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Joe Burnett

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31
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2025-02-19
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2025-02-19
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  1. “Yeah, and I think that I'm not saying that a person shouldn't borrow and lend against their Bitcoin. I think that people are way underestimating at what point they should be doing that and at what sizing they should be doing that and how much research they need to do on who the counterparty is and who's introducing that counterparty and like all of these things, it's the big boys club, right? Like nobody's going to hold your hand and teach you. You have to teach yourself, you have to do the work and you have to understand the real risks. And I think that's what I'm trying to impress upon people listening is you really need to do your homework and you really need to understand this very deeply before you start playing in this space. If you want to keep all your Bitcoin Joe, this was fantastic. Thank you so much for curating this. Your selection of the clips were incredible. I truly want to do this more often. And I would love to do this maybe once a quarter with you or whatever.”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  2. “You just don't take out a loan against your Bitcoin. So, some things to think about. And you can see the smiles on the faces of people that are very anxious to get their hands on your Bitcoin through borrowing and lending if you aren't prepared for what the math might actually bring. Joe, any other thoughts?”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  3. “Plus coins that that's what he fully intends on doing. So don't forget this clip. And don't forget that the buyer of last resort are people that are ultra high net worth individuals that understand the long-term move that this thing's going to have and their opportunity to soak up a lot of coins are in those moments. So if you're going to take out a loan against your Bitcoin, first of all, make sure that you understand who your counterparties are and that it's peer-to-peer because if it's tranched with other crap assets like you're already in a very precarious situation. The other thing that I would tell people is if you do take out a loan and you don't account for a 50 80 drop and what the value of the other bitcoin that you have to post as additional collateral so that you don't get liquidated, you might want to do that math and be prepared for all of this. And here's the here's another thing. If you never want to have to worry about any of that.”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  4. “These banks are going to be coming into this space in the borrowing and lending in style. They are going to be tripping over themselves to step into this space. And that clip, I want this to be etched into people's brains that the buyer on the other, the person that would end up with coins that get liquidated because of the intense volatility in this is more than happy to soak them up at super low volatile prices. Like if Bitcoin rips the 300,000 and dips the 150 and you get liquidated in a loan, the person who's collecting those coins, those Bitcoin that you no longer are going to be holding in that scenario because you didn't have enough more Bitcoin to post this collateral to keep the loan in place, they are more than happy to collect and retain those Bitcoin at that 50% drop. And you hear it firsthand from a guy who's squatting on over 100 million.”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  5. “The part that caught my attention was there at the beginning when they're talking about why would you get into the borrowing and lending space and they both kind of laughed. So if you're a major whale and you want to be able to acquire a lot of coins, in my opinion, one of the best ways for a person to be able to do that is in the borrowing and lending space whenever the other party cannot post more collateral and the price moved against them. They're able to soak up those coins by liquidating them. And I think that's why they were laughing and kind of having that moment there. And the reason pomp, I have no idea, but this is what I would surmise. The reason pomp was kind of like, you don't have to tell me, I get it is because of the past experience in the last cycle. But I honestly don't know. But that would be what I would guess. So I think this is an important, very, very foot stomp, important note for people because the”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  6. “Howard Lotnick, thank you. The former CEO, he's now the commerce secretary under President Trump, but he was the former CEO of Canter Fitzgerald. And he's a hardcore Bitcoiner. So we're going to go ahead and play this clip, which is very interesting because he's also going to be the guy that is making the selection of what goes into the new sovereign wealth fund that was just established via executive order last week. So we're going to go ahead and play this clip. And here it goes. But like, how do you think about either you or Cantor?”