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Leon Wankum
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- 2024-01-10
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- 2024-01-10
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“Science Yeah, we are considerably business. We are eight people. And right now we have around like 60,000 square meters under construction. So a few hundred units. And we usually keep the real estate. So we maybe do one deal a year to finance employee costs. But usually we order the real estate, which also is a mindset that obviously was easy for me to apply to Bitcoin.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, first of all, I enjoyed the conversation also, and I can only return the compliment to you. So thanks for having me. If you are a bank, you want to talk to us, OneWest development is our company. If you just like to learn about real estate and Bitcoin, I share articles in Bitcoin magazines so you can look them up. And I have a newsletter just called the Bitcoin newsletter. It's a substack where I write about Bitcoin real estate. I share my thought process and I also share our strategy.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“And something I'd just like to mention when we talk about real estate financing, because it's also so debt intense, if I would be a bank and I would finance a real estate developer, what I would do is the following. Let's say somebody needs $10 million in order to finance a project, I would give $11, $12, $13 million. And with that additional 1, 2, 3 million, I would require the real estate developer to buy Bitcoin and hold it. So once you start developing the real estate, you already hold Bitcoin on the balance sheet as a hedge against two things, hedge against inflation, hedge against the monetary premium beam drained into Bitcoin, and also you build your credit worthiness in case you need to refinance in the future. So I envision a future where real estate development and real estate financing will also include Bitcoin.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“Absolutely. And at some point, Bitcoin is going to take over. I mean, this is also just a thought. But as you said, as the price of Bitcoin grows, the ratios grows in which you need to hold Bitcoin. At some point, Bitcoin is going to be so valuable that people will only accept Bitcoin or even in the debt product.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“I can imagine that I think Sailor at BTC Innsburg, which was a Bitcoin conference here in Europe, he mentioned that as well. And I think that is a very good point. I agree with that. As a near perfect store of value, Bitcoin is going to find its way into any type of debt product. I can very much see that. And that also, that's a lot of capital inflow to be expected.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“Bitcoin, and we can already see the data relay Swiss based Bitcoin exchange. They recently shared that 75% of their OTC trading volume is by real estate investors from Switzerland and Germany that divert or diversify their profits into Bitcoin. And I'm just excited for what's to come, to be honest.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“Well, I fundamentally, the last comment you just made, I think that Bitcoin, it's the first finite resource next to time that we have discovered in our universe at least. So once this unit of account comes in, it changes the dynamic of every single asset in every market. And I think that the real estate investors, because of the low interested environment, they had no necessity to look at Bitcoin because owning real estate was almost like printing money, they are now faced with higher interest rates, lower profit margins, inflationary pressure, and now these people are coming into Bitcoin. And I think it's going to be interesting because next to that, it's the largest asset class in the world. Once these people understand Bitcoin, there is going to be a lot of capital inflow into”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“If you now bring in also Bitcoin as a unit of account, it makes things even worse, right? I believe that eventually if, right, I mean, this can take decades. This can go down to 10 or maybe five.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“No, absolutely. I agree with you And the buyer was a pension fund. And the pension fund, they literally called us and said, hey guys, listen, we know you don't want to sell the property, but we need to spend money. We've got X amount of cash. We need to invest until the end of the year. We've got pressure because of at that point of time, you still had low interest rates. And they just wanted to place their money somewhere. And they had around a two, they calculated with like 2.3% return on a year-by-year basis. That the same property we talk with the agent to help us sell the property right now fell down to a ratio of like 223.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“That's a good question. I know that one property that we've sold in November of 2021 at the time, it had a P ratio of 32. Wow.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“And if it's the network to set up transactions, then at some point in time, Bitcoin is going to be an index on global productivity. And I like to use the analogy of calling Bitcoin an ETF on a global ingenuity because by owning Bitcoin, you participate in the productivity of everybody who's using Bitcoin and it's innovative people in the world, tech companies. So there's not necessarily, from my perspective, just from my perspective, There's not necessarily a need to hatch with any other instrument because Bitcoin is such a great instrument and it allows you to participate in the productivity of everybody who's using it, which are more people, more companies, and potentially in the future most of the companies and most of the individuals.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I indeed, I'm not able to answer that question, but something that is interesting in the 70s, even though interest rates were considerably high, real estate on a year-by-year case rose around 9% in the 70s. I think it's just an interesting step, but I would not be able to answer your question, but I would still like to add a comment to if you think about what Bitcoin is, Bitcoin really, it's an ETF on the global ingenuity, the smartest and brightest people in the world, they are starting to adopt Bitcoin. And if Bitcoin is going to become what we expect it to be, It was somehow or some way serve as an index of global productivity. If it's a main store value that people use,”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“possibly outperform real estate and give you more credit worthiness to refinance your real estate. So I believe that I am or we are early in this development, but we are not going to be the last ones and the pain has to increase and the recognition of Bitcoin as a near perfect store of value has to kick in and that will kick in once Bitcoin hits 80 90 or 100k. Then the conversation will completely change. Sometimes now if I talk to real estate developers and I suggest to them to implement Bitcoin strategies in their business process, they literally think I'm crazy. What are you talking about? This is a bad store value. It was at 69,000 just two years ago, and now it's at 40,000.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“The supply shock and the high demand through the ETS space that is going to come in, they will look at Bitcoin differently because right now it is very difficult for me to explain to real estate investors why they should. They don't have the long-term view of understanding that it will actually over time increase in purchasing power.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“have gone bust in the last six months. So they are feeling the pain already. Basically, over the last 10 years since 2008, real estate was almost like printing money. If you were considerably intelligent, it was not difficult to make money real estate development, but that is changing now. It is more difficult to make money and real estate developers, they can feel the pain now. They can feel the pain. And the second thing I'd like to mention is the price of Bitcoin because real estate developers are investors. They like to make money. And if you have not thought deeply about why real estate has appreciated since the Nixon shock in 1971, you would be, it would almost be impossible for the individual to understand that Bitcoin as a store of value competes with real estate. But once they see what's going to happen after the next halving,”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“I agree with you totally. There's a few guys in the Bitcoin scene that I've met or have talked to that where real estate investors as well and they now became Bitcoiners. I think naturally Bitcoin is something that should appeal to real estate developers because the nature of the real estate business is based on recognizing that we live in an inflationary environment. We need to borrow money to buy a scarce asset. pay back the debt with the cash flow. I think that there's two things that will help real estate developers to understand the importance of Bitcoin. Number one, it's pain. And the pain is starting. The pain is starting because interest rates have gone up. Those developers that have not fixed their interest rates and that are now faced with a higher interest rate, but rents can't keep up with inflation. They are already feeling the pain. Some have gone bust in Europe. They are real estate developers with a building pipeline of 15 billion.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“We have new money entering the economy. I believe at this point in time if your real estate developer, and I am a real estate developer, if you want to survive, you need to integrate Bitcoin into your business in some way or another.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“Through COVID, the shock and the supply of money that has entered the economy, I think, first of all, that is something that might not happen in the next two to three years because of higher interest rates that are important just like in the 70s to bring down inflation. But the field system has reached a point where interest and debt and the interest burden has reached a level where we need to continuously create more money, right? We need to continuously create more money. And this also means if interest rates will come back down in a couple of years, that real estate development as an investment will maybe become attractive again, that will maybe happen, but because Bitcoin as a unit of account is going to deflate much faster, much faster than even real estate can if”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“I answered your question shortly. I'm just going to make a comment to what you said because you said something that's very important. The question is, what is your unit of account? If Bitcoin is a unit of account, like you mentioned, it's going to be very tough for real estate to outperform Bitcoin. But at the same