YouSaid · the spoken record

Jesse Myers

lines on the record: 58
first: 2025-03-26
most recent: 2025-03-26
sittings or episodes: 1
sources: podcast

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“So we can be found at the soundadvisory.com. That's T-H-E sound advisory. You can book an intro with our team. We're three advisors, two CPAs doing taxes in-house for folks. I'm at Idaho Hodle on Twitter, and then other folks on the team. So Bon, Kellerman, Malcolm, I'm sure any of them would be happy to have a follow. So reach out, say hi. If you've got questions, that's what we're here for.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It all point to an address or a wallet, and it's not too difficult, and your water heater goes out. It's like, are you going to buy the one that mines Bitcoin or doesn't? They cost the same. You're going to choose the one. And I think that'll just start to infect the need for heat market.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Oh goodness, if they built, so I've seen like the heat bits, and there's an industry that's poking at the user interface of it all, like making that easier. It wasn't too difficult. Like, I am not an electrician or an engineer. I don't know how to code at all. And I just opened up my panel, ran a wire over, plugged it in. And I was able to jerry rig it. I'm confident that others could, but I think the industry making it plug and play is just a very curiosity. I think I have that. Okay, well, what if you could just buy a water heater at Home Depot that has ASICs using to heat the water?”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Energy that's changed from electricity into heat is often being wasted by miners and it could be injected into so many homes, right? Water heaters. There's just a deep need for heat and chatting with someone on the plane who did get, got Bitcoin a little bit. I'm like, I'm very, very curious to see miners migrate in winter. Like they go from North America to South America for the winter just because that's where the heat is needed. I don't know if that'll happen, but yeah, there was a joke there with chickens and egg sticks, and it was a good joke, right? Like, maybe we'll see minor migration if he becomes more valuable.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So many of these mega scale miners looking for cheap electricity costs and then doing just massive scale. And a lot of heat is the output and it's valuable. And I saw that just personally. I'm like, I could either run the heat pump, which is really expensive and doesn't make Bitcoin, or I can run the miner and like get some Bitcoin alongside. And so it's just completely on grid. We weren't getting any sort of special rate or anything. But I'm very encouraged to see you've seen the prototypes of the hot tub, right? We're going to keep the hot tub with Bitcoin and talking to another idea locally. He's like, I want to keep my driveway and I want to eat my pool. And if it makes Bitcoin all the better. And I just think that's.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So I mine out of my garage and heat my house. So in the winter, I think we kick it on around October and I just above the fridge, popped a vent through the garage and then just pump it out into the entryway. I live in Idaho, so it's cold, right? I often be like single digits or the teens. And so we just keep it on.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Say should, right? You hear it all the time in every podcast not financial advice. Go talk to your guy. There weren't many good guys or people in the space that could answer that question for folks. And so that's what we look to do is just be a sounding board, understand Bitcoin deeply and try to give advice that makes sense for Bitcoiners and like be a partner with them in the game that they're playing.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I'm a revolutionary. I'm going to die on the hill and I'm never selling my Bitcoin. Talk to a 62 year old couple. They're retiring. And are they in that same spot? Are they a revolutionary? No, they're not going to work. They want to have a calmer experience than what Bitcoin volatility has traditionally brought most folks. So it can be tough, especially within if we are in an echo chamber, right? And we're saying those words to ourselves, you can get caught up playing somebody else's game and you think you're making good financial decisions because that's what a community or a signal could be telling you, but they're not playing your game. They don't know who you are. They don't know if you have a wife or kids or, you know, what your job looks like, nor that you just sold your business and you've got to pay a bunch of taxes. They don't know any of that. And so only you are in your shoes. You can reach out to people that work on this. Like, that's why we built sound advisory. I got the question before Sound Advisory launched. I got that question all the time at Unchained. What should I do?”