Somebody Has To Eat The $40 Trillion Loss | Jack Mallers

Here's the problem. These kids are being asked to take out six figures worth of debt to compete for a job against Elon Musk's robots. You don't get to say I don't like this system. And one of the things that's very clear is Zoomers and Gen Alpha don't give a shit about Bitcoin. By borrowing $40 trillion from our future, you're pulling forward a lot of human labor and time and energy. Somebody has to realize that loss by owning Bitcoin. I'm saying it's not going to be my time and energy. There might actually be a hunger for the new Bitcoin culture. There's a division of culture. You can try and get lucky and gamble your way out. And then there's a different culture that's being built. How do I take the other side of this clown world? I genuinely don't know if I've ever been more bullish in my life.

Come on, I don't, I genuinely don't know if I've ever been more bullish in my life. And I think of Bitcoin in many ways as a way to monetize chaos. It's how do I short the dollar? How do I monetize chaos? How do I take the other side of a lot of this clown world? So no, I think quite the opposite. Put simply, and we can explore any version of that you want, but I'm emphatic. Absolutely.

Yeah. Listen, you know, I'm famously a college dropout, right? So I come without this very sophisticated mathematical lens as to how the carry trade and this and that which we can all get into. But the reality of the situation is there's been malinvestment. There's been a lot of money borrowed from our future. So you can think of debt from government as a form of time travel almost. They've pulled forward our future, our kids' future, because money at the end of the day is just human time, energy, effort, labor. It's the market good that allows us to exchange the value that we create, right. And so by borrowing $40 trillion from our future, you're pulling forward a lot of human labor and time and energy. And so it's not something on an Excel sheet that you can just delete or skip that slide. Let's just start over. That's physical human effort that you've spent. And if you've misused that and missed that and not done productive things with that, somebody has to realize that loss. Plain and simple.

Now we can argue all day, well, is it going to be the bondholders or real rates going to be negative for those guys and they're going to get screwed? Is it going to be the people because the currency is going to get debased, and everything in their life is going to be inflated? Is Trump going to make Putin and China foot the bill? You can argue all which way. But you know, by owning Bitcoin, I'm saying it's not going to be my time and energy. It's not going to be mine. I don't know who is going to have to foot the $40 trillion bill, which by the way, is only the current indebted amount. But there's future promises on top of that. But to me, you know, my dad always told me it was always so hard as soon as they divorced from the gold standard. How do I short the dollar? How do I bet that this thing's never going to work out? And it was hard, you know, real estate because like, land has some scarcity elements, but it turns out they'll always build another floor on top of the penthouse. As long as Ken Griffin's willing to pay for it. Right. And so it's always hard to kind of find ways to do how do I monetize this, the chaos that this system is embedded with. How do I take the other side of fiat? How do I say no and participate in the deflation tendencies of technology and Bitcoin? You know, Satoshi out of nowhere just dropped the gem. That's how I like to think of it, is that, you know, there's a massive loss that has to be realized by someone. And instead of trying to participate and argue and figure out who's going to realize that loss, I just very simply say, it's not going to be me. I'm just going to save Bitcoin. My stats are going to stay in cold storage, and I'm going to benefit from all of the mistakes that are being made by both elected and unelected officials.

Yeah, I mean listen, like Bitcoin is such a broad industry at this point. It's over a $1 trillion asset. I can sell you on data. I mean Strike's business is going to grow year over year despite the bear market. That's impressive. As the CEO and founder of the company I'm stoked. That's awesome. So I can sell you on a version of Bitcoin that's optimistic and exciting. And I think the industry is maturing. I think the participants, ETF, I mean, listen, you can argue on both sides of the line on whether Trump and this administration has been beneficial or not. Like, you know, we have a strategic reserve. It's been part of the geopolitical conversation. They also launched a shit coin that goes against all sense of ethical human code. So my point being, I think I can please your ears in whichever way you want to be tickled. You know what I mean?

Now the reality, the reality of the situation, though I agree with you, is that this has been one of the more prolonged... the culture, the energy, the enthusiasm, it feels low. And I would cosign. I would agree with that. I don't think 2025 was a real bull run. Measuring Bitcoin in dollar terms is sometimes incredibly misleading, because the amount of debasement that's happening, making new highs in dollars is implied. I mean, my water bottle right here makes new highs in dollar terms every other year as well. So like that's not necessarily the greatest achievement. And so I think 2025 was a little bit of a letdown. It wasn't as euphoric and bull market I think as market participants in this industry are used to. And so if you kind of discount that, it's been since Covid, I think, since this industry has experienced the type of euphoric, visionary product market fit, attention that we're accustomed to or that newer entrants to Bitcoin have heard of. And that's a long time.

I think there are reasons for that. I think if you look at monetary policy and like specifically from the Federal Reserve, I think that's played into it. I think AI's played into it. So we can get into that. But I would, if that's what you're saying, I would agree it's been a bit of a time since we felt like, oh man, like we are winning, right? In 2025, we weren't winning as much as other people that were winning. And then that makes our winning not feel more like losing than winning. We're used to winning the most, winning to having the huge, awesome winning. And we didn't quite get that excitement.

It's a really good question. I will share also that on the Strike side of our business, you'd be shocked that majority of our business is serving wealthier folks, older generations. And you'd be like, oh man, I assume that empty closet. And aren't you the guy that wears hoodies? Surely you've got 1,000 18-year-olds on your app? I don't. And you know, a few thoughts. One thing I've learned is Bitcoin, at the end of the day, is a giant wealth transfer, amongst many other things. Bitcoin is not any one single thing, and it's not any one single person to define what Bitcoin is. So amongst all of the things that Bitcoin is and is becoming is a wealth transfer. I mean, you have this thing that is actively being monetized, and then you have other analog assets that are actively being demonetized, and that all of that implies a wealth transfer, implies existing wealth is monetizing new wealth. So in order to be a core adopter of Bitcoin, you have to already have wealth. And the unfortunate reality is if you're 18 years old, it's impossible to have any wealth to monetize. That's a reality that I've learned at Strike.

Is, to your point, philosophically and as an energy and as someone who I got into Bitcoin when I was 18 years old, and I want the 18-year-olds that look at my podcast and look at me on stage to be like me, but they don't have any money. Business, it's hard to monetize those. Charge you fees. Charge fees for what? You can't do anything on my app because you don't have $1 million of fine art that you need help liquidating and turning into Bitcoin, into cold storage. You just don't. Like, we're issuing hundreds of millions of dollars of loans against Bitcoin. And like that implies that you have billions of dollars worth of bitcoin sitting around to take out cash against. So anyways, I think that that's an insight that the community should just be aware of. I think that that's okay. And that's almost like a science of like if a new money is going to be monetized, a new market good, where, you know, money is just a decision of what's the market good that you want to exchange, not to consume, not to eat it, live in it, fly it, drive it, but to save it and later exchange it. You could use art, you could use real estate, you could use dollars, you could use bonds, you could use Bitcoin, you could use gold. Which one do you want to use. And more people are choosing this Bitcoin thing. But implied in that is that they have wealth. So that's one point that to me, and it sounds obvious in hindsight that I say it, but at the time it doesn't feel obvious because to your point, Bitcoin cypherpunks and culture, it is a little bit of punk rock or you know, like 90s, early 2000s hip hop. It had that type of edge.

And then as regards to have I lost all hope on the youth? No. So my, and I do invest probably more time than I should in just, I think I mean by definition, kids of the future resonate more with the youth than I do with boomers. I consider myself more a part of the youth than I do the generation that built the world we're living in. And I feel very strongly that you control what you can control. I can't control the world I was born into. There's unfortunately nothing I can do about it. But I do get to control the world that comes after and the world that my kids get to be born into. And I take that responsibility seriously. And so I do invest a decent amount of my time trying to understand the younger demographic. And a lot of them are my friends and I'm still young. I'm 32, and I would say the problem, the world is dividing into these two cultures. Bitcoiners, we are much more savings culture. Very, very principled, very hard money. Austrian economics, earn more than you spend and then be able to save that wealth. Compound savings over time. Be earnest, be honest. Be proof of work.

There's a dividing culture which is gambling, like a... Oh my God, it's becoming pornographic and gambling. Dude, just even quickly like every ad I see. Like wife's watching Amazon the other day and it's just like casino ads, sports betting over and over again. Poorly marketed. It's just gamble, gamble, gamble. Correct. And that, you know how much of Western culture is turning to OnlyFans and Robinhood, OnlyFans and Stake. And that is becoming like dominant youthful culture. And that to me, that is my way. And not ranting for hours, but trying to condense my point of what the youth is up against because they don't have wealth. These kids are being asked to take out six figures worth of debt to compete for a job against Elon Musk's robots. Imagine that there's no place in this world for you. You take on debt and compete against Elon Musk's robot for a job. You're never going to own a home, you're never going to own anything. And so it's a division of culture of you can try and get lucky and gamble your way out and fill your life with, like, dopamine bouts of satisfaction through, you know, OnlyFans and the fantasies created on your phone and gambling on sports.

And then there's a different culture that's being built, which is, hey, we can build something that does work for you. And let's just start by earn more than you spend and the month with excess cash, and then learn how to save it and take care of your body. You know, don't get lost in these women scandal sites online. Take care of your body, value relationships, have kids, family. And that's, you know, when Strike says we're bitcoin only there's a variety of reasons for that. But one of the reasons is I don't think I wouldn't want my family and my friends to use these gambling apps, to use a Coinbase, to use a Robinhood. I wouldn't feel comfortable. I mean, the house always wins. It's a lose-lose proposition. You know, you look at the data that comes out like less than 2% of the winnings are going to like a tiny group of the users. The rest of the users are just funding. So point being, I think that there's a cultural division and it's a really difficult battle to fight. It's, but that's, over the coming decades, I think that that's the cultural war. And I try and invest a lot of my time in making educational content. And I know you do too, to make the proof of work and family and love and work hard and save and not like slog and gamble, culturally cool. And you know, at the end of the day, I think that will win. But that's the battle we're up against. And it's very difficult because allowing kids to gamble is much better business model when it comes to profit than getting them to DCA. But the problem with having kids gamble nonstop is eventually, if your monetization of your customers is just consistently making them poor, then one day they leave the platform. Like a lot of Strike customers are like shitcoiners and degenerate gamblers that have reached the lows of lows and have now realized the life that they want to live and that Bitcoin can be a part of that. That's a lot of our customer base. So I think it's a long game. We have to stay the course. But that's my dead honest opinion of the cultural battle. These kids don't have any money and there's a cultural divide, I think, that is created. Like Coinbase used to be a competitor of Strike. Nowadays couldn't be more different.

Listen, at the end of the day, what do these kids want? What do all of us want? I think fundamentally, as a human being, you want two things. One, you want to be part of something bigger than yourself. And the best expression of that is family. No man wants to live and experience this life alone. And the greatest way to experience, I think what is naturally human is family. And that is numerically, literally being part of something bigger than yourself. Family can't be one. And then the second is being part of something that lasts longer than you will. And I think that that is, again, very naturally human, is that our individual lives have a scarcity element to it. We can't live forever, but the human race will go on, and that's having offspring. That's another natural expression of this is having children and allowing your bloodline to extend far beyond your own life. And so I think, you know, and embedded in these experiences of connection, of family, of being part of something bigger than yourself, which is in a sense a death of ego, is an experience that isn't centered around you and your interpretation of value, of self, and then being part of something that will last longer than you will is also this idea of ego death and contribution and working on something that exceeds oneself.

Bitcoin falls in there and that allows you to be very hopeful. It allows you to be very optimistic. It allows you to be future oriented. It allows you to lower your time preference. These are all very naturally and innately human things. This is the human condition. And I think that is where that's ultimately what these kids want. I mean, they're gambling on sports, not for any other reason. Then they want to own a home. They want to get married. They want to have kids. That's at the end of the day, like what they're using these products for. And ultimately, I believe Bitcoin is a core technology that enables everything that I just described. I mean, Bitcoin has given me that experience. I'll speak for myself. The coins allowed me to be a part of something far bigger than me. You know, part of becoming a bitcoiner is an ego death. Bitcoin is actually not about me. Bitcoin doesn't give a shit about my time preference. What I care about, what my business needs are. Bitcoin just is and I got to deal with that. I'm on bitcoin's time, Bitcoin's not on my time and it allows me to work on something that'll be here after I'm gone. And there's like a very, very deep emotional connection in that. Like when I'm, you know, making a presentation on stage like the El Salvador one, I felt in understanding that this is bigger than me and this is going to be lasting longer than me, and this impacts people far larger than I. That is so innately human. And that carries such more depth. And that's all people are looking for. And they go about their ways of searching for it. And unfortunately, whether it's government or corporations have marketing departments that sell them a solution to these problems that I don't think are real and I don't think solve them.

But yeah, I think that, you know, the success that I've had with the youth is exactly that, is financial education and this literacy and understanding like, hey, I understand your guys' problems. I relate and understand what you're going through. And have you thought about solving it this way? Have you considered that this is a practical... you don't have to pick a perfect March Madness bracket. You can earn more than you spend. You can save in Bitcoin, fall in love. And that's the success I've had with the youth, granted less success than DraftKings has had as a business. But I do ultimately think at the end of the day will win out because, you know, yeah, the future financing plan of the next generation is not going to be betting on LeBron James. Like that's just, it doesn't need to be explained.

Here's the problem. Everybody is a speculator whether you know it or not. This is not an opt-in thing. If you're listening to this, you're like, well, I get Jack's point, but I'm not a speculator. Yes you are. If you listen, what ultimately backs fiat? Violence. You don't get to say I don't like this system. If you don't like the system and you don't pay taxes in this system, you spend the rest of your life in a box without windows and without food, and you get your ass beat. And the people that are supposed to be paying attention turn their blind eye. That's a violent threat. Someone shows up to your house with a gun on their hip and says, come with me if you don't participate. So you're in the system. And if you're in this system, you're innately a speculator. Because the thing that you are obligated to use by threats of violence is actively being debased. And so you must speculate on what else to use and own. Period.

And so a very natural, let me tell you, tie it back to my father. So my father say, you know, being short dollar is very difficult. How do I do that? One of the businesses my grandfather was in and my dad was in was the exchange business. And he's always said exchanges became popular, especially after the severance between the dollar and gold, because what's the best way to monetize forcing the human population to be speculators? Well be the house, be the... one of the ways you could, you know, 30, 40 years ago, what was the debasement trade. The debasement trade was maybe owning equity in the CME business has just been up and to the right forever because everyone needs a derivative on top of a derivative. And now we need a volatility index because volatility is embedded and baked in everything. And now there's hedges. And we've hyper-financialized everything. And this is all a result of this core problem of if you break the currency and everyone becomes a speculator then yeah if I'm Robinhood I can't afford someone else to do prediction markets or someone else. Coinbase was a crypto company that needs to do equities and prediction markets. Robinhood was an equities company that needs to do crypto and prediction markets. Now the prediction markets need to find a way to get into equities and needs to find a way to sell Dogecoin. At the end of the day, it's who's able to win the marginal speculator on tomorrow, Saturday, a bunch of 18 to 30 year olds need to bet on college football. How are they going to do that?

The reality of prediction markets, by the way, Nathan, these businesses, if you look under the hood at Kalshi, over 80% of their volume is sports betting. So they have this mythical story of, oh, this is democratizing access to markets. And we're actually bringing efficiencies to things like, you know, voting on politics and elections. You know, that could be partially true. But the reality is it's a regulatory arbitrage on sports betting. They are packaging sports betting and advocating for it to be regulated by the CFTC. And DraftKings is, you know, obviously it's a totally different business, and they've just found a way to distribute sports betting to the general population without having to abide by traditional gambling law. And that's one of the reasons these things are ungodly popular is they're using like decentralized blockchain. It's just a regulatory arbitrage. It's just taking advantage of different inefficiencies of Washington DC's ability to govern law, which that understanding, this is like these businesses aren't interesting and that they're not, you know, a lot of these businesses taglines are democratizing finance or financial inclusion. It's bullshit. I call absolute, utter and complete bullshit. These are regulatory arbitrage to win the marginal speculator, which is a function of just destructive monetary policy, like government destroying our lives by debasing the currency. And that's all. That's all that is. And why someone like Strike and myself or Bitcoin only is like take an active stance against that is like, this isn't financial inclusion or financial empowerment whatsoever. Like what about sending customers a push notification like, hey, just a reminder, college football's tomorrow. It's not. So yeah, I digress.

Great on net if I summarize in one word like good or bad, good. I mean I could tell you wins. I could tell you losses. I mean, I'm on record. One of the things I violently disagreed with was that they needed to create their own wallet. I've told this story like they were fearful to have this like white American waltz into calling the shots. They're like, we need to brand this. Like, this is our thing. And people are going to think that you're like, extorting, like, you know, Central American labor for your pet startup. I'm like, fair, sure, whatever. But like you guys really, you know, government, I'd much rather use a wallet built by, like, Jack Dorsey. No offense. You guys are in the business of building software. I think you should create an environment where the Jack Dorseys and the Michael Saylors and the Googles, and everyone comes to your country and competes in an open and fair market to build products. And that's going to be the best outcome for the people and open competition. And as long as it's regulated properly, and I'm sure that they'd be interested in investing locally in building offices and stuff, I don't think that you want to be a competitor. I don't think you want to tell Jack Dorsey, hey, you're welcome to come here, but you're going to have to compete with the government wallet named Chivo. So there were little bouts like that which are solved, are gone. Lessons were learned, and we move on from that. But besides that, I mean, what more can you ask? I mean, this was like the most dangerous place that no one had ever heard of. And they saw Bitcoin as like, I like we were talking about earlier to the youth, hopeful opportunity as a way to achieve what we all consider a life worth living. Nobody wants to live alone. Nobody wants zero kids. Nobody wants to not get married. Nobody wants to live in a shoebox apartment for the rest of their life. Nobody wants to, you know, if you want to live a life with no inflation, you could. But you have to, like, consume Netflix all day and just eat Caesar salad, which is just leaves off a tree with dressing on top of it. Nobody wants that. People want rib eyes. People want to live on water. People want to get married. People want to have kids. People want to travel and see the world. And you know, that equivalent for a country. El Salvador experienced the same thing. Like they want to be prosperous, they want to develop, they want to have trade, they want to have a bond market of their own. And they've achieved all of these things since adopting Bitcoin. GDP is up, tourism is up. I mean, the airport, you... which is impossible to quantify measure. But they have a nicer airport than ours here in Chicago. Yeah, probably. It's crazy man. It's impressive. It's amazing. How could they have done that without bitcoin. Sure maybe. But I think plugging into this open network you're on the team like you know who's on El Salvador's team Larry Fink and Blackrock, the Trump administration. Jack Dorsey, Michael Saylor. I am just by holding this asset and contributing to it positively and defending the network. And when the IMF talk shit, saying no, you're wrong. Like they gained teammates globally around the world for standing for hard money in an open network that they can't control. And I think they've benefited greatly for that. So anyway, yeah, I'm very proud of them.

And I don't know, I, you know, I've also I did a show recently about, you know, looking back and stuff. And I think it was important to like, to be clear, I played like a small role, but their point was well taken. And I agree with it that like it's not a me thing, you know, so I have an opinion that's just about as valuable as yours, your opinion on there. No, seriously. Like, you know, Strike still operates products there and we have a license there, but so do other companies. And, you know, I was very clear that I advised as a bitcoiner who has an opinion, I have strong opinions about free markets, bitcoin and Austrian theory and hard money and all of those things. But, you know, I never, ever wanted to be a centerpiece. And I never, ever wanted to have advantages or benefits or anything like that. So, you know, I watch from the sidelines just like you proudly basically.

Yeah. Well, to all I answer that one first. I think in the same way that my analogy will be Saylor and Strategy, everyone was like, well, since Saylor adopted it and proved it to be successful, it's only a matter of time until Zuckerberg comes out on an earnings call and announced that he bought a million bitcoins. Still waiting. And you're like, well, what the hell? What's going on? Why isn't everyone copying Saylor? He's clearly taking over the world. And I think El Salvador was such a unique situation where you had it was the perfect country and the perfect president and the perfect environment. It's very rare. I don't know of many other environments and countries, like, for example, Salvador didn't have their own currency. So for, you know, countries have their own currency. And if you think of money as time and energy in an abstracted form, you're asking someone to forgive the superpower. I mean, it's as close to we have as, like I said, time travel or having a superpower to be able to print human time and energy. It's like I could either work hard for this currency, or I can click a button that's like, as close as we've gotten to like superpower, like Superman, being able to lift a building up is like, I could just print a building out of thin air, or I can print the human labor, time and energy. And so asking government to forgive that superpower is a tall task. El Salvador didn't have to do that. They were using the dollar. They had lost their currency in a civil war. Having a government that could be so convicted and so decisive, like obviously in the United States, there's going to be people listening to this that think it's a good thing or a bad thing, but you got to go through Congress and there's a democratic process. And Bukele was able to say, I really believe in this, and this is the direction of the country needs to go in. And you've seen that in his... I mean, when they initially sat down and gave me the vision for the country, Bitcoin was a small part. They wanted hard money, technologically progressive, so they wanted all, you wanted Google here. They... future. The story of humanity is engineering a better world. They're very forward about that. They also want to be really tough on crime. They think cleanliness is like a core principle of an aesthetically pleasing place. Like just being in a dirty place is gross, and it doesn't matter what properties you have, if it's dirty, then people won't want to spend their time there and they won't enjoy it. So it had to be really, really clean. There are all these things, and the fact that they was able to say like, this is where we're going and that's final, very unique. Not that way. And so I think it was and that's the same thing with Strategy. And Saylor was like, well, why did that guy in that company adopt it? Well, they were admittedly a failing business that were like backs against the wall. They needed a Hail Mary. They had a guy that could be convicted and not that he made the decision on his own. He was very open. Like, I'm going to convince the board, the board needs to sign off here. But like, we're going this way, guys. And like, you know, the first offer to shareholders was we'll buy your stock back at a premium if you don't like this strategy. And so I think for the same reasons, why hasn't any other like bigger companies that copied Saylor, very similar unique situation, unique circumstances. I think it's just a time thing, but I've been on record saying I've always thought that the, you know, the second country to follow El Salvador, might be the United States, to be honest, only because now, now that's maybe a transition in a macro... But yeah, the most natural adopter of a hard asset, you know, assets, liabilities on a balance sheet, buying something that you know can grow on your balance sheet to offset all the liabilities you're creating. And, you know, it might make sense for the US and they're pro technology. And we've always been leaders in China's history and story with gold. So anyways.

Well I just I think I think Bitcoin is the most American technology maybe in the history of this country. I mean listen, well first of all, it's far more American than the dollar. We could start there. But I think America is one of the greatest startups ever invented. It's an idea above anything else. You know, an idea materializes into a place, and a place materializes into a... But America started as an idea, and people migrated to this land and pioneered this land and took over this land and ran this land and govern this land based on like very foundational principles, freedom of speech, freedom of coming and going, you know, property rights, like very core ideals. And I think, like, I think Bitcoin embodies these American ideals in these properties far better than maybe any other technology. So I would say America has a history of being very technologically forward, pioneering freedom fighting where the kings and leaders of democracy, we governance and embody freedom throughout the world. Now, supposedly now we happen to do that by killing people and we don't need to get into podcast. But, you know, I'm talking just specifically the ideals. Like, why am I proud to be an American? I'm proud to be American because of these ideals and these ideas, not necessarily what's expressed actively in the current government or. Right. And so I think Bitcoin is very American in that sense. And so as a technology and as an idea, I think it's very American. And then on top of that, well America has to, America has a very unique macro problem. You know there the dollar is the world reserve currency. And so, you know, they structurally have to run these deficits. Their major export is inflation as the dollar itself. And so you know, if people need people need the currency. It's how you do if you need to go from Guinean Cedi to Nigerian Naira. And maybe that's a bad example. But just broadly, if you need to go from currency to currency, you know, many currency exchange is first through the dollar. You go from Guinean Cedi to the dollar, then to the British pound, because there's not enough liquidity against the two currencies themselves. So people need it for currency exchange. People have debt against it. People need it to finance and pay interest on their debt. People need it for global trade and settlement. People need it, you know, the petrodollar. People need it for fossil fuels and for oil. And so there's constant demand for the dollar. We have to be running these structural deficits. So naturally people say, oh, how do we get into this debt decision.

This was this is policy. This was a this is how the system is designed. This is structural. Like don't let people think, oh, this was a mistake and this was Biden's fault. This was decided like, this is how this system has to work. And in order for America to get out of this, well, one way you could do it. Like I tell you, this, China's importing all this gold now. China ran almost $1 trillion surplus last year. That's unbelievable. And obviously, like the majority of that is against the United States. You can match that against our $2 trillion deficit. And so half of our deficit is just specifically the China. China is the world factory. Now if gold. So really what the United States is trying to do is balance out these massive trade imbalances where it can China because then, you know, so basically let me cut myself short here. Can China not run such a massive surplus. of the gold they're importing they're importing this gold. If gold is worth $3,000 an ounce at the time, well, what if gold is worth $20,000 an ounce? Well, then China doesn't run a surplus at all. Does that make sense, Nathan? they're paying. Because gold is worth so much more when converted to dollars. That's another way of saying severely debasing the dollar. Like severely, severely, severely debasing the dollar. And you have to ask against what? Like what on the United States balance sheet, can they severely debase the dollar against which then de facto kind of rebalances trade globally and makes it so that there isn't much like such massive deficits, surpluses, and you can pick gold and bitcoin as these hard assets to effectively inflate on your balance sheet against the dollar and debase the dollar against these things. And all of a sudden of gold is 2020, 20 to 20,000, $25,000 an ounce, and Bitcoin is 1 to $2 million per coin, and the United States has positions in each. Then all of a sudden, you know, the deficit is not as big. Debt to GDP can be can be remediated and fixed. China is not running this massive surplus anymore. And if the dollar is that week, then the United States can rise. Why is the iPhone not made in Manhattan and it's made in China or whatever? Well, it's because in order to employ someone to build the iPhone in Manhattan, the rent starts at $5,500 for a one bedroom. So it's just uneconomical. The dollar, the dollar in dollar based assets are there's a premium to them there too expensive. And so anyways that like for all of these reasons, the United States has to now there's this geopolitical tension. The United States going to allow gold to run. Knowing that China has built such a position, China's ideology and agenda? Can Bitcoin be kind of like an ace in the hand? And also Bitcoin's just better. And Bitcoin's American ideals and Bitcoin's more forward technologically. That's where America has historically been good. I mean we have Facebook. We have Apple, we have Amazon, we have Google. Big tech has been fairly dominant. That's one of our other major exports. We now have Nvidia sort of master of geopolitical hand to play. So anyways that's kind of like my high level ranting. And I see Bitcoin playing a role here if not in nation state at least for the individual. But I, I think it's very natural that some administration adopted it you know happened to be the Trump one but it was inevitable.

Bitcoin. Well, you know them. You love them. Longtime supporter of the channel and one of the easiest places to buy Bitcoin directly to your wallet in the US and Canada. But that's not all they do. So for anyone looking to make a big purchase there is Bitcoin. Well, infinite because the hard part is in the by, it's making sure you don't leave a giant mess for your family. Taxes, estate planning, even mining and lending bitcoin well, infinite pairs with your own dedicated advisor to help you every step of the way. And for the Americans, they're launching their own Bitcoin IRA. And the waitlist is open, verifiable and on chain. So sign up today, visit Bitcoin welcome sessions or scan the QR code on the screen. One company I like pointing people to when they ask about Bitcoin. Mining is abundant mines. They were founded by Bo and Christine Turner, after losing over half $1 million to broken promises in the mining industry, and they built their hosting model to remove the usual headaches. With abundant mines, you own your machines and keep 100% of the Bitcoin you mine. There's no revenue share, no hidden Skims pricing. A simple one flat monthly fee covers power, parts, labor, and repairs. They also guarantee uptime. The machine goes down their hash rate, redirect system roots hash power from their fleet. So earnings don't just stop and every machine is insured at full replacement value. Everything is hosted in the US, powered by hydro and mining equipment. May qualify for 100% year one bonus depreciation. Learn more at Abundant Mines.