time, I'm not diminishing the importance of developing real estate. Neither am I diminishing the positive returns that can be achieved by buying and building real estate on leverage. And we personally, we still develop real estate. So I have not stopped developing real estate. I just believe that Bitcoin, because of its superiority as a store of value, needs to become part of the strategy of any real estate development, really. And then to answer your question, I believe we are most likely, we most likely will experience a decade similar to the 70s, right? So I think that what we experienced”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“It really hit me. I was like, oh wow, this is not just a form of payment. This is near perfect money that potentially is going to drain real estate of the monetary premium it has accumulated. And then in 2020, Sela came along and he talked about Bitcoin as digital property and all the leveraged plays that he laid out. And those leveraged plays, as you mentioned, that's part of the real estate business. The real estate business is basically a leverage play where you incure debt in fear, an inflationary currency, and you buy an income producing asset that is scarce, that protects the value against inflation and use the cash flow to pay back the debt. And it helped me to understand the potential of Bitcoin. And that's when we decided we need to develop Bitcoin strategies for the business.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“Economics and methodological individualism and the potential that Bitcoin holds for the remittance market and for individual freedom. Those are basically the two tendons that I looked at. And in 2016, I got into real estate development. And then as my journey in real estate sort of continued, I started to question why has real estate become so affordable. And then I said, why? Because it's a store of value. And then I thought Bitcoin is also a store of value, but it's actually much better store of value than real estate. And then I looked at the market cap of real estate and I said, if real estate has become so valuable because it's because it is used as a store of value and Bitcoin is a much better store of value, Bitcoin could potentially grab a significant portion of real estate markets cap. And that's when I really, with that.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“I was interested in Bitcoin, but that point of time, I was interested in Bitcoin as a censorship resistant payment network. I was not looking at it as money, store value, anything like that. I had actually very little knowledge of what money is and how important the function of storing value for money is. So I was looking at Bitcoin as a central sit resistant payment network and I got into Austrian economics and Rothbard and Mises and I thought, you know, finally we have something here that the state can't interfere with. And then when he told me about Ethereum, I said, what is the difference? Ethereum at that point, you know, they changed the narrative usually, but at that point they marketed themselves as a world computer. I was like, you know, what does that even mean? So then I decided to write my master thesis on Bitcoin to really dive deep into Bitcoin and to understand Bitcoin. And I looked at Bitcoin from the perspective of awesome.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, it was a journey with a lot of ups and downs, and it took me some years to trust my intuition. I actually learned about Bitcoin a little bit before that because there were certain websites that were popular amongst the student body. I was studying philosophy and ethics and business management, so I did a joint bachelor's. And a friend of mine has told me about, he told me about Bitcoin basically. He mentioned it in a conversation and he said he's using it on some websites to purchase certain goods. And that intrigued me, basically. I was always interested in the internet. I was always interested in finance. And that really intrigued me. And then in 2015, a friend of my father, who was a venture capitalist, he basically told me about Ethereum. He said there's going to be an ICO of this guy called Vitalik, and he's going to launch something similar to Bitcoin because he knew”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“So in order to take advantage of that refinancing, take the additional cash by Bitcoin. However, it's important to pay attention to the interest rates. Interest rates have gone up. So if you refinance your property, you need to make sure that you can carry those higher interest rates. So this is a strategy that has to be assessed on a case-by-case basis. But I believe generally applying the strategy that Sailor has applied to micro strategy onto a real estate portfolio is very smart.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“Take the additional cash, buy Bitcoin with it, don't reinvest it in real estate, maybe wait five years up to a decade to see how the real estate market is going to develop. If a decade is too long for you, wait till after the halving. In 2025, then you can reconsider investing in real estate. But my thesis is, and I think Preston, you would agree with me, over the next 18 months, Bitcoin is going to outperform real estate. Bitcoin is most likely going to outperform any type of asset in the legacy financial.