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The biggest piece of advice is your situation is not like anybody else's. And I'll bring Saylor back into this because another common question, I guess, I'm told to never sell my Bitcoin, right? Michael Saylor said to never sell my Bitcoin. Michael Saylor is getting 0% debt and arbitraging a convertible bond market that we have no access to, right? And so he's playing a different game and his needs are going to be met incidentally, like they're a rounding error of his life, right? He's operating in a different threshold. So don't play somebody else's game. You go on Twitter to see all this advice. Do this, this, and this. I've been someone speaking from like, hey, here's the game I'm playing and how.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Of was fix the money, fix the world as Bitcoin has happened to people, it unlocks that fixed the world side of them and they start caring about causes and want to use their Bitcoin for that. That's exciting to partner with. And then, yeah, just the problems that Wealth brings. I've got to meet, in my opinion, some very, very wealthy people on this journey, and they are not problem free. They just have different money problems. So it's a fun job getting to see the whole spectrum, right? It was early in the journey and ones that it's already happened to.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Biggest life changing amount, and when that happens again. So, what I've already seen, if it compounds, right, we're folding the paper and you're going to be presented with opportunities that you've never seen before and simultaneously problems that you've never encountered before. For a lot of people, I didn't know what death tax kicks in at $28 million. So I encourage them, hey, do your moon math and figure out when this matters to you. I've seen some Bitcoiners like, well, my answer is to just go underground. I'm going to do the no KYC thing and I'll make my family go dark for generations. Okay. Or with some planning and intentionality, you can choose to stay above board and just have good structures and a strategy in place. So it being exponential, and if you're right in 10, 15, 20 years, you're presented all this new opportunity from a time and energy perspective, like how you make work optional and what you focus on, what matters to you. I do see a trend.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I get to see it, right? I work with clients who started in 2012, 2013, and exactly that happened, right? This used to be a nominal amount and now it's grown into a...”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That would allow banks to be like, hey, we're going to redeem the ETF at Coinbase. But then they still have to come up with their key control model, right? What is Chase Bank running cold storage multisig look like? I don't know. How much work have they done from that perspective to make sure that that's secure? So yeah, I'd like to see maturity in the industry, competitors develop SAB 121 or in-kind redemptions would help make it easy to transfer some of the ETF coins elsewhere.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And so that looks like a big risk to me. And I have Bitcoiners, don't say that, don't jinx them. We saw Mt. Gox. We've seen the FDX. We're looking at what a honeypot could be. They're holding between those three entities. It's over a million and a half Bitcoin somewhere around there. The ETF's mic strategy and potentially America. I don't know. And so I'd like to see coins leave Coinbase slowly rather than all at once, right? A million Bitcoin leave in a night, that's a bad year potentially decade for Bitcoin. If we can have better custody options, develop and be adopted over 10 years. And Coinbase doesn't have to have a catastrophic event, that would be a preferable outcome.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I heard them called the gold standard for Bitcoin custody. And what I see with, we'll just call them Bitcoiners on the street. It's like, it's not the gold standard of how many Bitcoin maximalists would trust Brian Armstrong with their private keys. I don't know, not a high percentage.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Though a lot of micro strategies coins, I don't know where America is going to hold its coins within that summit that we went to in Jackson.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“In his name with the asset, but maybe the ETF is a better fit for now, or at least we can choose a little bit of each, right? And we just have those discussions and figure out what might be right. As far as ETFs go, it's common for us to divide amongst the custodians, Coinbase Honeypot. I think they're helping out eight or nine of the ETFs, Spido, he runs their own custody and then a Gemini runs Ban Eck. So if we use ETF, like, hey, let's maybe spread across these custodians to diversify against the hack a little bit.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It might not be popular, but I think it's right. Take everyone for where they're at and try to get them the best thing that fits them. Unfortunately, we had a client pass last year in his 80s and surviving spouses in her 70s. He was holding his own keys. She doesn't want to have anything to do with that. In some ways, we have to ask the question, is quote unquote going backwards the rest of the right? We were holding keys, but she's very nervous and it's tough for her to feel comfortable with, she likes Bitcoin. Her husband believed in it.