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this is the report i saw. telegram group were there 24 hours a day just talking to people. and me for what orange pill. and joyously we've got about 8000 in there now going to be blindly as party on planet earth so stacey remind me again what's happening in the world rides well the big news in the past week is at the end of last week a video was released of a conversation between the former bank of england had mark carney now interviewing people for the council on foreign relations so a very powerful organization in america and larry fink who is the c.e.o.

of blackrock the largest asset management firm in the world they have 7 trillion dollars under management so you know larry fink is like an untouchable right like he's probably more powerful than the president and he said to mark carney this clip we look at it is something is real but it still untested it still is still has many . we have to go to many markets to see if it's really probably real or if it's going to be a variant of that sometime in the future lastly that we're running out of time i would just say. how do you additional currency has real impact on the u.s. dollar because having a digital currency makes the need for the u.s. dollar to be less relevant to. the u.s. and so on i'm not certain i'm not talking about for americans i'm sorry but for international holders of dollar based assets the question i would raise and you know maybe there's a market i could talk about it doesn't change the need for dollar reserves as

a reserve currency if there was a true digital currency that was there was separated from from dollar base assets and other things like that so many questions need to be answered before i could say is it real and alive so basically maxis asking does bitcoin change the need for the u.s. dollar as a reserve currency they came out of the mouth of an untouchable that's the important question u.s. dollar as the world reserve currency are we on the threshold of an era where it is no longer the world reserve currency after basically a $100.00 iran that's the question now the talk about digital currency said about bitcoin these guys are still very very early on the learning curve they're right they don't have they're not and they don't really talk about in the ways that tell us that they've done much due diligence like a michael saylor has for example who really understands bitcoin larry fink is just

poking poking at the edges there like what is the thing m.r. carney of course is you know an establishment hack who is would be rightfully fearful of bitcoin because it is written or limits the need for central banks and he's a central banker through and through but remember he was the very 1st when he was the bank of england head of bank of england still in the last month or 2 of that he spoke at jackson hole in the united states. and he said that basically the u.s. dollar was past its purpose it no longer served a purpose as a reserve currency and his idea was for a digital currency which is i mean larry fink he was just talking about big point he was talking about decline and then said digital currency probably because he knows his audience is mark carney and mark carney is the one who wants c.b.c.

the central bank digital currency rights to be clear the us dollar in the british pound in the euro are currently digital currencies that they they are already digital currency so they say well do we need a digital currency that's like saying like oh you know it's raining outside is it really raining outside you know yeah it's art it's a digital currency already and they haven't made the intellectual elite yet to understand what bitcoin is all about we're big coin has its own monetary policy built into the protocol that's audited every 10 minutes i mean they're still trying to audit the fed and in america you know paul rand has been talking about this for decades and they still have an audit the fed and they still have no idea what's in there same thing with every subtle bank they want to quit on itself every 10 minutes right it's like we're watching the walking dead i mean they're the walking dead these guys i mean what is black rock they just repackage stocks and e.t.f.

ok wow what do you do they take an override on this they're just wrong ca's they've added absolutely nothing to the economy of substance and value on a positive note the report was there 10 years ago covering this and warning you of this and saying that the u.s. dollar would be displaced by declining we saw that 10 years ago so now 10 years later you know here's a guy who gets paid hundreds of millions probably billions a year as managing 7 chilean dollars in assets and he's only just figuring it out now so you know positively you're still able to watch as you're watching us now if you're here. me speak then you're watching us so you've been able to be ahead of the curve across the world now another guy you know another he's a smart guy he but he's a billionaire hedge fund manager and he's an studying bitcoin and just got in this past spring and we covered that paul tudor jones by he was this on yahoo finance and he said he was also saying some interesting stuff namely that the price of

bitcoin is wrong which is really interesting billionaire hedge fund manager paul tudor jones on because i'm going to assume that it's the wrong price for the possibilities that it has and i'm going to assume that the path forward from here is north yeah i remember he uses the term precious crypto to describe bitcoin versus let's say neither what she calls more like copper which is an industrial crypto or industrial digital coin and you have the precious crypto which is bitcoin and so you would value it like metals right gold has a huge premium copper does not and this is why you see or even these other all coins will never achieve anything the near the what bitcoin has because they're just like industrial metals versus precious i remember talking to james turkey 8 years ago i was trying to explain to him what bitcoin was over there at gold money and i said you have to think of it as precious numbers precious no yeah i remember that episode you know so these are precious numbers and so now finally paul tudor

jones is the the gold sovereign has dropped you know he's in the stands as far as the price not being reflective of what the price should be it's mispriced right so this is the way the wall street trader would talk there's no reason to buy anything unless it's mispriced right efficient market theory is completely bonkers and wrong if there was an efficient market nobody would ever make money outside of a market return the extent druckenmiller has been compound in money for 30 percent his entire career if there was an efficient market that would be impossible. he does there because it's no such thing as an efficient market all prices all price discovery is very the mispriced i would say it's very rarely accurately price so anyway paul tudor jones will say look the the price of because the market cap of because at 302260 1000000000 or to have you is probably $500000000000.00 would be a clearer actual price of what this should be so he's this is the case for him to

be buying big coin right now this price because that would mean that $37000.00 price of $500000000000.00 market cap and so now we're getting into the 10s of thousands now we start the real fast the source of the race for a big point starts by advancing 510000 at a clip you know 200-300-4000 extension 0 out 100000 in the now or into the real race so to be clear paul tudor jones mispriced is it himself he says it's a 500 dollars 500000000000 dollar market cap he gets it wrong by twice as much so he's saying because it is only a $500000000000.00 market cap that's that's wrong so he says he's saying it's wrong when you compared it what it does and how it functions to the fact that equities have a 90 trillion dollar market cap and gold a 7 trillion dollar market cap so he's seeing it up it should be up in the trillions it should be up with gold he says rice about bring it up to 4 or 500000

dollars per coin which is what we've been saying now for 5 or 6 years on kaiser report so now paul tudor jones agrees with us yes and also agrees with my analysis to james turn that it's a precious number but it's a fact that he would you know caught a 500000000000 versus children 50000000000 it shows you where we are now in the cycle because guys like paul tudor jones or stan druckenmiller or others they'd be tend to think of hundreds of billions and trillions that's their market so. the difference between 250000000000 and 500000000000 is a rounding error this is not a big. deal this is like i meant $250.00 but the $250000000000.00 for paul tudor jones is the way you and i would think about lunch money right now i mean but that's that's who's now attracted to the big coin universe and that's what he's saying is that you know it should be $8910.00 trillion dollars in value because it is para pursue with gold and i through used the word purpose to appeal to paul tudor jones because those are wall street guy i know he likes to hear words like

purposive because it sounds so frickin elegantly european banker like and so yeah we're going to 500000 point of course and i you know i like i was saying guys like nuria roubini it's not that he's wrong anymore because clearly he is wrong but he's become humiliated in that sat he's he's become humiliated shell of himself desperately spewing nonsense into the wind that's because he's an academic and academics can afford to fight the market the markets can be wrong in their mind because it doesn't match their paper so the bankers like larry fink and hedge fund managers like paul tudor jones cannot fight the market price so to be follow up on that other words nouriel roubini can say that the price of because it doesn't fit his academic model until his death and never claim he's ever wrong yeah paul tudor jones will say the price because it doesn't fit my analytical model of value and he

has to prove that in the next 6 months or he's out of business yes that's the difference they both have models yeah one nuri al can keep a smile to his death like was said not by neil bores but plonk the physicist when asked when will quantum theory and other physicists for the series of physicist be accepted and he said one funeral out of time right it takes a while for the old guard to die off according to the model in the mind of paul tudor jones he thinks between has to be in the trillions of market cap if it is what he thinks it is so new. larry fink is also saying you know the u.s. dollars less relevant here's a funny headline. and the hysteria of the headline shows actually the value of what cash means in peer to peer cache of bitcoin bank of england criticized for losing track of 50000000000 pounds of banknotes there's a bunch of parliamentarians in the united kingdom who are really upset that the

bank of england doesn't know where this 50000000000 pounds in cash is because it's been dispersed to the people a spokesman for bank of england said it is the responsibility of the bank of england to meet public demand for bank notes the bank has always met that demand and will continue to do so members of the public do not have to explain to the bank why they wish to hold banknotes this means that banknotes are not missing so that's the purpose of cash right it's anonymous and here are some parliamentarians who are really angry that they don't know who holds this 50000000000 dollars 50000000000 pounds of cash and that's the purpose of cash that's why between us peer to peer cash it's your right as an individual it's your sovereign individuality and sovereign rights to have individual sovereignty to be able to use your pass as you see fit it goes back to the creation of a social contract and john locke in the light meant and how do you establish balance between government and those being governed and so here the bank of england

and the parliament tarion inquiry is clearly overstepping their bounds in terms of establishing the social contract they don't understand that that's a quid pro quo that there's a balance between these 2 parties and fortunately because of the big coins presence the nation state as we know it is quickly coming to a close as well as all subtle banks and we can go back to a more egalitarian society where everyone is individually sovereign and we have one confiscated all on the sensor a ball hard money plus you don't want these c.b.c. . you don't want to settle bank digital currency because they you want them to lose this 50000000000 pounds yeah i've already forgot about. oh yes like a brick and when we come back much more coming your way.

seems wrong. just don't. get to shape out. and engagement. trail. when so many find themselves worlds apart we choose to look for common ground. the. problem drugs don't do is come from unscrupulous dealers but from pharmacies to in every state in the united states we've seen a very sharp increase in the number of people seeking treatment for addiction to prescription opioids and invited america under the banner of medicine persisted with the pain but instead of trying to wean him off though she just goes after dose

after dose after dose and really became his drug dealer so who's to blame patients doctors manufacturers all the governments. welcome back to the kaiser report imax keyser time bats return to our conversation with me jay boyapati a d.j. welcome back thanks max all right to be clear you are a bit coin entrepreneur we follow you on twitter you've been in the big calling space for a while now and have a lot of very insightful things to say now we're talking about price predictions

a lot of people like citibank talking about 300000 dollars and 2021 for because in this kind of maps your work a little bit there so let me ask you in terms of inflows capital inflows you see bitcoin draining investment dollars away from the stock market rather than from gold so elaborate on this basis around when you think because my instead impact the gold market or are we already seeing because it impact the gold market and can we anticipate that because market cap would have some point equal that of the gold market v.j. i think absolutely it's going to equal to mark out because i think be queen is it performs the same functions that go it's just been through all the attributes that make gold good is a store of value so i do expect in the medium term gold will attain and clips gold's organization if you look at the ownership distribution of gold is really

interesting because he coined in gold a close cousins in in the sam we've clue financial assets to the ownership distributions of very very different be the 3 primaries holders of gold on number one ironically central banks number 2 people in places like india people one of the savings in the phone jewelry. and number 3 wealthy individuals family offices and so forth are used on gold funds e.t.s. like to get investor exposure i do not see the 1st 2 core sources of demand for gold shifting yet or in so say i don't think central banks are going to interview coin unit big way in this cycle or people who are in jewellery in india i do think family offices in wealthy individuals are already shifting and considering the

queen as an alternative to gold and viewing it as an investment which is more of an asymmetry in gold so i think we'll see a shift from that aspect. but in the car in inflationary environment i think both of them can do well while some of that source of demand for gold is going to swing over to be quite well we know 'd black rock is the number one purveyor in p.s. they recently came out with a report suggesting that a lot of people are dumping their gold e.t.f. and moving that money into because i do see some some of that moment right now let me ask you this in your media community where you live. you're interacting with people every day are you getting a sense that because it is becoming part of that there is a conversation or is it still way far out on the fringes and you talk to people about it and who do you talk to about it usually people in your age group for example or how does that work and felt

a little bit about your person all you know experience so i'm a computer scientist by training and i'm form a group who engineered and certainly in my circles people have been talking about be queen for on a while on who will be interested in it as a as a nascent technology and as a new monetary good god i also think it's sort of spreading out into the wider population we have arm and then. a crime to help us with our kids and i remember the last at the end of the law school market she started asking me about a client and i knew at that stage of the bull market that was probably coming to a close the board. i think in this cycle people have been primed to be interested in becoming because in the prior cycle they had heard a little bit about of someone they knew or they got a tiny bit of exposure these are people who are now trying to allocate some significant savings into big oil so i expect as we proceed in this bull market. at

the end of next year around thanksgiving is going to be the topic that everyone's going to be talking about just as they were in 2017 speaking blackrock. and of course there are 7 trillion dollar asset management company able to have that because i can displace the u.s. dollar as a global trade unit of account now again this is an incredible statement where even 6 months ago nobody would suggest that larry think what are those words and yet this very very rapid global learning curve has exploded on the upside but what do you think about this idea that they could replace the u.s. dollar as a global trade unit of account b j i think it absolutely will i i wrote an article called the bush case to be queen and i ended with a quote from charles de gaulle we said we want to we want to reestablish the world

as it used to be on the on of monetary base which is not controlled by any nation and i think nations across the world resent the exorbitant privilege that the us has in even controlling the world's reserve currency to last the u.s. to inflate away the savings of the rest of the world and benefit because of that and to fund the us empire so i think politically our mutual monetary base is is good for the whole world it's good for the entire world has something to copy manipulated by one country in the 19th century that was gold and it will be very hard to get back to a gold standard gold has all sorts of problems that make it. much more susceptible to nations said attack in the queen solve those problems and the ability to transmit be a coin under the wire. uses

a massive comparative advantage to go through if you're a nation like germany you don't have to keep your if we get to be quite standard you know to keep your savings in the new york did in nevada underground in new york you will keep them in germany it will be your savings. and a little bit on fortunately i think the 1st nations there will come to appreciate the service like venezuela north korea 'd to teach really vulnerable to being cut off from the global financial system did the. president of venezuela for instance want to repatriate some goals for england and was unable to they said we're not going to send your colvin's we'll let's go back to you and i think leaders like that will appreciate being able to have control of something that is deeply required is a massive market and which they can control directly is there a generational aspect to this what i mean is people watching this interview they'll be saying that this guy v.j.

easy young man he seems so knowledgeable he is a deep thinker and they might think it's a one off but what i've noticed is that that entire millennial generation and gen zinni they are they are woke to what's happening heir the boomers and i'm one of them. you know their attitude is well i don't need to bother with the other stuff the system is fine the way it is because of course we cashed in on the american empire for the past 50 or 60 years and we've been right mad empire away for decades but it is it is a right to say that the models are really getting educated fast about money geopolitics you know and all these issues because they they realize that they're under bit of an existential threat because the boomers have foisted onto them in an enormous amount of debt huge problems without any way to get out of it is that a fair statement what i think you know it's a great question max if you look at the disparity in wealth between boomers and

millenniums it's a gap that has never been larger in history it's really the 1st generation with this standard of living you know over the last century each generation would expect this to who have been to improve from our generation and millenniums really the 1st generation a very long time with this standard who who have been is lower than their parents and for them to catch up want to be easiest in best ways financial catch up is a big question to be monetized to become a global reserve currency there is really a disparity between the older generation the younger generation as you say you know understanding because in understanding its value proposition and why it's where you can do savings in. if you ask the average millennial how much of your savings do you have in gold you'll get you get a very funny no. not one in a 100 who have even considered earning go ask them about decline on the other hand and a very very large fraction will no doubt be quiet and

a pretty good fraction of those people will have some of this is even simpler let's talk about some of the characteristics a bit coy you have written about bitcoins immutability. and you talk about it as one of the most valuable of the boss viable quality of bitcoin so explain to the audience what what that. means and why i think it's all part well bitcoin is a new technology it's based on a protocol that was invented by satish in a commercial and it's computer software and it's a protocol that governs how computers on the big quite network speak to each other and the question is do you view this is a piece of software he viewed as a piece of software anything out changing it upgrading it that's a good thing if you view it as a new form of money thing we think we don't want to change this we want it immutable because it's its value proposition really comes from the credibility of the monetary policy and we really believe that there are only $21000000.00 because

if we can believe that then it's enormously valuable so there was a there was a sort of debate in community in $21516.00 about what the queen was and whether it needed to scale like a piece of software and that ended up resulting in the queen networks slipping into 2 different parts one which sort of stuck with the old rules the immutable we're not going to change rules and that one side which changed to tweak one of the printers and the market will put overwhelmingly voted for side which choice immutability that the rules had to stay the same because the market understands that it is immutability and probably the economy change which is valuable you don't want it to be changed because you don't want anyone to have the power to roll back your savings do you want to put your savings into something and then later on this some central authority or some government which can say actually you don't have

those savings we don't like it you have the savings and we're going to roll them back so it's very important a big quake has a property that no one can control which means it is completely essential ised that's the terminology this used in the space. thank so much being i pass a report and smacks. that's going to do it for this edition of kaiser report with me max keiser and stacy harbored want to thank our guest b.j. boy a potty if you want to catch us placed at our telegraph me forward phone telex time iow.

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