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“Real estate investors can do the same thing. So I believe that real estate is the perfect collateral to incure debt, to buy Bitcoin because you can pay back the debt with the rental income and you are not dependent on the asset Bitcoin, which is very volatile to pay back the debt. So we personally at this point in time, we are developing strategies to take on debt on our real estate and also to refinance the real estate because the real estate that we have bought, both residential and commercial five to ten years ago has risen significantly in price. So now usually what do real estate investors do? They refinance their properties, they take the additional cash, they buy more real estate. What I'm suggesting, and I know there are products being offered to the market very soon, if you own real estate, you want to refinance your real estate.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“Yes, I'd love to. I personally, I focus on residential properties, so commercial is not my expertise, even though I also deal with commercial real estate. But by a rule of thumb, I believe the rules apply to both, to residential and to commercial. So number one is the active decision to not invest parts of the profit in real estate, but rather invest it in Bitcoin. Number two, the maintenance reserves that we just discussed. And number three, which I believe is a very important strategy going forward, refinancing and leveraging your real estate into Bitcoin. Obviously, the game plan that Sailor has laid out where he's using a company that generates cash flow in order to incure debt, to buy a disinflationary currency, which is Bitcoin, pay back the debt in an inflationary currency, which is the dollar.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“We are actually right now, we're just sitting on cash. The problem is inflation obviously drains the purchasing power of that cash, but we believe at this point of time it's important to have a lot of cash if you're in the real estate business in order to deal with all these maintenance issues. So the rest, we're just sitting on it, to be honest with you. We believe by allocating 20 to 25 percent, depending on the individual properties, to bitcoin, we actually hedged against inflation, right? Bitcoin deflates so fast that we take the opportunity cost of having those 80 to 75 percent sitting in cash to be able to pay for ongoing costs because the ongoing costs are increasing, especially energy. Energy is becoming more expensive.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“Even though there's a higher energy expansion, doing that than the energy that can actually be saved. So now the question is, how will we be able to finance that? And we also decided 20% to 25%, depending on the individual properties, we'll allocate to Bitcoin and we build maintenance reserves for each individual property in Bitcoin. So that is money that we can leave there for, let's say, a decade. And we participate in the deflation of Bitcoin and we will be able by doing that to maintain our properties because it is also not possible to sell our properties because we've incured large debt in order to build these properties. And we need the cash flow to pay back the debt”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“Have a supply show we believe that Bitcoin will deflate very fast, especially with the ETF prospects coming in. So we decided to allocate 25% of our profits into Bitcoin. And then I'd like to add something because you said something that I very much agree with. And I think that's a very valid point. You mentioned maintenance reserves. It's very important to maintain your property in order to keep up the value. But the inflationary pressures of the fiat system, they're so strong that it will become almost impossible to do that. And ESG requirements, they are kicking in globally. And we, for example, we now have to renew some of our windows. So this is the broken window fallacy actually at play. We have to renew some of our windows because the German authorities believe it is necessary in order to save energy.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“Sure, I can give an idea of what we did over the past three years, and then people can take it as they like. So a year and a half ago, around 18 months ago, we decided that we will not buy any new properties because it has become basically a bad business model with rising interest rates. And we've decided to allocate 25 or 20 to 25% of our profits that we've made by selling real estate to invest it into Bitcoin. So we took actually, I think, 20-25%, it's quite a lot, but we as a company and me as an individual, I believe it is important to basically participate in the deflation of Bitcoin that is going to accelerate, especially the upcoming halving in April that will be the next halving. And as the halving kicks in.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“And why we need to integrate Bitcoin into our business. And the example I like to give is a 1995, if you are running a shop on a high street, you were forced to learn about the internet because e-commerce came in and e-commerce as a business model disrupted your business model. And I believe that Bitcoin is disrupting the real estate business model similar to how e-commerce disrupted the retail business model. and similar to how email is now the preferred way of sending information, I believe Bitcoin will become the preferred way of storing value. At this point of time, the preferred way of storing value is real estate. And because Bitcoin is superior as a store of value, it's scarcer, it is highly liquid, you can move it in times of crisis, it is difficult to tax into the store.