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Bitcoin. You've obviously been in bitcoin for a long time, so you know the vicious cycles of pullbacks, and so we had a crypto winters, right are you? Are we out of that phase and it's just a normal investment cycle where we just have pullback. We don't have fifty forty seventy percent pullback or could we potentially see another drastic pullback.
I think we won't go back below seventy two thousand for the next eighteen months.
I just don't think we will.
We spent so much time in that, you know, consolidating new elections to high out. I think we measure ninety seven thousands, our next target one hundred thousand, and then we'll we might get into a range between one hundred and eighty for a while before it goes up again. But if you go back below the election day.
Something went wrong, then I'm gonna get really nervous.
What do you think, no, go aheads true, ILL say, one of the things that people obviously they've they've watched this phenomenon for the past five to six years very closely. Maybe they got involved, maybe they didn't. But the one of the things that holds people out is to trust. And so you brought up stable coins. Obviously us DT leads in that space. What are your thoughts around USDT and is there another stable coin on the rise that can help bring or encourage that trust in this space?
Well?
Lookten, So tether is you know, the dominant coin for a lot of reasons, right, Chinese movie money, off shore people using it for liquidity. But Ted doesn't share the interest difference between where treasury bills are and zero with anybody.
Right, It's one of the great businesses I've ever seen.
So the team that owns Tether make a fortune. Howard Lutnik, Trump's head of Transition is very involved with Tether. He facilitates their buying and selling the treasuries, so it's a big business for him. So he's got a vested interest in keeping that dog alone alive. Jeremy a lair with USDC. You know, he's the US based regulated stable coin. He keeps most of those profits himself, so he's fighting for
for for his you know, regulation. This is a national security discussion right right now, stable coins own about their like the fifteenth largest owner of treasuries in the world. Right, we issue treasuries to fund our debt. I would tell you four years from now, they'll be the third or the fourth largest owner of treasuries in the world.
Right.
And so if you're the Secretary of Treasury, who's responsible for funding this giant deficit? Do you want someone who controls a trillion dollars maybe of treasuries to be regulated.
In the US?
Are you going to be sitting in in Europe or in Montenegro or you know who can always say hey, I'm selling them right. I think I think you're going to see stable queen legislation that really favors the home turf because it's because it's national security.
Now that doesn't mean you can't have foreign ownership.
But I'm guessing everything's going to have to be here in the US, But I don't know, that's just my guess.
Or two parts before you speaking of treasuries, the bomb mark has been down since twenty one. When do you think we'll recover? And then as far as debt to GDP, what do you think happens first US going to one fifty unfortunately, or dropping to one hundred within the next maybe five to seven years.
Well that's the the fifty thousand dollars question. Listen, I pray we go down. You know, how do you do that? You have to inflate away your debt quietly. That means running inflation at four percent, but not letting it go to ten percent or fifty. And so it's a really tricky job that the next Secretary of Treasury and Fed governor have. I don't I card playing the land that if you put a gun to my head, one fifties
more likely than one hundred. But I'm praying every night, literally as a good American, that we get to one hundred.
You got another part to that question again, Oh, just on your thoughts on one that you thought the bond market overall will recover something I've been talking about for a while. We've been down since twenty twenty one. Do you think there'll ever be an uptick back in tot You know.
It's the biggest question, Like it doesn't feel like owning bonds is a smart idea, but everyone has that.
I have that idea.
And already the old cur flattening, not steepening with Trump, and bonds aren't selling off as much as we might have thought they would, and so there might be some volatility in the ball market short term.
I don't see a lot of.
Value in thirty years at four point fifty.
I just don't.
We're going to have to run inflation, and you know, the commodity markets were telling me, bitcoins telling me that inflation is more likely than not.
And so the days of zero percent inflation I think are over. Now. Where could I be wrong?
You know, we get robots and AI that are so fricking out of this world that everything gets done at a lot.
Cheaper price.
That could.
It literally could, and so you got to have an open mind, like AI is changing things so quickly, and it really hasn't started.
That's the crazy part.
All of this stuff is being built now, and so what we really got to look at is AI in five years, and it might scare the living shit out of us.
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