So Tim, last time we talked was back in December when we reached the bottom of the bear market At the time Bitcoin was worth three thousand six hundred But still you were very bullish and you said that basically it was just a matter of temporary fluctuations in the price
Now Bitcoin is worth around 200 percent more than back then Don't you think that these can also be a kind of fluctuation and we could fall back again soon? I'm saying bitcoin is going to be two hundred fifty thousand by 2022 or 2023 I think, well, we're getting there We're going to go through a bunch of fluctuations But really One bitcoin is still worth one bitcoin
All these other currencies are fluctuating against it as they slowly drift away and become useless I see a future where we don't have to pay the credit card companies two and a half to four percent every time we buy something It's not the credit card companies, it's the banks and they're the ones who are gang trying to gang up and get rid of bitcoin Blockchain is distributed It keeps perfect records It's completely transparent
That's going to change the nature of what accounting is And of course, the accountants will feel threatened by that and they'll do something to try to change it But technology kind of wins all the wars And this is one of the great technologies of the world We are all going to be so much better off
So you're going to see fluctuations over the next couple of years because of the various pressure points that are happening And they're going to come and they're going to go and they're going to come and they're going to go And and I'm just saying, hey, by 2022 2023, Bitcoin is going to be at least 5 percent market share of the world Currency market And that seems actually a little conservative And that means Bitcoin at that point is a two hundred fifty thousand dollar token So in a recent interview, the famous economist Nouriel Roubini said that, according to him
Bitcoin is far less secure than fiat In fact, he said that if you lose your credit card details, then you can still get refunded from the bank If you are a private key, get stolen or lost Then your crypto funds are gone forever What do you think about it? Well, for one thing, he's wrong because if you have more than two hundred fifty thousand dollars
No, no bank is responsible for refunding your money And the other thing he's wrong about is that the Bitcoin blockchain has never been hacked, but the banks are being hacked all the time And they are playing whack a mole with the with the hackers trying to keep them away Well, you know, well, their technology just gets older and older, whereas the bitcoin blockchain never been hacked Knock on wood
And that technology is on the rise And all the best engineers in the world are working to improve the bitcoin blockchain and all of the ways that we can work with it And they're moving away from banking and the way we operate with them And so the you know, the best security will be with Bitcoin And he's an economist
Every economist I know has written their book and they don't want to change it, even though what they should be saying is this is so cool It's amazing This can be a whole transformation of the economic system Instead, they're going I wrote my book
This is what I've taught everybody This is the way it is I'm never going to change it And so those are the people who have a vested interest in in keeping things the way they are But progress moves ahead and they they're going to have to adapt
So tell them to write another book So let's talk about Libra now, Facebook, cryptocurrency Everybody's talking about this new project that a lot of people are very excited about it Others are more concerned because of privacy issues, which in the past have been affecting Facebook reputation So what's your stance towards this new project by Facebook? I always welcome innovation
I always think it's a real positive I think that you have a tried and true and tested currency in Bitcoin and Libra is new So there is some risk to it And they haven't been tested and they might be hacked like day one But the other thing that I'm concerned about is Libra is centralized
And a big part of the value of currencies is that these new currencies is that they are decentralized I mean, if you're going to play around Libra, you're going to probably just have to trust Facebook to be a good operator And I think I would under Zuckerberg But if he ever moves out and there's a new CEO, I'm not sure I would trust them You know, given the choice, do I want Bitcoin or I want Libra? I want Bitcoin
I want a currency that is tried and true that has been battle tested and is decentralized, open, transparent and global So if you had to invest in any crypto projects which are active now in the space, which ones would you choose? Well, I already did invest I invested in Open Node because they're actually making it so that bitcoin can easily be spent and used And you can get a retailer can easily use it to buy it We've had investments in all sorts of decentralized technologies, something called Gun or Party, depending on
Guess they've got a new name for a party It's decentralized bandwidth And I think that's going to be a powerful thing We have a company called Unstoppable, which is decentralized Web sites or decentralized social media, which is social media that can't be censored by a government So now can you tell us a bit about your usual vetting process? What are the characteristics which a projects needs to having to attract your attention? Well, a lot of it has to do with the team
And a lot of it has to do with the technology The technology has to be unique and open and new for us to get interested It has to have a fundamental change to the world It has to make some fundamental impact in the world And it can't be something that we've already seen a lot of before
So if it's just another token that centralized around some company or people, we don't want to do that But if it's a token that's extremely good with smart contracts and some of the contracts have been built, that might be interesting If it's a token where you make Bitcoin an easy system for whatever whatever it is that you're making Bitcoin an easy system for, then I think you've got a chance So not long ago, the co-founder at Morgan Creek Capital Management, Anthony Pompliano, said he holds over 50 percent of its wealth in Bitcoin Can you tell us what percentage of your wealth is in crypto? I have no idea
I think when you count your money It's time to sell everything I'm on the rise I'm thinking I'm still putting my chips in We take bitcoin for our university for tuition
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