0:01 You make no friends in the pits and you
0:03 take no prisoners. One minute you're up
0:05 half a million in soybeans and the next
0:06 boom, your kids don't go to college and
0:07 they've repossessed your vent. Are you
0:08 with me? The revolution starts now.
0:11 Starts.
0:13 We have to pass the bill so that you can
0:15 uh find out what is in it. Turn those
0:18 machines back on. You are about to enter
0:21 the Peter Shift Show. Show me the money.
0:25 If we lose freedom here, there's no
0:26 place to escape to. This is the last
0:28 stand on earth. The Petership Show is
0:30 on. I don't know when they decided that
0:32 they wanted to make a virtue out of
0:34 selfishness. Your money, your stories,
0:37 your freedom. The Petership
0:40 [Music]
0:53 Show. Welcome everybody to the Peter
0:56 Schiff Show podcast. I am on the road.
0:59 This is part of my summer 2025 podcast
1:02 tour. I am now in Monteceto, California,
1:06 which is part of Santa Barbara. For
1:08 those of you who may not be familiar
1:10 with the area, it is very beautiful out
1:12 here. I just arrived the other day from
1:16 Las Vegas where I was a speaker at the
1:20 Bitcoin 2025 conference. I will be
1:23 talking about my experience at that
1:26 podcast. On the other side of the
1:28 commercial break and basically most of
1:30 today's podcast, I think I will talk
1:33 about my experience at the at the
1:36 Bitcoin conference. But before before I
1:39 get there, let me talk a little bit
1:40 about the markets, what's going on. You
1:42 know, we're in a brand new month now.
1:44 This is the month of June. And when the
1:47 month of May started, I thought maybe
1:49 investors would sell in sell in May. and
1:52 and go away. Uh but they did not do
1:55 that. Uh they not only did not sell,
1:58 stock market investors bought. We had
2:00 one of the best maze probably ever. I
2:03 mean, I haven't had a chance to research
2:05 it. Uh but the numbers are pretty big.
2:08 The Dow was up about 5 and a half% on
2:11 the month. S&P 500 up
2:15 8% on the month. These are big moves for
2:18 a month. The NASDAQ up 11 and a half% in
2:22 the month of May. Even the Russell 2000,
2:25 which had been battered pretty badly,
2:28 was up 7% during the month. Uh, Bitcoin
2:32 rose
2:33 11%. Almost exactly the amount of the
2:36 NASDAQ. And you know what? A lot of
2:38 people have been trying to claim that
2:41 Bitcoin is decoupled from the NASDAQ.
2:43 It's not a risk asset anymore. It's
2:45 trading more like gold. Well, all of
2:47 those calls are premature. Gold was down
2:51 about a half a percent on the month. So,
2:53 how could anybody say that Bitcoin is
2:56 now correlated with gold and not the
2:59 NASDAQ when it pretty much traded in
3:01 lock step with the NASDAQ on the month
3:04 and it traded nothing like gold. The
3:06 interesting thing though about gold is
3:09 that while gold was flat to slightly
3:11 lower, the gold stocks managed to rise.
3:14 The GDX was up 4 and
3:17 a.5% on the month and the GDXJ the
3:20 juniors was up 7 and a half%. That's not
3:22 bad uh given flat to lower gold prices.
3:26 And in fact, in the final uh week of the
3:29 year, last several days, we had gold
3:32 down about 30 bucks one day, $40 another
3:35 day. And on both of those days, the gold
3:37 stocks were positive. And so a lot of
3:39 the gains on the month happened in the
3:43 final week of the month despite the fact
3:45 that gold was down. And I've been saying
3:48 that this was going to happen that we'd
3:50 have to see gold stocks going up even if
3:53 the price of gold went sideways or down
3:56 because gold is already so high and
3:58 these stocks are so cheap. They're not
4:01 even priced for 2,000 gold, let alone
4:04 $3,300 gold. And that's about where gold
4:06 is now. In fact, it's up about $32
4:09 already early on a Sunday evening. We're
4:11 at
4:13 3322 on gold. And you know why would
4:15 while we did have a big rise in the
4:17 stock market on the month, we did not
4:20 have a rise in the bond market at all.
4:22 Uh yields on the uh US Treasury bonds
4:26 are near their highs, meaning bond
4:28 yields near their lows. Right now, the
4:30 yield on the 10-year is 4.42 42 and the
4:34 yield on the 30-year is
4:36 4.96. So, not much off the highs in the
4:40 yields. Uh not much off the lows in bond
4:43 prices. And we barely had a rally at all
4:46 in the dollar. Uh the US dollar right
4:49 now against the euro is
4:52 11375. So just below 1114. The absolute
4:55 low in the dollar euro or high in the
4:57 euro was 115.
4:59 And the dollar index right now is about
5:03 99.99. Uh we barely got above or below
5:08 0.98. So the dollar didn't rebound.
5:12 Bonds didn't rebound. The only thing
5:14 that rebounded was the stock market. And
5:18 I don't think that that rebound is is
5:20 justified. I think the tariffs coming
5:24 off the table, at least uh the the
5:26 draconian uh reciprocal tariffs, the
5:30 145% tariffs uh on on China, I think
5:34 there was a huge relief rally in stocks
5:38 that it wasn't as bad as investors
5:40 thought, but I don't think they ever
5:43 really priced in how bad it would be
5:46 anyway. So, I think the market should
5:48 have gone down more than it did given
5:50 how overpriced it already was before the
5:54 trade war started. And so, I think this
5:57 bounce should not be longived. I think
6:00 we should roll over especially if we get
6:03 continued weakness in the bond market
6:06 and in the um in the foreign currency
6:10 markets, the dollar. But a couple of
6:12 things that happened over the weekend
6:14 that should bold, you know, ill for the
6:17 stock market. Right now, stock market
6:19 futures are not down that much on the
6:21 news. Dow futures off
6:24 about.3% 128 points. Uh NASDAQ futures
6:28 down about 0.4. You know, one of the
6:30 things that helped the NASDAQ last week
6:32 was the better than expected Nvidia
6:34 earnings. So, uh that was a big deal.
6:36 And also, you know, there was a Supreme
6:38 Court ruling, not a Supreme Court, a
6:40 court ruling, lower court trade court
6:43 that, you know, kind of threw out uh
6:46 some of Trump's tariffs, saying that
6:47 these are are not legal, that the
6:49 president doesn't have the authority to
6:52 uh unilaterally impose these tariffs.
6:54 And I agree with that court, although I
6:56 think uh the Trump administration has
6:59 got another ruling that the tariffs can
7:01 stay until it's resolved by a higher
7:04 court. And again, it wasn't all of the
7:05 tariffs that were thrown out, but again,
7:07 I think the president is abusing his
7:09 authority. The reciprocal tariffs are
7:12 not really reciprocal because he's not
7:14 imposing tariffs that match tariffs that
7:17 are imposed by our trading partners.
7:19 There is nothing reciprocal about them.
7:22 He just called them reciprocal because
7:24 of the authority uh to level reciprocal
7:27 tariffs. But you can't redefine
7:30 reciprocity and just impose whatever
7:32 tariffs you want and claim that you've
7:34 got the authority. And also the
7:36 emergency, you know, Trump has said
7:38 that, well, we're imposing tariffs as an
7:41 emergency. The emergency is uh fentanyl.
7:46 Maybe it's an emergency, maybe it's not.
7:47 I mean, I understand that, you know,
7:49 there's a huge risk. A lot of people are
7:51 dying of fentanyl. Uh but it's clear
7:54 that that's not why the tariffs are
7:55 there. When Trump campaigned on tariffs,
7:59 he didn't campaign on tariffs because of
8:01 fentanyl. And when he had liberation
8:03 day, he didn't say that he was
8:05 liberating us from fentanyl. Uh the
8:08 purpose of the tariffs and even the ones
8:09 on Mexico and Canada and China are
8:13 predominantly to bring American
8:16 manufacturing home and to raise revenue.
8:19 Trump talks about that all the time. So
8:21 you can't say no, revenue is not the
8:24 reason. uh you know bringing back our
8:26 manufacturing is not the reason it's all
8:29 about fentanyl. Uh that's just an excuse
8:32 to try to justify tariffs that he has no
8:36 authority to impose. I mean if it really
8:38 was all about fentanyl he wouldn't be
8:41 talking about these other issues. But
8:42 obviously and the courts should not turn
8:45 a blind eye to what is obvious. The
8:48 purpose of the tariffs is revenue and
8:52 bringing back manufacturing. If there's
8:55 an added benefit of maybe reducing some
8:57 fentanyl imports, that does not mean
9:00 that that is why they are there and
9:02 Trump should not be able to use that uh
9:05 to get around the law. Uh the
9:07 constitution requires Congress to levy
9:11 taxes and more specifically the House of
9:15 Representatives. All revenue bills,
9:17 including revenues from tariffs, must
9:20 originate in the House. And that's
9:23 because the founding fathers didn't want
9:25 one man in the White House imposing
9:28 taxes on the American public. And that's
9:30 where the tariffs fall. They are on
9:33 Americans. They are not on the Chinese.
9:35 They're not on the Mexicans. They're not
9:37 on the Canadians. That was just a bunch
9:39 of BS. uh so that people would vote for
9:42 Trump believing that Trump was going to
9:44 fund government from external revenue,
9:47 not internal revenue, and that we were
9:49 going to be off the hook, that Americans
9:51 were going to get tax cuts, and we were
9:54 going to pay for government by taxing
9:57 China and everybody else. And that was
9:59 just not true. But that uh court uh loss
10:03 for Trump was uh taken as a win for the
10:06 markets because the stock market
10:08 obviously does not like the tariffs and
10:11 so that anything that diminishes those
10:13 tariffs would be helpful to the stock
10:16 market. Now over the weekend, Donald
10:19 Trump posted on uh on Truth Social
10:25 uh that apparently the Chinese uh are
10:28 cheating. They're not living up to their
10:30 end of the bargain. I'm not even sure
10:31 what the bargain is because they really
10:33 didn't uh negotiate much. They both
10:36 reduced the tariffs that they had
10:38 imposed. Uh Trump imposed them, went up
10:41 to 145, and then China went up to 125 in
10:44 retaliation. And then after they met in
10:46 Geneva, uh Trump came down to 30 and and
10:50 China came down to 10 or something like
10:53 that. And that was about it. I'm not
10:55 really sure what else they agreed on,
10:57 but apparently the Chinese aren't living
10:59 up to their end of the bargain. And now
11:01 it's no more Mr. Nice Guy. So, we'll see
11:05 because now Trump is basically saying
11:07 maybe we're going to have more tariffs.
11:10 And in his post on Truth Social, Trump
11:13 said the only reason the only reason
11:15 that he lowered tariffs was to help out
11:18 China, right? He said the Chinese
11:20 economy was devastated by the tariffs
11:23 and that there was going to be civil
11:24 unrest and he didn't want that to
11:27 happen. He felt bad for China because
11:30 they were, you know, there was so much
11:32 hardship as a result of the tariffs that
11:35 he that he felt uh sorry for the
11:38 Chinese. And so he decided to be a nice
11:41 guy and just, you know, go easy on them,
11:45 right? as if it had nothing to do with
11:47 the US stock market tanking uh or all
11:51 these forecasts for recession because
11:54 you know there was no ships coming in
11:56 from China with products and no had
11:58 nothing to do with our economy. He was
12:01 solely motivated by the goodness of his
12:03 heart because he felt bad for the
12:05 Chinese and wanted to let him off the
12:08 hook. But now he's saying no more Mr.
12:10 Nice Guy, you know, I'm not going to I'm
12:12 going to be tough now on China. which of
12:15 course it's not tough on China, it's
12:17 tough on Americans. The Americans pay
12:20 the tariffs, not the Chinese. The
12:22 Americans are going to have to do
12:24 without the products, not the Chinese.
12:26 There's plenty of products there in
12:28 China. In fact, if China exports fewer
12:31 products to America, that means there's
12:34 more products in China for the Chinese
12:36 to buy. So, it's actually good for
12:38 China. Whatever they don't sell to us,
12:40 they get to keep for themselves, right?
12:41 So, that's a good thing. or maybe they
12:43 can sell to somebody else uh that
12:46 actually has stuff that they need. Uh
12:48 but this is a negative development
12:51 uh that potentially could be weighing on
12:53 the stock market on on Monday. The other
12:56 potential negative development is the um
13:01 the weekend meeting at the White House.
13:04 Uh Donald Trump summoned um Jerome Pal
13:09 to the White House basically, you know,
13:11 trying to get his mind right by taking
13:13 him back behind the woodshed. Uh and uh
13:17 and and basically telling him that he
13:19 wants lower rates. I mean, that was the
13:21 whole purpose of the meeting. Trump
13:23 wanted to talk to Pal because Trump has
13:26 been beating up Pal in public, calling
13:28 him, you know, too late Pal and, you
13:31 know, making fun of him. He doesn't know
13:32 what he's doing. And I guess he wanted
13:35 to state uh his case. I don't know how
13:38 much arm twisting there was. Uh but it's
13:42 no secret that Trump wants rate cuts and
13:45 and Pal is not delivering. Now, as far
13:48 as I know, Trump did not accomplish
13:51 anything because Pal has made it clear
13:54 that it doesn't matter what Trump says.
13:56 uh it's his call and he's not going to
13:59 be intimidated that the Fed is
14:01 independent and he cares about
14:03 maintaining the independence of the Fed
14:05 and that it would be very damaging to
14:07 the Fed's credibility if he were to just
14:11 cave and do what the president wants,
14:14 not what he thinks is right. But there
14:16 are rumors now that uh Pal may resign
14:20 tomorrow on Monday. I don't know if
14:22 there's some kind of press conference
14:23 that's been called. Uh so that's a rumor
14:26 that's out there. I again I don't know
14:28 if there's any truth to that rumor. I
14:30 would be surprised if it were true. I
14:32 mean it doesn't seem like it would be
14:34 like Pal uh to to resign. But also, you
14:38 know, I don't know how much that's going
14:40 to accomplish because number one, if Pal
14:43 steps down immediately, his position is
14:46 filled by the vice chair. Now, I don't
14:49 know if he's leaving the FOMC completely
14:52 or just resigning as chair and he would
14:54 just be a number another voting member.
14:57 My my guess would be if he resigns as
14:59 chair, he's probably going to leave the
15:01 FOMC entirely. But the vice chair would
15:06 take his place. Now, if you look at the
15:09 meetings there, there's 12 voting
15:10 members. So, even if Pal left and and
15:13 and you know, now they'd have to get
15:15 another voting member. I'm not sure if a
15:16 new one has to be appointed or what the
15:18 procedure is, but even if it went down
15:19 to 11, it's not like the last meeting
15:22 was a close call. There was no disscent.
15:26 All 12 members, I believe, voted to keep
15:29 interest rates
15:31 unchanged. So even if the vice chairman
15:35 were to become chairman, rates would
15:37 still not move.
15:40 Now Trump has to appoint somebody else
15:45 and whoever he appoints needs to be uh
15:48 you know confirmed by the Senate. Now
15:50 assuming the Senate just rubber stamps
15:52 whatever lackey uh Trump wants to you
15:57 know put in Pal's place. He's still only
16:00 one vote. Yes. Traditionally, the Fed
16:04 chairman carries a lot of weight, but if
16:08 the other FOMC members have been honest
16:11 and they really think that rate cuts
16:15 would be inappropriate and especially if
16:18 they're concerned about Trump bringing
16:20 in a ringer and and how that might
16:23 impact the credibility of the Fed, they
16:26 may still vote to leave interest rates
16:29 unchanged. So, it won't matter. It's one
16:32 man, one vote. It's not like the Fed
16:35 chairman has, you know, extra votes. In
16:37 fact, he doesn't even cast a tiebreaking
16:40 vote. So, if there's a tie, which would
16:43 be
16:44 66, nothing happens. So, you have to get
16:46 a majority to change policy. And so, I I
16:51 I think it would be a hollow victory for
16:54 Trump to replace Powell. All it would do
16:57 is damage the credibility of the Fed.
16:59 Even if the rest of the members hung
17:02 tight, it would still look bad uh for
17:05 Powell to step down and for Trump to uh
17:08 to reappoint somebody. But again, if he
17:10 does, it's not going to matter. So, it
17:13 would be much better for Trump, right,
17:16 if that's really what his agenda is, to
17:18 just allow Pal to serve out the
17:22 remainder of his term and then, you
17:24 know, appoint somebody that won't look
17:26 as bad. Plus, I think from a political
17:30 standpoint, it actually helps pal and
17:33 Trump to have the foil because if the
17:37 economy or, you know, gets worse, which
17:39 it will, Trump can blame it on the Fed.
17:42 He doesn't have to accept
17:43 responsibility. He doesn't have to say,
17:45 "Look, it's my tariffs or it's the big
17:48 increase in the budget from the big
17:50 beautiful bill." He can say, "Everything
17:52 would have been great if Pal had just
17:54 done the right thing." And I told him
17:56 what to do because I, you know, I know
17:58 more about interest rates than anybody
18:00 else, especially too late Pal. I told
18:03 the guy to cut rates. He didn't do it.
18:06 And that's why the economy went south,
18:09 right? That's why we're in a recession.
18:10 It's got nothing to do with me, right?
18:12 Because I was undermined by the Federal
18:15 Reserve. Anyway, we got a quick
18:16 commercial break. We're coming right
18:17 back, so stick
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20:03 All right. Well, my next stop uh is
20:06 going to be in Palm Springs, California.
20:10 Although, I am going to go down to the
20:12 LA area before I head out there. But
20:14 that's my next conference. Uh the
20:16 Freedom Fest. I have not been at
20:19 Freedomfest in a couple of years, two or
20:22 three years. I used to go every year. In
20:23 fact, I went to the very first one that
20:26 Mark Scowzin had. And I I went to a lot
20:29 of them uh back then. Uh, but I I've
20:32 been missing for a few years, but I'm
20:34 going to be at this one. We're going to
20:35 have a booth. I got a couple of reps uh
20:38 that are going to be there. My family
20:39 will be there once again. I mean, many
20:41 of you uh had an opportunity to uh to
20:44 meet my wife uh at the uh at the Bitcoin
20:48 conference. She was there with my kids,
20:49 although they weren't really hanging out
20:51 at the conference. I'd probably be
20:52 hanging out at the conference more uh
20:55 this time. By the way, I mentioned on my
20:58 last podcast or two podcasts ago, my
21:00 wife has a new uh video out from her new
21:04 uh song um Love Love on Fire. A number
21:07 of you have watched it, but she's got a
21:09 great video that she composed. Remember,
21:11 she wrote the song, she sings the song,
21:13 she did the video. You could check it
21:15 out on her YouTube channel, uh Laughing
21:18 Cats. We'll probably drop another link
21:20 in the description here, and you could
21:22 uh watch her her new video. Uh but she
21:26 will be uh with me at Freedom Fest. So I
21:28 would encourage people to sign up uh to
21:31 join me in Palm Springs. It's California
21:34 I mean June 11th through the 14th. So
21:36 it's coming up. Uh but some people
21:38 living here could probably move get
21:40 there on a last minute. And then later
21:43 in the month I'm doing the Real Estate
21:45 Guys Summit at C June 20th to the 29th.
21:49 I mentioned on I don't know if it was my
21:52 last podcast or two podcasts ago that
21:55 I'm going to be flying directly to Miami
21:57 from San Francisco and I invited anybody
21:59 from the Bay Area who is signed up for
22:02 this conference uh to fly with us uh on
22:05 our plane. Um and one of our my clients
22:09 from the Bay Area signed up. So he and
22:11 his wife will be accompanying my family
22:13 on our flight from San Francisco to
22:18 Miami on June 19th. Uh there's two more
22:21 spots. There was three and in fact two
22:23 of the cabins sold but now somebody
22:25 cancelled. So they're now at two cabins
22:28 still. So if anybody wants to go, look,
22:30 definitely sign up. It'll be a great
22:32 time. In fact, my wife will be singing.
22:34 She always she always performs on these
22:36 cruises. So, not the Laughing Cats, but
22:39 uh there's a band that she sings with.
22:41 So, you know, she'll be entertaining on
22:43 on the cruise. But it's a great
22:45 educational experience, especially if
22:47 you're into incomeroucing real estate.
22:49 There are a lot of good speakers that'll
22:51 be participating in the entirety of the
22:53 oneweek cruise uh along with my family
22:56 and I. So, if you want to sign up and if
22:58 you happen to be in the Bay Area and you
22:59 need a lift, we still have some seats on
23:01 the plane on June 19th flying uh to um
23:06 uh Miami. You're on your own for your
23:08 return trip because we are not going
23:10 back uh to the West Coast. I'm going
23:12 back up to Connecticut uh from uh from
23:15 uh from the summit.
23:18 Oh, I don't know what that was. Anyway,
23:21 um I want to talk before I get to the
23:24 the Bitcoin conference. Oh, and you you
23:27 you can sign up for uh Summit at C. It's
23:30 investor sum uhsummit
23:32 atc.com. You just go and register if you
23:36 if you want to attend that event. Again,
23:38 June 20th to the 29th. The boat leaves
23:42 from Miami, Florida. Um, so I was
23:46 watching
23:48 um, Meet the Press this morning. I wa,
23:52 you know, I watch a few of these Sunday
23:54 shows, but I want to talk a little bit
23:56 about the Meet the Press because on that
23:58 one you had House Speaker Mike Johnson
24:01 was talking about the big beautiful bill
24:05 and just kept lying through his teeth
24:08 about that bill. I mean, first of all,
24:10 he also lied about how great the economy
24:12 was under Trump. He repeated the lie
24:15 that during Trump's c first couple of
24:18 years in office, we had the greatest
24:21 economy in the history of the world. And
24:22 he he went out of his way to say it
24:24 wasn't just the greatest economy in the
24:27 history of the America. It was the
24:28 greatest economy in the history of the
24:31 world. So there was never a point in
24:33 time in all of world history where any
24:37 economy did as well as the US did during
24:41 Trump's first couple years, which is so
24:42 ridiculous uh to make those grandiose
24:45 claims, but that they they keep doing
24:47 that. But, you know, then he he went to
24:50 talk about specifically about the big
24:53 beautiful bill. And one of the things he
24:55 said about the big beautiful bill was
24:57 that it did not increase the national
25:01 debt, which of course it does. I mean,
25:04 it increases it a lot. And then he said
25:07 it reduces the debt, which it does not,
25:09 right? It doesn't reduce anything. We
25:12 would have a smaller debt if this bill
25:14 didn't pass. If Congress did nothing and
25:18 just allowed the spending to continue
25:22 unchanged and allowed the tax cuts to
25:25 expire, we would have smaller deficits.
25:27 I mean, we would still have deficits.
25:29 The national debt would still be going
25:31 up every year. It's not like it would go
25:33 down, but because of this bill, the
25:37 deficits will be bigger than what
25:40 otherwise would have been the case
25:42 without the bill. So, how can you claim
25:45 that uh this bill reduces the debt,
25:49 doesn't increase the debt? And then he
25:51 said that it was the largest uh step
25:55 ever taken by Congress to kind of um
26:00 change the the course that we're on, the
26:03 fiscal course of the country, that this
26:05 is just a first step in the right
26:06 direction. He said like it's it's we're
26:09 turning a battleship, right? So we can't
26:11 just turn it on a dime, but we have to
26:13 start slowly. And he claimed that the
26:16 big beautiful bill was this great start,
26:19 right? And it's the most historic thing
26:20 and this is fantastic when it doesn't do
26:24 anything. We're we're not changing
26:26 course. We are staying on the exact same
26:29 course that we've been on. In fact, not
26:32 only does the big beautiful bill not
26:35 change the course or alter it in any
26:38 way, it actually accelerates the speed
26:41 with which we're traveling down this
26:43 course. So, we are headed on a course to
26:46 a fiscal disaster. And we're not veering
26:49 from that course. We're staying on that
26:51 course. We're just stepping on the gas
26:54 so that we get to the fiscal disaster
26:57 sooner than we would otherwise get
27:00 there. Right? if we did not have this
27:03 bill, you know, and what really bothered
27:05 me too about this whole interview is
27:07 then the host because first she was
27:09 right to question him, you know, on the
27:12 bill and the fact that it it it makes
27:14 the deficits worse and, you know, she
27:17 brought up this Congressional Budget
27:19 Office estimates and then of course uh
27:22 Speaker Johnson said, "Oh, who cares
27:24 about those estimates? They're no good."
27:26 And meanwhile, she pointed out that when
27:28 Biden was president, he used those same
27:31 estimates uh to say that his deficit was
27:35 smok and mirrors uh and that look at the
27:38 Congressional Budget Office. And then he
27:41 had to say, well, sometimes they get it
27:42 right and sometimes they get it wrong.
27:44 In other words, when a Republican is
27:46 president, uh they get it wrong, but
27:49 when a Democrat is president, for
27:51 somehow some reason, uh they they get it
27:54 right. But the most frustrating part of
27:56 it was when they started talking about
27:58 the Medicaid cuts and she started going
28:01 off on him for these big cuts to med uh
28:04 to med to to
28:06 Medicaid and and he started to justify
28:09 well you know they're not really cuts
28:11 they're just you know work requirements.
28:14 We just want to make sure that
28:15 able-bodied men you know work at least
28:18 20 hours a week either as a job or
28:21 community service before they get their
28:23 benefits. So, I mean, they're not we're
28:25 not really cutting the benefits because
28:26 we're just requiring work, but you know,
28:29 we're not letting people just do nothing
28:31 able-bodied. And meanwhile, knowing
28:34 knowing that none of these uh
28:37 requirements even kick in for five
28:40 years. So, they're arguing about these
28:43 cuts that don't even really exist. But
28:46 of course, the Democrats love to talk
28:49 about the cuts as if they did exist
28:52 because they want to accuse the
28:53 Republicans of cutting Medicaid, which
28:55 they're not even doing. Because even the
28:58 little bit that Mike Johnson is talking
29:00 about that they have the courage to do
29:02 doesn't actually happen for five more
29:05 years because they don't have the
29:07 courage to do it. They're only
29:09 pretending they have the courage because
29:11 if they had the courage, they would
29:13 implement this work requirement right
29:15 now. They wouldn't wait five years for
29:18 it to kick in knowing that it'll never
29:20 kick in because it's going to get
29:22 changed before it happens. But
29:24 meanwhile, they're taking the heat
29:25 anyway. They're getting blamed for these
29:29 non-existence cuts. But meanwhile, we
29:32 have an increase in military spending in
29:35 this uh budget, more than what would
29:38 have been spent. Uh increase in money
29:40 for the for the wall. And in fact, the
29:43 the the extra the extra defense spending
29:48 in this
29:49 bill exceeds all the Doge cuts. So
29:53 whatever we gain through Doge, we blew
29:55 it by just handing the money to the
29:58 defense department. Right? So, we're
30:00 cranking up that spending all at a time
30:02 uh when we have a fiscal uh time bomb
30:06 ticking, right? So, and again, that's
30:07 what I said from the very beginning.
30:09 There was a lot of false optimism that
30:12 we were going to get our fiscal house in
30:14 order, that we were going to have all
30:15 these cuts to government spending. None
30:17 of that is going to happen. And all of
30:20 that is going to weigh heavily uh on uh
30:23 on the markets over time. You know,
30:25 gold, it was up $32 when I started this
30:28 podcast. Now it's only up about $18. So
30:31 losing some of that. But the stock
30:33 market is now selling off more. The Dow
30:36 off 180 points. Uh and the NASDAQ now
30:40 down better than a half a percent. The
30:43 dollar is weakening. Uh now across the
30:47 board, it's weaker than it was earlier.
30:49 Let me check out the bond market. I
30:50 wonder if rates are rising right now.
30:54 um they look like they're they're they
30:56 have ticked up a bit uh on on the
31:00 yields. I would expect them them to move
31:02 up move up more, but the the uh horrible
31:05 fiscal situation that is playing out uh
31:08 is going to be a big problem. There was
31:11 again it was a lot of false optimism and
31:14 now there's going to be a lot of
31:15 disappointment among our creditors and
31:17 it's going to show up in the bond market
31:20 in the foreign exchange markets and in
31:22 the precious metals markets. Anyway, let
31:24 me talk about my experience at the
31:27 Bitcoin conference. You know, I got a
31:29 lot of flack mainly from some of the
31:32 Bitcoiners online about going there.
31:35 Like, why is Peter Schiff going to a
31:37 Bitcoin conference? I don't like
31:38 Bitcoin. All right. Well, do you have to
31:40 like Bitcoin to go to a Bitcoin
31:42 conference? I mean, can't you be a
31:43 Bitcoin bear? I mean, you know, is the
31:45 Bitcoin conference just supposed to be
31:47 an echo chamber? Is it just supposed to
31:49 be a place where everybody, you know,
31:51 just parties and talks how great Bitcoin
31:53 is and how high it's going to go? Or do
31:56 you want to have some serious
31:57 discussions? Do you want to have some
32:00 contrarian points of view? Not that
32:02 there was a lot of contrarian voices
32:04 there. I was probably the only one
32:06 there. Frankly, there should have been
32:07 more. It would have been more of an
32:09 interesting conference if there were
32:11 more people uh that were questioning uh
32:16 you know what everybody else was saying
32:17 all all this all this bullishness. Uh
32:20 but I was you know very impressed
32:23 uh with the conference itself and how
32:26 well it was organized and how everything
32:29 seemed to go on time especially
32:31 considering how big it was. I mean the
32:33 conferences I typically go to like uh
32:36 the Freedom Fest which is actually one
32:38 of the bigger ones that'll have a couple
32:39 of thousand people but I you know or the
32:42 money show conferences I go to a couple
32:43 of thousand now when I go to the New
32:46 Orleans gold conference maybe 600 700
32:48 people so I'm used to going to small
32:51 conferences this was
32:53 35,000 people enormous investment
32:57 conference yet you know they really ran
32:59 this thing uh very well uh a crazy
33:03 amount of exhibitors there. So many
33:04 different companies were exhibiting and
33:07 the booths were pretty high quality,
33:09 high-tech, expensive booths. You know,
33:11 I'm there. I I you know, I got like a
33:13 $1,200 booth. You know, I don't spend a
33:15 lot of money on my booth, but a lot of
33:17 these exhibitors got money to burn now
33:19 in the crypto space. And one of the big
33:22 things going on now in Bitcoin are the
33:25 Bitcoin treasury companies because the
33:28 guy that that runs, you know, Bitcoin
33:30 magazine also just launched his own
33:33 Bitcoin treasury company. I think it's
33:35 called Nakamoto, but there's a few more.
33:38 Donald Trump basically just turned DJT
33:41 Media into a Bitcoin treasury company.
33:43 They're going to be selling three
33:45 billion worth of stock. They just made
33:46 this announcement last week. three
33:48 billion of stock to to to to to ba to
33:52 buy three billion worth of crypto. Two
33:54 and a half billion is going to be for
33:57 Bitcoin, which of course, you know,
34:00 you're basically taking what amounts to
34:02 a Ponzi and you're pyramiding it. I
34:05 mean, you're you're what's the purpose
34:07 of having a company whose sole business
34:10 model is to go out and buy Bitcoin. I
34:12 mean, Bitcoin doesn't do anything
34:13 anyway, but anybody who wants to buy
34:15 Bitcoin can just go buy it. I don't need
34:17 to buy stock at a company that does
34:19 exactly what I could do without the
34:20 company. But everybody wants to borrow a
34:24 page from the micro strategy playbook
34:26 because they're making a fortune. So
34:29 people are trying to tap in to this the
34:32 lunacy the insanity of Bitcoin with
34:36 these Bitcoin treasury companies but
34:39 which further proves that Bitcoin can't
34:41 be used as a currency because when it's
34:43 just bought up by a bunch of companies
34:45 who hoard it and do nothing with it,
34:47 it's obviously not in circulation. It's
34:49 not being used as a medium of exchange.
34:52 It's not being used to make payments.
34:54 It's just being used to speculate.
34:56 companies are buying it hoping the price
34:58 goes up. Uh but you know I thought one
35:01 of the most interesting things though I
35:02 thought about my experience there I
35:05 expected at least somebody to say
35:06 something negative to me. I didn't hear
35:09 one negative word from a single person
35:12 and I was mobbed with people from the
35:15 moment I got there to the moment I left.
35:17 When I had when I was at my booth there
35:19 was a huge crowd around my booth.
35:21 Everywhere I walked in the casinos
35:23 people are coming up to me. Can I take a
35:25 photograph with you? Uh I I I've
35:28 probably never posed for more selfies at
35:31 any conference. And obviously, you know,
35:33 because there's 35,000 people
35:35 there, but these are all Bitcoiners.
35:37 These aren't like gold bugs. These are
35:39 Bitcoiners, you know, most of them, you
35:42 know, died in the wool, Bitcoin
35:44 maxis. And, you know, they just want to
35:47 have a picture with me. And what
35:49 everybody was telling me almost to a
35:52 person was that I was the reason that
35:54 they bought Bitcoin. Uh, and they credit
35:57 me for even though that was not my
35:58 intention. And I, you know, I I I didn't
36:00 want people to buy Bitcoin. In fact, I
36:02 told people not to buy Bitcoin, but they
36:04 bought it anyway. But the reason people
36:06 were telling me they bought Bitcoin was
36:08 because I taught them about economics.
36:10 They learned economics from me. They
36:12 learned about sound money. They began to
36:15 question the Fed. They were worried
36:17 about the debt and so I put them on this
36:20 path that ultimately led them to Bitcoin
36:24 and and and um and in fact what I I
36:27 talked to David Bailey who runs the
36:29 conference who is the one that invited
36:31 me because he you know he lives in
36:32 Puerto Rico and you know that's where I
36:34 live but I said you know David I I told
36:37 him the story and he said yeah Peter I
36:39 know you're the reason I bought Bitcoin
36:41 the same thing he he he credits me for
36:44 his decision to buy Bitcoin. So I
36:47 probably was responsible for more people
36:50 owning Bitcoin at that conference than
36:53 any one single individual. So when
36:55 people were saying, "Why am I at the
36:56 conference?" I started it inadvertently.
36:59 It wasn't my intention. It's kind of
37:01 like a government program. It was an
37:03 unintended consequence. And you some of
37:05 the people said that they initially
37:06 started buying gold because of me, but
37:09 then they went from gold to Bitcoin
37:11 probably because they were frustrated
37:12 that gold wasn't going anywhere and
37:14 Bitcoin was. Uh but but that's what
37:16 happened. And then of course, you know,
37:19 uh there's the other phenomenon where
37:22 people just buy Bitcoin every time I
37:24 tell them that it's topped or stop
37:27 buying it. In fact, I know that there's
37:29 programs out there that are tied to my
37:33 posts on X where you sign up and every
37:36 time I post about Bitcoin, it
37:38 automatically buys you Bitcoin in your
37:40 account. So, not only am I responsible
37:43 for a lot of people buying Bitcoin in
37:45 the first place, I'm responsible for
37:48 people buying more. Uh, but anyway, so
37:51 that that probably made me a lot more
37:52 relevant than than people realize. Oh, I
37:56 don't know. It's looked like my camera
37:57 was freezing for a second. Um, but
38:00 anyway, um, I also wanted to talk about
38:03 the Michael Sailor
38:05 uh, talk, at least the one I saw. I
38:07 mean, he talked quite a bit. I I I was
38:09 only there once, right? I'm on a debate,
38:13 right, for a half an hour. Uh this guy
38:16 uh Trace Meyer who is pro Bitcoin and
38:19 then there's me. Now we had a moderator,
38:22 right, Natalie Bernell who is pro
38:25 Bitcoin too. So it really wasn't like a
38:28 unbiased moderator. It was like me
38:30 against these other two, right? So it's
38:32 me on the one side and the other two on
38:34 the other side and one of pretending to
38:36 be a moderator. Uh but we only had a
38:38 half hour to to discuss this. Uh and if
38:42 anybody wants to see it, it's up on the
38:44 internet. You just, you know, you just
38:46 go on YouTube and Peter Schiff Bitcoin
38:48 conference or I think they they they put
38:50 it up there the uh uh Bitcoin magazine
38:53 put it up there as a Bitcoin debate for
38:56 the Ages something like that as the
38:57 title and so you can you can watch the
38:59 half hour. Um but the second to
39:04 last talk
39:07 um of the
39:09 event was Michael Michael
39:12 Sailor and it was a packed room at at
39:16 the time
39:18 um that he uh that he spoke
39:21 um probably because Ross Albbright,
39:23 right, the Silk Road guy who was just
39:25 pardoned by Trump, he had his first uh
39:28 public appearance at the Bitcoin
39:31 conference and it's really the Bitcoin
39:32 community that is the reason that Trump
39:34 pardoned him because that was one of the
39:36 promises that Trump made and kept to get
39:39 their votes was to pardon Ross
39:41 Albbright. By the way, he will also be a
39:43 speaker at at Freedom Fest. So, he was
39:46 the closing speaker, but right before he
39:49 spoke, it was um Michael Sailor and this
39:54 is standing room only. In fact, I was
39:56 sitting on the floor. I I couldn't even
39:58 get a seat, you know. I came in and you
40:00 know I was standing for a while but
40:01 eventually I sat down. Um but um and so
40:06 Sailor you know has his 21
40:10 uh like tickets to wealth or something
40:12 like that. There was 21 because
40:14 everything is 21 because there's 21
40:16 million Bitcoin, right? So every there's
40:18 always 21 is always the magic number
40:20 when it comes to to Michael Sailor. But
40:23 his
40:25 entire speech boiled down to bet
40:29 everything on Bitcoin. He basically said
40:31 that no other assets matter. He said
40:34 that you should sell your
40:36 stocks, sell your um real
40:39 estate, sell your gold. If you own a
40:43 business, you should sell that, right?
40:44 If you're a doctor, if you're a dentist,
40:46 I think is what he said. Sell your
40:48 practice or at least part of your
40:50 practice and buy Bitcoin.
40:52 borrow money, put it all on Bitcoin, and
40:57 you're guaranteed to win. You can't
40:59 lose, right? Is basically what he's
41:01 saying. So, bet the farm on basically
41:05 nothing, and you can't lose. It is the
41:07 most recklessly
41:09 irresponsible, selfserving advice anyone
41:13 could give. Right? Obviously, Michael
41:15 Sailor has over 40 billion worth of
41:18 Bitcoin that he has already bought. He's
41:21 buying hundreds of millions, sometimes
41:23 over a billion dollars any given week.
41:26 He's all levered up. He needs everybody
41:29 else to buy Bitcoin. He's trying to get
41:32 companies to buy Bitcoin. You know, he
41:34 he was trying to get uh Meta to put a
41:37 bunch of their cash. They they told him
41:39 to pound sand. I think they had a
41:40 shareholder vote. They didn't even get
41:42 1% of the Meta shareholders who wanted
41:45 to put their cash into Bitcoin. I know
41:47 he tried to get Microsoft to put some of
41:50 their cash into Bitcoin. They said no.
41:52 Right. The central banks don't want to
41:54 put any of their cash into Bitcoin.
41:56 They're buying gold, right? You know, uh
41:59 but his advice is reckless and and
42:02 irresponsible. But I thought it was
42:04 funny and I guess I could thank him, you
42:06 know, for mentioning me, but obviously,
42:08 you know, he was trying to make fun of
42:09 me. But when he got to gold because he
42:14 said Bitcoin is designed to outperform
42:16 everything as if you can design
42:18 something to outperform, right? You I
42:22 mean so why wouldn't you, right? So
42:25 anything then I'm just going to design
42:26 my company to outperform. It's not
42:29 designed to outperform, right? But
42:32 according to M Sailor by design, Bitcoin
42:36 beats everything, right? You know, it
42:38 they just programmed it in there like,
42:40 oh well, hey, should we program it to
42:42 underperform or outperform? Hey, let's
42:45 let's make it outperform. Okay, good
42:46 idea, right? And they and they
42:48 programmed it and so you can't lose,
42:49 right? It's going to beat everything by
42:51 design, right? That's how brilliant
42:53 Satoshi was. He made it so that you you
42:56 always win if you own Bitcoin. And
42:57 Bitcoin outperforms every other asset.
43:00 Even though it has no yield, pays no
43:01 income, it's still by design, you can't
43:04 lose when you buy Bitcoin. But so when
43:06 he when he got to gold and he said
43:08 Bitcoin is designed it's going to beat
43:11 gold. Then he said sorry Peter I didn't
43:14 even he knew he didn't have to say my
43:16 last name. Everybody everybody there
43:17 knows he's talking about me. So he says
43:19 Bitcoin is going to beat everything.
43:21 Sorry Peter. And then he said I got to
43:24 repeat that. The only thing he said
43:26 twice Bitcoin is going to beat gold.
43:28 Sorry Peter. So he repeated that again.
43:31 Really just telling me uh that Bitcoin
43:33 is going to beat gold. It's not going to
43:35 be gold and you know, it's not going to
43:37 be sorry Peter. It's going to be it's
43:40 going to be sorry Mike uh and the
43:43 investors in Micro Strategy. You know
43:45 what nobody wants to talk about is that
43:49 Bitcoin basically peaked out in November
43:53 of
43:55 2021 in terms of gold. Bitcoin today at
44:01 105,000 with gold at
44:03 3,300. Bitcoin is about 10%
44:07 lower than it was at its peak in 2021.
44:12 Now, a lot of people say, "Hey, I'm
44:13 cherry-picking." No, I'm I'm I'm
44:15 specifically picking a peak, an
44:18 important peak in Bitcoin in 2021.
44:22 And my point is that measured from that
44:25 peak almost four years ago, Bitcoin is
44:29 10% lower. You can't ignore that. There
44:33 is significance to the fact that
44:36 Bitcoin's peak or where Bitcoin is right
44:38 now is lower than where it peaked four
44:42 years ago. And you got to think about
44:45 all the stuff that has happened over the
44:47 past four years. massively bullish
44:50 stuff, especially the election of Donald
44:54 Trump. But before that, we had all of
44:57 the Bitcoin ETFs that did not exist in
45:01 November of 2021. So we have all these
45:04 ETFs and we have Micro Strategies, you
45:07 know, 2121 plan, all the Bitcoin that
45:10 Micro Strategy has bought, all the
45:12 copycat
45:14 uh Bitcoin reserve companies that
45:16 already exists, all the new ones, the
45:20 strategic Bitcoin reserve, and various
45:24 states establishing their own strategic
45:28 Bitcoin reserves. Right? You've had all
45:30 of this bullish stuff, all of this
45:33 government and Wall Street buying of
45:37 Bitcoin. No gold, right? Wall Street's
45:40 not buying gold. US government, none of
45:42 these states are coming up with
45:43 strategic gold reserves, right? In fact,
45:46 the gold ETFs are smaller today than
45:49 they were four years ago. They've had
45:51 net liquidations during that time
45:53 period. Yet, despite all the bullishness
45:56 and all the buying and me just being at
45:59 a conference with
46:01 35,000 people, this is the biggest
46:04 Bitcoin conference they've ever had,
46:06 right? All this happened and Bitcoin is
46:09 lower than it was four years ago. So,
46:12 what does that tell you? Somebody is
46:15 selling their Bitcoin, right? Somebody.
46:18 And one of the the the main question I
46:20 threw out at the audience at this
46:23 conference because the only thing that
46:25 bit gives Bitcoin value is the belief
46:28 that it's going to go up. I mean that is
46:29 the whole premise. They think everybody
46:32 is going to buy it because it keeps
46:34 going up. And the more it goes up the
46:37 more people are going to FOMO into it.
46:39 They think that we have no choice. that
46:42 if everybody just buys it, it's going to
46:43 be the best performing asset as long as
46:46 nobody who's buying it sells it. And
46:48 then all the naysayers are just going to
46:51 capitulate and say, "You know what? I
46:52 got to get in on this. I can't not buy
46:55 it. I want to pretend I'm rich, too."
46:58 You have all these other people who are
46:59 buying something they can't sell, and
47:01 they're pretending they're rich. And I
47:03 need to pretend I'm rich, too. I can't
47:05 take it anymore. I can't watch all these
47:07 people pretending to be rich and not be
47:09 one of them. Right? And the reason I'm
47:11 saying pretending is because if they're
47:13 not selling, they're not rich. Now, I
47:15 know a lot of people are trying to now
47:16 figure out how you can borrow against
47:18 your Bitcoin. They want Bitcoin to be
47:20 collateral for loans. Why is that?
47:23 Because you're supposed to never sell
47:25 your Bitcoin because if you sell your
47:27 Bitcoin, the pyramid collapses. So, they
47:29 want to make it so people can be rich on
47:31 Bitcoin and enjoy their wealth without
47:34 collapsing the pyramid and selling their
47:36 Bitcoin. And so they're trying to let
47:38 people borrow against their Bitcoin,
47:40 which of course is a rep recipe for an
47:42 even greater disaster because that means
47:45 the lenders are going to take a bath
47:47 because eventually this thing has to
47:49 collapse. You can't just will a Ponzi or
47:52 a pyramid to last indefinitely. And you
47:55 know when I talk to these guys at the
47:56 conference and they say, "Look, only 5%
47:58 of the world owns Bitcoin. That's a hell
48:01 of a lot." They think that means the
48:02 other 95% are going to buy it. You're
48:05 never going to get a 100% of the people.
48:06 You're not even get close. In fact, the
48:08 crazy thing is 50% of the people who own
48:11 Bitcoin are Americans. That should be
48:14 shocking. You know, the Americans are
48:16 the ones that are dumb enough uh to fall
48:18 for this thing. But it shows it's all
48:20 about gambling. So, what I told the
48:24 audience is it's the greater fool,
48:27 right? Bitcoin is not gold. uh because
48:30 it doesn't have any of the the
48:32 properties that gold has as as a metal,
48:35 right? Gold has real demand. If the
48:38 price of gold goes down, jewelers will
48:40 buy more because they need gold.
48:42 Computer companies will buy more because
48:44 they need gold in their in their
48:46 circuits, right? Uh there there is a
48:49 real demand for gold that increases as
48:52 the price goes down. The lower price,
48:54 the lower the price of gold, the more
48:55 demand from industry for gold. That's
48:58 not true for Bitcoin. All the demand
49:00 comes from speculators. And in fact,
49:03 there's more demand when the price goes
49:05 up. When Bitcoin is going up, more
49:07 people want to buy it. When it's going
49:09 down, people want to sell it because
49:11 again, it's all about momentum and hype.
49:15 And and so what I told the people at the
49:19 Bitcoin conference was that look, you're
49:21 buying an asset that is based on the
49:24 greater fool. You're buying something
49:28 simply because you believe you'll be
49:29 able to sell it to somebody else at a
49:31 higher price. And the only reason that
49:34 other that somebody else is buying it is
49:36 because he has the same um um belief. Uh
49:41 he believes that he'll be able to sell
49:43 it to somebody at a higher price who
49:46 will be buying it uh with the same
49:48 expectation. And so I said eventually
49:51 somebody is the bag holder. eventually
49:54 uh you run out of greater fools and and
49:57 you're the greatest fool and you're left
49:58 holding the bag. And so I asked the
50:00 people to look around at the conference,
50:02 look around the room at the enormity of
50:05 this event and to ask themselves, am I
50:08 early in Bitcoin or am I late? Because
50:11 believe me, I mean, I've been to a lot
50:13 of conferences and I've never seen
50:14 anything like this. You know, I try to
50:17 draw the analogy to the mortgage bankers
50:20 conference I went to in 2006 at the peak
50:24 of the mortgage bubble. Uh, but it was
50:26 nothing like this. I mean, that was
50:28 maybe 3,000 people. This is 10 times as
50:33 big. And there was a lot of optimism
50:35 about housing and the mortgages, but
50:37 there's even more optimism about
50:39 Bitcoin, right? These Bitcoiners, and
50:42 there's some good people there
50:43 obviously, right? They're they're Peter
50:44 Schiff fans, right? uh they're good
50:46 people, but they are delusional, right?
50:49 And their belief in Bitcoin is
50:52 irrational, but it's it's it's religious
50:55 like, it's cultlike. And I and I and I
50:57 mentioned that and I can sense that and
50:59 as I talk to people there, you you can't
51:02 reason with them. You can't convince
51:05 them that they're wrong. And they're so
51:08 sure that they're right that they can't
51:10 understand why I don't get it. So many
51:13 people just don't even think I'm being
51:14 honest. Come on, you must really like
51:16 Bitcoin. How much Bitcoin do you have?
51:19 You're just playing a game. But it they
51:22 can't even accept the fact that somebody
51:24 like me who understands economics the
51:27 way I do and now the way they do,
51:29 understands money, doesn't like Bitcoin.
51:31 It doesn't make any sense because
51:33 they're so committed to this irrational
51:36 belief. The cognitive dissonance is so
51:38 great that they can't even accept the
51:41 fact that I don't believe it, too. So,
51:43 they think I'm lying. They think I'm
51:44 secretly hodling all this Bitcoin. Some
51:46 of them think I'm Satoshi, right? So,
51:49 but you know, they're they're in for a
51:51 rude awakening. Uh when when when the
51:53 bottom drops out of this thing and I
51:55 know the fact that, you know, it has
51:57 gone up and it's over 100,000 and I've
51:59 been critical of it the whole way up.
52:01 I've been critical about it
52:03 fundamentally. I've never said that it
52:05 couldn't go up because it's irrational
52:08 anyway, right? I mean, and as long as
52:09 people are foolish enough to buy it and
52:11 then not sell it, and then more fools
52:13 want to buy it, the price is going to go
52:15 up. And again, they're not all fools.
52:17 There's some very, very smart people. I
52:19 had a lot of intellectual conversations.
52:21 There are a lot of smart people who own
52:23 Bitcoin, right? Uh, in fact, I'd say
52:25 that the people who own Bitcoin on
52:27 average are smarter intelligent-wise,
52:30 right, IQ-wise, than the people that
52:31 don't, right? I mean, you do have to
52:33 have some sense of intelligence to even
52:36 think through this whole thing. But then
52:38 you just have to have this one gap where
52:40 you you you miss the most important fact
52:44 that you're buying nothing, right? A and
52:47 you're and you're buying into a paradigm
52:49 that can't possibly exist. But because
52:51 it's gone up so much, it's screwed up
52:53 people's minds and uh and and that
52:57 interferes with with with their logic.
52:59 And I think that there's a lot of hope.
53:01 I mean, the idea and I wish I could get
53:04 on board with it. And a lot of people
53:05 say, "Oh, Peter, you're a Bitcoiner."
53:07 And I might have to say, "You know what?
53:08 In my heart, I guess I am, but in my
53:11 head, I'm not." Right? So, I I can't I
53:14 can't think with my heart. I understand
53:17 what what they're hoping to achieve with
53:19 Bitcoin. I just know that they can't
53:22 achieve it because my heart won't go
53:24 there. I mean, my head won't go there.
53:26 It won't let my heart go there. But you
53:28 have a lot of people uh whose emotions
53:31 have overcome their their reason.
53:34 Anyway, that's it for now. Uh remember,
53:36 I'm going to be uh you know, continuing
53:38 to do these uh podcasts as I am
53:41 traveling around uh during the summer.
53:44 I'm not going to be back until in to
53:46 Connecticut uh I think until the
53:48 beginning of July. That's my plan. And
53:50 I'm going to spend some time there
53:52 before I'm back in my uh regular podcast
53:55 studio in Puerto Rico in August when my
53:59 my younger kids have to go back to
54:01 school. By the way, I will be visiting
54:03 my older son in San Francisco. He moved
54:06 there. A lot of people ask me about him,
54:08 you know, because he, you know, reached
54:10 some type of, you know, level of fame
54:12 within the Bitcoin community, uh,
54:14 because he liked Bitcoin. And a lot of
54:17 people say, "Oh, you know, you're you're
54:19 criticizing it while you're your son is
54:21 stacking all this Bitcoin." And I'm
54:22 like, you know, he doesn't have a big
54:23 stack of Bitcoin. I don't think he
54:25 really has any Bitcoin left. Uh, but a
54:28 lot of the Bitcoiners have a soft bar
54:30 spot for for my my older son. Uh, so I
54:33 will be able to see him, but he is not.
54:35 Unfortunately, he's not going to be at
54:37 Freedom Fest if you're going to be
54:38 there, but my my younger kids uh who
54:41 live with me in Puerto Rico uh will be.
54:43 Anyway, bye for now. Again, if you like
54:45 the podcast, don't forget uh to give me
54:48 the thumbs up. Uh put a comment on there
54:50 if you'll notice. You know, I do make a
54:52 point of responding to some of the
54:54 comments. Make sure and subscribe if
54:56 you're listening to this on on YouTube.
54:59 I still don't have 600,000 subscribers.
55:02 I don't know why I can't make it there.
55:04 I'm close. I'm, you know, under 10,000,
55:06 but it's been a very slow grind trying
55:09 to get new YouTube subscribers. So, if
55:11 you're not a subscriber to my YouTube
55:13 channel, uh you should subscribe and you
55:16 should uh encourage your your friends to
55:18 subscribe, too. Bye for now.
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