it at like 1 or 3% or whatever the number is that that the mandate inside the fund is
and it’s just going to be relative to just owning it and just letting it run right the Phantom tax
the Phantom taxes are gonna be hilarious it’s like what I didn’t sell anything it’s like oh it’s
because we sold Bitcoin 19 times in August you know like yes yeah uh any do you want to even
(1:02:46) talk about the ETFs versus owning uh owning it outright and at spot and taking custody
and that kind of stuff yeah um I mean with I I advocate to own Bitcoin directly like if you’re
going to own Bitcoin probably W own Bitcoin um so yeah we start with that like it’s the purest so I
I think everybody’s GNA agree with you but I think the the the Counterpoint comes up and I’m not
saying that this is my Counterpoint but somebody who would be sitting here arguing be like you
know my grandma cannot self custody she would be a (1:03:18) disaster she’d lose the keys she’d
have no idea what like how how to technologically manage that risk and so for somebody like
that is is the 6102 attack more risky than Grandma’s incompetence I think is really kind
of the question so good so um is it riskier the question here is is it riskier to have a 6102 or
something like that or to just not have exposure to bitcoin at all that’s the question are you
Grand is the question do you not love Grandma enough to help her with her self- custody is
(1:03:55) Grandma is Grandma I’m never going to buy it you know or like so I have I have a fair
amount of clients who right now we have not gone and bought Bitcoin directly and moved it to Cold
Storage the majority have but there are lots who have not yet because it’s like hey Jim I agree I
need to have exposure this thing like we’ll get there it’s like cool let’s just get exposure
right now like baby steps let’s just let’s just get there and they’ll continue learning
it’s inevitable we go through we have that (1:04:22) conversation I walked you through
earlier and then afterwards like hey let’s I want to keep Lear learning some more and then I’ll send
them like like I love the your first uh episode with breed love on uh uh he CR misconceptions
so good I Shar that and a few more like uh the Parker Lewis of uh bitcoin’s not a hedge those
sorts of things I send it to them and maybe a copy of the Bitcoin standard stuff like that and
then it’s inevitable that within a few months they reach out it’s like hey Jim can we talk
(1:04:49) about maybe buying more Bitcoin and then it’s like hey I want to own this thing
directly I want to and we talk through like how to custody and all that fun stuff but for Grandma’s
sake like maybe maybe you have time to sit down with Grandma and she trusts you to actually sit
down and like all right Grandma we’re going to hop on River and we’re going to buy Bitcoin
and move it over to a a cold card she’s like at that point you are buying it with her money
let’s just admit it that’s what you’re doing (1:05:11) um it’s maybe that’s the case or
Grandma’s not going to own any and you’re not going to give her exposure at all because
you’re too consumed with she has to own in the most pure way versus like look just get your toes
in and I would rather go that way and maybe maybe that’s wrong with me but it’s like I’d rather
have you get you exposure in some capacity than just like well too bad until you can really
until you’ve got laser eyes Maxi you’re not GNA own any of this it’s like I mean I first stepped
(1:05:40) into this through gbtc like yeah like okay but that forced me to keep learning more I
there’s a lot of people out there so I’m okay with that it can be such a turnoff when uh somebody’s
just willing to dip their toe in the water and uh you know some of us that have been around for a
while just start screaming from the mountain tops no you’re doing it all wrong and I mean I’m guil
as the next person and um yeah I think I think it’s really important for us collectively
as a community to just uh I guess be deeply (1:06:15) empathetic to everybody that’s
showing up for the first time most people are just so dang busy just trying to fight the
Fiat uh system like their savings just being sucked away from them and just not having enough
buying power and working three jobs to like they just don’t have time to deeply understand such a
complex problem and we just need to be empathetic to them and meet them where they’re at yeah it
is funny I feel like I do live in a meme world like the right now like that that Meme of like
(1:06:44) wow that’s crazy hey did you catch the game last night yeah you know yeah that
is that is frustrating but just recognizing like yeah that was me once like wow that’s
crazy he you catch the game that was that was me or like the one of they’re at the party and
it’s like they don’t even know I feel like that every time bitcoin’s pumping I’m like walking
the sidewalk and it’s like in my head it’s like I’m the guy at the party they don’t even
know that bitcoin’s pumping or they don’t even (1:07:06) know that the Dollar’s you know trash
um so uses that one a lot she uses that one really well it’s just yeah those they crack me up but
in my head I’m like wow I’m a I’m a walking meme um but we we I think those are those are uh they
can be uh uh very punctual ways of highlighting problems or Solutions but we need to be aware of
how we’re Lo using those uh those tools um I love the one I think I think it’s Lynn who shares
this one pretty often it’s the uh the Morpheus of so what you’re saying so you’re saying
(1:07:43) that one day I’ll be able to sell my Bitcoin for Millions no what I’m saying is uh
What uh when you’re able to you won’t have to or whatever like I love that and you could pull
that out and they like what are you talking about but it’s it’s using it in good ways you
know we’ve got a we’ve got a Swiss Ary knife of of memes and education like understand how
to use it you’re trying to go in there and help somebody to get a splinter out or whatever
you’re not trying to go and stab them and shank (1:08:07) them to death um and I think that’s
what happens a lot people walk away hurt and bitter because they were just shanked a bunch
and it’s like why didn’t you listen it’s like well man like use the tools you have to help
um not to poke too much there’s a place of poke there are people like the financial planners I
poke a lot because sometimes they just need to be poked but most people they just need to come in
it’s like hey come here I need to let me help you get this thing off you um okay so I think I’m
(1:08:34) gonna title this one what is causing clown world and bitcoin’s solution with Jim
krier Jim this was this was a blast really really enjoyed this uh just enjoy being friend
of yours you are such a great person and somebody that I I really admire in the space and uh I
appreciate you making time to to come on the show and have this chat yeah thanks for give
people a handoff uh to your financial services oh man um I’m on Twitter it’s Jim Cryder TX is in
Texas um my financial planning company we I worked (1:09:10) specifically like for the first two
years I didn’t allow anyone over the age of 45 um so only young families last spring I started
allowing older people traditional we’ll call them um and then right now I’m actually uh heavily
pushing and I I’ll take younger clients but I’m actually really pushing heavily into more
traditional like retirees and pre-retirement because of frustrations seeing like you know if
they’re going pretty much anywhere else they’re going to be thrown in a 6040 portfolio and
(1:09:37) totally ignored on this stuff so because of that it’s like my parents actually
were the Catalyst they need a new financial planner I couldn’t find anyone to help them I
was like fine I’ll work with them and if I if I’m if I can’t send my parents somewhere else
how can I in good conscience send other people somewhere else so anyways that uh if you want
to throw a minute on my calendar it’s my the website is uh it’s a mouthful it’s intentional
living FP as in financial planning so intentional (1:09:59) living f.com my calendar’s there happy
to chat even if it’s just like hey I have a quick question yeah like that’s what I do here to
help love it we’ll have a link in the show notes uh for people to just click on that and uh
link up with you and again thank you so much Jim this was a blast yeah thanks Preston I think
I heard sailor say you know if it’s good for a million it’s good for 10 million if it’s good
for 10 million it’s good for 100 million and if you take that concept and you start you know
(1:10:25) applying $10 million per Bitcoin times 100 you start looking at those numbers
they’re staggering that is financial strength because they have the ability to use those
assets as collateral to generate a yield