Hello, and welcome to another episode of the Mark mass Show, where we talk about the decentralized revolution. Of course, we're talking about the way the world is changing as of course we look at it through the lens of politics, finance, and technology, and of course that technology is bitcoin that is changing the world. Of course in so many ways. It's always technology to changes the world, you know.
I try to bring to.
You some you know, education so you can see things differently, some late breaking news, and of course some interesting guests. And that's what I have today. I'm joined in studio with Lisa Howe.
Did I say that right?
Huff huff, Oh tough, Okay, spelled differently, Lisa Huff.
There you go.
And she is somewhat of an energy expert, energy and bitcoin expert, so I'm excited again. Anyway, Lisa, thanks for joining me today.
Thanks for having me Marks.
Sorry I got the name wrong.
It looks like everyone does. Yeah, not spelled that way. So you know, we were talking earlier about, you know, some of my run ins in the energy market, and I know you're in the energy capital of I guess America, least at least Texas of the world.
You would call it.
Yeah, Houston energy capital of the world. Okay, bitcoin mining capital.
Of the world more than Saudi Arabia.
According to me, it's Houston.
Okay, according to you? Got it? That works?
That works, you know, Lisa, I want to dig in a little bit. Obviously, I want to talk about bitcoin mining for sure, But if we start from like a little bit zoomed out location, I mean, you started your career as a natural gas trader, is.
That right, that's right?
Yeah, So do you have some views on what's going on with natural gas like in the United States and globally and how those markets are kind of working, because it seems like obviously we see like massive problems in Europe with natural gas, you know, and then we can see how the US natural gas market is seeming to be completely disconnected from the global natural gas markets. So as a trader, I'm curious if you have any views
on that. Potentially, you know, what will happen with the US being able to export enough natural gas to get into like a more of a global price in regards to that.
Yeah, So I wouldn't consider myself an energy expert anymore. I traded natural gas a very long time ago. I worked for run PGNE Southern Company, so a lot of utilities as well as you know, spectrating shops. And learned a lot about the energy business, so hard assets such as salt and storage, generation assets, pipeline capacity, how all that works. And I loosely follow energy, especially during COVID when oil went to negative thirty. Of course I was
deep in study of what was actually going on. And it was quite simple, as you know, more supply than demand, so you had that people had to pay to have their production taken by somebody in Cushing, Oklahoma. So anyway, where do I see energy globally? I think that we are really at a place of struggle. And I say that because I believe that we're fighting domestically with each
other over the ESG narrative. And yet the global demand for energy continues to rise, coupled with Russia eliminating supply for parts of Europe Ukraine, coupled with Saudi Arabia and the Arab nations lowering OPEK supply. I attended a couple of weeks ago, I attended a conference at University of Texas.
It was an energy conference, and every speaker and everyone there was really of the belief that Jeff Curry at Goldman Sachs called for two years ago, probably higher energy prices, more geopolitical risk on the horizon.
Yeah, you some did up really well when you talked about you know, oil dropping to negative thirty and really boiled it down. As complex as these things can seem, they're actually very simple and it boils down to supply and demand. So that's that's what I was price.
Yeah, it does, and most people don't have a feel for what physical commodity transfer looks like. You know, they don't exactly know. They know that maybe natural gas is required for them to turn their light switch on at home, but they're they're not aware that. You know, it gets produced out in the Gulf of Mexico, it gets brought on shore, put into you know, one of many pipelines in the Gulf coast, and depending on the demand at
delivery points, so deliver you know, depending on how much gas. Calpine, for example, one of the largest power producers in the country, also based here in Houston. Depending on what they need, supply either goes to them or others like them, or it goes into storage. And the arbitge around those activities is what makes markets and it's what makes markets strong. So I'm a huge advocate for free markets. Again, I think this is, you know, one piece of why I'm
so heavily vocal about the ESG narrative. I think that it's dangerous in so many ways, you know, largely because if we don't have on shore energy, we don't have on shore national security. And if people don't understand that after the Russia Ukraine battle and what that really has looked like throughout Europe and how that energy bleed has affected all of Europe, I mean, I guess you're not I guess you're not smart because it's it's really pretty obvious.
I don't think you have to be an energy expert to go you know, probably better off if I made this here at home.
Yeah, I think people aren't smart. I mean they haven't ever. Most people haven't stopped to actually think through past a second, third, fourth, fifth order.
Thinking.
And so they go, oh, well, I guess we got to save the climate cut down on natural gas. They don't really understand what that means. It's like the fish doesn't know it's in water, so to speak. Right, But if you would just take time to think through this a little bit to the kind of point you're making, like if we don't have if you don't have savings and something bad happens to you, you have no reserves,
like you're a slave. You can't quit your job. If the US doesn't have reserves of energy like our oil reserves, that could.
Be a problem in time of need.
In California where I'm at, which you can brek me later on, that we have seen a big push to get rid of all natural gas in the state. I'm I'm working with someone to add an addition into my house. I'm not even allowed to run natural gas.
Into that is that right?
And my natural gas bill has gone up by four hundred percent in the last year.
Well, natural gas prices in the US have come down.
Wow, geez, not allowed to pipe in natural gas into your.
House, not in the new area I want to build onto.
Yeah, I find that funny, given that the EU has, you know, in the last twelve months, has now deemed natural gas to be green, a green energy source again. Remember they had said it was a dirty energy source. And then you know nuclear was shut down, and the Russia situation has happened, and the forecast was for a very cold winter.
You know.
Thankfully they didn't get that, so they deemed natural gas to be this clean source of energy. So now, okay, that's interesting. Now you've got California saying.
You can't new houses, no new houses can have it.
Huh.
And we we we had a wood burning fireplace and we wanted to put a gas into our fireplace. So we had someone come out and just run the gas line and drill through the thing. And my wife went to go find gas logs, and you know, she went on home depot dot com or whatever it was Low's dot com and up, we can't ship them to California. You've got to We couldn't get logs shipped to California.
My wife had to go onto Craigslist and drive thirty minutes from the house and meet somebody in a back alley and do a cash deal to get gas logs. Like I'm not joking, I mean I'm joking about the back alley piece, but like literally on Craigslist and had to go do a cash deal to get gas logs in California because we couldn't. No one would ship them here. They're all for sal Well, we just can't get them.
Insanity of that, Yeah, see that's just not a People aren't really thinking through the second or third order effects of energy usage. So in other countries where there's new sources of energy that are coming in and available for use, the main benefit is, yes, that there's reliable gas or
a reliable fuel, carbon based fuel source. But the second layer derivative is that they're not burning wood in their homes and they're not collectively burning garbage, which then they inhale, which lead to health problems.
Yeah.
Yeah, so they'd rather have us burning wood, would wood in the fireplace then clean burning natural gas, which is which is which is pretty insane.
You know.
I want to I want to dig more into this ESG, specifically this narrative and how that affects applying to man, where that goes, and how that affects bitcoin. But unfortunately, to the kind of point you're making, it seems like we're going to see prices of energy going up. When energy prices go up, everything goes up. If you're just
tune in, you're listening to the Mark Moas Show. I am sitting down with Lisa Huff and we are discussing energy markets, bitcoin and ESG and a whole lot more we're going to cover that when we get back.
Don't go away, We'll be right back.
All right, Welcome back. If you're just tune in, you're listening to the Mark Moss Show. We're talking about the Decentralized Revolution, and I'm in studio with Lisa Huff. We're talking about energy markets, We're talking about ESG, We're going to talk about bitcoin mining and so much more. Lisa, we were just talking about before the break, the insanity of CALIBOOI where I can't even get I can't even
get gas logs anymore. But going back to this ESG narrative at the end of the day, back to making things very simple. It just crimp supply, right, So they're pushing these policies in place that would ultimately crimp supply and that would push prices up.
Is that how you see that?
Yeah, I would say that that's a second or third order effect. I mean, I think we really have to look at the root of ESG and where did this come from. And I was actually researching for your show. I wanted to brush up on my ESG, even though I talk about it all the time. I wanted to be thoughtful about what I said today, and I discovered that it was actually brought into existence by the UN in the early two thousands as a way to reward
companies that had these virtuous properties about them. But I would offer to your listeners that to me, ESG has become something of virtue signaling and less about the returns. And so the way that the ESG narrative has played out in the US and actually around the world, that ESG just doesn't pay to be responsible. So I heard this analogy recently that ESG is like giving wheat grass to a cancer patient. But ESG is worse because it's the equivalent of giving the cancer patient wheat grass and
delaying the chemotherapy. So what do I mean by that? I mean that it's created two separate capital market structures. It's created a capital market structure that is free of carbon or ESG related topics, and it's created the other market. And anytime that we have government interference, and that's what that is, right, that's state interference. You don't have a free market. And we must have free markets, and we must advocate and fight for free markets because without them,
we have no true economic activity. All economic activity is tainted.
So yeah, by coming up with this arbitrary scoring system.
It's a way to really kind of impose controls, right, and so now they can force companies to get this score which is made up of environmental, social, and governance scores, which pushes all types of things from their environmental impact all the way through their diversity on their board, and it takes away to your point, to free market, which is ironic because you know, it seems like if these business owners are so greedy and we need to make
them be more diversified, well, if they're so greedy, wouldn't they hire the best person for the job. Like, if I'm so greedy I want my business to do well, then I'm going to hire the best person. I don't care what race, sex, color, whatever they are. And so it's sort of like a contradiction there.
Well, it's interesting. So the development and the path that Blackrock has taken. So a few years ago, I mean you probably remember they came out with a bunch of exchange traded funds that were ESG compliant and they really heavily marketed those funds. And now recently they have issued a statement. I'm gonna read it to you just so you get the full. You know, this is exactly what they said. We believe that greenwashing is a risk to
investors and detrimental to asset manager industry credibility. There is no evidence that buying low carbon ETFs leads to less carbon use, so ESG should be noted. Those investments out have underperformed every other investment, every other type of investment. Of course, what's led the way in recent years this
is energy. There's a group called the Climate Action plus one hundred that claims to represent fifty percent of all asset managers sixty trillion dollars in assets under management, and in coordination they've told companies that they need to cut their emissions or really improve their ESG metric. So this caused of course that, you know, so what's the effect
of that. We eventually see prices spike at the pump because there's under investment into with capital markets, into businesses that are producing energy on shore, like we talked about, which is necessary for national security. So it leads to a spike in prices at the pump. And in the US, we have a term for that. That's antitrust. Yeah, right, a group gathering together that influences price.
That's a good point.
So oh sorry, no, Lass, that's a good point.
I haven't really thought about it like that.
So Blackrock, Vanguarden, State Street voted on new directors at x On. This is I think a year or two or three ago, and after they did, Exon cut their production targets by twenty percent. So think about Okay, they cut their production targets, what does that mean? That means that they stopped projects. They stopped exploration projects around the world. Who was there to pick those projects up?
Right?
Many were already in the works of being developed. Who do you think was there to pick it up?
Asia and China specifically out Petro China.
Petro China picked up the majority of those assets. Okay, now let's see, if you're paying attention, who's the largest shareholder of Petro China Blackla right. I mean, this is not a free market when we have actors who influence or influences a light word for what they're doing to these energy companies. We do not need states in energy markets. We don't need states in markets period. Former Treasury Secretary Sarah Raskin has said that this forced investment coming through
states is an attack on sound investment practices. It forces investments favored by politicians. That was a quote. Yeah, and anyway I could, yeah, ramble on about you.
Right.
I find it's very offensive and it's been personally. It's affected my family and my friends. You know, Bank of Montreal a couple of years ago they pulled out of their natural resource group. They had ninety employees and natural resources and one of my family members was one of those managing directors. And you know, went to work one day and they bemo. Right, Bank of Montreal so enormous energy assets in Canada. They say, no, we're not going to bank energy anymore.
Yeah, I mean it hits everybody. I mean, back to here where I'm at. My gas bill went from one hundred dollars a month to four hundred a month. And you know, while I certainly don't like that, I can afford that, but what about the people that can't. I mean, it affects everybody. So it's insane. I have seen quite a bit of backlash building.
Obviously.
We've seen a lot of Republican led states first started divesting their funds from Blackrock. Billions of dollars were pulled from Blackrock because of that, and then I think was there twenty six states that have filed into a lawsuit about this ESG investing texts of course being one of those,
and so then there's a lot of backlash. I believe it was Vanguard that now has abandoned their net zero goals, and now Blackrock is running pr like this going whoa, whoa, whoa, whoa, hang on, hang on, We're not like as bad as you think we are. So there's definitely a shift happening. But I think maybe just a shift in the narrative, maybe not so much in the underlying practices. I want to dig into some of the mining stuff using the
these energy sources as mining. We could talk about this New York Times hit piece that just came out that seems pretty interesting, So I want to talk about that as well, in ways that maybe this, you know, bitcoin mining can actually help the energy markets. If you're just tuning in you're listening to the Mark Mas Show, of course, we talk about the decentralized revel each and every week. I'm in studio with Lisa Huff. We are discussing the
energy market. You can find her on Twitter at Lisa Underscore Huff, which is h O U G H underscore.
Maybe you gotta fix that, Lisa.
Check her out on Twitter. We'll link it in the show notes down below. We'll be back with more in a minute.
Don't go away, we'll be right back.
All right, Welcome back. If you're just tuning in, you're listening to the Mark Mass Show. I am in studio with Lisa Huff. She is an energy trader, she's a bitcoiner. She worked for a company called level Field, and I want to talk about that. We're talking about energy markets, bitcoin mining, so much more. But Lisa, I want to get back into the kind of energy and the bitcoin mining. But before, let's talk about the company that you're working for, level Field, and how you got over there.
Yeah, sure, thank you. I joined level Field in July of last year. I went to them because I work for bitcoin adoption. That's what drives me. That is my purpose. It's what I think I was put here on earth
to do. I've recently figured that out. Probably started figuring bitcoin out in twenty eighteen, really didn't dive in until twenty you know, late twenty nineteen, twenty twenty, certainly when everybody was taking every online class at YouTube University and all of those things I really got on the bitcoin bandwagon, so much so that one of my friends said, you should really start a consulting practice and teach people about bitcoin. I thought, well, all right, I was going to, you know,
go back to work in the energy business. Sure, I'll start teaching people about bitcoin. One thing led to another. I had one public company that was a client mini wealth managers, lots of high net worth folks. And I was at a conference I met Parker Lewis. I was at a conference in Austin and was just telling him about you know. He said, well, tell me about yourself. What do you do? You know, Oh, what did you do before that energy? Where do you live Houston? He probably.
Two weeks later, I was working for Unchained Capital because they wanted somebody to lead the Houston efforts to market for unchained and Unchained as you know and others know, helps people hold their own keys for their bitcoin.
Yeah, shout out to Unchained. They're a friend of the show. I use them for the services, So check them out Unchained Capital.
Yeah, keep going me too.
Well.
The difficult thing about holding your own keys is that not everyone is comfortable doing that. In fact, the vast majority of people are not yet comfortable doing it. I don't find it to be difficult. I do find it to be a little nerve wracking if I have to move, you know, say, a significant amount of bitcoin. I don't know why, but I was recently with a bitcoin developer, core developer who told me that he still breaks out
in sweats if he moves more than about fifty thousand dollars. Yeah, you know, us dollars of bitcoin.
So I always start with a little test every time, we just a little well.
Mark, I don't even want to tell you what happens when you do that, though. Let's say that you start with five bitcoin and you want to move those five and you say, okay, I'll move you know, point one bitcoin to the test address and make sure that it's there. Well, you can verify where the test address is going to the right address. You can look at the address on your Treasure Ledger cold card and you can verify the address obviously in the box of where you're filling it
in or the QR code where you're sending this. But then the change the other four point ninety nine bitcoin is created inside of a new change address. So to me, that's more frightening because you can't verify what the change address is. You just like have to hope that it is actually part of your transaction, which of course it is. So for me, that's the scary part is the is
the test. I would rather just just move it. But anyway, so I figured out that, you know, gosh, people really have a hard time with this, and and level Field approached me. I wasn't looking to leave unchained. You know, I love those guys, love Parker Lewis. I've learned more from Parker Lewis than anyone else in bitcoin just being around him on a daily, weekly basis. It's just the stuff, stuff that seeps out of him and into you is like, oh my gosh, He's just this wealth of knowledge and
history and really formulative thought. So level Field approached me and they said, hey, we're looking for somebody to lead our business development efforts. We are acquiring a US bank and we want to be the first bank where an individual can buy and hold bitcoin. So I'm looking around, going, you know, yeah, there'll probably be more than five or ten percent of us that have our own keys. That's
this is probably a cause I can work for. I will work for helping a broader group of individuals hold bitcoin. So we're in the regulatory process right now. I can't say too much more. We have announced that we're buying Burling Bank. Burling is the bank in the Chicago Board of Trade building. They are loved in their community. They're an old I think thirty eight year old family bank, community bank, very solid assets, not affected by the recent banking crisis at all. I would say the boy scouts
of the banking community. I truly love them as individuals. So we're in the process of acquiring them. And part of that is you have to go through the federal regulatory the banking agencies in order to get those approvals. So perhaps you know fourth quarter we will have the
approval and finish that transaction. So right now we are not live, but eventually you'll be able to buy secure bitcoin as well as have bitcoin financial services like a pay me in Bitcoin option for your payroll, or a bitcoin collateralized loan or bitcoin rewards credit card.
Nice.
I want to go back to you said about twenty eighteen. You just you said you're working on bitcoin. You're working for bitcoin. It's the most important thing you're on earth.
To do this.
You started in twenty eighteen. What was that aha moment? What was that epiphany where all of a sudden You're like, shoot, this is something pretty important I should be doing that.
I guess I always felt like I wasn't in control of my investments. And I'm definitely a type a person. Yet I didn't feel confident enough in the equity markets to make adequate assumptions in order to safeguard my retirement. And when I discovered bitcoin and really started learning about bitcoin, I thought, well, you know, in some ways this is
like super simple, right. All value in bitcoin is derived from the fact that there only ever will be twenty one million bitcoin fixed supply, right, Scarcity drives the value of bitcoin, and you know, in some regards obviously it's it's quite complicated. So I really just began to dig deeper and deeper, and I think I fell in love with bitcoin when I realized the human rights aspect of bitcoin, the ability that it gives people to you know, walk
across borders. Right. It would be the only way you could walk from from you know, Russia into another country with one hundred percent of your wealth. What always goes through my mind is thinking back to World War Two when the Jews were evacuating Germany, and they had on coats and they were carrying, you know, suitcases in their pockets or stuff with candlesticks and jewelry, and they're wearing all of their gold. And we don't need to do
that anymore, obviously. And in fact, you know bitcoin, I've heard today that bitcoin is is I think eighty is used by eighty percent of bitcoin transactions under one thousand dollars are being done in Africa, right, so it's very heavily used in developing nations. We in the US are slower to adopt, although we are adopting.
I think we just don't have the pain.
The pain's not high enough here. You're exactly where the pain is high enough. People people move, You're exactly right.
Yeah, so the pain. So I came to it because I was in a painful position, major life change, major life financial change, fixed amount of dollars. What am I going to do with this? Who am I going to trust to help me with this? And I was smart enough to know that I should not be trading equities, although I did that for two years. I traded my own uh my own book, so to speak. I traded the volatile tech stocks, and I traded energy and that's actually how I survived for two years, and I did
very well. But I realized that that was never going to be a long term thing for me, right. I was never going to learn technical analysis. I was never a going to learn all the intricacies. Not to mention, just the counterparty risk always worried me. And I think that's what I love the most about bitcoin is that there's no counterparty risk. And I think that's we know right that this is what sovereign nations see in the beauty of gold, which is why they're dumping US treasuries
and moving into gold. And I believe that they're moving into bitcoin and we just don't know it.
And the part with trading and you're not providing any value to the world. And you had said something earlier was like you're like put on earth to do this. I read this quote recently and it said something like the biggest fear in life isn't is it living a life where you haven't achieved anything. It's a fear of
achieving something but it was worth nothing. Something to that effect, like you've worked your whole life and you've achieved big goals, but they were all worthless, and so wouldn't you rather work on something that's worth something that can be beneficial for the world, And trading is certainly not that. If you're just tuning in, you're listening to the Mark mass Show, we're talking about the decentral Revolution. I'm in the studio with Lisa Huff. We're back with more than a second.
Don't go away, We'll be right back. All right, welcome back. If you're just tune in, you're listening to the Mark Mass Show. Him in the studio with Lisa Huff. You could check her out on Twitter at Lisa Underscore Huff. That's h Ough Underscore Lisa.
So we were talking about.
How you came to bitcoin. You know, I would say that it's always when there's enough pain. We kind of talked about that before the break, and you know, kind of my story was, I got so burned in the two thousand and eight financial crisis that I was so I had so much PTSD, I kept waiting for another banking collapse, and I was subscribed to this newsletter called Sovereign Man. Shout out to Simon Black at Sovereign Man, who I still read this stuff and really beneficial, instrumental
in my worldview. And he talks about, you wouldn't put all your money in one stock, Why do you have your whole life in one country?
And he talks about the.
Importance of this flag theory or plenty multiple flags. If money's digital, why not have money in Singapore and Hong Kong and Panama and stuff like that. And I was so worried about another banking collapse. So I was in the process of working with one of his attorneys to move money into set up a bank account in Panama and I could deposit money there, earn a pretty good rate of return, and work towards a path of residency. And I took another that was twenty fifteen. I took
another look at bitcoin. I was like, actually, that's kind of the same thing I'm trying to get. What I'm trying to do is get money out of the banking system.
And I did.
And then once I saw, wait a minute, this is actually a tool we can win with, Like this is the way that we can actually change the world, then I gotta tell the whole world about it.
So we did.
Let's jump into natural gas.
Or maybe just energy and mining.
I know you're there, as you said, in Houston and the energy capital of the world, certainly the bitcoin mining capital of the world at this point. A lot of bitcoin miners have moved there because of the energy policies that they'd have there. However, just recently it seems like the state is not being so friendly to some of
the bitcoin miners. I know, there's a bunch of no or a bunch of commotion, i'd say, about this new bill where they want to take away their credits I think is what's going on in that bill for the miners.
Have you been paying attention to that?
So that came out last week and truthfully, yes, I've watched a little bit of it. I was completely out of commission with a hernated disc last week and didn't didn't follow that as closely as I as I should have. However, I mean, I know the result is is basically that it's proceeding into another, you know, section of the Texas government and going before others for consideration. And yeah, it's it's an interesting it's an interesting place where we are.
You know, we've got Ted Cruz, who is a bitcoin hoddler, attends the Digital Wildcatters in Power conference he's spoke, he spoke last year. We've got Greg Abbott, who is a supporter of what we're doing. Urkot, I would say, is
even in favor of bitcoin mining. I know firsthand that there are large power producers who are now working with Urkot and this is like really new working with Urkot to develop you know, more than five hundred megawatts because they have basically come to an agreement and explain to Erkot that this is a way to stabilize the grid. You know, some use the expression that bitcoin mining is like a battery. I don't really ever, I don't find that to be a great example. Yeah, so it's it's
a topic of much conversation. What I find, again, you know, most disturbing is that it's it's like the state isn't UH is trying to get involved with these in markets and manipulate the price and you know, demand response. So demand response is basically the ability for or caught the grid here in Texas to make companies or make you know, big users of load shut down should power spike. So what happened in I guess February of twenty twenty one was this storm Ury and we had about thirty eight
plants that went offline. Thirty eight plants and why because they weren't winnerized. Right, the Texas grid is actually really fragile. I think that a grid grid health should have about forty percent excess demand at any time, or sorry, excess supply at any time, and I believe Texas is somewhere less than eight It might be less than five percent of you know, available power.
So.
Demand response all right, So this isn't a new concept. This has been going on for a very long time within Texas. But the media is now painting this picture that bitcoin minors are bad because we can react quickly if power is needed on the grid. So they didn't feel the same way that the media didn't attack hospitals, and hospitals have participated. Steel plants participate, you know, big institutions participate. There are ways where the grid can shut
down a large amount of power source. Now, of course, hospitals would be the last person that they'd turn off. And you know, a steel plant also not a good option to turn off because when they do, you know, steel is manufactured and it takes a lot of heat, and if the steel is left to sit, I think for over an hour. Under over two hours without a
heat source, you've ruined the entire batch. Whereas with big mining it can turn off in you know, a minute or two or three and turn back on in a minute or two or three with no harm to the current production because as you know, you know the effort of the computer, which is mining bitcoin, right, which is kind of a silly name mining where it's not like we're digging in the ground.
That's what we all processing transactions.
Yeah, I mean, it's happening in a split second.
Yeah, it's the best option. I mean, if you need this extra capacity, which of course you do. This goes back to kind of what we talked about starting out, which was having a reserve. We talked about the US not having its own energy or getting rid of the patrolling reserves and the point of having a reserve so in the case of emergency you have backup, and.
So that's sort of what this is.
This excess capacity could be used as a reserve where it could be shut down and then it could be deployed when needed.
And to your.
Point, of all the different options that you have to shut down energy, the bigcoin money might be one of the best ones.
It for sure. Is so I always think about, you know, who influences the media? Right where where is the root of this issue? Okay? And I would offer to you if we think who is one of the biggest, heaviest, you know, bitcoin haters out there that people talk about anytime he talks about bitcoin, Twitter just goes wild.
Warren Buffets, Warren, Warren Buffett.
Of course, yeah, right, so, Warren Buffett, I have some notes I wanted to just share with you. In twenty twenty one, Berkshire announced that it was going to build ten one gigawatt peaker plants here in Texas and they would be paid for by the rate payers. Right so the customer so me as a customer institution or a huge industrial load pays the most, so Berkshire will get a fixed rate of return to build these power plants.
It doesn't make any sense for them. I mean, fine, if they want to build power plants and not fix our current plants. Like I said, there were thirty eight plants that went down during URI. There was a huge computer glitch which caused power prices to spike. And yet the Texas Tribune and there's a I can't come up with the name of the company. There's an energy coalition basically that has said and Greg Abbott, our governor, has agreed that it would be better to take all money
and refortify our existing plants. But Berkshire says, no, we're not interested in helping you fortify your existing infrastructure. We want to build this new infrastructure. So what is in direct competition to a peaker plant? What does the same what offers the same flexibility.
It reminds me of warn Buffet's partner Charlie Munger, who says, show me the incentives and I show you the outcome. Of course, I always follow the incentives and the lead you right to the conspiracy every single time. It's interesting. If you're just tuning in you're listening to the Marcoms show. I've been in studio with Lisa Huff. You can check her out on Twitter at Lisa Underscore Huff h o U g h Underscore, and also check out her company
that she's working with. You can check them out at level Field is the name Levelfield dot Us.
Check it out. That's what we got today.
Hopefully that was hope helpful for you to understand exactly what's going on and what is causing the supply demanded balance.
That's what we got. Thanks so much for listening. Until next time,