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And so that one, in my opinion, doesn't have a net worth trigger like some of the more advanced trusts did. The more advanced trusts are called irrevocable, which means no takebacks. And the big reason you're doing that is for asset protection or to avoid that death tax. We talked about earlier. Like, hey, I'm over that 14 or 28 million. Let me use that number now and get the Bitcoin out of my estate into this trust that I no longer control. And so you set up that type of trust with a lot more intentionality and due diligence. And you're usually not exploring that until you're on the bubble, right? The 14 or 28 or whatever it decides to be next year.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That's common. I don't think that one's tied to net worth at all. So that situation we describe is called like revocable living trust. Revocable meaning I can take it back as long as I'm living, right? And so revocable living trust, often called a family trust. You can put assets into it, take it back out. That is something that everyone should consider currently, regardless of net worth. I would say some of the more automated legal Zoom type options can be a few hundred bucks meeting with an attorney's probably between 3 grand and 10 grand to get it done. And you're getting your basic set of documents taken care of that you can still make changes to”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“She doesn't have to document well, how'd you get this Bitcoin? She's able to find your keys in a single signature setup, right? Hey, that's unfortunate, pressed and passed, but I got the keys. She's going to bring that into a financial service at one point to sell it or take a loan against it. And they might ask, well, how'd you get this? And you can save a lot of that pain up front by just, hey, let's title this correctly. We don't have to make sacrifices in our key control setup. We just need a good legal wrapper around this to avoid really the state getting involved and having their say.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The state you live in could be involved. That is a process called probate. It's often very slow, can be expensive. And the big one that Bitcoiners don't like is its public record. Hey, Preston's wife got this many Bitcoin on this day. That's an avoidable situation. And so a trust is that mechanism that can hold assets. I'm Preston. I'm going to set up a trust. My wife is going to be a co-trustee to that trust. And we are going to put the Bitcoin from my Preston name into the trust. That is a non-taxable event going left pocket to right pocket. Now the trust owns the Bitcoin and there are still key control structures available to do that. Then if something happens to you, your wife is just the co-trustee the next day. Not going through the state. No one needs to know. It's next day access and it really keeps her above board, right?”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yes, this is more of an estate planning and inheritance question. Trusts can hold assets, wills cannot, right? So when you look at doing your estate planning, you say, hey, I want my kids to be taken care of by Grandma Susie and I want the dog to be taken care of by someone else because she does, you know, you can do everything you want within a will, but a will can't hold Bitcoin for you. When assets are transferring to inheritors, you often want to trust. And this is a 50 statewide question. I'm not an attorney. Attorneys have to write trusts, but I'll brainstorm this with clients because the three big things that Bitcoiners don't like when they hear what I'm about to say is the state can be involved with how your assets are transferring to your heirs. If you don't have that set up, so if you've got Bitcoin and you bought it and Preston's name, right? I'm Preston. I bought Bitcoin. Something happens to Preston and that Bitcoin is supposed to go to your wife. Depending on how you're set up.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Their third to keep you compliant from a reporting perspective. So because they have a key in the setup, they can watch if the Bitcoin ever leaves. That's the mechanism they use to keep you compliant as IRA. And so there's far more options now. And I think it's rare for me to see a checkbook IRA, but they still do exist. Like anything, there's trade-off structure. So I don't want to rabbit trail too much on that one.