WEBVTT 1 00:00:00.160 --> 00:00:05.919 Bitcoin could be the greatest opportunity to acquire wealth in the history of mankind. 2 00:00:06.759 --> 00:00:11.320 But here's the thing. Nobody knows what bitcoin is, yet no one knows 3 00:00:11.320 --> 00:00:16.600 where this is going. The technology has been unleashed and it cannot be stopped, 4 00:00:17.000 --> 00:00:21.480 not by banks, not by hackers, not by government. All bitcoin 5 00:00:21.559 --> 00:00:26.079 needs now is time to breathe. All it needs to do is survive, 6 00:00:26.320 --> 00:00:31.519 and meanwhile, we have front row seats to history. Hyper Bitcoinization is the 7 00:00:31.640 --> 00:00:36.039 idea that bitcoin will one day reach a level of adoption where it has become 8 00:00:36.359 --> 00:00:42.880 the one medium of exchange and store of value. Hyperbitcoinization is the phase when 9 00:00:42.920 --> 00:00:48.320 bitcoin is used to buy your coffee and power the global economy. Bitcoin has 10 00:00:48.320 --> 00:00:54.840 the opportunity to become the world's first universal digital currency due to its fundamentally sound 11 00:00:55.079 --> 00:01:00.520 monetary properties. What do I mean by that. Let's take just three examples. 12 00:01:00.520 --> 00:01:04.719 First, bitcoin is borderless. You've probably heard this many times, but 13 00:01:04.840 --> 00:01:11.599 let's think about what this means. Traditionally, nationalistic monetary systems keep the citizens 14 00:01:11.599 --> 00:01:18.000 of a country financially hostage by forcing upon them a government decreed currency. For 15 00:01:18.040 --> 00:01:22.359 example, in Sweden, I cannot pay rent or buy gas with US dollars 16 00:01:22.439 --> 00:01:26.719 and I can't use the Swedish chrona in the UK. If my government was 17 00:01:26.760 --> 00:01:30.920 so inclined, it could refuse me the right to trade with other currencies, 18 00:01:30.040 --> 00:01:34.200 and I would, for all intents and purposes, be locked up in my 19 00:01:34.280 --> 00:01:38.400 own country. This is not a big issue in Sweden because the government is 20 00:01:38.400 --> 00:01:42.840 still relatively functional. In Venezuela, however, the citizens are at this very 21 00:01:42.920 --> 00:01:49.400 moment being held financially hostage by their government and there are prisoners. They cannot 22 00:01:49.439 --> 00:01:53.640 physically escape their country. They are not allowed to exchange their national currency for 23 00:01:53.719 --> 00:02:00.519 any other currency or trade with other states. Bitcoin solves this completely. With 24 00:02:00.599 --> 00:02:06.200 bitcoin, you don't have to flee your country physically to escape an oppressive government. 25 00:02:06.519 --> 00:02:10.120 There are many many stories of families trying to escape China or Venezuela in 26 00:02:10.240 --> 00:02:15.039 how they have had all their cash in gold confiscated at the border. No 27 00:02:15.080 --> 00:02:19.840 one can confiscate your bitcoins. All you have to do and listen, this 28 00:02:19.919 --> 00:02:23.080 is important. All you have to do is remember your private key in the 29 00:02:23.120 --> 00:02:28.680 form of twenty four words, and you can travel the world with your entire 30 00:02:28.919 --> 00:02:31.639 life savings. If you wanted to flee a country and at the border they 31 00:02:31.680 --> 00:02:37.639 ask you if you're carrying any bitcoin. If you're moving any illegal bitcoins across 32 00:02:37.639 --> 00:02:42.439 the border, you say no because you don't. First of all, bitcoins 33 00:02:42.479 --> 00:02:46.520 don't exist. There's nothing you can point to and say that's a bitcoin. 34 00:02:46.800 --> 00:02:51.719 There are only unspent transaction outputs, which we call coins for simplicity, but 35 00:02:51.800 --> 00:02:57.080 in reality they are just lager entries or unspent transaction outputs, and they are 36 00:02:57.159 --> 00:03:01.319 on the blockchain, and the blockchain is everywhere. Your bitcoins are already in 37 00:03:01.360 --> 00:03:06.280 the country you're going to, So no, you're not carrying any bitcoins. 38 00:03:06.400 --> 00:03:09.680 With twenty four words in your head, you can go anywhere and no one 39 00:03:09.719 --> 00:03:15.199 can touch your savings. Bitcoin is global. There are no borders, no 40 00:03:15.240 --> 00:03:20.319 one can impose borders, and no one can confiscate your bitcoins. The fact 41 00:03:20.520 --> 00:03:25.240 that bitcoin is borderless is a huge deal. Second, bitcoin is permissionless, 42 00:03:25.599 --> 00:03:30.639 and this is an equally big deal. Listen, in bitcoin, there is 43 00:03:30.680 --> 00:03:35.240 no central agency. This means that no one can prevent you from transacting with 44 00:03:35.360 --> 00:03:39.360 bitcoin. Ever, you can transact with whomever you want, whenever you want, 45 00:03:39.439 --> 00:03:43.479 and you don't need to ask for permission, regardless of the amount you 46 00:03:43.520 --> 00:03:46.879 want to send. Your funds cannot be frozen or confiscated, and your transactions 47 00:03:46.960 --> 00:03:51.400 cannot be stopped because there is no one to stop them. There is no 48 00:03:51.439 --> 00:03:54.680 one to freeze your funds. In bitcoin, no permission is needed to use 49 00:03:54.719 --> 00:04:00.360 your money like it should be, because you own your money. This is 50 00:04:00.479 --> 00:04:03.680 absolutely not the case with fiat. By the way, never before have we 51 00:04:03.759 --> 00:04:10.560 had a permission less digital currency. Third, the most important value proposition of 52 00:04:10.639 --> 00:04:15.560 bitcoin is true digital scarcity. Nothing is as scarce as bitcoin nothing, and 53 00:04:15.680 --> 00:04:20.040 digital scarcity is a huge deal. In the year twenty one forty, about 54 00:04:20.120 --> 00:04:24.839 one hundred and twenty years from now, just a fewer than twenty one million 55 00:04:24.839 --> 00:04:29.319 bitcoins will have been created. There will never be more than twenty one million 56 00:04:29.319 --> 00:04:34.920 bitcoins. That's the mathematical asymptotic cap hardcoded into the protocol. No government, 57 00:04:35.160 --> 00:04:40.199 bank, or bitcoin developer could ever change in this, No one could ever 58 00:04:40.319 --> 00:04:45.600 artificially deflate Bitcoin's value by increasing the supply. The supply and the issuance rate 59 00:04:45.680 --> 00:04:49.759 are predetermined, meaning that and listen this is important, meaning that the bitcoins 60 00:04:49.800 --> 00:04:55.759 you own will always be the same percentage of the total supply. Imagine that, 61 00:04:56.199 --> 00:05:00.839 regardless of how much bitcoin's purchasing power increases or how ch someone is willing 62 00:05:00.839 --> 00:05:04.959 to pay for bitcoin, your percentage of the total supply doesn't change. Let's 63 00:05:05.000 --> 00:05:09.360 look at how much money there is in the world. Seventy three trillion dollars 64 00:05:09.399 --> 00:05:13.480 in global stocks, one hundred and twenty seven trillion dollars in feet, two 65 00:05:13.560 --> 00:05:16.639 hundred and fifty trillion dollars in debt, two hundred and seventeen trillion dollars in 66 00:05:16.680 --> 00:05:23.279 global real estates, one point two quadrillion dollars in derivatives. There will be 67 00:05:23.399 --> 00:05:27.600 nearly twenty one million bitcoins when all have been mined, but about twenty percent 68 00:05:27.680 --> 00:05:31.240 of the bitcoins that have been mine so far are lost forever. At most, 69 00:05:31.519 --> 00:05:36.000 we will have sixteen point eight million bitcoins in circulation. Ever, the 70 00:05:36.079 --> 00:05:41.879 global value of all money is one point eight quadrillion dollars. If we were 71 00:05:41.920 --> 00:05:46.800 to see hyperbitcoinization and bitcoin consumed all of these value, we would see one 72 00:05:46.839 --> 00:05:54.839 setotial costing one dollar or one bitcoin costing one hundred million dollars. These charts 73 00:05:54.839 --> 00:06:00.480 show that bitcoin is growing exponentially and has only just started its journey to hyperbitcoins. 74 00:06:00.600 --> 00:06:03.800 The logarithmic chart shows the previous bubbles very clearly, and the linear chart 75 00:06:03.959 --> 00:06:09.439 does not. The bubbles we have seen so far are seen through the lens 76 00:06:09.480 --> 00:06:15.360 of hyperbitcoinization, so called microbubbles. If you are a holder of last resorts 77 00:06:15.480 --> 00:06:19.120 and you understand the economics behind money, and you understand bitcoin, you have 78 00:06:19.199 --> 00:06:23.800 reason to be bullish. And I'll leave you with this. A friend asked 79 00:06:23.839 --> 00:06:28.079 me if it's selfish to want to be rich. I said, of course. 80 00:06:28.120 --> 00:06:30.959 Not Being rich allows you to buy back your time so that you can 81 00:06:31.000 --> 00:06:34.480 pursue the things you really want to do in life, which for most people, 82 00:06:34.720 --> 00:06:39.000 in one form or another, is to help other people. We all 83 00:06:39.040 --> 00:06:43.360 want the time and the means to become the person we envision ourselves to be, 84 00:06:43.639 --> 00:06:46.639 and for most of us, that's a good person. Money is an 85 00:06:46.680 --> 00:06:50.319 amplifier. With money, you become more of who you really are. Bitcoin 86 00:06:50.439 --> 00:06:54.720 is the first expression of money where you can really own your own money. 87 00:06:54.920 --> 00:06:59.639 This has never happened before. And while no one really understands what bitcoin is 88 00:06:59.720 --> 00:07:02.680 yet or where it is going, we know that bitcoin is changing history. 89 00:07:02.959 --> 00:07:05.519 So let it breathe and watch it unfold.