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“Assuming that most of the monetary premium that sits in real estate, and it's up to 70% in the US and in Europe, up to 70% of the value of real estate is the monetary premium it carries as a store of value. I believe as Bitcoin comes into the equation, that monetary premium will eventually over time flow into Bitcoin. real estate will collapse to its utility value and the deflation of Bitcoin will be a multiple times higher than the money that can be made with real estate. Even if interest rates go down to 3%, and I like to give an example, the following example that they usually give because we are real estate development company and over the past three years, I had to deal or write reports for our employees and also for the people that I work with, helping them to understand.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“I tried to make an educated guess. So number one, for the foreseeable future, I don't believe that interest rates or mortgage rates come down back to 3%. Inflation is just too high. You need interest rate at a 4% or 5% level in order to deal with inflation. That's number one. And number two, we are witnessing a paradigm shift. Why is real estate so expensive? It's not so expensive because of its utility value. It is so expensive because it has been priced away from its utility value. There's a financialization process that happened with the asset of real estate because as money loses purchasing power, people are forced to invest into scarce assets. And real estate has been discarcest asset that has been accessible. But now we have Bitcoin. Bitcoin is a much better store of value. So I am assuming...”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“If you're not able to increase your creditworthiness, you're not able to compete. And I believe going forward, banks will understand that those companies that hold Bitcoin on their balance sheet, they will be more credit worthy. And that allows you as a real estate developer to leverage the value of your real estate in Bitcoin, potentially refinance your real estate by Bitcoin with the additional capital and build a healthy balance sheet that allows you to stay competitive because my prediction is just in prediction. I don't know, but I believe that a large number of real estate developers will go bust within the next coming 18 months. We can already see it in Europe especially. But we can also see it in US, in the US.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“Which means that prices of real estate go down. So if you're a real estate developer, you're faced with the issue of having increase in debt burden, but at the same time there's less people willing to buy housing. And I believe it's important, it's very important for real estate investor to bring Bitcoin on their balance sheet, especially millennials in Gen Z, they have been priced out of real estate already because real estate has become so expensive. And now they can't afford it either because of financing. In order to be honest with you as a real estate developer, in order to survive, I think you need to bring in Bitcoin on your balance sheet. And I quickly also explain why. Bitcoin has, as we know, excellent monetary properties and it will increase in price with increasing demand. And the only way, the only way to weather”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“Cost of putting your money in real estate is just too high, right? So saving a Bitcoin just makes more sense. Now the question is, what problem does the spring for real estate investors? And if you look at the balance sheet of a real estate company on the liability side, you'll have mostly, not only, but you have debt. Because real estate is a very debt intense business. And as real interest rates go up, the liability side of the balance sheet is growing. It's growing massively. And now it has another negative consequence, what you just mentioned, as interest rates go up, financing becomes less affordable because the cost of financing over time increases. So less people can afford housing, which leads to less demand. And what we are seeing right now already, demand for real estate is going down.”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“Or the other way around, exactly. If you look at Bitcoin just as a store of value, it's a superior store of value to real estate and it deflates at a rate that housing, even if you buy it on leverage and you finance the purchase of a house, you cannot keep up with the deflation of Bitcoin. So Bitcoin has completely changed the dynamic because people now need to look for different store of value. Real estate has been the number one store of value for the past 50 years since 1971 when the US went off the gold standard. Real estate has pretty much become the preferred store of value globally. There was a study by McKinsey that came out in 2021 and it estimated that 67% of the world's wealth, around $300 trillion, are saved in real estate. But now that we have Bitcoin, the opportunity”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT
“Not easy, to be honest with you. I take two approaches. So the first approach is for an individual that just wants to save. And the second approach is for a real estate developer. So company whose business is it to provide housing and build real estate. I think the numbers that you just mentioned pretty much sum up the opportunity cost, saving in real estate rather than saving in Bitcoin, right? Because”
2024-01-10 · We Study Billionaires · BTC164: Bitcoin & Real Estate w/ Leon Wankum · IDENTIFIED FROM THE TRANSCRIPT