YouSaid · the spoken record

Anthony Pompliano

lines on the record: 210
first: 2021-03-25
most recent: 2021-03-25
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Ultimately, what it is is it's a meme. And it's used to articulate the idea that whatever you want to put in that bucket has no value. So shit coin are coins that have no value. What is fascinating about it, and I think that again speaks to the power of the Bitcoin community, is there was congressional hearings a couple years ago.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“As with most things in life, depends who you ask. The most kind of enthusiastic and parts of the Bitcoin community, Shitcoin is anything else, right? If you ascribe to kind of a maximalistic view of the world, Shitron would be anything. If you look at people who I would say are Bitcoin proponents, yet C value in other things. Shitcoin may be the bottom half of the other. So I think, again, it's really important kind of who you ask is. How you'll get that answer”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“If historical examples persist, and again, sometimes it's hard to use historical examples to look at future events. But if that happens, we would see a million dollars of Bitcoin by the end of 2026.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“50% reduction. Yeah. Yeah. And so that's what I think. Well, basically when we get that next supply shock, that'll carry us up over a $1 million Bitcoin price, which”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“What is on the horizon is in 2024, we will have another supply shock. And so that's what I think will carry us to the million dollar Bitcoin.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“That would be my most conservative view. I've said $100,000 since 2019, and people thought that was insane and crazy and all stuff. Now I'm the conservative guy in the room because I stick with $100,000 and people are saying multiples of that number. So we'll see what happens. But I think that there's still a lot of room kind of to run from a US dollar price standpoint.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“I now look for and I say, okay, we are likely going to see 100,000 Bitcoin, $100,000 Bitcoin this year at some point. I don't know when it happens, but we're moving in that direction.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“And all I said was at some point when the market turns over, the government's going to have to step in. We are addicted to stimulus. They're going to have to manipulate interest rates down. They're going to have to print money. I had no clue there was going to be a global pandemic, that they were going to have to step in in such an aggressive way and move rates not down, but down to zero, and that they not only were going to print hundreds of billions, but they could print trillions of dollars. But the framework that I used to think about this was when they do that, everyone is going to run to store a value assets. They're going to run to gold. They're going to run to Bitcoin, et And right as they do that, It happened. And here we are.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“But what you find is that these supply shocks lead to significant price appreciation as the asset gets repriced because there's a supply shock to it. And so probably the best thing that I've done over the last couple of years was in 2019, I started to talk about the idea that we were going to have both a supply shock and the demand shock in 2021. Or I'm sorry, in I didn't know when this bull market that we were in was going to end. Nobody knows, right? It's impossible to time these things. But you could tell that we were kind of at late stages of a cycle. There was inverted yield curves. There was gyrat aerations in the repo markets. A lot of CEOs leaving their jobs, you know, all this kind of stuff.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“That's ever occurred since January through 2009. And then I can show you on a daily basis that 900 Bitcoin a day are coming into the circulating supply. And so when you have 100% confidence because you can prove the supply side of this equation, you can hold it constant. I know with 100% accuracy the supply side. So now I've reduced the mathematical equation that I need to do to determine price movements to a 50% reduction. I only have to worry about demand. I don't have to worry about supply. And so when I look at demand, I can do all kinds of things. I can take the demand over the last 10 years and the growth and just extrapolate it out. I can increase it. I can decrease it, whatever.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“When you have an asset that is determined the price based on supply and demand, you normally have two inputs to the equation. What is the supply and what is the demand? In an asset like gold or a stock or anything else, we have to do our best guess at the supply, both the existing supply and the incoming supply, and we have to do our best guess at the demand. And we're actually pretty good at this a lot of times in terms of directionally saying it's going to go up or down, and here's kind of some price point milestones. Bitcoin's unique in that there's 100% verifiable proof of the existing supply, the total supply, and the incoming daily supply. So we know 100% I can show you on the actual blockchain or in the code that there's 21 million Bitcoin, and that's all there will ever be. I can show you that there's 18.6 million give or take Bitcoin that actually are in circulation today. And I can go all the way back and show you every single transaction.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Bitcoin has a very unique feature, which every four years there is a programmatic supply shock, meaning that in the beginning, 50 Bitcoin every 10 minutes was introduced into the supply. After four years of that happening every 10 minutes, it was cut in half. So in a single moment, it went from 50 to now it was 25, four years every 10 minutes, 25 got cut in half again to 12 and a half. And then recently in May 2020, got cut to 6.25.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“So, if you then say to yourself, okay, how does the pricing Kind of cycles work, right? Or the boom and bust cycles. Gold is a very kind of linear type supply schedule, meaning that there is a certain amount of gold that comes out of the ground each year. The intery variation in that incoming supply is not much, right? Maybe there's an extra mining company that gets set up or a couple of them. Or maybe one goes out of business. But for the most part, the kind of inflationary increase to the supply of gold is pretty stagnant year over year.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“20 trillion would just be 2x Cold's market cap. So if it's a 10x technology improvement, let's just say it only captures 2x the market cap. Right. And so, again, if it was to capture just gold market cap, kind of the equivalent, put you around $500,000. So you can kind of see”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“So let's just look at it from a macro perspective. Gold is a $10 trillion asset. And when you compare the technology of gold to the technology of Bitcoin, Bitcoin is superior in every single way, right? It's more portable, it's more divisible, it's more verifiable, it's more scarce on everything. And so some people would argue it's a 10x improvement. Some people argue it's 100x improvement from a technology standpoint. And so we don't need Bitcoin to actually kind of capture the full 10x or 100x improvement from a market cap standpoint. If Bitcoin simply captures 2x, the value be a 20 trillion dollar market cap, which would put Bitcoin at about a million dollars, right? So kind of just from a macro perspective, if you have a 10x or 100x improvement from a technology standpoint and you directionally get some value capture in that direction, you're hitting around a million or more dollar price point.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Now, if we had this conversation 18 months ago, couldn't say that. So it's all about not only the acquisition price, if you will, it's also what are you looking at it, right? Because there was a point in 2017, you could have said the same thing, but in 2018, you couldn't. And so I tend to think a lot about humans are really, really bad at short-term decision making Because we're so emotional, especially when something has a price tied to it”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“People just naturally compete and ascribe more value. And so the volatility, I think, all comes back to like, what do you price your life in for a majority of people, that's dollars? And so when you look at the US dollar price, you get all this volatility. The beauty of this is that 60% that doesn't move regardless of price upward or downward in movement, those people aren't looking at the day-to-day price. What they've basically said is I've acquired X amount of Bitcoin, and I'm just going to hold it for years. And every time somebody's done that, right? If you bought Bitcoin at any point in the last 12 years and you held it till today, you are up in US dollar terms”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“You denominate stocks, it's down like 80%, 85%. If you denominate gold, if you denominate bonds, if you just go down the line, real estate, et cetera, it's all down massively against Bitcoin. Now, you could argue that that's because Bitcoin is appreciating in US dollar terms, or you could actually argue that the world is repricing this assets, doing price discovery on this asset. And it's essentially comparing. It's saying, hey, Bitcoin versus the stock, or Bitcoin versus this ounce of gold, or Bitcoin versus this dollar, which is more valuable. And it continues to move up in the rankings in terms of the value that the world ascribes to this. Some of that's based on Lindy effect, just the longer it persists, the more likely it is to survive. Some of that's based on the underlying fundamentals of how much computing power, the usage, transaction volume, things like that. But some of it also is that as more and more people wake up to the fact that it's a finite supply asset that has a place in the world and demand increases.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“So, if you're long and it's volatile to the upside, it's positive. If you're long holding something and it's volatile to the downside, you see it as a negative. It's all about perspective. With that said, another way that I look at this is every asset priced in Bitcoin is down significantly. So over the last one, three, five years, the dollar priced in Bitcoin has crashed 99%.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“So Amazon is the one that I know the numbers on in terms of the early volatility. Every year since it has gone public, it's had a double digit drawdown in that year. The average is over 30%. And one time I drew down over 95%. Sounds a lot like Bitcoin, right? Like, oh, wow, this is crazy. It's one of the best performing stocks in the last 20 years, if not the best performing stock. And so volatility is not positive or negative. It's positive or negative compared to the position you're in.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“If you don't believe in Bitcoin and you just want to, let's say you just want to do the SP 500. You shouldn't try to time the market of the SP 500 either, right? You should just every two weeks, you should just buy some in over a 20 year period, you're going to end up buying it at all kinds of different prices, but you're going to get kind of a blended average. And the more important thing is the compounding and the time in the market. Then did you buy it at 2% higher or lower than where you bought it? It doesn't really matter.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“And so rather than try to be smarter than markets, what most people are better off doing is just saying, hey, set your what's called an asset allocation plan. I want 30% in stocks. I want 10% in real estate. I want this, this, whatever. And every time you get your paycheck, just think of it as a savings account, right? Just put it in based on those percentages and don't think about it. And over a long enough period of time, what we find is almost anyone in the United States, right? There's exceptions, but almost anyone in the United States can become a millionaire in their lifetime if they follow these plans and have that long-term view and they allow compounding to work for them.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Of 2017, when Bitcoin was at $20,000, it was the height of kind of this last big upwards movement, you had taken all of your money and you had put it into Bitcoin. You would have had to wait almost three years just to get back to quote unquote break-even in US dollar terms. If at the same time you had simply bought then and over the next three years bought every two weeks, You would have been up hundreds of percent three years later because what ended up happening was you bought a bunch of Bitcoin when it was at 15, 12, 10, 9, 8, 3, 4, 5, 5, 5, all the way back up on the other side. And so dollar cost averaging is one of these weird things that it almost sounds too easy But what we find is in America we have a lack of financial education.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so I think that there's just kind of timeless advice when it comes to investing or acquiring an asset in general, dollar cost averaging is usually the best way to think about it. And what I mean by that is most people don't just have a pile of currency sitting there, right? It's not like they have a million dollars sitting in their banking. It's like, what do I do with it? That situation aside, what happens is they trade their hours and their effort for currency. And so as they get paid every two weeks, let's say, the best way to acquire Bitcoin without having to worry about timing markets and being a professional trader is to simply take whatever the percentage is that you want and to buy Bitcoin when you get your paycheck. So if you get paid on the first and 15th of every month, on that day, you should go take, you know, let's say it's 3% of your paycheck. Take 3%, go buy Bitcoin. Don't worry about what the price is. Just do that over time. And the reason why that's important is if in December,”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Susan's a better. Yeah, you have to provide real value in the goods and services you provide in order to get them to give it to you.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“But I think there's a false equivalency between we're dependent on growth and then if the world was denominated in sound money, we don't grow. What I think ends up happening is we remove a lot of the society's bullshit. Because right now, when the money is free, or the currency is free, you can come with all kinds of crazy stuff and people will give it to you. When all of a sudden it's really, really valued by the population.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Actually, they are just having their wealth devalued away. So holding the dollars end up being a very bad economic decision. And so when you then switch to this sound money, you say, wait a second, why would I, if today I can trade one Bitcoin back in October of last year, one Bitcoin for $10,000, why would I spend that if at some point in the future, whether it's a month from now or 10 years from now, I could trade it for something much, much more than that. You just become much more of an anti-consumer and much more of a long-term thinker.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“But here's the thing the last 50 years or so is actually the outlier in history. Most people used to think this way. It's only when a fiat currency got introduced that one argument, the positive argument or perspective, is there was an explosion in growth But really, it's because there was a financial incentive to consume. Right. And there's nobody better in the world than the United States at consuming. And we consume anything and everything. And if you want to see a great example, look at how big the Coca-Colas are at McDonald's. You go to other places. They don't serve them that big. The other example, or the negative argument, is we have to consume. Because if not, you end up being the bottom 45% of Americans that held no investible assets.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“right well guess what happens when you have a d valuing currency as the denominator Doesn't matter, right? Like you're financially incentivized to spend or invest, right? To consume when you have an appreciating Currency all of a sudden you become much less consumptive in your behavior.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“I then essentially just let it sit there, grow, whatever, until the spring of 2020. And when I saw the government step in and start to say, hey, we're going to really be aggressive in terms of interest rate manipulation and quantitative easing. I then decided to go ahead and take basically the remainder and start to convert it as well. And so became very aggressive in doing that. And so the way that I look at it is that's actually my savings, right? And so in some weird way, if I said to you, what's the dollar worth? You'd say, well, a $1 bill is worth $1, right? Bitcoin to me, I denominate my wealth in Bitcoin. So I think of one Bitcoin as worth one Bitcoin, not one Bitcoin is worth $60,000 or $55,000 or $70,000, right? I denominate everything in Bitcoin. When I make a purchase in my head, I'm calculating how much Bitcoin am I spending right now.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Two important caveats to this One is I didn't buy some Bitcoin in 2011 or 12, right? And then all of a sudden it appreciated a bunch and it grew into that, but from a cost basis perspective, I put $100 and now it's a ton of money. Instead, what I did was I basically in 2018 saw Bitcoin from a US dollar price standpoint was falling and falling and falling. And in December of 2018, it started to take about 50% of my net worth and convert it from dollar denominated assets into Bitcoin. So it was a very kind of intentional decision with a very specific view on the world as to like why I was doing it.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that what Bitcoin has presented again is a digital application of the exact same thing, which is that while everything else in the world is being devalued, that is denominated in a currency that is being inflated away, whether it's quickly or not, this finite supply, this scarce asset ends up accruing more and more value over time, right? And so I think that for me personally, I've got over 95% of my net worth that's in this.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Go to other cultures. So if we remove ourselves from the Western world culture of investing in gamification of financial markets and the financialization of everything, let's say we go to the culture of India. For hundreds, if not thousands of years, families basically saved their wealth in gold and in jewelry and in these hard assets with the expectation to pass it on to the next generation. And so it would be blasphemous to sell the family's gold in that culture, right? Your great-grandfather gave it to your grandfather, your grandfather gave it to your father, your father gave it to you, right? And so in that culture, the long-term kind of holding is the default.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Those people are much more likely to not have their Bitcoin on exchanges or in software wallets. They've got it in some sort of like highly secure environment. And one in which they have deep sovereignty or kind of prevalent sovereignty. And the reason for that is because they have that long time horizon. They don't want to be kind of convicted around Bitcoin sound money macro environment all this stuff and then they make a mistake because they trusted you know abcd company and that counterparty risk ends up actually being you know fatal or detrimental”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“And so when you start to look at this, what you end up saying is what are you actually purchasing this for? Kind of like, why are you doing it? And then what's your time horizon? And what ends up happening is more and more people in the Bitcoin community have longer time horizons. One of the advantages to this community, right? If you look at the on-chain metrics, 60% of Bitcoin haven't moved from the digital wallet in which they sit in the last 12 months. So even though it's appreciated hundreds of percent on the upside, there's been lots of volatility, a 50% drop in a single day in terms of the US dollar price still doesn't move. And so these are kind of the long-term holders, right? These are the iron fists as recently has become popular, the diamond hands, right? Diamond hands. They're not going anywhere. And so I think that.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“It's kind of like if I said to you, you know, hey, we're going to go buy an asset, and you never went and you looked at it, you never went and, you know, made a decision like, sure, maybe I did or I didn't do it, but like you didn't actually experience it, right? And so I think that that's an important part. The second thing is each person is different from how they view this asset. So there are some people who are speculating, right? There's three use cases for Bitcoin. There's store value, medium of exchange, and speculation. And the people who are speculating, they can't put it in deep cold storage because they need to be able to trade it. So what ends up happening is they fall in the bucket of like high-risk, high reward. They're trying to trade. They're trying to do all these things. And sure, maybe there are profits that they can generate if they're good at it. But also they're introducing a lot of risk. And so that person is very different than the person who says, hey, you know,”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so at the highest level, I just think that learning about it is important, right? So even if you only have $5 equivalent of Bitcoin, going and understanding, here's how it works, here's why it's important, here's how I would actually withdraw from an exchange under the hardware wall, like that alone just as an intellectual exercise is a worthwhile pursuit. I think people should go do that.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Sovereignty, right? Giving the power back to people. You don't have to rely on this infrastructure in order to be able to participate in this monetary kind of economy, which you are now able to do is you're able to use digital sound money. You're able to keep control of it. You and you alone are responsible for it. So the idea of personal responsibility. And then also you and you alone make the decisions as to whether you hold on to it or you use it without censorship, right? No one can tell you what you can do with it or can't do with it. The purchase and the storage, what I find is depending on who you are, there's varying degrees of kind of concern or decisions that get made there. And a lot of it comes down to personal preference.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. And so if you kind of think of it as like the exchange software wallet, hardware wallet, and then there's something called deep storage, right, or cold storage. And this is, you know, literally there was a company called Zappo that would put things in deep cold storage and it was literally buried in a mountain. So like the odds that somebody's physically going to go there, there's armed guards. There's kind of all this type of stuff. But again, you're taking some level of counterparty risk because they have your Bitcoin. And so the saying or the phrase is not your keys, not your coins. Or as my buddy Isaiah Jackson came up with, he said, not your keys, not your cheese, right, in terms of sovereignty is important, right? And ultimately, this goes back to kind of the beginning of our conversation around Bitcoin's ethos.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Hardware wallet, or you can have some sort of software wallet, right? Where it's not on an exchange, but there is some level of in between between the hardware wallet and the exchange and the software wallet.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Is easier to quickly send to somebody so the trade off of ease of use, but counterparty risk is big. And in the Bitcoin community specifically, this is a huge thing of they really, really have a keep for not leaving the Bitcoin there, right? For the obvious counterpriory. The second thing you can do is you can basically get it off of an exchange and you can put it in some level of kind of what I call a second layer of storage. That second layer of storage could be a hardware device that you can quickly just grab off your desk and plug into your computer and immediately use.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“So once you get Bitcoin on any of these venues, you can leave it there on that venue. Now, the trade-off is you're taking counterparty risk, so somebody else is responsible for the security and the protection of it. In many cases, big well-known companies who have billions and billions of dollars of assets, they have higher levels of security. That's why they're well known. That's why people trust them, whatever. But you are taking counterparty risk.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“You could buy Bitcoin on any exchange. You could do it on Wi-Fi, but you also can do it on places like Coinbase, Gemini, Kraken, et cetera.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“If I want to do that, I'm taking that counterparty risk though. So it's mitigated, but there's still counterparty risk. I'm counting on that bank. But it is easier to move it around, right? If all of a sudden you call me up and say, hey, send me some money, I can press a couple buttons on my computer and it'll send it to you. If I want deeper level of security, I can go and I can get the physical dollars and I can go and I can put under my mattress, right? And I can say, you know what? It's not going to be as easy to send it to you immediately. But if I really want to, I can go underneath my mattress pretty quickly. I can grab it. I can get it back to the bank and then I can send you the money. The third thing I could do is I could basically take those physical dollars out of the bank and then I could go and I could go put it literally in a vault somewhere that I don't have control over that's behind 10 passwords and biometric scanning. And it's really difficult to even get to it, right? So if you can almost look at it, it's like there's three stages of security that you could have in the traditional world. The same thing is true in Bitcoin.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“So there's a couple of different things that you can do, right? And let's use a legacy system as kind of an example. So if I want to get currency and I put in my bank account, it sits there. I have to trust that the bank doesn't go under nobody steals it, all this kind of stuff. There's insurance for it, right? There's all these kind of benefits in the legacy system to make sure that as long as I don't have millions and millions of dollars there, I'm going to be protected pretty much if anything happens through FDISC insurance.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Got a bunch of different ones. Yeah, they basically are agnostic to what it is, but they provide kind of financial products to crypto investors.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“So there's a lot of options. I'm heavily biased. I went out and I scoured the market, looked at all of them. I've invested a lot of money in a company called BlockFi.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. So there's a couple of different ways to kind of acquire Bitcoin. And in every way, you've got to exchange some form of value for Bitcoin, right? Which is part of why it has value, because you're giving up value. So in one way is to exchange energy and computational power for Bitcoin. So you can mine it. You can literally take computer power that you have. You can rent it to the network and run that software. And then it will pay you a portion of the kind of daily revenue off that system. And you can acquire Bitcoin in exchange for your power and your computational kind of contribution.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Seen in professional sports, you see it in a lot of these things. And so I just think that a lot of the focus right now is on the technology. But ultimately these are ideas that are very old and have had lots of success and traction. And we're just merely standing in the way of the evolution of these ideas with new technology. And so it's easy to get caught up in the technology, but when you really zoom out and look at it from the ideological standpoint and kind of the progress of humanity, it's a foregone conclusion this stuff's going to happen. Is how”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source
“Now there's things like these ISAs, these income sharing agreements where basically I will educate you on something, train you on something, I'll put up capital, and then over time you'll pay me back plus profits as some version. Eventually, I don't know what it looks like, but being able to get upside in somebody's success for having risk capital early on doesn't seem that far off.”
2021-03-25 · Lex Fridman Podcast · #171 – Anthony Pompliano: Bitcoin · IDENTIFIED FROM THE TRANSCRIPT · source