Hello everyone this is adam meister the bitcoinmeister the disrupt meister welcome to the one bitcoin show today is November the 11th 2019 strong hand long-term thinking I'm confiscating Oh guys this is the first bit of the Bobby Lee interview that I just did it's so big that I wanted to upload it in a couple pieces here so this is your sneak peek this is some great Bobby Lee moments here enjoy it and pound that like button there will be more shortly you just were in the news talking about the gold flipping with Bitcoin and was so tell us about that and what your logic was and what your prediction is yeah first I want to start out to tell people I'm actually a big fan of gold okay I I you know I varied it I don't meet a lot of gold bugs but I'm certainly one of them I own gold physical gold coins I buy gold every year I add to my gold stash every single year it's been going on for for 15 years now so I have a what I think is a sizeable monocle okay physical gold I don't hold it you know I hold it physically okay so so that said but however I'm a even bigger fan of Bitcoin okay so so compared to my gold holding my Bitcoin stash is worth even more than my cold stash so having said that my brother Charlie he and I've been messing in gold for 20 years and that's how we've gone in the big one we're understand understand what makes Bitcoin valuable it's not backed by anything and that's when we thought about gold isn't backed by anything either so we have a strong sense of what things we now have a strong sense of what how things are valuable anyways so the point is my comment on the Twitter is about the flipping right the idea is that gold today there's a hundred and eighty thousand metric 180 thousand tons of gold globally okay metric tons hundred seventy thousand and that comes to valuation or global circulating value of about eight trillion dollars eight or nine trillion dollars depending on the price of gold and what we're saying is that one day I truly believe the total value pickle which is 160 million today will reach and eclipse the value of gold that's the truth flippantly okay so it's not it's not the price of one big one versus the price of one ounce of gold because you can't measure the units because they're not the same you have ounces and and grams and kilograms of gold versus units of Bitcoin you know one Bitcoin went mill a Bitcoin one Satoshi the units are not coming for comparable so what I do is I measure the full supply so for the full supply of gold is a trillion the full supply of bitcoins 160 billion so that's a 50x difference you know 50 times bigger than Bitcoin I think one day Bitcoin will grow in value to overcome that of gold and by then you know today's prices that means the Korengal 50 times they'll go up to half a million dollars close to that and then but given the inflation and the money-printing gold price will go up as well so if gold price close to $3,000 an ounce then if Bitcoin with the cross gold there'll be a million dollar Bitcoin that was my point and you were saying what for year 2028 I don't know yeah I said that because I you know what people don't realize is in the last ten years we saw to block half having's okay – but the next ten years just due to the schedule every four years the next ten years we actually see three block Happy's that's 50% more than the two block having's we saw in the first ten years so basically our upcoming block having is actually May of 2020 that's that's less than six months away okay and then we have one four years after that and for use out that so basically in a in a span of nine years we're gonna see three block having's and I think dude by then it's gonna be super scarce by then today there's 1800 bitcoins being made per day of new Bitcoin by then in nine years we'll see that supplied down to 225 that means each block reward would just be one point six BTC something something like that and so so the stock to flow model so how much mining how comic people are spending in electricity from mine Bighorn on a daily basis that's gonna be split up to earn 125 there abouts of Bitcoin trillion 30 bitcoins okay so you get an idea right meaning meaning if they spend so let's just rough numbers if they spend two hundred and thirty million dollars of mine per day and they're only mining 230 bitcoins a day that means each bitcoin is a million dollars just spend one hundred and sixteen hundred ten million dollars mining and each pick one would be five hundred thousand dollars so roughly that's the model for nine years out okay people I want to get people to excited here but this is why you have a strong hand this is why you hold the pound that let you hold hold it absolutely absolutely I tell people you know my Honda legs – I'm not gonna be spending my lifetime that's why I created products like this so that my my my children my grandchildren my great-grandchildren can all benefit from the early investment I love it that's a strong hand right there he's thinking beyond his lifetime even now I want to go back to gold because there are a lot of people that are really happy to hear that Bobby Lee and Charlie Li like gold I mean are you yes are you bullish I mean I mean you're a technical guy you think young people are gonna yeah I say transition I see a major transition into crypto so so I as I told you a very very straight my my in terms of I have more money in Bitcoin that I do in gold but I have a non insignificant amount of gold like most people I meet they don't own any gold the only gold gold like in an earring or a brain or something like that there's some gold on their watch and that's it but I own real gold in in ounces and you know however many ounces lots of ounces so my point is this my point is I value gold for what it is which is it's it's an awesome precious metal that has amazing chemical properties okay it's a it's a what they call a I think it's a noble what do you call it they call it um it's it's a metal that does not react first of all okay it has a shiny luster that yellow goldish luster it doesn't react it doesn't tarnish there's no rusty it's very stable it has amazing chemical problem it's very dense which means it's how to how hard to counterfeit so so gold has valley because it is chemical properties this something people don't realize okay and silver is similar as well has chemical properties that are very amazing for industrial use of all that that's why gold and silver has been has been very valued over over the years okay so my point is Bitcoin is digital the issue of Bitcoin is issues information so on the one hand on the one hand it cannot be confiscated because it's not physical but on the other hand it can be forgotten so that's a danger with Bitcoin so this is the dichotomy gold is precious it's very physical you know come you know come rain water you know storms fire gold will never be destroyed right you cannot undo gold you cannot just you throw it away you still there Bitcoin people can lose it so that's the that's the issue so the pros and cons of each yes yes bitcoins yeah that I like that aspect that you can lose it speaking let me let me share with you another personal story one of the there are many great features of this physical cryptocurrency wallet it's all self-contained so this is a real story here recently I had a performer wallet I won't name the brand I don't want to get up peoples I use I myself use a very fancy solution I have Hardware walls I used custodial services I use exchanges I'm at bitcoins and difficult Asians different different devices and so and so forth but recently I had a panic because I was trying to use my Hardware wallet trying to key in the key actually this is different nation sorry sorry I was using a softer wallet one of the earliest often Wallis like SPV wallets where I in the in the abundance of security I set a passphrase for the wallet okay you know we're security conscious we added we I actually added pass rates for this wallet file and you know this is very recent in the last week one night I I was like oh shit I almost hoped it started to say s word but basically I forgot the password okay I had and I was panicking I I almost forgot the pastor it took me about 10 minutes just cycle through different paths I finally remembered which I use okay and this is real story what I realize is I think myself as a smart guy but even for people memory is fallible human memory is fallible okay I'm you know I'm saying like something that happened you hit by bus or even if you don't get hit by bus human memory is fallible so so don't make the mistake of losing coins because you forgot an esoteric password that you used just set to lock up your coins for the purpose of security sometimes when you do for security actually harms you idiot there's so many stories out there people losing the coin because they forgot the password and I almost happened to me and I knock on wood I remember it but I'm gonna put my coins put more of my coins on ballet because of this it even happens to the oh jeez they have a absolutely absurd relapses like that and memories different than intelligence people memory does over time very interesting I I do want to go back to the gold uh yeah please yeah because I was over the next up and this is gonna be your I guess get your opinion over all crypto sector here what would you rather what's gonna do better over the next two years gold or years o gold or a theory I'm over the next so can be honest I will I hold me fear my own cemetery not a lot I own some but very honestly I am NOT I don't follow me very closely so I I barely I cannot even tell you what the prices I don't I don't I just don't know what the price of me theorem is I think if I recall correctly its underperformed Bitcoin in the last few years so my if your investments in terms of BTC amount has gone down in value so I honestly I cannot I don't have any comments on the price outlook reason I mean the reason I do that comparison is this I'm gonna hear your I mean maybe you're so focused on your product you don't see what is going on out there but there is so much of this defying talk about a theory oh yeah yeah I mean are you into the sin or are you just ignoring it all and focusing on for me I think it's great that there's industry people pushing forward you know blockchain decentralized public blockchain decentralized finance smart contracts I think it's great people pushing that forward but for me day to day I don't find it useful for me it hasn't brought me value and Plus this year I've been focused on this product to bring mass market into crypto to halt both cryptocurrency so i-i've been you know maybe maybe it's been a mistake maybe that I haven't followed the d5 movements he's here and very closely I mean you only got a limited amount of time here and I think a lot of is hype obviously but now so let's not that this final question is a big question that's yeah please guys China really changed its tune towards Bitcoin you were in China you've had a lot of experience with regulators error yeah previous business so has because everyone the last one two weeks now that people the stories coming out of China they're loved blockchain now you could talk about it they love I mean what is the real story yeah so China excuse our I would characterize it I think recently saw Chairman Xi Jinping talk about you know the country's gonna go all-in on blockchain I think it's hinting towards a releasing a digital cryptocurrency that's backed by the arm be sort of like a government-issued stable client for the Chinese roaming be in fact was supposed to be announced today November 11th but it didn't I don't think I heard news it didn't did not come out so either those are wrong rumors or maybe this delayed or whatever I'm not gonna hold my breath but at the same time my point that the point is this China the way the government works is they they it's a forward here in government so so it's it's it's a government about power about who it's not a democracy it's not like their sentiment public sentiment about how things should be it's basically one or a few people decide make decisions on things it's kind of run like a company inside companies more like that right so the point is that the leaders you know singular or plural make decisions on how they want see things happen and then the laws and the rules you know are adjusted to reflect that to give them the most flexibility okay so over the last racemic one being banned multiple kinds of china's the reason is that because they hesitate they want to do things they don't do that way in one of those stories is that at one point this is two and a half years ago 2017 they were actually ready to issue licenses for crypto currency exchanges so we BTC cVTC china we were on the receiving end of that license we saw the draft copy okay we're about to get it literally but it didn't happen to the last minute the plug got pulled that summer and then the ban came down and we had to close on exchange so it was literally a hundred eighty degree flip within six months okay and it's not unheard of things like that would happen again okay so that's why when they make announcements about digital arm be about blockchain to me it's whatever it doesn't change the daily lives and it's not done it's not done until it's done so all the rumors i don't pay much attention it's just rumors and i know the price goes up and down because rumors but I myself I'm a hablar I don't trade on the news of the rumors so I don't care much about it so we'll see we'll see time will tell us whether China will be the first country to issue a digital stable coin for their currency and issued by the central bank or not right Libre was a great effort by the private sector I'm I'm falling behind that I think Libre I would I would vote yes to let neighbor launch nothing I'm a fan of Facebook I'm not a fan Facebook I would be a fan of a of a consortium stable point anyways so you so much China don't you feel you feel that up and I agree I I like this I like the idea of Facebook doing their own coin because I think private company should be able to have their own currency just like a country you agree exactly I totally let me let me share a story with you this is at my analysis okay think about I I'm in China right now so look look at this look at this is paper money right so this is obviously very recent in the last five years I think but but how did paper money get invented people money started as notes as banknotes where these are depository bear you know people the banks who pay the bearer on demand neither gold or silver right that's that's the paper money in the us
there was a these gold certificates or certificates right so how did the word Bank come about so in the early days was just Goldsmith these are people these are companies businesses that help people make gold you know Goldsmith's for making me to coins making nuggets or whatever ingots and so on so forth and the issued notes and they have depository services then and the notes were the claim on the gold right so these are private companies issuing paper money that's backed by gold so what we're saying now is I totally think as a libertarian I totally think that companies should be allowed to issue digital currencies backed by today's money which is fiat money so why should that not be allowed I think in a free country should be allowed I think that's why the government I think has a weak case again it's Facebook from a constitutional perspective I think Facebook or any firm she should have the right to issue digital versions that's backed by real money I mean have to pass the security laws and all that stuff but constitutionally I think it's legitimate now you say don't hold your breath about China you know they make but let's say they actually come up with their digital stable coin okay do you think that would be huge for cryptocurrency around the world do you think they'll take us to the next level I think it will I think a wall for a few reasons first of all China is up-and-coming there they try to you know replace the us hegemony the dollars standard and all that stuff I mean I'm a Chinese American I'm a US citizen so I'm nothing against the United States but just having lived in China for many years I could see the actions and China's trying to challenge the us in terms of the dollar standard and all that stuff I think a digital remedy would be a great way to do that I really stick it to the face of or the federal reserve's right so if they do that if China has digital arm beat them we don't know what what form them will be we don't know if the accounts and the private keys will be created by citizens or whether we assign to people like bank account numbers okay so that's a very key question the debate is still out there whether which way they go by but the point is generally if it is a if it is a true midget or cryptocurrency where we the users have access to the private keys where we can make transactions and send money on a blockchain either private or one of a consortium blockchain without controls then then it'll make digital currencies the decentralized agents like Bitcoin and so on much more pervasive because then you can have exchanges that can change from digital RMB to Bitcoin and vice-versa much much easier than going through the physical banking sector today so I'm very excited about that you'll be like USD T but it'll be like whatever Chinese aren't the digital arm P imagine that right that'll be a very that would be a hot hot trading pair whatever in the ticker symbol is for the RMB digital version and the BTC ETH XRP whatever those will be very hot trading prints high volume high liquidity very fast you know clear instantly and all that stuff it may still have kyc stuff but it'll have strong liquidity they're just like the USD T trading pipes have strong liquidity well we've got an interesting decade ahead of us we're about to enter I call it the Golden Age you're about to enter here and so I know there's innovation going on in all different levels we have no idea what's gonna be next here that's that's the magic that's what I love about this industry about this space you know five years ago we kind of predicted everything that's going on today so that's right that's right so I'll leave you with the thank you so much thank you and a great question I'm glad people can make their own decisions if they want to be haters they can be haters the free world but what do you have to say what are your conclusion Airy thoughts here about the product or anything yeah so so Bitcoin I'm very excited I'm a big Bitcoin fan Maximas Hodler I think the next 10 years will be amazing I think we'll take we'll see the Bitcoin going to the trillion dollar value cap trim dollars actually very easy it's only a 5x I think five six X will get us a trillion the question will get 10 trillion and I think with the money printing that's happening around the world I think will very easily get us to tantrum you literally there are hundreds of billions being printed every day every month look at the US debt look at the deficit it's easy stuff out there what they're doing I mean the reason Bitcoin will do well is because our competition is just such there's such terrible at what they're doing meaning our competition is fiat money and you just feel money is not holding its value it's just doing it's getting an F grade for holding its value and when our competition is getting an F it you know even if we get a C or D I think we leave some bounce better than fiat money so that's that's why I'm very bullish on Bitcoin and Bitcoin by the way is not a C or D assess an A+ I think and then in terms of in terms of Ballet I'm really excited about this this is the most fun thing and the most exciting thing about that I've done in my whole life running this company building this product I think we really are trying to make cryptocurrency accessible to everyone to the everyday person around the world this is definitely not an exit scam they're just better ways to scan people I think and I wouldn't I wouldn't do that anyways so sorry I you know for people who are on the fence buy one tried out I think you'll love it if you don't love it tell me why love to hear your feedback people have given us really great feedback over time and we've made modifications to improve the product the software and all that stuff so I look forward to people's feedback and spread the joy of crypto by you know either with Bali or without Pilate but please help spread the world the joy of crypto to the rest of the world all right great times here today on the one Bitcoin show everybody remember it's a new show every single day I hope you enjoyed it thanks again a Bobbili i am adam meister the bitcoinmeister the disrupt meister remember to subscribe the channel like the video share this video pound that like button click on those squares I'll see you tomorrow thanks a lot see you everyone