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  7. “Two to four percent outperformance in the SP 500 versus if we're using eight to ten percent on the M2 growth rate, you're barely like getting ahead from a buying power standpoint. And I think a really interesting, you know, if people want to run these numbers, go out there and look at your everyday food costs. Just call it a steak from 10 years ago. And look at what that price was 10 years ago and maybe pick a basket of things that you're constantly consuming. figure out what the price was”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  8. “Yeah, I agree. It's a great clip. And just for people, I did a quick, this is using perplexity AI. I was just kind of curious with the 10-year return has been for the Nasdaq and for the S&P 500, just so we can put out the exact numbers here. And the S&P 500 has returned annually 13% and the NASDAQ VOO is what I used here. No, I'm sorry, they're both the S&P 5. I put in the wrong ticker for the NASDAQ. It was showing VOO was 12%. So for the S&P 500, we're getting between 12 and 13%. If we're talking about this number that he's using, this eight to 10% of the debasement rate, just so people fully understand what he's referring to as the M2, the money supply growth rate is between, call it 8 to 10%. And so what he's saying is if the money supply is growing at this rate and the S&P 500 is giving you something similar, which I would argue there's about.”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  9. “But those are some of the key variables that I think are important to kind of think about as you're going through this fiscal deficit reduction. I think that there's some very naive takes on how important just basic liquidity in the expansion of liquidity is when you're operating in a fractional reserve fiat-based system. All right, let's go ahead and go to the next clip and just so people know this is Tad Smith. I had him on my show. He's an expert in art. He was the CEO of Southey's and just an amazing thought leader in the space here.”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  10. “At the end of the day, if there's trillions of less units in the system, that is going to impact the price of everything. Now, some assets are going to be impacted more than others as far as the price moves. But if there's 100 trillion units in the system and you remove 25 trillion of them, it just is like an example, if it's decreased by 25%. Now all of a sudden, everything has to be repriced with less units in the system. The dollar is going to bid. It's going to get really strong in that scenario. And so that's really bad for tax receipts because if people didn't make money for the year and the stock market and how they're holding all their assets, all of a sudden the top line that's then flowing back to the government impacted and that has to be offset somehow. So it's this ongoing and I would love to have a lot of conversation around this idea. And so if people listening to this in the comments, whatever, I think this is a really important thing to discuss.”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  11. “On in that clip. I love how Nick lays it out. He's exactly right. I just wish he would have, and it's hard to cover all of because there's so much going. This stuff is so complex. But in my opinion, the duration is really important and then the interest rate on top of that nothing duration that's going to be issued is really kind of how a lot of this flow of additional printing is going to manifest itself into the economy. Any other points that you have, Joe, on that one? Sorry, I went on so long, but that's a really, really important clip. And Nick did an amazing job talking it.”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  12. “At large. Okay. The other point that I would make is just because the US is getting their deficit down through call it government efficiency, let's just say they're successful and they are able to drop a trillion or two in the coming year or two. That doesn't mean that every other country on the planet is now all of a sudden becoming efficient like the US is, right? And last time I checked, all these other governments are a huge input of the amount of fiat being added into the system. Okay, so if the dollar gets too strong relative to all these other currencies because they're being fiscally all of a sudden they're being fiscally responsible because of Elon Musk's doge, which I think is a huge if, okay, the dollar can't accelerate in a way versus all these other currencies, which is exactly what would happen. They would have to devalue the dollar in order to make the system function and not have sheer chaos. So there is a lot going on.”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  13. “Stronger and all these other things. There's two comebacks that I have to kind of that talking point. First of all, the system itself is dependent on M2 expansion for real estate prices, for stock market valuations, like all of that, that expanding M2 liquidity is part of that top line. If you want to see just horrific tax receipts on any given year, they're almost completely correlated to poor performance in equity markets. And then Luke Roman talks about this all the time. If you want to see the government really have a massive deficit, look when the equity market's underperformed and when did the equity markets underpin when there wasn't enough liquidity being provided into the economy and they were trying to pull things back. So that continued expansion of call it 8% on M2, I think is a core function of a fiat system.”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  14. “They can't get the fiscal out of control spending under control. Now, I think it's very interesting right now with Doge and what's happening in the US, like what does that mean from a bond issuance standpoint out of the Treasury can they start bringing interest rates down if they start getting their fiscal spending under control? I forget what the deficit was just this past year. I want to say it was close to like two trillion. And when we say that, that's how much more they spent than what they brought in through tax receipts and basically the top line of the government. And so let's say they can bring that. Let's say that they could just take all of that out, which is where the printing is really coming from. Is that deficit is really kind of what they have to paper over an issue with short duration notes? My comeback to that would be, because a Bitcoiner would say, okay, well, if they can get that under control, well, then the printing's not going to be there and the dollar is going to get.”