YouSaid · the spoken record

Dan Tapiero

lines on the record: 53
first: 2024-12-04
most recent: 2024-12-04
sittings or episodes: 1
sources: podcast

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“Know that it's, I know it's only a couple. Like, damn, that's a bull market for ants. Like, what are you giving? 300, 400. I don't want to get too crazy with expectations. But I tell you on a five to 10 year view,”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Use a digital wallet, start to get comfort with buying and selling, and then storing your, as I said, your savings and thinking about it long term. That's the number one most important thing for people who are not in the space is you must come in with a long term view. And because you can have a three-year view and be very wrong. And these markets can be very volatile. And in some cases, you know, especially with some of the smaller cryptocurrencies, they're very experimental and it's more really, I would call it venture capital. And you can get wiped out. And so I don't suggest that anybody start with that and just come in, start small. And then once you have your wallet and you watch Bitcoin, then I think we could probably, I've been calling for $170,000 this cycle, but everyone is telling me that's too conservative.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“I would just say that try not to get caught up in the FOMO and in the emotion of it. These cryptocurrency markets, blockchain, Web3, digital assets, however you want to call them, you know, they are the future. And I really think you have to take a long-term view. If you come into the space and you're looking to get rich quick, yeah, some people do that. But you really need to be thinking, okay, I'm using Bitcoin, ETH, or those are the two core assets in the space. As a savings technology, it's a 10-year minimum hold. I think it's not, and I like the dollar cost average method. Every month, just put some percent into Bitcoin, you know, get a wallet on track end or Coinbase or Gemini, you know, start to.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, it does. And the country needed it. I mean, there are too many old people in very high positions. I mean, Nancy Pelosi and Elizabeth Warren. I mean, this is a joke. Those people are a joke. Anybody in their 30s really, anybody is better than some of those people who we had. 30s and 40s running things before.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, it's quite like, I feel like the Gen Z and the Gen X are sort of, they feel closely tied versus the millennials and the boomers are a bit more of the opposite end. So there's that interesting dynamic where they're kind of, it almost feels like they're kind of joining forces in a way.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Right, I don't know if you have any views on that. I mean, the cultural change feels really big. You've got Andreessen and Joe Rogan and Elon and Peter Thiel and all of these PayPal guys. It's also much more technology focused”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Like we grew up during Reagan. Like Reagan was our president. If you're a business person and you're around, you know, your mid-50s and you really remember that it wasn't good in the 70s. And then you remember how good it was in the 80s. And I think that, you know, that mentality sort of more libertarian, a little more socially liberal. I mean, Elon is not some social conservative or maybe a social centrist, I would, you know, call it. But then, of course, freeing business from the shackles of government and regulation. I think that's going to be a really big focus. And it feels to be a little more of a Gen X type mentality.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“And instantaneous. So I told you about the problem I was having right before this, right? I wasn't going to bring it up. I'll bring it up. Don't bring it up. But I mean, we're still living with 20th century residual frameworks and processes. I think it's very exciting. It feels to me like Gen X kind of, you know, people between, I think that's like 35 and 55 or 40 and 60 or something like that have kind of taken the reins here a little bit. I know Trump is leading the way and I don't this, you know, I don't have any desire to fan the intergenerational, you know, fires. But the boomers did have a certain way of doing things and they did have an outlook and a perspective. And I think the Gen X group, which I'm in, has a different sort of more libertarian type.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Know people would normally say, Oh, war bolts out of the blue, you know, a September 11th type of event. I just don't see that kind of thing. We've already done all those things. I feel like you're right from 08, we had like 10 years of slogging through all sorts of stuff, right? Imagine how much, not just innovation, but the savings of having everything on a blockchain, like having one or separate unified ledgers that we're not controlled by anybody, but held all of sort of the world's information. And you had these mass invalidating networks where you have thousands of people validating transactions independently, not one single bank or not one single source or whatnot. I mean, just think about the red tape, all that.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Right, that's all bonus. Yeah, so it's hard to be more positive. But you know what, unfortunately. You know, when you have been in the markets a long time. Times where I get a little nervous is I'm so massively bullish I don't even see any negatives out there. And that usually marks some kind of top. However, it doesn't feel like a top to me. Like I doesn't feel like we're there. But what are the risks? I just don't see that many risks compared to all of the sort of positive things.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“We haven't had it yet. It's just yes, we will have pure productivity led, technology driven. I mean, we haven't even talked about, you know, AI and robotics and all of these innovations that, you know, Kathy Wood has a great, you know, if you go to their website, they have an innovations focus. And we're not even talking about all those things.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“It feels this is actually something I talked about with Raleigh yesterday as well, but it feels like for basically 2008 until almost maybe a couple years ago, it felt like, you know, we were in this world of secular stagnation. GDP was kind of sluggish and we were papering it over with QE and debt growth. But now it feels like we don't even like to our point I'll talk about earlier. It feels like we don't need that stuff as much anymore because we have pure productivity led economic growth now.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“That was his background, and Greenspan was great, but he was an economist. Bernanke, I thought, was only so. You know, now we have a chance to make, you know, they're talking about Warsh coming in, who's been at the Fed already, but he's a global macro guy, investor, analyst, and of course, his work for Druken Miller, who is, you know, well known and at the top of the heap there. So it's incredible that we finally have these people running the government.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“That wasn't, you know, he was great for the economy and it was a fantastic turnaround from the Carter years, but he wasn't really a business person. And the people in the administration back then, you know, they were Republican, you know, they had Republican values and they were pro-business, but it's not like this administration. So it's almost, it's just, I don't want to say I've been waiting my whole life for this, but in some ways, you know, I mean, the Treasury Secretary is someone I know I haven't spoken to him for a few years, but he was a global macro guy. And, you know, he worked with the guy who I used to work with. And, you know, he's phenomenal guy. I've been hoping for a global macro mind in. A treasury or at the Fed my whole life. Like I never understood like, you know, Powell is a private equity guy”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“I think so, and I think that's happening. I just look at the European Brussels government. Could you ever see them streamlining anything? And people, are they going to bet against Elon and Vivek? I just, in China, I mean, forget it. The bureaucratic administration or administrative process, I mean, that's what the whole culture is about. It's kind of crazy. I think Andreessen talked about this recently, just how unbelievably bullish everything feels. It feels so bullish that it almost doesn't feel real. We've never really had, I would say, a pure capitalist government, a government run by people who've run businesses. You know, Reagan was unbelievable, but he was an actor.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Is nearly unlimited, will go down against assets in the digital asset world. And so I don't see that correlation mattering so much, but I think the dollar can have a big run up. That's like 10, 15, 20%. That's not against the euro. That's not massive.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“I don't really think so. If you look back the last 10 years, the dollar is down 99% against Bitcoin. In fact, all assets in the fiat world, people don't really think about it this way. But if you go back 10, 12 years, the NASDAQ is down 99% against Bitcoin because it started from a low base. But if you look at the entire digital asset world, so all of the cryptocurrencies I said in 2019, the entire value of the whole space was $300 billion. And today it's $5 trillion. So the entire digital asset space is up 15x. NAST are up 15x. Nothing is up. Like that's just since 2019. So all assets in the fiat world where supply of fiat”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“I'm curious your thoughts on that dollar dynamic. It's quite interesting. This is a bit of a two prong question. But obviously, you know, we've seen the dollar index surge at the same time that we've seen Bitcoin surge. And typically they've been inversely correlated. And so my question there is also around, do you feel like crypto needs a rate cutting cycle to do well? Because when I hear dollar higher, yeah, go ahead.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“That we need to fund and theoretically it would be better to fund it at lower interest rates. So I think a strong dollar would play into that. And in terms of cryptocurrency, again, I don't think there's anything more positive than the term that's happened in the US. We actually have the most important government, the wealthiest government, the richest man in the world who've all decided, you know, in one go that we're going to be a pro-crypto government. I mean, it's just it's the fastest change certainly I've ever experienced.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Fiscal tightening, maybe, or let's say fiscal consolidation, Europe and China are not attempting fiscal consolidation, right? Those are the two other big blocks. So, and I don't think there's even a chance for them to do it. Like the US is streamlining and will streamline its entire government apparatus. Just think about that. How bullish is that for corporate America? Think about all those dollars that get wasted in government. And now they're going to be in the private sector. The equity market in the US, even though it's had two phenomenal years, is going to explode up. So that to me is a very dollar bullish event and therefore also, I think, positive for inflation and then we'll keep interest rates low because we do have a big deficit.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“And I mean, I think that's the backdrop. It's a positive liquidity backdrop. I do think, and this is the first time I've thought this in a long time, I do think that the dollar, which I thought was going to begin a bear market, I actually think with this Trump administration, it is so pro-capitalist. It's so pro-innovation. You're going to have tremendous influence in the U.S. So the dollar I think could strengthen quite significantly. And that will also take the wind out of the inflation sales. And I think it's possible for us to really have a big dollar over here. This is a very new view on my part, but I just don't see the other countries around the world doing anything close to what we're doing. I mean, the Doge, for instance, we're going to have a department of government efficiency.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I mean, in terms of knowing where we are in the cycle, absolutely. I mean, you use your old, you know, you never can quite get rid of your old hat, you know, looking at, you know, we have the payroll number this week. But I don't really, you know, that really doesn't matter so much. I think interest rates in the US are still drifting down. US is slowing. Europe and China are softer. There's not really any inflation threat. I know the cost of things is still high when you go to the grocery store, et cetera. But from the Federal Reserve perspective, from an institutional perspective, I don't really think inflation is a threat. And so I think, you know, the interest rate to probably head down to about 3% in the US. That's probably where they should be over the next year or so.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“A lot of your macro global macro knowledge to feed into how you're viewing the cycle in terms of bullish dynamics in Bitcoin and the crypto space and how are you thinking about that today in terms of price in relation to what you're seeing on the macro side of things.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“And invest it into a scarce asset. So it's, I see it as a very elegant way to take advantage of how limited and how important and scarce Bitcoin is. I know there's some specifics going on around the convertible debt and break evens and all of that. But to me That's at its heart what it is. So I like that. I really I wouldn't talk now about the valuation of that. I don't know what a company that does that. It's not really an operating business. Maybe it turns in more into more of an operating business when he has all bad Bitcoin. I don't know. But at its root it's really basic. Right, it's a supply demand mismatch.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“I think it's a pure bold playing and that is sort of genius. I mean, he's essentially just borrowing money from the fiat world, which has an unlimited supply. There's unlimited supply of fiat dollars and euros or whatever it is. And he's investing it into a hard asset where there's a limited supply. You know, there's only 21 million Bitcoin. And so he can borrow theoretically an infinite amount of money in the fiat world because fiat is infinite.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Totally. It's interesting you bring up the self-custody thing, something, you know, and I'm curious your thoughts as somebody that's come from the Trotvai side and trade affix income is what's been going on with micro strategy and your perspective and read on that. Do you see that as genius or do you see that as just a pure bold play? Do you have any concerns there or do you just feel like it?”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Platforms that are gateways into DeFi, you can stake your cryptocurrency, learn about that to generate yield. You can borrow lend, swap, you know, purchase NFTs. There's all sorts of different things that hold your, I don't know if you're a gamer, I'm not really a gamer, but all sorts of gaming value as well that could be held and self-custody. I think that's sort of a magical kind of thing that it's all there just on your little thumbnail drop, right? So I think that that is And mobile Right. And it's mobile. I think that sensation, that feeling That's the beginning. I don't know if that's too vague, but I don't know, at least for me, that was sort of phenomenal. Like it wasn't in a bank.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think self-custody is also connected into that. And I think ledger, which we're an investor in, has their flex and stacks products that have just come out. I think, right, because once you've purchased your Bitcoin or ETH, you pull it off exchange, you have it on your ledger, your hard drive, and you have self-custody your own value, which I think is an incredible feeling. I mean, you know, to walk around, as they say, with a Swiss bank in your wallet, right? Like your own private holdings that only you really are aware of. I mean, it's a phenomenal feeling. And then, you know, the whole interaction, this is through Ledger Live and there are other other.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I'm curious if you agree with this or not. But it feels like over the past four years, we figured out the use cases and you're deep in the weeds of even the picks and troubles for those Uases, like DeFi and stablecoin payments, et cetera. There's been this regulatory hampering and just basically, you know, stopping it from actually occurring. So I'm curious, like, do you agree with that? And what are you most excited in terms of, you know, with the regulatory doors blown wide open? Is it, yeah, things like DeFi, you know, tokenizing, you know, even like equities and that sort of thing, what's got you most excited from that perspective?”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Cryptocurrency innovation and blockchain innovation, whether it's companies or foundations that set up new tokens or whether it's businesses involved in Web3 somehow, it just feels like it all changed. And I don't think it's ever been as positive as it is today in terms of the backdrop. And I think we're going to have a renaissance in US DeFi. So that's US DeFi, a decentralized finance has been sort of on the back foot for the last two and a half years. And the TBL, which is the total value that's locked in DeFi is around $100 billion. You know, I can see that getting to a trillion dollars in the next two years, certainly. That's people moving around their currency, borrowing and lend and sort of acting as their own bank.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Whether it was by Congress people or whether it was the SEC or whether it was some regulators somewhere, there's so many different agencies in the US. And now all of a sudden you have a president that owns crypto currency. You've got his right hand guy, Elon Musk, is a big proponent. You have the entire cabinet. You have huge numbers of people in Congress. So I just have this feeling that it's possible. That the US becomes like a hub for”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Just like logistically, I wouldn't know how it works, how it would work. But I think for foreign countries, especially that are having a more diverse portfolio of reserves, I think it makes a lot of sense. You know, you can certainly diversify some of your cash holdings into Bitcoin and treat it like you would a currency. You'd have dollars, you'd have euro, you have some yen maybe, and then you'd have some Bitcoin. So I think we're moving in that direction. What I'm more excited about in the US is that the regulatory landscape seems to have pivoted, and it's pivoted extremely quickly, 180 degrees. I mean, it was just two months ago, and everyone in the space, certainly all the large players, were being attacked in one form or another.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Well, I don't really know how a Bitcoin reserve would work. The central bank has reserves and they hold different assets and currencies. Foreign central banks tend to have to be more active in how they manage their currencies because the Fed is generally dollar-based, I think, and probably just holds a lot of treasuries. Foreign central banks, I mean, like you have El Salvador that's decided to hold Bitcoin. I don't really know how easy it is to establish a national Bitcoin reserve. You'd have to have the central bank and the treasury buy into that. I think it's a good idea, but I'm just not sure how actionable that is.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Yeah. I mean, especially today, right? Like we're going through this seismic shift in the past month even. And I'm curious your thoughts. We understand Bitcoin's proposition for the individual, you know, digital gold. But I'm curious on your perspective on it for the sovereign level, right? So now we have Trump who just won the election. There's a lot of talk about a strategic Bitcoin reserve. Where do you see Bitcoin falling into the big, big global macro story? You know, where does it sit in terms of like a sovereign collateral asset or strategic reserve?”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“At some point, you see it, you kind of can't believe that this whole world exists out there. But to be honest, that was, you know, I entered the space initially in 2013 and then wasn't really into 2019 that I really went, you know, I did those hundreds of hours. I think today you've got $5 trillion of value in the space, right? It's three and a half to four trillion dollars is the value of all the cryptocurrencies. And then I add another trillion for the value of all the businesses in the space. That's not really debatable anymore. When I launched the first, had the idea for the first fund in the middle of 2019, the space had 300 billion. So it's already up almost 15 times. That's five years. Like how many things go up 15 times in five years? So I don't really know if it's debatable anymore.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Is that you'll find something there that of value. I think there's a little sort of saying on Twitter or X, no one has ever done the real deep dive into crypto and then said it was garbage. It really, it's very difficult, especially for older people because it's a completely new conceptual framework. And it's outside of everything that's existed before. So you kind of have to be a little bit, I wouldn't call it a maverick, but you have to be a little bit of a pioneer. You know, you have to believe that this is completely new territory. I say to people sometimes, I feel like it's 1840 and I'm heading west. You know, I'm heading west past, you know, Kansas and very few people.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think it's just more work. I honestly, it took me quite a while. And then, you know, price helped me in 2019. The market corrected 90%. And I'd seen that a lot in markets. I mean, there's also market component to this. And the price is just so low. And so I started buying. And then, you know, when you buy and you position, you start doing more and more work. And I literally for six months, you know, locked myself in my office in my house in Greenwich and just, you know, I probably read a hundred different, you know, articles and listened to a hundred podcasts. And the more you learn and the more you don't give up and push ahead, I mean, the probability is.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think that's a good approach. It's really interesting hearing that experience you had because I feel like that sets you up for the ideal background to understand the macro benefits of Bitcoin and crypto as a whole. But it feels like it could have gone other way for you and many others in your situation where it's either you spend those years learning and then rethinking your framework. You were deep in gold and gold miners and gold companies and basically flipped your perspective completely. But there's others that may have done the opposite and have done the opposite. What do you feel like was that?”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Some money into a venture fund, and then you put some funny money into a growth type fund, which is what we do. We don't really do venture. And that's like, I think that's your starter portfolio into the space.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Saw this world of like this massive lattice work of blockchains that was going to develop. And then I launched a private equity fund. It's now 10T and 1RT. And we invested in the private companies in the space that are really building this vast sort of lattice work, this network of blockchains. People call it the picks and shovels approach. We don't actually own any cryptocurrency directly. But I would tell your listeners here that, I mean, if they're just dipping their toes into the space of the first time, you go out there and you, you know, you allocate whatever it is, three, four, five percent of your portfolio. It used to be, I would say, 1%, but I would say now it's at least 3%. You buy a little bitcoin, you know, you buy a little bit of Ethereum.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“So eventually, like you could have all key documents, for instance, you have all transactions of all kind, you know, you could have all your hard assets, RWEDs, right? Real world asset tokenization is about having your real world assets somehow verified and stamped somewhere on a blockchain. And there are many different blockchains. They have different use cases. I think people need to understand that the code that underlies the Bitcoin blockchain, that's the key code. Every other blockchain, Ethereum, Solana, all of them are just forks. They're derivative derivations off the original Bitcoin code. And so, and they've been tweaked to have specific use cases.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“One interview, and I had never really spoken publicly about anything. And it got hundreds and hundreds of thousands of views. And I thought, okay, well, I guess I'm onto something, but it was this concept that the Bitcoin network, the network of blockchains was really a validation mechanism. And so the idea that Not only would your sort of cash or your dollars or your value be validated on this network, but theoretically everything that has any value at all could be placed on a blockchain and be sort of cemented there as proof, as undeniable proof.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Value in code that didn't make any sense to me either. So it took me quite a while to actually honestly probably about five years to sort of come around to believing that Bitcoin had the similar principles to gold. And then, of course, a ton of other things. I mean, I think it's really basic and simple just to say, okay, it's digital gold, but it really is a permanent ledger, a verified ledger with no central counterparty acting as the verifier. It's a verification machine is kind of how I talked about, and you mentioned you spoke to Raoul Pal yesterday, and he was the first guy I spoke to about my ideas in the space of 2019. And we did this.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“You know, the digital way to hedge yourself against fiat debasement. I was sort of still in the old world, so I started a physical goal business. And then I understood Bitcoin a little bit, but I didn't really understand it because there were too many terms surrounding Bitcoin that I didn't get. You read the Satoshi White Paper, what is it, eight pages, 11 footnotes. But there are all these terms that don't make any, didn't make any sense to him. Like, you know, the proof of work algorithm. Like that underpins the whole thing. What is that? I wasn't a math guy. I didn't really know what that meant. I wasn't a cryptographer. I didn't understand that at all. How did that work? Wasn't a computer coder either. So it's like, oh, okay, it's code.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“So I was really nervous about it. Like, how does that work? Yes, you can put your money into stocks, and stocks have done great, but that's a different risk than cash. And so I started using gold really as like a cash proxy. I didn't want my cash being debased that way. And gold has actually done really well. I started that company in 08. The gold was like $700. Now it's $2600. It held up, you know, it's held up pretty well. That concept, dealing with that macro problem of how do I safeguard all my assets, all my cash from being debased away? After the 08 crisis. Unfortunately, I wasn't smart enough in 09 to read the Satoshi white paper and understand that basic”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“To not just own gold, they want to own a gold business. I want to own a physical gold business. I started a company called GDI Gold Bullion International that sells and stores physical gold. And it's still a bustling business now. It's really actually this year was booming. It's been almost 14 years. My co founder partner Runs that business. And I just thought, look, if we're going to have negative 3% real interest rates, this was in 2010, 12, 14, you know, after 10 years, I lost like half my savings.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“The whole system actually would have gone under if they hadn't saved Goldman and Morgan Stanley and turned them into banks. And I thought, well, this is, you know, how are they doing this? They'll eventually have negative real interest rates to bail everybody out. And this is the debasement of fiat. You know, there was currency. There was a period. It's funny. I mean, there was a period probably in the 90s and 2000s where people didn't really know what that meant, the debasement of fiat currency. Today, if you're, especially if you're in the crypto space and you're on X, it's just more commonly understood. It was like 25 guys who sat around worrying about the fact that Fiat was being debased with negative interest rates, right? Negative real interest rates. And so in 08-09, I thought, well, my goodness.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“So I sort of jump around based upon where I think that there is a structural change in world happening. I mean, in the early 2000s, for instance, China came into the market and they really impacted commodities markets in a way that really didn't, they weren't really a player in the 90s. Commodities markets, there were no, you know, the Chinese didn't affect the supply demand balances. So that was like a big macro shift. And then gold became a focus of mine after 08. I kept thinking to myself,”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Worked for Stan Druckenmiller as well at Duquesne, where I ran my own portfolio. So I have a 16-year, I guess, track record that was managing a portfolio day to day, you know, moment to moment, week to week, month to month, live mark to market in macro trading. And I was always looking for structural changes in the world. And then placing bets. And there are periods where Was very focused on one area versus another. I mean, in the 90s, it was mostly European bonds and currencies and some treasury, broader fixed income. In the early 2000s, I started to focus on gold more. And on emerging markets and then agriculture in the later 2000s.”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT
“Well, I'm an old guy, so it's a long story. I mean, I started my career in the early 90s, really at tiger management. And I was in the global macro group there. So I was doing bonds, currencies, emerging markets, commodities. You know, most of Tiger, really, they're all the tiger cubs, et cetera, are focused on home short equity, or they were, and most of them are retired now. But then I was in the hedge fund business for 20 plus years, you know, ended up working for Michael Steinhardt as well, where I was head of macro research and ran a portfolio there with two other guys. And then was it SAC Capital for 10 years and ran macro investment there, ran my own portfolio?”
2024-12-04 · Forward Guidance · Is The U.S. Entering A Golden Age Of Capitalism? | Dan Tapiero · IDENTIFIED FROM THE TRANSCRIPT