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Okay, so I think we'll do the IRAs one first because early on in Bitcoin, there wasn't a great way to like hold your own keys for a Bitcoin and have it be tax advantaged. And so what happened is you set up what's called a checkbook IRA, right? It ends up being IRA owns this LLC and then the LLC is a business and they can go hold Bitcoin on its balance sheet. And so people or Bitcoiners to have key control, they do this checkbook IRA structure where, hey, I'm going to have the IRA. It's going to own the LLC. The LLC is going to go by Bitcoin and I'll hold my keys in that. And I would say that's probably one of the earliest ways you saw Bitcoin in IRAs. Now there's far more products and options, right? Whether you would just want to be the ETF on Schwab or Fidelity. I hope develop when I was at Unchained for a few years they have a two of three multi-sig IRA, right? Where clients still holding two keys. Unchain holds the third. They use the”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So there's a couple nuances within there, and one I would be clear on what you're asking. Are you talking about trusts, which are typically more for like asset protection and don't necessarily need to be IRAs? And then there's IRAs, a subcategory of IRAs is like the self-directed, where a lot of early Bitcoiners had to use that structure to hold Bitcoin in an IRA.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The other two are going to be Donor advised fund. So we have a lot of clients who are. It's kind of just fix the money, fix the world idea, and we're often identifying their lowest basis Bitcoin. Using that within their Situation to get write off, right? Can front load that, and they can continue to hold the Bitcoin. It doesn't have to go straight to charity. They just leave it in a structure where they can continue to hold it, let it grow, give it to charity one day. We've saved hundreds of thousands, if not millions of dollars. Doing”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So we'll take someone who $100,000 a year of income as a couple husband wife make $100,000 a year and they don't have any other complexity in their tax situation. The 0% capital gains rate goes up to about $130,000 for this year, 2025. Using round numbers here, it's a little more specific. There is a situation if that couple lives in one of the nine states that have zero percent tax, they can sell $30,000 worth of gain in Bitcoin and then buy that Bitcoin right back the very next second. That is a capital gains harvest. And they're not going to pick up any tax for doing that. They're still within the 0% federal window, 0% state. What they can do is sell where we at today 85,000. So let's pick, they bought Bitcoin at 55,000, 85,000 today. Sell the $55,000 Bitcoin It back for $85,000. And I just improved my basis and future tax situation.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Pullback, you can do loss harvesting, but there's also gains harvesting. There's a 0% capital gains tax bracket. Some people live in 0% tax states. So if you can go get and sell a Bitcoin and pay no tax, sometimes you can do that and just buy it right back and give yourself a higher basis. Help us understand.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I pass away and I had too much money, so now I'm taxed. I pay half to the government. That's a big one to avoid. The more common one I think that applies to everyone is income tax, right? I've got a rental properties or W-2. I sold a business. And that tax is experienced every year. You're not having the death tax every year, hopefully. And the income tax, it's a different one, a little more unique. I would say if I could answer the question quickly for you and then kick it back to any follow-up. The three biggest needle movers we have as Bitcoiners within the income tax are going to be good understanding of your basis to do both gains and loss harvesting.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And just depending on the uniqueness of your situation, if you see a net worth and like those two, that perfect storm collides, like, well, I might be over 14. And if this sunsets. It's nuanced. It's a little bit complicated. And we're talking about two different structures that we can move the needle in. So when you present net worth, that makes me think, which tax are we talking about, right?”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Per person. So $28 million net worth for a couple. That's part of the Trump tax bill. That sunsets this year. If they don't change any rules, gets cut in half to $7 million per person. So coming down from 28 for a couple down to 14.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so there's a couple different components to tax, and I'd say that the two big ones that are just highly dependent on who you are in your financial situation is going to be income tax, right? I make money every year and have to pay taxes on it, and then estate tax, which is kind of the net worth one that you were poking at. I've got this much money, and the way the tax law is currently structured, if you die with too much, that's the death tax, right? Government comes in and takes a quick, it kicks into 40% really quickly. is in play, that's a huge needle mover. We're often, we're looking at hundreds of thousands, if not millions, dollars tax savings. Bitcoiners are unique because even the person that's at a 500,000 dollar net worth thinks they might be in some measure of time, like, oh yeah, well, I'm going to the moon. And so I might have the death tax as a problem. So it's something we're always paying attention to regardless of net worth. Right now, those numbers are about $14 million.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“One question, and that's a deep and customized question. Inheritance is pretty standard, especially in couples. I believe in my spouse and I'm on board with Bitcoin, but I'm not as technically confident or no, I don't know I'm going to be okay if something happens. And then once those two are solved, we start looking at the future and what transition scenarios might look like. So I'd say that's the most classic.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's a twofold set of problems. So typically, I'll just tell you the tip of it was a husband and wife coming in. This isn't always, but I see where this is going. It's more the technical Bitcoiner and very curious on if there's tax savings to be had. So tax is number one. That one's typically the primary technical Bitcoiner in the family wants to save money so they can buy more Bitcoin. The less technical spouse is looking at that guy and saying, well, what if I do if he smokes that? Like I'm on board with the Bitcoin. I'm not involved in the finite. But if something happens to him, health, you know, or otherwise, God forbid, I'm not confident that I know what to do or if I also want to talk to. So it's twofold. It's like a tax and inheritance one, two punch. And then maybe a third as a backup is like, well, if we're right about Bitcoin, then I'm going to have a new set of opportunities or choices. So how do I like dial back maybe the work I'm doing or pivot it to something else? So can you save me money on taxes? Probably the number.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, the speed, their responses become quicker. So TARP was what wait and tarp was three months. COVID was like three weeks. And then the banks breaking. I think they did that over a weekend, right? Yeah, Valley Bank. And, you know, it was broke on Friday and made whole on Monday. That's a...”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Has ripple effects. And so the printing that got done was still under a Trump one administration. But then all this price inflation is like trickling through into the Biden administration. And people are like, oh, it's Biden's inflation. It's just not intuitive to people that, okay, money gets injected, three trillion one night. People didn't change the list price on their house the next morning, right? It takes years to trickle through. And it's not fair. You can't choose how it happens. And it is going to happen again. And so I guess the... Question, I kind of want to ask you how big do you think the next Federal Reserve balance sheet expansion is going to be?”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And maybe the point I was getting to within that is when they inject, they have to choose how and who. And that's inherently an unfair process. In that month, they were buying Apple corporate bonds. There was the PPP loans for business owners. And then there were stimulus checks for, let's call them the plagues, right? The common folk. And it was just a whole set of rules that was created and then injected. And I think for the first time, you saw when the new money units are injected into the lower socioeconomic ends of the population, that's where you're getting the grocery store inflation, right? If you just inject it into banks and Apple bonds, you're not going to see beef be affected as much as capital assets, right? And so I was paying attention to injection site, like, okay, they got to print new money. Where's it going to go? And that cantilon effect is not a straight line, right? It filters and flows through the over years.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And that was really when I started taking Bitcoin seriously in clients' financial lives, right? When they in March 2020 created new currency units to expand the system, you had something to point to, right? I was in a situation where I got a stimulus check at that time. Shoveled that puppy straight into Bitcoin, encouraged clients to do something.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And the software combining with the hardware, I can't even imagine how much the world's going to change. And he said, I've got to live 10, 20, hopefully 30 more years. Like, where does it all go? And it touches on that Jeff Booth idea. Like, it's going to create so much productivity, which is going to cause deflation. And that's the kryptonite to the fiat system, right? And so, yeah.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Like, okay, well, this is kind of cute in a tool, and look what it can do. And now I'm seeing regular people use it as a necessary tool in their workflows now. Like, oh, you can't get rid of ChatGPT that I'm reliant on it. And that was the software side. And now you're talking about hardware. mechanical engineering and like okay well if you take the growth of what's happening in software and you showed me Lynn Jackson like watch me speak Korean I don't know how to speak Korean at all but here I'm gonna have some Michael Saylor commentary and it's going to take all of that content change how my lips move and then you gave it to your friend who was Fluent in Korean, he said it's perfect, right”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That makes sense and breaks my mind at the same time, right? Because if you imagine where we were at with chat GPT two years ago,”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, keywords slowly, right? Out of the 50, 60 advisors I talked to. I'd say like three are curious and starting to open the door in a reasonable way. Let's put another 10 in, okay, I could consider that, but if I'm going to buy Bitcoin, which Bitcoin, right? Like they still got the blockchain altcoin lack of understanding there and not most advisors don't want to have to apologize for something. And so if they stick their neck out for anything, even a one, two percent idea and they got to explain to the client why they're putting it in portfolio and then it goes down by half. They'd just rather not do it at all. What I'm doing works well enough to keep the client happy and not calling and I have to meet with them two times a year and continue to collect my 1%. That's the apathy that I think exists in too big of a chunk of the triangle.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Of practice, and that's unfortunate. I think I had a message to clients you got an advisor like that, like what are you paying them for? What's going on there? Yeah. I think curiosity is something you can't replace, can't teach, and it starts everyone's journey.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah. I've seen a lot of people start and continue their Bitcoin journeys over the years, and you can't replace curiosity, right? And so sometimes, and price does a very good job of instigating curiosity, right? You have a 10x on anything. It's like, whoa, why did that happen? And that can start the digging for some people. And they land at different conclusions or they start like an altcoin phase early in the journey, but it's got to be curiosity. And I've started to communicate with advisors that are curious. I can't make you a believer in this or I can't make you understand it. I can give you the information, but you have to, if it's going to be something that you believe, do the proof of work and get there yourself. And so there are unfortunately some advisors are like sitting on a golden goose of a 60-40 stock bond practice have hundreds of millions of AUM and they're just not interested in doing much more work. They're going to continue to write that easy cruise control.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The government tells you. Yeah. Yeah. So that becomes their hurdle rate. They quoted at three. We got to outperform three. SP does a good job. It's kind of like they're monetized, almost like a token, right? Like, okay, you own the S&P as like a baseline to outperform CPI over the long term.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Like, I'm going to change what is money in your mind and what it could be, and how it might be broken. It just makes the whole structure crumbly. There's an instinctual reaction. Nope, don't touch that question. And you can tell them, look, Fed printed $3 trillion one night. There's the bottom, March 2020, right? Watch it go straight up. Everything, gas, beef, groceries, Bitcoin, gold. Did all those assets get better March 21st? No. A Bitcoiner is very intuitive. Money's broken. Money is better now with Bitcoin. And a traditional financial advisor just struggles with that low Jenga piece. There's a cringe when you go for polling at it. Not that one.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, on top of, I think, is a great word because the way I've tried to create a metaphor out of this is like they have a financial belief structure, right? The way they view creating plans and talking about allocations and the base of that is the what is money question, right? It's like a Jenga tower. And if you start pulling for those low blocks,”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“A good knowledge and understanding about money, and if you change something fundamental like he'll, well, I think money is something different now, you're not only wrong to yourself, you have to go explain yourself to 100 plus clients. And so It's a hard, it's an ego death, right? And be an advisor who starts to take Bitcoin seriously, you have to not only change how you approach finance, but you're doing that on behalf of your clients as well. And so I think we've got a long way to go. It's an industry that I think.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Think often as Bitcoiners were so deep down the rabbit hole that we've like carved ourselves into a rut with our language and things that we say that are just common to us. Most recent one I've been hearing is the Overton window. Nope, like a regular person that doesn't know what kind of window you're talking about. Is that like a style or a brand? We've got a lot of bridging to do to educate that. I mean, there's over a trillion dollars represented amongst those advisors and what they're managing, right? Billions and billions of dollars one shop and 1,500 people at the conference and they're thinking on they're on the cutting edge of innovation yet avoiding Bitcoin taking it seriously. Or I did see a lot of this too. There's so much ego that goes into being an advisor. You have to be right.”
2025-03-26 · We Study Billionaires · BTC227: Bitcoin, Taxes, and Smart Estate Planning w/ Jessy Gilger (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT