YouSaid · the spoken record

Steven McClurg

lines on the record: 72
first: 2023-03-15
most recent: 2023-03-15
sittings or episodes: 1
sources: podcast

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“Of situations out there as the years go by or the months go by, the relevance of needing one goes lower and lower. That's still relevant, but it's just not as relevant as it was a year ago or even five years ago.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I mean, even a year ago, it wasn't as easy to do it. And now it's just easy to buy Bitcoin. Like, what do you need the ETF for? Come on.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Right, and there's places like that everywhere where it's like, yeah, let me help you. It's just a really cool community, but globally too.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“But it's fun to do. And then you just laugh at them. It's kind of cool. But I guess my point is it's like, okay, I just don't think a Bitcoin ETF is as relevant as it would have been five years ago. It's too easy to buy Bitcoin today. It's too easy to use the lightning network. It's too easy to, there's so many tools available to you to set up your own either hot wallets or cold storage and there's too many people available to help you do that. I mean, this is, and by the way, I hate to keep talking about Bitcoin Park, but it's a really cool place that those guys set up. If you wanted to say, hey, I need some help moving $20 worth of Bitcoin onto a ledger. If you showed up there, somebody will show you how to do it”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, you know, I'm in the minority when it comes to thoughts on a Bitcoin spotty TF. And I hate to say it like this because we're also in the business of launching ETS and we're trying to get a Bitcoin spot ETF. And so that's how we make money. But on the other side of things, I'm a true believer in not your keys, not your cheese. you know, buy your Bitcoin hold it locally if you can not everybody can. And that's why we offer funds and ETFs that at least some do and some attempt to hold Bitcoin for the people that don't know how to do it themselves. But I would rather educate people on how to purchase Bitcoin, how to hold it on your own hard wallets. I'm a big fan of a Lightning network. We get a lot of trans, you know. I love Noster because I love the culture of sitting sats to people. It's amazing.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, get ready for a fight. We haven't seen the fight as much as other people have in that particular sense. Our main fight has been against bad actors. The bad actors being the Celsius and the Block Fi and the FTX and the genesis of the world.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And we try to stay just within those balance. I mean, we're a registered company. So we stay within clear boundaries. A lot of people will say, well, we don't know what the boundaries are. We don't know, you know, there's no clear guidance. Well, actually there is. There's a lot of guidance in securities laws. And if you want to stay within them, great. If you want to go into the gray areas, that's your business. But.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I would agree with that to a certain extent. I think for us, I think different people are in different fights. I try to think about the two fights that I care about the most the fight for Bitcoin. right i think you know i really care about that um and that has that has been a challenge globally right i mean if you look at what happened in canada if you look at what's what's happened in other places a little bit in the u.s um that's that that's been a bit of a fight but but the other fight is really you know our industry And we actually don't see that as much as other people do. And it's mainly because when we do things at Valkyrie, we kind of look at, okay, well, what are the rules? What are securities laws? Where are the bounds? And we kind of understand where the boundaries are.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“When we think about it, meanwhile, we have a Bitcoin cash trust that you can buy Ethereum Classic. No, I'm not buying it.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah. So that's why I say this whole thing is kabuki, right? It's like, all right, look over here and we're collecting fees over here and we're not going to open it up for redemptions. They could be doing this. They could be doing both things simultaneously. They could be filing for reg M. Exemption to get to offer redemptions to their clients. Instead, while they're doing the SEC, great. But no, it's all theater. It's all, hey, look over here. We're fighting for you guys. We're fighting for an ETF, for the ecosystem.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's nuts. I mean, you could go all the way to the Supreme Court and they can say, yeah, you win. Okay, well, what do you win? Maybe some damages? Your damages.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“But to answer really your question, there's a lot going on there and I'm curious to find out where it's all going to lead. And then to get back to the ETFs, I actually think that there's a good chance that Grayscale might win the lawsuit. Now, here's the thing, though. A lot of people don't realize this. And of course, Grayscale is not going to talk about it. But just because they win doesn't mean that they get an ETF.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Exactly. I've got to listen to this. It's good for me to talk about somebody else's podcast. No, it's cool. I love those guys.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Because he just leads them right into it. It's, I mean, it reminds me of like, you know, the old school Barbara Walters interviews of dictators, man. Like just leading them right into an ambush and then springing the trap. I've never seen something like that. I mean, we're talking, this is real journalism. I love it.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“No, no, No, it was pretty eye-opening and you have to see it, but TLDR is, it seems like there's a lot more interconnectivity between Genesis, DCG, and Grayscale than what's being let on. Wow. So that's pretty interesting. I need to go listen to this.