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  15. “To control their spending, the yields on that short duration money are going to keep going up. So we talk a lot about Tether making, they made over $10 billion last year by just holding short duration treasuries because these short-duration treasuries are yielding so much on the coupon. And so think about the impact here. So they've already lost all of the duration that they can issue. And now they have to start flirting with the idea of do we have to issue at an even higher coupon rate with no duration. And that's where this printing and that's where a lot of this is unfolding. And he's exactly right that as these other bonds are either being bought back out of the market and then issued at short duration or, and this is at corporate level and even a sovereign level, what the impact that you're going to see in the printing is it's all going to be short duration and they're going to struggle to keep the yields at bay if”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  16. “Those years are compounded. And so the real impact is massive. And let me tell you, if the market thinks that the inflation is going to be 5% and you're selling it at just in that example that I used at 2%, that bond is going to be impacted on the price massively for anything with a lot of duration. So what they've had to do is they've had to go out and only issue three month money or six month money because they know that if they sold something that was 30 years in duration, it would be immediately a massive discount even as they're selling it into the market, let alone how it would perform afterwards. And so Nick's point that they have to roll it, what he's getting at there is as this continues to unfold from a fiscal standpoint, the way that the governments are going to handle it is they just have to issue short-duration money. Then if the market's really concerned about the inflation and the government's inability,”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  17. “Of the comments that he said it's not going to be the market selling off. It's going to be, what was the exact verbiage or the way he said it? I just want to put some context on this. So what you're seeing is the duration collapse. So if you look at sovereigns 10 years ago, you could issue a 30-year bond. The last year and a half, Janet Yellen has funded the government completely out of short-duration note issuance. And the reason why that you're seeing this collapse of duration on all sovereign issuance is because nobody will buy anything with a lot of duration because of the fear of inflation impacting a bond. For people that don't understand, if you buy a 30-year bond and it's only yielding a 2% coupon and you experience 5% inflation over that 30 years, your net negative 3% buying power loss over each one of”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  18. “All right, so Joe, there's a lot going on here, and I want to pick this apart in gory detail. So go ahead and take it away first, and then I'll throw in my comments.”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  19. “In full detail, if you want to watch them in long form in the show notes. But, Joe, anything else you have for this next one for the setup or just jump to the play? Let's jump into it. Okay, here we go.”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  20. “And so they're paying the bill for the next 10, 20 years or whatever through the inflation of the currency. And for them, it's kind of like, ah, well, no big deal. But when you start going to a hard money where you just can't print more of it, or else your country can't possibly compete when there's this decentralized money that no government can control, all of a sudden the incentives in the game theory on violence itself completely changes. And as somebody that was on the end of that and had to deal with the repercussions of all of this art, I can tell you, this is hands down, the most passionate thing in Bitcoin that I have. So love that clip from Trace. He does such a phenomenal job explaining that in detail. All right, let's go to this next one. This is a really good clip. And this is Nick Batia talking with Marty Bent, with the TFTC podcast. And again, we'll have links to all of the.”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  21. “Yeah, totally. All right, so this next clip is Trace Mayer, which we're going to play. And for people that maybe are newer to the space, they might not know who Trace is. He is an OG in the Bitcoin space. I have a bit of a confession. This guy had an enormous part in orange pilling me, you know, a decade ago whenever I was watching videos of him talking about network effects and whatnot. Yeah, so let's go ahead and play this clip and then let's see what we've got as far as commentary afterwards, Joe.”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  22. “And that was just like one example of many that are in there. And I would argue for a person to truly understand Bitcoin and how like all this buying power is flowing into Bitcoin and how the flow of funds are going to continue to persist, there's a lot of different complex macro topics that you really have to deeply understand to understand how this is going to continue to flow into it. And so he does that so well in that example. And yeah, I just love that clip, that clip's awesome.”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  23. “Is going to shift and move into Bitcoin. And it was just so well articulated in a visual kind of way in that video clip. And there's a lot more going on there than what I just, you know, threw out, but definitely something for people to think about and use as a visual. And I love this other undertone. Sorry to keep going on, Joe, but the other thing that I really like about what he's talking about is he's also putting on display if you don't understand other complex topics. It's going to be very hard for you to see or understand this much bigger thing that's been pieced together. So he does this through like, well, how did the water get in the lake? And it's like, well, you have to understand how evaporation works and that it's a function of the sunlight hitting the earth. And if you're a person who's just walking up and you don't understand these concepts, you're going to look at all the water in the lake and you're going to say, oh, well, that's going to become depleted and then that's not worth your time.”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  24. “They're choosing to do it through real estate because it's preserved, it's buying power better than other assets. So what he's saying in this presentation to Microsoft is that if half of people are choosing to store their buying power in something for store of value purposes, his opinion is a lower energy state or something that is getting debased at a way lower pace than call it real estate because you're paying real estate taxes. You're paying to keep the building sustained like all of these things are frictional costs in order to try to preserve your buying power in these types of things. He's saying Bitcoin, there's like near zero, like the energy state is so low compared to these other things that his opinion is that a lot of that buying power and we could pull up the slides, but he suggests an enormous amount of that buying power to the tune of hundreds of trillions of dollars of that buying power.”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  25. “He did this presentation to Microsoft. And in the presentation, he said here's if you add up the value of everything on the planet. Today it's about $900 trillion for all of it. And then what he says is that if you take that $900 trillion, it's split into two categories. People are storing things for store of value purposes, and then people are valuing it based off of utility. And what he's saying is that today, before Bitcoin's minuscule right now compared to these valuations of everything, but his opinion is that call it half of that $900 trillion is made up of people that are pushing it into something that's just for store of value purposes, call it real estate. People owning three to five homes in the Hamptons because it's a desirable location. They don't need all those homes, but they need to store and freeze that value that they earned or the profits that they earn. They need to store it into something.”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  26. “Something like that, yeah. And we're going to have a link in the show notes to all these clips that we're playing so that you can go and watch the entire interview or the original source video. But good Lord, go ahead and take it away on your recap and then I'll share, I guess, some of my thoughts as well. But go ahead, Joe.”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  27. “Right, so this is one of my favorite clips because there is so much going on in this. This clip came from impact theory. Joe, do you know his name who does that over? He does a really good job.”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  28. “All right, let's do it. And I'm putting up on the screen, and we're going to go ahead and let this baby play. But I think where people trip up with your language is this idea of the inevitability of the 60%. What would you say to that”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  29. “Okay, so this first one is a personal favorite of mine. As an engineer, this clip that we're about to play with Saylor, I think just does such a phenomenal job kind of explaining what he's doing at MicroStrategy, Bitcoin at large. I think for maybe an outsider, they might listen to it and they'd be like, how does this relate to Bitcoin? And hopefully Joe and I can maybe talk through some of that after the clip plays. Did you have any other commentary before we let this one run?”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  30. “Hey, everyone, welcome to the show. I am here with Joe. I am thrilled to do this. I did this probably a year and a half ago or two years ago where we're like playing the top five clips that I had curated. But you're the one that curated these clips, Joe. And I'm really excited to go through them and just kind of share them with audience. So welcome on the show and hopefully we can do more of this in the future if people like it.”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  31. “Everyone, welcome to this Wednesday's release of the Bitcoin Fundamentals podcast. I have an exciting and fun show for you today with Mr. Joe Burnett, where we're talking about five of his top curated clips that he's seen recently. We have an interesting clip from the newcomer secretary Howard Lutnick, a clip from Nick Batia talking about how the bond market creates more fiat into the system. We have a clip from Michael Saylor and two more. So without further delay, here's the show with Joe. I have no doubt you guys are going to love this one.”

    2025-02-19 · We Study Billionaires · BTC222: Top 5 Bitcoin Clips of Q1 2025 w/ Joe Burnett (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT