WEBVTT 1 00:00:00.200 --> 00:00:05.200 I believe that when the next global financial crisis happens, it's not going to 2 00:00:05.280 --> 00:00:10.839 be just a crash. The next crisis could be the greatest economic depression in 3 00:00:10.960 --> 00:00:15.560 modern time. But on the other side of every crisis is opportunity. Here's 4 00:00:15.560 --> 00:00:20.440 a thirty second background. The national debt of the US hovers around twenty one 5 00:00:20.519 --> 00:00:25.600 point seven trillion US dollars. There's absolutely no way to pay back all that 6 00:00:25.760 --> 00:00:30.519 money. So in order to deal with this immense shortage of cash, the 7 00:00:30.600 --> 00:00:34.240 US will need to do two things. First, they will have to borrow 8 00:00:34.280 --> 00:00:39.079 an additional one trillion dollars per year. Second, they will have to create 9 00:00:39.359 --> 00:00:43.200 large amounts of new currency. The big banks like to use a fancy word 10 00:00:43.200 --> 00:00:48.240 for creating massive amounts of new currency, and that is quantitative easing or QE. 11 00:00:48.320 --> 00:00:53.079 The problem is that all this new currency comes from nothing. It's created 12 00:00:53.200 --> 00:00:58.600 out of thin error poof that's more debt, and borrowing currency from other countries 13 00:00:58.719 --> 00:01:03.599 obviously also creates more debt, and ever increasing debt is unsustainable and inevitably leads 14 00:01:03.640 --> 00:01:10.920 to a crash. Why Because all this excess currency has created a death bubble, 15 00:01:11.159 --> 00:01:15.560 and debt bubbles pop and when this death bubble pops, there's going to 16 00:01:15.599 --> 00:01:21.640 be a financial crisis like nothing we've ever seen before. Why because the US 17 00:01:21.719 --> 00:01:26.599 dollar is the largest bubble we have ever seen in human history. The bigger 18 00:01:26.640 --> 00:01:30.359 the bubble, the harder the fall. The coming economic collapse could therefore be 19 00:01:30.400 --> 00:01:36.159 an economic apocalypse. But here's the thing. The crash can be withheld and 20 00:01:36.319 --> 00:01:41.400 pushed into the future by borrowing and creating even more currency, which is what 21 00:01:41.439 --> 00:01:46.480 the banks are doing. They refuse to suffer the hangover and instead keep drinking. 22 00:01:46.719 --> 00:01:49.640 This is not sustainable long term. But here's the good news. Bitcoin 23 00:01:49.680 --> 00:01:55.319 that doesn't care about the world economy. Bitcoin is the best expression of money 24 00:01:55.359 --> 00:01:59.879 the world has ever seen, and Bitcoin will succeed regardless of what any bank 25 00:02:00.159 --> 00:02:04.760 or government does. But the coming crash will act as a catalyst for bitcoin's 26 00:02:04.799 --> 00:02:09.719 adoption because the crash will cost widespread disbelief in the current monetary system, and 27 00:02:09.840 --> 00:02:15.560 I believe that there will be a stampede to accumulate as much Bitcoin as possible 28 00:02:15.599 --> 00:02:20.879 when people realize that fiat is worthless and that wealth cannot be stored in fiat 29 00:02:20.960 --> 00:02:25.199 because Fiat keeps losing value through the ever increasing creation of more fiat, So 30 00:02:25.240 --> 00:02:30.919 they will turn to bitcoin to preserve their wealth. Why bitcoin Because bitcoin is 31 00:02:30.960 --> 00:02:35.599 the hardest money the world has ever seen, and people always return to hard 32 00:02:35.759 --> 00:02:39.800 money in times of economic crisis. What is hard money? Hard money is 33 00:02:39.840 --> 00:02:45.400 a money where it's difficult to create more of that money. Fiat is easy 34 00:02:45.479 --> 00:02:49.479 money. It's limp money. By the push of a button, you can 35 00:02:49.479 --> 00:02:53.039 create billions of dollars, and the banks and the governments do this. Gold 36 00:02:53.360 --> 00:02:59.360 is much harder money than fiat. It's expensive and labor intensive to get gold 37 00:02:59.400 --> 00:03:04.120 out of the round. But if gold purchasing power increase, it would make 38 00:03:04.159 --> 00:03:07.159 economic sense to dig up more of it, and so more gold would be 39 00:03:07.199 --> 00:03:12.199 added to the supply, and there could be massive amounts of gold in the 40 00:03:12.199 --> 00:03:15.919 oceans that could further dilute the supply once we have the technology to dig it 41 00:03:16.000 --> 00:03:21.879 up. Bitcoin is much harder money than gold. Here's why. There will 42 00:03:21.960 --> 00:03:25.080 never be more than twenty one million bitcoins, and they cannot be created at 43 00:03:25.120 --> 00:03:30.520 any faster pace than they are the total supply, and the issuance rate is 44 00:03:30.520 --> 00:03:35.719 predictable and predetermined. Every four years, the issuance rate of bitcoin is cut 45 00:03:35.719 --> 00:03:39.199 in half, so in the beginning, fifty bitcoins were created every ten minutes. 46 00:03:39.520 --> 00:03:44.439 Four years later, twenty five bitcoins every ten minutes. Now we get 47 00:03:44.560 --> 00:03:47.680 twelve point five bitcoins every ten minutes, and so on until we have twenty 48 00:03:47.680 --> 00:03:52.719 one million bitcoins, which will be in the year twenty one forty. There 49 00:03:52.800 --> 00:03:57.800 is nothing anyone can ever do to either increase the supply or increase the issuance 50 00:03:57.879 --> 00:04:02.199 rate. This makes bitcoin the hardest money that has ever existed. I don't 51 00:04:02.199 --> 00:04:06.599 think any invention has ever had better timing than Bitcoin. We are at the 52 00:04:06.680 --> 00:04:13.199 brink of an economic apocalypse and bitcoin will benefit immensely from this when we have 53 00:04:13.439 --> 00:04:17.079 an invention of this magnitude, in part with events like the invention of the 54 00:04:17.079 --> 00:04:21.319 printing press, the moon landing, and the invention of the Internet. Timing 55 00:04:21.360 --> 00:04:26.560 determines impact. If the iPhone had been invented in the sixteen hundreds, it 56 00:04:26.680 --> 00:04:30.120 simply couldn't have succeeded, and Bitcoin could not have had any better timing. 57 00:04:30.199 --> 00:04:34.560 And I say this with confidence for three reasons. First, we've been on 58 00:04:34.600 --> 00:04:39.720 the brink of an economic collapse for years, and when the collapse happens, 59 00:04:39.879 --> 00:04:44.560 it's going to be a catalyst for bitcoin adoption. Second, a change in 60 00:04:44.600 --> 00:04:49.240 the monetary system is well overdue. Fiat have a hundred percent failure rate. 61 00:04:49.399 --> 00:04:55.279 Throughout history, all the fiat money that have ever existed have all gone to 62 00:04:55.399 --> 00:04:59.480 zero. The dollar, the Euro, the Swedish Chrona are no exceptions. 63 00:05:00.040 --> 00:05:03.480 These fee at currencies too are going to zero. And third, Bitcoin is 64 00:05:03.519 --> 00:05:08.600 the best expression of money the world has ever seen and the hardest type of 65 00:05:08.639 --> 00:05:14.240 money ever created. The future is incredibly exciting. More wealth will be created 66 00:05:14.279 --> 00:05:17.480 in bitcoin over the next ten years than over the prior ten years. But 67 00:05:17.680 --> 00:05:21.600 remember, like any success story, it's not going to be a straight line 68 00:05:21.680 --> 00:05:26.319 up. Keep studying, keep believing, and just be patient.