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's not a coincidence, right? They overlever the entire system. FTX, the team that's taking them through bankruptcy, that's taking the estate through bankruptcy is obviously seeing more than what all of us know. And they think it's definitely worth a legal challenge there. So that's pretty eye-opening. It's pretty rare, I would think that a bankruptcy estate would go out after a company like that. There's got to be a good reason. I don't know what that is, but there's got to be good reason. By the way, I don't know if you saw the Peter McCormick interview of Saunishine.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah. So I think the most interesting development has been the FTX lawsuit against Genesis. Grayscale. I mean, I'll say this when FTX went down, that's when my eyes kind of opened up that. Wow, Genesis and Grayscale is involved in every bankruptcy that's happening in the entire ecosystem, right? They were involved with Celsius, Blockfi, Three Arrows, Voyager, now FTX and Alameda.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Way bigger than her are going to have issues doing it, even if they have a very, I would say a very, I hate to say the word clean, but like a clean deposit base. Because the reason I say it that way, because I'm sure the FDIC doesn't see or the Fed doesn't see deposit-based in digital assets as clean. So that's my comment there. But yeah, I mean, I think it would be interesting if she could get her application through that would be fantastic. I have a lot of respect for Caitlin.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, it's kind of interesting, but I will say this Of doing what she's trying to do. I mean, if you look at some of the bigger regional banks, I mean, I'm sure that they would love to have direct access to the Fed window. And these are massive. Deposit banks And it's a long ardorous process for anyone. I think she's probably somewhat targeted, but I don't think that it's just her. The only thing I can say there is it's hard for any bank to get included in the club. There's only a few in the club.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I know. There's been other conspiracy theories that have been proven right that has been quite shocking over the last few years, but I don't think that's one of them.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“But I do believe the current administration is generally against the crypto industry in general. I do believe there's certain politicians and certain others that are against Bitcoin. I mean, it's very clear, you know, Elizabeth Warren is against Bitcoin and several other people are. But Gary Ginsler, who's the head of the SEC, is not against Bitcoin. I would categorize Gary Ginsler as a Bitcoin maximalist. So, yeah, I don't know if there's this massive conspiracy there. I mean, even the CFDC is pro Bitcoin. They're pro other digital assets as well. I mean, they actually just came out and said, yeah, there's no way that Ethereum is a security. So, yeah, those are the kind of data points that make me believe that it's not some big conspiracy.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I actually lean more towards a mismanagement of risk. I don't know, you know, this is hard to say. I don't know if there's some big government conspiracy to shut down the crypto industry. I believe that there's certain actors that are doing certain things, right? But I don't know if there's like a massive conspiracy behind it, like what a lot of other people are saying. I could be wrong, but I don't think that that's the case.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And like I said, we've never used Silicon Valley Bank or Silvergate. We have used signature as a backup bank just because you should always be diversified. But yeah, we don't we've got very little on deposits there.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“But it's enough of a contagion risk to not want to keep deposits there. Because, again, if you're keeping customer deposits at signature Silicon Valley Bank, your deposits could get frozen. Your deposits are fine, but they could get frozen for a period of time and nobody wants that. We've seen what happens when in the exchange ecosystem, when you freeze things for a little bit, right? Like, you know, Celsius, even though it was not fine, once they started freezing their withdrawals or delaying their withdrawals, that's when you get the run. And if there's ever a freeze, it's all over. And then your clients, you know, if I have clients and I have my client deposited there, then they lose trust in me. And then they want to start withdrawing from me, right? Which is why we're very careful about, you know, what counterparties we use.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so to get to signatures, signature actually benefited from the Silvergate issue, but it's now following the Silicon Valley Bank issue, right? Gotcha. The Silicon Valley Bank issue has more to do with their mortgage-backed security portfolio and their venture portfolio. And people are just afraid that of what's under the hood signature. And by the way, I don't know what's under the hood at signature.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Think there's so much hair around it that they people are fleeing so quickly. There's not much of a deposit-based left. So I just don't know if there's any bidders. I mean, sorry, Silicon Valley Bank.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so Silvergate really isn't a Bitcoin problem. I mean, or Bitcoin wasn't the problem. Silvergate is a fractional reserve banking problem, you know, first of all. Their issue was, you know, as I stated, they overlevered themselves into one industry, which is never a good idea. And Silvergate's suffering from it. Now, the deposits are going to be fine. I'm going to make that statement and be very clear. I've always said that. The deposits will be fine. They might get frozen for a little bit. So, you know, if you want to take that risk, but that'll be fine. The bank itself is going under. I actually thought that somebody would come and pick it up for its deposit base. But because banks are always looking for more deposits, it's really hard to find right now for banks. Increasing their deposit size”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I imagine it's a counter to my point because there's not a lot of supply. But there's enough to where you can at least diversify away from only mortgage-backed securities. And the justification of bankers is, well, we understand mortgages. We issue them all the time. Bankers also are notoriously bad at mortgages. I mean, if banks were so good at issuing mortgages, I wouldn't have been able to lock in 2.75% a year ago. On my home Right. I mean, I saw the bond market going up. They didn't. They're like, oh, yeah, 2.75. Great. I mean, they're losing money on me right now. Oh, yeah. I hope my bank doesn't go to business because of it, but whatever.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Thing is, there's other choices, right? I mean, look, if I was managing a bank portfolio, I would have been buying, I don't know, I would have been buying floating rate. I said back securities at that time, right? Because when interest rates go up, you reset at a higher rate and your price stays stable. I mean”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It also brings up another point on these banks, right? I mean, you asked the question, when bonds are at 1% to 2%, you can't make money as a bank buying 1 to 2% earning bonds. You've got to stretch in two different areas. And the problem is instead of diversifying the portfolios into several different areas of the fixed income market. Would focus on just one thing, or like, okay, well, mortgage-backed securities, it's backed by the US government, you know, it's secure. It's yielding a little bit more. I'm going to buy a bunch of that. I know mortgages. I'm a bank. I get it.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“They'll always go up in value. Well, people have this psychological people think that when things are going up, they will always go up.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So that's an issue in itself. The other one is they're just, in a lot of ways, just being careless and don't have proper risk measures. But that goes back to 2007, 2008 as well, right? Or even before that, when people started getting involved in that practice, you're always trying to outperform your peers, even if you're not a public company and you see opportunities and you're taking those opportunities while they last, but you're not thinking about the long term, the long-term risk that you're taking on. Those periods of time Back JPEGs, right? I mean, you know, it's like, hey, I can buy a monkey JPEG for a million dollars and sell it for $2 million tomorrow. Why wouldn't you keep doing that?”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“If you look at 2008, some of the bigger banks that actually do have, I would say, more established processes and procedures were also tanking. You know, they just weren't thinking. It was sort of like Sort of don't have a choice, but you actually do at the same time, you just have to be a little bit more conservative and patient. But it is a mentality that, okay, well, the bigger banks, a lot of them are publicly traded. By the way, Silicon Valley Bank, Silicate, they're all publicly traded. And the problem with the public markets is that you're living quarter to quarter and you get angry shareholders if you're not doing things to boost your earnings on a quarterly basis. On the one hand, they're making bad decisions because they're being forced to by public market.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Know that that's what happens when Interest rates are too low for too long. In a normal environment, you're buying, you know, I would say more plain vanilla, I'll call it plain vanilla type of bonds. You're earning a reasonable yield. You're able to maintain the operations and the posit base for a bank. But when interest rates go too low for too long, The riskier banks get a little bit more creative in how they generate a yield. And now it's blowing it up in their face. I mean, a lot of these banks would never have guessed that interest rates would go to 5%.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That's right. Particularly, I mean, I was just in London this summer and I really noticed it. I mean, actually, I didn't really notice it because I was bringing dollars in and dollar was stronger than the pound. But I noticed that prices were going up on basics and that people were very upset about it.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, absolutely. And I'm very worried about inflation. I really have been saying for a few years now that we are going into hyperinflation territory. You know, we printed way too much money. We had too loose monetary policy for over a decade, and it's finally catching up with us.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I really don't. I know there's some calls out there to say, hey, the US should bail out Silicon Valley Bank. No, they should not. They should not bail you out. Yeah.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, it's mostly focused on a few industries. It's banks with deposit basis and tech and crypto. I mean, that's really it. Other sectors of the economy are doing fine in most other banks are diversified in their deposit base. It's just. A handful of banks that didn't have proper risk management or focus too heavily on one sector. Those are the sectors that happen to be failing right now.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Because we go back to our comments earlier about unemployment, who firms are having the highest levels of unemployment, stepp companies.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And look, if you look in other regions of the country, I mean, for instance, we're in the south or the southeast, a lot of the focus is going to be in, you know, things like banking and insurance, sorry, farming and insurance and Texas, they might have a big energy base. So regional banks generally do have a really high allocation to one industry generally, but they do try very hard to diversify their deposit base and they're generally a little bit more safe when it comes to what they lend out to. So in this particular price, I'm going to call it a mini crisis. It's not a real crisis. It's a couple, you know, there's probably a handful of banks that are going to be in trouble here, and they're the ones that focused on tech companies.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, look, I don't think all regional banks are in trouble in this particular time period. The problem with regional banks is they service a region of the country and usually that region of the country has a very focused economic activity right back to what you do different things.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And so, in addition to mortgage-backed securities that are now priced lower because yields have gone up, they're also upside down in some of these venture loans that they made. And that's kind of what bleeds more into the Silicon Valley bank base. But no, Silvergate, they just overallocate it to one area. And you can't do that. You've got to have a diversified customer base and a diversified sector base.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Oh, absolutely. Absolutely. So, yeah, they're heavily weighted to one sector. And within that sector, they're heavily weighted to one company. That's a problem. And so when your entire deposit base basically shrivels up, the way that banks work is they grow their operations based on their deposit base. And not only do they grow their operations based on the deposit base, they also When you're in a particular ecosystem, you might be holding things like mortgage backed securities or other fixed income instruments that have a yield. And then they might also do some home loans, some auto loans, things like that, some of the more reasonable banks will do those types of things. But the problem with Silvergate and Signature and Silicon Valley Bank is they do a lot of venture lending.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Because of Bitcoin. So when you've got a winter that happens every four years, you're going to have a problem every four years if you're too allocated. And FTX, they decided that they didn't do due diligence on FTX and Alameda. And that was also a really big problem when that went down. They should have worked a little harder there.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Happened with Silvergate is they found a niche in one sector and that sector was crypto and they overallocated. They didn't run good risk models. And they decided, oh, this is a great niche. We're going to make a ton of money here. We're going to be the bank that services all the crypto companies. Well, it's great in a bull market, but it's pretty bad in a bear market. And the problem with crypto, and I'm saying the word crypto on purpose, right? Because they mainly focused on crypto companies like FTX is that they got a little bit over their skis. And the problem with that industry is that the crypto industry generally follows Bitcoin economics, which has a happening that happens about every four years. So Bitcoin runs in four-year cycles. We all know that. But crypto closely follows that.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Because generally emerging markets have one main sector that drives that economy and their banks are going to be heavily allocated to it. In the US, it's pretty diversified. Now, so I would always avoid banks that had too heavy of an allocation to a sector because if that one sector got hurt, you know, the whole bank, you know, its whole deposit base would go down.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I won't take that away By the way, I posted that to an internal chat about back in June. Anyway, we'll comment on that later. I gotta see this coming. Really, what's happening with Silvergate? And by the way, this applies to signature. It applies to Silicon Valley Bank, is, you know, I guess back in the day, I used to run emerging markets, emerging market debt for Guggenheim. And one of the things that I invested in was non-U.S. banks, right? So I had to. You know, I had to look at the creditworthiness of a lot of these banks. One of the biggest problems of banks outside of the US, particularly emerging markets, is they're heavily, their deposits are heavily allocated to one sector.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“What that does is create pressure on the treasury market. And that's really where we're going here, right? So if the government continues to overspend and has to issue bonds that are now having to pay a higher rate of coupon in order to borrow against them, right, you have this, it's almost an exponential curve of the amount of debt service that the US has to pay. Now, there's only one way to offset that. And that's to print more money Right. You print more money, you cause more inflation. So that's where the death comes into the death spiral. That's where the death comes into. It's going to take US dollars if all you're going to do is just continue to print more and more of them just to cover your debt service. Yeah.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, well, to carry on from that, if oil's going up, I would say minimum 50% food prices up minimum 50%, that's a lot of inflationary pressure. It forces the Fed to continue to raise rates. Now, what happens is as the Fed raises rates, and they're already backing up from their rhetoric a few months ago where they're like, yeah, it looks like we're getting this under control. We're going to slow down the rate of increases to the Fed's rate. But now they're starting to change their stance a little bit and say, ooh, inflation isn't quite behind us. We're going to have to, you know, continue to aggressively raise rates.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And not like a lot of work, like just enough to know what I don't know. But it's number one is hard work. And number two, it's actually, there's actual knowledge that you need to have to make it work. So yeah, these skills aren't transferable. You've got a lot of people. I mean, look, you've got a lot of people laid off from tech companies that all they know how to do is, you know, monitor tweets and ban people, right? I mean, that's not very transferable.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT