#63 Could Now Be the Best Time Ever to Learn About Bitcoin?

Ryan: Hello, Terry. How are you mate?

Terry: I’m well, how are 

Ryan: Yeah, good. You get the gym this morning.

Terry: I did 

Ryan: Nice. What’d you work on?

Terry: Just a little volume session this morning. Just a little escalating density session. That’s pretty bloody hard, but when you’re finished, you feel bloody good.

Ryan: Nice big horse. Love that. And no doubt your mom was ticking over about something we should talk about on the pod today.

Terry: It was, mate. It was, We’re gonna talk about Bitcoin, so. Obviously we had Lynn on the show, Lynn Eldon, you and I discussed the last part of that interview. She delved into Bitcoin and since then we’ve had a few more questions from people. You guys are still talking about this. Why you still talking about it?

When the price is down, it’s all crashed. Hasn’t It’s all dead, isn’t it? And we thought it would actually be good to jump in and do some really in depth stuff around this now. Cause I believe that right now I don’t think there’s ever been a better time to learn about Bitcoin than right now. What?

Ryan: I agree. at this point in time, so much of the hype has gone out of it, , it’s a good time to actually look at it and probably think about it more objectively. It’s less heard mentality playing into it as much as it is kind of just thinking critically about what it is and what it can do and what the utilities of it for the human.

Terry: Yeah. And I think. There’s probably different categories of people, right? And every bull run, every sort of price rise with Bitcoin and really any other stock, it attracts people. And that’s essentially why we did the first series. We’re getting a lot of questions about it. We want to kind of go, Okay, well we need to have. An informed opinion, and that’s why we actually did the series. And then when we actually released that series, it’s actually the absolute peak of that cycle. And we’re almost at the trough right now.

But really nothing’s changed. Bitcoin hasn’t changed at all. Nothing’s changed in that space. The only change is the way people perceive it.

Ryan: and the size of my wallet, I would say

Terry: Yeah mate. You shouldn’t have it in your wallet. You should have it in cold storage.

Ryan: you’re right, the thesis hasn’t changed. So has our position on it changed or has not? But the other thing is I guess we really wanted to talk to some incredibly intelligent people that are really trying to understand it for themselves.

And they’ve got different platforms for sharing what they’re learning, but also critiquing it with other people as well. So we’ve got some good guests coming up, don’t we?

Terry: We do and and that’s probably the reason for this now is we thought, it’s not sexy right now, but it’s actually probably the most valuable time to learn. And I mentioned when we did that Bitcoin series that we’d been consulting with some absolute experts in this space. We’ve had Jeff Booth on the show.

Obviously Lin’s another one of those experts. Jeff Booth’s obviously coming from the technology space. Lynn Erwin’s coming from almost the traditional finance space, but there are a bunch of. That we’ve got interviews from that influence that series, and the plan was to be able to drip that out over the course of the next 12 months.

But what we thought was. It would be most valuable to just condense all this learning very quickly now so that you do understand what it is. So if you bought really high and now it’s dropped a little bit, you can actually get some conviction in what you own and really understand it. If you didn’t buy cuz you thought it was a Ponzi, now it’s dropped and you think it’s that you’ve been vindicated, maybe you can question that and really understand it.

And if you’ve been sitting on the fence, you can kind of maybe see the opportunity that’s in front of you in terms of price as well. So it’s probably not as sexy to talk about now, but that’s not the reason we’re talking about.

Ryan: No, no, no. Not at all. And Think about the noise that exists around it right now, because, like you said, so much, the narrative right now is it’s dead.

it’s fallen off the cliff and , we should forget about it. But, you know, the utility of it And what it can do in terms of a form of money and what that can mean for people and our wellbeing and what’s possible for us over time.

 So it’s just kind of going back to that and really thinking through that. Uh, So that again, we can offset the noise that exist around it, particularly from a media perspective. That tends to be where, you know, the headlines that’s trying to harvest attention. We wanna be able to offset some of that.

So yeah, looking forward to.

Terry: Yeah. And look, this is just a preview of what’s to come. Really, we’re just gonna give you a broad overview of what you can expect 

and go a little bit deeper into why we’re talking about it now. We just discussed a few things there, but for me I get the sense that every generat. Gets an opportunity, some kind of opportunity, right?

There are a bunch of internet millionaires. There are a bunch of people that build their wealth off the rise of the internet at that time, and they understood it. They saw the wave. And for me, Bitcoin could be another one of those that’s nascent, that’s growing, that most people discount.

I mean, there’s a bunch of people economists like Paul Krugman, who, you know, the New York Times and all these people writes all these op-eds. he’s the kind of guy that. The Internet’s just a fad. It’s a passing fad, . And he’s the same guy that’s now saying Bitcoin’s nothing. So I just feel like there is opportunities and this could be one of ’em, and it’s worth figuring that out.

And for such a small investment, you could just spend a few months just learning about this and understanding it well enough not to become a technical genius in it, but to understand what the opportunity is and then figure. What part you wanna play in it and how much you wanna be exposed to it.

It’s so worth that. So that’s why we kind of wanted to jump into it because it feels to me like there’s a window of time that’s available to us that we’re in right now. Because Bitcoin tends to lead what they call risk on assets. And so you saw that when money was printed in March, 2020, Bitcoin went berserk and it went berserk to a degree that nothing else did.

And it moved first, and it also crashed first when rates started going the other way. and monetary policy started tightening and. Where we are right now is at a period of time where we’re kind of in that trough and most people think nothing’s going on, but for me, this is where you actually earn your gains when things improve again, isn’t it,

Ryan: Yeah, I and that sensitivity is probably partly because it is considered a a speculative asset that people are buying. So it’s like, all right, the thing that you’re taking the most risk on, people probably tend to pull from that sooner, and it’s probably something you’d suspect over time.

The sensitivity of that being the first to run versus the other assets, that dynamic would actually shift. Don’t think.

Terry: Yeah, absolutely. it is changing a little bit. it was actually less volatile than one of the indexes. Over the last month. And so people are saying, Well, it’s decoupled from those risk assets. I don’t think it has, I think it’s kind of a period of time. People still think it’s like a stock.

They think it’s a tech stock. But there lies the opportunity if people don’t know what it is and you do, then you can buy it cheaper than what it actually is worth. And there’s a stat that I saw last week actually. There’s a guy who used to work in the commercial banking system and he has a really good handle.

Macro and how commercial banking sector interfaces with the Federal Reserve and that kind of thing. he published some research and he said, anytime rates hit terminal, so the highest rate, the peak rate within a six month period, they’re already dropping again in these periods. And so why I think that’s important is.

Rates are getting close to terminal. You’ve seen Australia’s rates start to slow down. We’ve gone from 75, 50 to 25 basis points. They’re talking about 15 basis points now, so that tells you they think they’re getting close to it. So there might be a sort of a six to 12 month window here where Bitcoin’s a lot cheaper than it’s gonna be in the future, just purely because of that monetary policy.

And when things do drop. The first thing that’ll lead risk assets out will be Bitcoin again, it responds closest to monetary policy. Cuz Why do people buy Bitcoin? Because they don’t trust the currency. Because they’re printing the currency. And if they’re inflating the currency, then you buy something that’s harder than the actual money.

And bitcoin’s been the thing that’s moved fastest and furst because of that. So it does feel to me like there is this window and if you can do the work now, you’ll be handsomely rewarded for it.

Ryan: Yeah. So what you’re saying is basically anytime there is in some form expansion, the amount of money that’s in supply, whether or not that’s money from a spending perspective or from a lowering interest rate. So people borrow more and that increases expired money. We’re kind of suggesting that maybe it’s the first thing that goes and there’s this potential.

That might be happening with interest rates. Which knows, Like we don’t know for certain that that could be in the next month or the next six months or the next 12 months. That’s, speculative in nature itself. But they do call any interest rate peak because there is a peak

If you look at what the, I guess the change of rates over the last. 40, 50 years, particularly probably since, the US dollar was decoupled from gold. Those peaks are, are relatively sharp. They’ve come up and then so quickly they’ve, dropped.

And so it creates that look of a peak essentially when you look at that graph.

Terry: Yeah, and you’re right, like you don’t know how it’s gonna play out, but you can just look at what they’ve always tried and it’s like they’ve been trying to raise rates again since they’ve decoupled from the money. And every time they’ve tried to raise rates, they hit this point, things start to fall apart.

They have to go back to nothing. They have to drop very fast. And so the story we’re all hearing right now is rates are gonna hit this kind of terminal rate and then we’re gonna hold them steady for six to 12 months. I’ve just actually never seen that.

 it’s just never happened that way. It’s gone up to a point.

Something’s broken. Something’s stopped. And it’s usually a treasury market. It’s usually people stop buying bonds and they’re like, Oh, hang on, that’s gonna wreck everything if you don’t do it. That’s credit contagion. We need to actually reify things, drop rates, let’s stimulate, let’s get things going.

So if you do study monetary history, you can kind of call bullshit on a lot of what they say and You look at Phil Lowe’s record and you go, well, , are they telling the truth or do they just not know? It doesn’t matter. Don’t really take ’em out their word. Just look at what they’ve actually done forever.

And it’ll tell you what’s most likely and that’s all we can deal with really. And the with Lynn Alden’s episode, the key point she was trying to make is when it gets to this point of the debt cycle, expect way more easing way. It has to happen that way because of where we’re at, and we’ve kind of run outta gas in that sense.

So it’s almost like they’ve tried to create a bit of room with rates so they can drop ’em again, if they need to. So it’s almost like, yeah, you’ve gotta hedge against what the narrative is a little bit.

Ryan: And so as you referenced that terminal rate there, it’s basically saying rates come up to this terminal rate, which is the peak of the interest rates in, terms of the rise. And then what Lynn’s saying is, at this point in the debt cycle easing, which is the undoing of increasing rates, so either increasing the supply of money or reducing interest rates, one of those two levers that tends to happen much sooner.

So the likelihood of it being longer than what it has been historically is very low, 

Terry: right. Yeah. Those cycles have all shortened. Even you think about the business cycle itself, like March, 2020, external sort of shock drop in everything, and then a boom, and then we are here again at the point where things are busting. That’s only two years ago. Historically that’s been six or seven.

Ryan: hmm.

Terry: So everything’s collapsed and condensed and everything’s more volatile because of that. So exactly what you just said. Historically, terminal rates, six months, they’re dropped again. I don’t think it’ll be six months. I think it could be way less.

Ryan: Well, craziest shit’s happened, that’s for sure. . But it’s good to know that, um, yeah, that’s in terms of probabilities, you’re airing on the side of history 

And again, that doesn’t mean that, you know, this doesn’t have further to fall in terms of Bitcoin itself, the price of it, there’s nothing to say that can’t fall further, if, we’re not quite at that peak yet. particularly from a US standpoint, obviously we’ve slowed, our rate rises quite a bit here in Australia, but in the US the last rise was a 0.75.

Only, three or four weeks ago. so there are these other headwinds that exist for it in this short term. Absolutely. So yeah, there’s no reason why it doesn’t fall further.

Or at the same time, does that terminal rate hit. And it’s a short timeframe. And like you said, it’s a canary outta the coal mine? And it’s the first that kind flies.

So really interesting. 

Terry: and that’s purely around what happens, you know, in financial markets, but we still don’t know how it’s gonna play. from a policymaker’s perspective, you’ve seen, like Jamie Diamond, he’s the head of JP Morgan coming out and literally saying, that’s not the innovation, it’s blockchain.

That’s the innovation and that’s like asking Audi salesman what kind of car you should buy. Of course he’s gonna say Audi and that guy’s about as trustworthy.

You could throw him. So you’re gonna see more of that I think. I think we’re gonna see more of these attacks in different ways, and I think that some nation states that don’t understand are gonna do their best outlaw at China’s really tried. There’s still a bunch of stuff that can play out there. We just don’t think it’s enough to not actually look at it and not continue to take it seriously, because the rate of growth, the continued adoption that’s happen.

Particularly in emerging markets in all these countries that their, their currencies are collapsing. Lebanon’s going berserk for it now because it’s way, way safer for them to hold as a store of value than their currency. And that’s what’s happening in a lot of these emerging markets.

Cuz as US raises its rates, it breaks all these other countries around the. And it creates all these huge problems. So that’s why we’re kind of saying it’s still worth looking at. it doesn’t mean a hundred percent that it’s gonna play out, but you’re always playing the odds with this sort of stuff.

And as we said, if you’re thinking about speculating, you wanna think about the odds. But it’s not just risk, it’s also, the probability and the payoff. So even though if the probability is low, if the payoff is very high, it’s still worth looking at.

Ryan: Yeah, absolutely. And again, like not saying throw the house on it, that’s for sure. But it’s more around having some sort of position enough to make you want to learn. we wanna take on a pretty good deep dive here. And if you haven’t actually listened to our crypto series A did previously, it’s.

Probably a really good precursor just to develop a foundational understanding of it, get some nuance behind even what we’ve said today. And then as you dive into these interviews that we’re gonna have they’re gonna be pretty solid, deep dives on looking at it from different angles and really pulling from different areas of expertise to see it under different lights as well. 

So without further ado, what are we gonna cover in this series?

Terry: The whole aim here is to help you think about how to think about Bitcoin. There’s a lot of misinformation, there’s a lot of noise out there at the moment, but how do you actually think about it and assess it on that risk reward basis? Separat it from all the noise.

Hi, Quick note on the noise comment we just made here. At the exact same time we were recording this episode, the cryptocurrency exchange FTX was melting down. And people all over the world, we’re understanding why taking control of your money in crypto is such a big deal. And to be clear, this is not noise. This is a big deal. And understandably it’s likely going to be a huge deterrent. For many as confidence in the space is damaged. Bitcoin’s dropping prices are a reflection of this. And at the time of recording, it’s just above 24 

And this is another significant drop from the all-time highs experienced in late 2021. Despite this, we decided to still release this episode and this series, because Bitcoin itself has not changed. And the reason we wanted to release this series is potentially even more apparent. 

The industry is still being developed and mistakes will be made. And at times there’s going to be bad actors. In the case of FTX it’s certainly looks like this might be the case. But it’s important to separate what we’re seeing from those who facilitate cryptocurrency transactions from cryptocurrency itself. 

There will be people mostly in the media. Who will use this as an opportunity to conflate this con with Bitcoin as a means for discrediting it. But that’s like saying the U S dollar is a scam because the money changer we used at the airport made off with our cash instead of swapping it. 

It’s lazy logic and it needs to be called out the fault lies with the person and the people who did not operate in good faith. It has exactly zero to do with Bitcoin. Yet. It does diminish confidence in this space. And as a result, Bitcoin’s price has been affected. 

And price is an important signal. But it’s often one that distorts our thinking. I saw a funny meme that captures this perfectly a couple of days ago. It showed a person cursing themselves when the price was 90 K saying, I’m an idiot. Why didn’t I buy when Bitcoin was 30 K and then the exact same person green gleefully. When the price drops to 30 K saying, LOL, I ain’t 

For me, the big lesson to take away from FTX is that trusting other people or products, what are called custodians to hold your money in an unregulated industry, only amplifies the risk that you are taking. If you buy any cryptocurrency. Taking control and responsibility of your own money is one of the key tenants of Bitcoin. 

So with that in mind, we’ve included some links to useful resources and guides on self custody in the show notes. Now with that said, let’s jump back into this episode.

Terry: how do you actually think about it and assess it on that risk reward basis? Separat it from all the noise. So what we’ve done is try to get as much signal as possible and see it from a whole bunch of different angles. And I mentioned this earlier, but the. I guess impetus for our Bitcoin series was us consulting with experts. And so what I wanted to do, and the plan was to be able to drip these out, but what we’re gonna do is actually share them all at once or all over a very short period of time to be able to show you how.

People at the top of their fields are all looking at the same opportunity, but seeing it differently in very unique ways. So We’ve actually got an accountant, an ex accountant on why the immutability of the ledger matters. And that probably doesn’t sound interesting, but I promise you it really is. He gets into a very deep philosophical level. His name is Robert Breed Love, and he is probably one of the, most important voices in B Bitcoin because the way he.

Describes it and explains it. we had a really deep conversation about how easy money leads to slavery and what that’s actually meant throughout history and the fact that we’re actually dealing with the easiest money that’s ever happened. There is no cost at all to produce the money it’s a long road to surf them basically.

So he kind of talks about that at length. I talk about that with him. 

Ryan: And he’s one of the very few lucky people that got to spend a lot of time talking to Michael Sailor, who guys might remember we mentioned in the first episode of the crypto series, who basically moved 500 million worth of his company’s treasury.

Into Bitcoin and has basically doubled down since, hasn’t he? So, he’s been able to kind of have these conversations with guys that are really putting everything behind it and just basically asking him, why do you think like that? how did you get to that? And he’s got a platform that’s allowed him to break it down in a pretty unique way as well.

So I’m excited for that one.

Terry: Yeah. I asked him one question before we started the podcast.

And 20 minutes later he was still answering it. And I was like, Hang on man. I haven’t even pressed record yet. 

Ryan: Yeah. 

Terry: So he’s a deep guy, Rob. But he’s a really nice fellow and he was very generous with his time. so he’s sort of first upNice. I’ve already listened to probably about 20 hours of his podcast, but looking forward to more of it. Who we got next?

Yeah. So then we’ve got Emmy award-winning journalist Na Brunelle. She spent a lot of time in traditional media working her way up in that career, and we had a really good conversation. , how that media machine works. What are all the incentives? How do people write the headlines? Who writes the headlines?

Who pays the bills? And how do we sort the signal from the noise in the media? So that was a really cool conversation. And also she grew up In a country where it was very socialist slash communist. And she talks about what that’s actually like. She’s like, Well, you can have it equal, but you’ll all be poor.

 And you won’t have many choices. And so it’s actually was really interesting to talk to her about that growing up in that arena. And also her parents’ experience of that as well, which was really interesting.

Ryan: Yeah. And how it cuts through. I’ll be curious to know if she’s got any headlines that she wants to , go back and just underwrite 

Terry: Yeah.

Ryan: Okay. Good. And then 

next. 

Terry: so then we had VJ Boyer party and VJ was one of Google’s first employees.

stumbled upon Bitcoin very, very early, and we had a really good chat looking at money as a technology and understanding how Bitcoin as a monetary technology is superior. To anything that’s come before it. And it’s a huge step change that people just are not seeing yet, and he’s got a really good model of how to break that down in terms of the good properties and money.

 And we touched on this in our series, but we go into a bit more depth and really just understand it from a technology point of view, why technologists in particular are interested in it.

Ryan: And what I’m loving about all these guests are, they’ve all got such depth in the content that they’ve already created in trying to understand this. But then also, like if you think about VJ Boy Party is basically written about 12 thesis on the topic. And so, yeah, just to get an hour, I. With him to draw on like the most important ideas.

It’s pretty hectic. Nice. So vj, then what’s next?

Terry: Then we had Jesse Myers. Jesse he’s been one of the most shared. Teachers, I guess, in the Bitcoin space over the last three to four years, and his content has a lot of cut through for people that are. Still curious enough to want to understand, to really just get you to the point where you’re like, No, I need to understand this now.

And his background’s really interesting as well, right? He comes outta Harvard Business School, traditional finance background, went into Boston Consulting Group. Very, very smart human. And He talks a lot about how our pride and our privilege is blinding us to this opportunity because of the bubble that we’ve all lived in and what the opportunity cost of that could be in the long term.

And also how early we still are in this whole thing. Everybody thinks they’re late to the party because they saw it go from $1 to whatever it is now, 30,000. And when you look at it in the context of global adoption, it’s just ridiculous. Like it’s so early. So we talk about that in depth as.

Ryan: Yeah. Nice. So Nat Brunelle allows us to look at it from kind of an outside perspective, looking in on capitalism, maybe some of the things that exist for us right now.

And then you got him kind of breaking it down within, from an inside perspective of, well, this is how I was block. To being able to kind of open my mind to it. Okay. Very good. Is there one more?

Terry: There he is. Yeah. So then we’ve got Corey Klipptsen, and I have to thank him because he’s actually been really helpful in helping us get some of these other guests. He’s very influential in the space. he’s, the reason that Lynn Aldon was coming on the show.

He connected me with her and I wanted to kind of end with him because he is one of the most clearest thinkers and he’s one of. Most clearest communicators when it comes to the scams in crypto. And we had a really good chat about that cuz he’s been on the other side of a lot of these venture capitalists, opportunists that have come into the space and spun up all these scams and actually just robbed money from retail investors.

And so he talks about the language they use, the strategies, where they’ve actually come from. And if you wanna know how not to get scammed in. Then you need to listen to that episode because he actually lays the whole thing out and makes it very obvious what’s going on. So that was a really interesting combo as well.

Ryan: Yeah. Yeah, absolutely. Just to help everybody see the, the potholes. Cuz no doubt on this road there’s probably more potholes than there are lines

Terry: yeah. 

Ryan: we’ve What a line up? Okay, so we’ve got a big month ahead and. Really just to extend upon this, we’re focusing very much on Bitcoin .

And again, we’ve probably touched on it before, but the main reason we’re focusing in on this as a topic as opposed to kind of going broader, looking at the other coins that exist, or even the NFTs and the, and the thousands, things like that is because of what its.

Is in terms of how it can help serve us in the way that, we talked about it being a protocol that we can build on top of and we use that analogy of it being quite like the internet and being able to take some part and ownership of the internet as opposed to the companies that it builds on top of it.

And so it’s Kind of the creation of the ecosystem, the network effect that can push that forward. but also the most important thing being around the fact that you can’t create more of it. So the scarcity element, and know, that idea of hard money versus easy money.

Hard money being something you can’t create more of, hard to create more of easy money, easy to create more of it. and so, know, that’s a big and like you said, it’s gonna be great with Corey in terms of the big risks with crypto is you can easily have the rug pulled out from underneath you, and Bitcoin is the least probable for that to happen.

Terry: Yeah. and it’ll become really obvious when you listen to that episode, why we’re only focusing on Bitcoin. because there is a huge difference between Bitcoin and crypto. and they’re all cryptocurrencies.

Yes. But Bitcoin is treated very differe. nobody makes decisions around that. Nobody can profit at somebody else’s expense in that because of decisions they make or things they do, whereas everything else there is. So really it’s about risks to you. We don’t want to be promoting something that you can wade into and just get scammed.

but also it’s a risk to us, and that’s probably the other side of it that we haven’t really mentioned. Right. it’s important to understand. We mentioned and we think about Ethereum and all this sort of stuff. We think about those. Almost like businesses in and of themselves.

Cause they’re run by people. And that’s not really what the whole thing was about. It’s not about a couple of people making decisions. The whole point of cryptocurrency was to take people outta money. the reason that matters is because of the way it’s all being regulated now. So there’s a difference between what is called a security and what is called a commodity and a security means there are people that stand to profit from. because of what they’ve done or moves they’ve made. and it’s just like a business. there’s a marketing team, all that sort of stuff.

That’s not bad or wrong at all. it’s just a very different proposition to a commodity that’s not issued by anybody. It’s issued by an algorithm. So when we talk about Bitcoin, we could be talking about land in the same way. Nobody issues land. So it’s actually a lot safer for us to talk about Bitcoin because it’s not lumped in with all those other things.

it’s a very new thing. It’s one of a kind and it’s a whole lot less likely we’ll be cracked down upon. Hopefully I don’t regret myself saying that, but it’s a whole lot likely we’ll be silenced around that because we’re talking about something that is the fairest form of money that’s ever existed.

We’re not talking about, you should buy this new hot coin because so and so is endorsing it. Kim Kardashian’s endorsing it, it’s gonna go to the moon, blah, blah, blah, blah, blah. that’s not how we think. It’s never how we’ve thought. and so that’s why we’re kind of just focusing on Bitcoin.

Ryan: Yeah. Yeah. So to reiterate that security versus commodity security really being, there’s operations and it’s there for the sake of seeking a profit. There’s kind of internal workings that happen within it, versus a commodity being something that is just a thing. something that you can exchange for something else, and it’s about the scarcity of that thing versus the profitability of the security.

And so, sounds like we’re gonna go on an absolute rollercoaster again with these guys. And yeah, looking forward to our wrap up afterwards, just kind break it back down and see what we’ve all learned together. And so if you were to give someone a reason to listen to this right now, spend the next month just deep diving on these episodes and just kind of, absorbing as much as they possibly can. Why would they do that?

Terry: I think the biggest one is you wanna avoid missing out on participating in one of the most impactful possible technology solutions that’s gonna fix a lot of problems that we all face, and.

That might sound bombastic. but the further you dig into it, and if you listen to these episodes, you’ll understand why I make that statement. And you can participate in it now at a level that’s, very doable, . It’s, it’s cheaper than it’s been in a long, long time. And it’s could be that opportunity, that exists for our generation.

So that’d be number one. Number two would be really just coming at it from an asset perspective. You got a chance to buy the scarcest asset on Earth that can’t be tampered with, that humans can’t mess with. In an era where humans are doing a lot of tampering and the globe is flooded with free money, which is making everything more expensive.

 so if you can buy the scarcest asset and you don’t actually have to have a huge deposit like a house to be able to do that, that’s a great opportunity. and number three is along the way by doing. You can be playing a part in financial inclusion and global prosperity because it is actually improving the lives of people all over the world.

And again, as you listen to it, you’ll kind of understand more about that. But Lynn Elton touched on it too.

Ryan: Yeah. And going back to your first point there about missing out on, participating on it, it won’t be that everybody chooses to use it to buy it and to go down this path. but I know for me personally and taking the time to learn about something and then choosing not. to exercise that option. at least going through that process, doing the due diligence and saying, No, not for me, allows me to look back on maybe misses that might happen. Not saying it will be a miss, but look back on those misses and go, at least I explored that thought about it. I didn’t just, deflect it and not consider it.

so, it’s worthwhile at least understanding it so that you’re making an informed. About, the decision you’re making with how you allocate your capital, your surplus, and then at least you can reason over time to what that is. And maybe that’ll change with different signals that happen in the world as well.

Terry: know, it’s just a good point that you make, but how do you know that you’ve done the work to be able to discount something and feel comfortable with that?

Ryan: good question. I would say that if someone was to ask me what it. And what purpose it’s serving and why it should or could increase in value over time that I could explain that to somebody in two minutes or less.

Terry: Yeah, and I reckon if you listen to our Bitcoin series and then you listen to these episodes we’re gonna release over the next month, you should be able to answer that question pretty confidently.

Ryan: Absolutely. Yeah, 

Terry: Yeah. but hopefully it’s just a starter for you and you keep learning. Cuz I’m still learning. I’m still learning. There’s so much to learn. it’s a very, very deep rabbit hole. but you don’t need to become some kind of technologist to be able to know what to do about it.

Ryan: Yep. we’re gonna do the hard work for you, and so just tune in to the next, uh, five episodes over the next.

Terry: Good stuff looking forward.

Ryan: Alright mate, see you in a bit.