His conclusions are wrong, and it’s very confusing how he could be so wrong.
Discussion
A lot is being taken out of context. Watch the entire interview. Not snippets.
Grow up a little.
Question: what do you think of Musk & RFK? Honestly.
I listened to the whole podcast that I just posted. It was not just clips and snippets. He trusts institutions and does not believe Bitcoin is here to replace fiat currency. He’s quite clear about it. Listen for yourself. I don’t have some black and white answer for those two guys. I have gray, nuanced views on both of them where I agree and disagree with both of them on a wide range of issues.
He’s the CEO/founder of a publicly traded company.
Also, BTC isn’t replacing fiat any time in the next 100 years. He lives in reality. That is reality.
BTC is a SOV. Digital real estate. Convertible to local currencies. And it will be for a looooooooong time.
“BTC isn’t replacing fiat any time in the next 100 years.”
Not with *that* attitude it isn’t… 🤩
I don’t spend BTC. It’s a beautiful SOV.
Personally I think it will happen within 20 years, but even if it is 100, he is still wrong in his conclusion. You cannot have a “store of value” without that fundamentally meaning it is a medium of exchange at some point in the future, even if you have a wasteful layer of fiat currencies intermediating that exchange. You store value to exchange it for something else later. Bitcoin is money. Period. End of Story. He also thinks trusting institutions is a perfectly acceptable risk.
He wants to be a bank. Now do you get it?
He’s also tearing apart the fiat system by exploiting a little loophole to acquire more BTC.
Now do you get it?
What would you say? FUCK THE GOVERNMENT. FUCK TAXES. FUCK FIAT.
I’m not saying he’s obfuscating his true beliefs, but what he is saying is wrong and will potentially get a lot of people rekt. He is either wrong or lying. I don’t like either.
It won’t get me rekt. Will it get you rekt?
And you may overestimate how LITTLE I care about others getting rekt.
It won’t get us rekt because we aren’t listening to him. Others will though. I would prefer not to see others rekt.
Now ur being dishonest.
Do you shed tears for your shitcoining brothers?
I am sorry that they are doing something I fundamentally disagree with, the same way I feel bad for people that legitimately believe war is a good thing or masks work or whatever stupid ideology they ascribe to that is demonstrably wrong. I don’t find the consequences of their actions undeserved, but I genuinely wish they didn’t go down those paths.
I’ve listened to the entirety of his Saife and his Onramp podcasts. He’s wrong.
His current approach is fitting bitcoin into the existing system. “Wouldn’t it be nice if…” and the like.
He concedes that bitcoin is appreciating 50%+ annually and then totally abandons the implications of that fact. The existing system doesn’t exist as it does today with Bitcoin appreciating 50% annually.
It’s not that credit / yield “can’t work” but when the underlying asset backing the loan is appreciating 50% annually in fiat terms, banks won’t be able to find projects that outperform Bitcoin to return 5% denominated in bitcoin. Even if this Bitcoin yield product is offered through JPM or Goldman, they are susceptible to blowing up because of the sheer insane remaining upside to bitcoin until hyperbitcoinization occurs and Bitcoin is growing as sound money should - 10-15% annually. Once you have removed some of the volatility and outsized upside then you could reasonably expect to deliver a yield consistent with the underlying asset.
There is a disconnect in him trying to force bitcoin into the existing credit-based fiat system. There’s a number of legitimate reasons he might take this approach. But he is entirely wrong about what he is shilling publicly right now.
His go to analogy is this 22 year old that wants to take out a loan to start a business or by a car…and he condescendingly asks “Will that not happen with bitcoin?” No, Michael, it won’t…because that is a misallocation of capital under a bitcoin standard.
Yes, we are moving from a credit money system to a hard money system. Many currencies have failed and are not used anymore. The same will happen to the dollar. Nothing new here.
Yeah, his recent intellectual inconsistency is striking. Someone who could go onto WiM and ramble - coherently and intellectually consistently, but still ramble - for 9 hours and then come out in this last month and totally shift his messaging.
And be antagonistic towards the pleb hodlers…emotional and antagonistic.
Something is up. What, I won’t make a conclusion for sure. But something is up.
It’s been a weird turn for sure. Actively hostile against people not trusting institutions.