The Mark Moss Show Feb 14, 2022

There's a lot of things going on. I try to bring you the best education, up to the minute, latest breaking news so you can always know what's going on, and of course sound like the smartest guy at the party this weekend. And of course I try to bring you new and interesting people to listen to on a regular basis so you can get some different perspectives than just from myself. Of course, I have some people that I'm bringing on this week that you definitely want to

hear from. But some of the breaking news, like I said, things happen so fast. Um, some big stories I want to go through this week are one, you've probably heard that the US government seized some bitcoin. I don't know if you heard that or not. Now How did that happen? Mark, Because I thought bitcoin of censorship resistant. How do the government sees it? Well? I want to explain how that happened. I want to explain what the learning lesson is for us in this UM And there's a lot of interesting

pieces in this. I want to talk about UM, the largest asset manager in the world in the world is now offering cryptocurrency services. I want to talk about something's happening inside the government. How UM they are UM changing the way they look at people that want to peacefully assemble. I want to look at one of the largest commercial banks in the world, actually a bank that I bank with UM has said that we are about to enter a hyper adoption of bitcoin. Who is that bank and

what are they talking about? And I want to look at the price of bitcoin real quick. That's a pretty ambitious schedule to cover. So let's see if we can get through all of that for you. By the way, like I said, you're listening to the markma Show where we talk about bitcoin and the decentralized revolution that's happening. You know, I don't cover the price a whole lot UM. I do typically say that I think the price is

the least interesting thing that's going on. And the reason why I say it's the least interesting thing going on is because, um it is. I mean, we're talking about a brand new technology that is changing the way the world works, and for the better. I mean for the better. It is changing the world for the better. Anybody who comes into bitcoin, it just it gives them long term perspective.

They start to see new solutions to old problems. Um everyone, I've seen It's completely changed your lives and so and and not just from a monetary standpoint. It is such a new technology that's going to benefit all of humanity. That's why I'm so bullish on it. And so when you have something that big, of course, the daily price movement is somewhat um boring, I guess I should say.

And the other thing that I say pretty often if you tune to my show on a regular basis, is that when you're looking at a new technology, you don't want to look at the price. The price is volatile. So what you really want to look at is two things. The one that developed, the development happening on the network, and to the growth of the network or more people using them. But I call the price a bait and switch.

Most people come in for the price, they hope to make money, they hope to get rich, and then they get switched into some of the other properties for bitcoin. So anyway, talking about the price today, it is a little bit of good news if you're focused on the short term price, which I am not. If you're aware

or you're just kind of tuning in. Bitcoin did recently crashed all the way down from its high of about sixty nine thousand, and it went all the way to about thirty three thousand dollars, a crash of about fifty two. It didn't stick there long. That was just a quick daily fat flash crash. Um it quickly kind of regained ground, and it's sad about forty five down from its high

at about in the thirty five ish range. And um, just over the last couple of days it has gone on a tear, going from about thirty five thousand all the way up to in the forty five thousand ish range. Ten thousand dollar swing, which is no small swing at

all for a bitcoin. As a matter of fact, a single day it moved up about about twelve a few thousand dollars in a single day, and that's one of the reasons why you don't want to try to trade bitcoin in and out of bitcoin because it does move so volatile like this, and so you know, if you were like, I'm gonna sell at the top and I'm gonna buy back in at a lower price, how do you know when it's a lower price. How do you

know when to buy back in? You know what happens is you only know the top or the bottom when you're looking backwards at it, and so when you're living through it, you don't know. And what happens is let's say you're on the sideline waiting for this move and you were gonna buy cheaper, but then all of a sudden, it moves up ten tho dollars in a single day, and you missed out. Now I haven't done the math.

Maybe at some point I will for bitcoin, but I can tell you with stocks that you know, over the last day, um over the last fifty years, it's averaged about an eight percent return. But if you would have missed the best thirty days of trading in the stock market, your returns go from eight percent to like two percent approximately. I don't know how a date off the top of my head if you missed the best um like twenty

days in trading, then you're basically make no money. And you've missed the best like thirty days out of whatever fifty years, you made no money in the stock market, and so um they say in the stock market, it's not timing the market, but time in the market. And bitcoin is kind of the same way, because if you missed out on a ten thousand dollar swing day, like that's really gonna hurt you. And so what I do is I just zoom out. I keep a long term

perspective and I don't try to trade these dips. And for perspective, what I do is I look at the way that the low the lows have been going higher and higher and higher. So for example, if I go back, um, you know, two years ago, I can see that the price of bitcoin was only twenty thousand, and then it did get up to sixty five thousand a consoliday at thirty, So from twenty to sixty five, but then to thirty, and then from thirty to sixty nine and forty five.

And so instead of looking at where it came from the sixty five, I look at it where it came from the twenty and the thirty. So from twenty to thirty, that's pretty good progress for me and I like that. So that's where the price. It is nice to see it coming back up. Now why why is it coming back up? Well, a couple of things. UM, you want to understand what drives the price. That I said, right, it's adoption and development, So a couple of big developments

and adoptions things that are happening. UM. The first thing that I would say is that, UM, I talked about a little bit last week. If you're with me, I talked about the trucker convoy going on in Canada, and UM, I think we talked about last week how um the trucker convoy had raised about ten million dollars on go fund me, and then go fund me basically stole the money and with a massive amount of backlash that had happened.

I don't think we covered this last week. I hadn't happened yet, but the massive amount of backlash, UM go fund me said all right, all right, we'll we'll return the money if you would fill out this form. You have to filt this form by a certain date. And then a lot more backlash happened where people were saying, no, just charge back your credit cards and hid them with fees. And I think a lot of people probably did that.

So then and then, and then you had a Governor Abbott from Texas and governed to Santis from Florida said that they were going to um bring legal charges against go fund me for stealing their residents money. And uh, a combination of that and the heat that go fund me took, they quickly reverse courses that they would just go ahead and refund everybody's money. But the key piece to this is that the governments of Canada trying to seize the money, the state of Autawa try to seize

the money, and then go fund me. It did an enormous amount of marketing for bitcoin. Now all these people that are watching what's going on realized just how centrally controlled the monetary supply is. You mean my money that I have expended my own energy. I've expended my life's energy for two and I stored it in this form of money that I could use at a later day in time. You mean I don't have a right to

use that money as I see fit. You mean if I want to use it to give some money to these peaceful pro testers to give them some gas or some food or a blanket or whatever. I can't. I don't have the right to do that. And the state can just seize my money. And I didn't know they could do that. I didn't know they would do that. Oh and and now there's bitcoin over here. That means that they can't do that. Um, maybe I should check out bitcoin. And so bitcoin has been on the world stage.

The government of Canada the trucker protests. Go fund me are doing marketing for bitcoin, which is important because go fund me is a is a company and they have a marketing budget. Bitcoin is not a company. There is no marketing budget, there is no marketing department. And uh, we're lucky to have the country of Canada and go fund me doing bitcoins marketing for us. Maybe one of the reasons why we've seen the price pump. You're listening

to the Markma Show. We're talking about the latest breaking news that is going on right now, and I'm talking about the latest breaking news this week because each and every week there is a lot going on. It's moving super fast and you need to be up to date on what's happening. Now. I to talk about why things

are happening, things like that. One interesting story that I saw here today which was pretty amazing, And you maybe weren't aware of this, but you know that politicians and uh, you know people at the Central Bank that create all the money, they probably have an unfair advantage of information

that they have. And uh, did you know that you, as a private citizen, you're not allowed to invest on what they call insider trading, So like, if you have something like information that most people don't have and you act on that and you make money with that, it's actually illegal. And actually, Martha Stewart everybody's a favorite grandmother working from her house or whatever, she famously went to prison for doing what's called insider trading because it's highly

illegal for me and you to participate in that. But did you know that it's not illegal for the politicians to do it? Specifically not illegal. So Nancy Pelosi as one of the best investors in the world today. As a matter of fact, Nancy Pelosi beat almost every single hedge fund, every single fund manager except for like one or two last year, and she wasn't even the top one. I think she was like ranked fifth or sixth in

that order. Um. Other politicians did even better. And it's not just the politicians, the congressman, the senators, it's the central bankers. Now, a while back, there was a story and I didn't really cover it much, but we found out that FED officials were doing insider trading. They were

trading on what they call pandemic trade. So at the time the pandemic was happening, UM, the entire economy crashed, the stock market crashed, and then as the pandemic recovered, certain stocks did better than others the pandemic trades, and there was some FED insiders that traded that and made a bunch of money. And a matter of fact, three UM FED officials I believe lost their jobs, the Dallas and the Boston FED presidents as well as the vice

chair Clarita and Um. You know, nobody really cares. Nobody's really looking into it, UM, but some people are. Some people aren't okay with that. I mean, I'm not personal okay with that. I mean I could go to prison if I traded like Martha Stewart on information I had. But they're the ones that actually make the policies and pump the money into the system. But they can it seems pretty messed up. I don't think people should be

okay with that. And so Reuters, the news organization which doesn't always seek the truth in my opinion, But they went out and they filed a freedom of information Act. It's called a FOIA request fo I A, and they did a freedom of information Act and they want UM and they wanted to get information on what exactly was going on here. The FED said that there's about sixty pages of correspondence UM in the in these financial transactions that were conducted during the pandemic that they don't want

to release. They don't want to release. It's a sore spot for the FED. They obviously know what's in there, and members of Congress are demanding full transparency as to who knew what was going on, who did what, when did they do it, and so forth. But the problem is that nobody is allowed to see them, as the FED quote unquote denied in full the release of documents.

Mm hmm. That doesn't seem right, does it now. I might be old fashioned here, but it seems like the best way to build trust is with transparency, not lying and deliberately hiding stuff. So if my business partner if I don't have a business partner, but if I did, or if I had, you know, your wife, your girlfriend's

tegnam for the other somebody important to you. If I had a business partner and I said, say, I suspected them of embezzling from me, and I said, hey, partner, um, you know, could we sit down and just look at the books and talk about a couple of transactions. I have curious you know, I'm curious him if he said, oh, no, no, no, we can't. You shouldn't be looking at that and then they went deleted a bunch of stuff, like, wouldn't that just kind of confirm my suspicion Versus if he said, oh, yeah,

for sure, let's open up the books. Here you go, Oh these transactions, this is what it was like. Full transpar arrancy could bring trust back. So when we already are unhappy that that Martha Stewart went to prison, I can go to I can go to prison. But these insiders are legally able to do that. And then the Federal Reserve who put the money in, are able to do this. And then through a Freedom of Information Act request, the FED quote unquote denied in full the release of documents.

M hmm. That doesn't really breed a lot of trust for me and confidence. Now I bring this up on a bitcoin show because bitcoin is open borderless trust list. What does that mean? Trust less? So I have to trust the Federal Reserve didn't do something shady, But how can I trust them when they're hiding everything from a delivery? I don't know how much money they made. I don't know where they put that money. I don't know how they decided how much money to Pranto were to put

the money. Nor do I know how they use that information to enrich themselves. I don't know anything. I have to trust them, but how can I trust them when they're breaking me? Bitcoin is ust lists. That means I don't have to trust bitcoin because bitcoin is an open source network one I know that unlike the FED, nobody can create more Bitcoin like the FED creates more dollars too. It's completely open and transparent. I can see all the

bitcoin all the time. I don't have to trust. I can verify UM and on top of that UM, because I can verify all the transactions, I again, I don't have to trust. Now they said uh, like I said, they denied in full but why Like traditionally, maybe they might have an exemption to the Freedom of Information Act the Foyer Request if it involved a matter that matter of national security. But how exactly would alleged I'm going to say that, alleged insider trading by a bunch of millionaires,

how would that threaten the US democracy? Right? I mean, I would certainly like to understand that. I bet you would as well. But of course we don't know that. We don't know that at all. And um, the reason why I bring the story up is because it makes me mad. But it's in glaring contradiction to what bitcoin is.

So we have you know, um of public officials like Elizabeth Warren out there saying, you know, bitcoin is used by bad people, Well, they probably shouldn't use bitcoin because bitcoin is open, it's transparent, and we can see who those bad people are, unlike the Federals are fiat money system like we have today, where these people get away with murder and literally enriched themselves to the tunes of

trillions of dollars. Now, when I talk about bad people not being able to do that, it kind of brings me to the next story which I wanted to talk about, which was the US seized bitcoin. And they didn't just seize some bitcoin. They seized a lot of bitcoin. As a matter of fact, Um, it's been making a lot of news stories. It was a bit finex hack and it was about four point six billion with a B and that's right, four point six billion dollars of bitcoin

that was stolen and the government seized it. But like I said earlier, like Mark, what do you mean they seized it? Because I thought bitcoin was censorship resistant? How could they seize it? Well, let's talk about that for a second, because it's it's important for you to understand how they seized it, because there's a learning lesson in here for you. How could you protect your money so nobody could steal it? And I'm not trying to say keep it from the government, but how could you keep

it from anybody who wanted to steal it? And so the story is about this a couple who um, as I said, I took this money. It was from bitfoinix. So bitfoinix is a big cryptocurrency exchange and uh, apparently a couple of years ago, this couple of New York couple Eelid Dutch Litzenstein and Heather are Morgan had taken this money and they were attempting to launder clean up some bitcoin worth a staggering four point six billion dollars. Like I said, that was stolen from bit foinex back in.

There's a lot to this story. I'm gonna unpack. Um, it's a fascinating story. These are some fascinating characters. Actually, UM, I'm gonna bring back more. I'm gonna come back more in a second with that story. You don't want to miss this. By the way, you're listening to the markmas Show. We're talking about bitcoin, the decentralized revolution. We're talking about how the government sees bitcoin and what you need to know about this so you can protect your bitcoin from

being stolen. Um, it's a fascinating story. I'll be back with that more. Don't go away, all right, welcome back. You were listening to the Mark Moa Show and we're talking about bitcoin. We're talking about the decentralized revolution that is happening right now. We are witnessing now. Before the break, I started talking about, um, this bit the nexs hack that happened. As a matter of fact, the US government seized bitcoin about four point six billion with a B

four point six billion dollars worth the bitcoin. I think it was about a hundred and ten hundred twenty thousand bitcoins something, Yeah, about about a hundred twenty thousand bitcoins, something massive like that, which uh shoots the United States up there in them the countries and private people that own bitcoin. As a matter of fact, they own more than uh Elon Musk and Tesla. So Ellen, I'm calling out calling you about right now, you should step it up.

They're trying to arrival Michael Sailor and UH micro Strategy with how much bitcoin they have, So you guys need to step it up as well. But the US, the US owns is now a lot of bitcoin. But it's a it's a super interesting story. And this couple UH, like I said, Lichtenstein and Heather Morgan, I mean, there are some interesting characters. Heather Morgan has uh has quite a long history as a matter of fact. Um, they actually I think we're working with bitfin x to help

them with some of their security. UM. I found this article of Heather Morgan from two thousand nineteen, and um, it's how to social engineer your way into anything. And so she talks about her she was going to doing these talks about social engineering and how it's the active manipulated into someone to giving you information to take an action. Um,

she did it specific tritically in cybersecurity. Um she she said she used it here firsthand out Heathery Morgan social engineering into exclusive parties and expensive political fundraisers, infiltrated black markets around the world, and build relationships with celebrities and billionaire CEOs. You'll learn actionable tactics for event crashing, how to cold email even the most reclusive and high level people and get a response on what to do to get yourself out of a jam. So she was specifically

good at cold email. But about the speaker, So this is in her own bio. She's a seal entrepreneur, a writer, and a rapper and a former economist who worked in emerging markets. She specially she's an economist specialized in game theory and in perfect information. Man, what a what A What an interesting resume. But she was a rapper and actually we have a clip of that. Let's check out

this clip of her. I think it's pretty cool. There we go Turkish Martha start keep going up her spin dropping with her poppy from a rebellious showing turk conveyed with the burke showing off her inverse work. Don't she come a lord? So uh, I guess her rap career wasn't working out too well, so she had to go to stealing bitcoin instead. Um. And now that you've heard that, you can understand why she's got a pretty pretty crazy profile if you go look at some of the pictures

of her and what she's done. But I think I think there's a couple of things to understand about this. So um Again, like they said, this, this hack actually happened back in twenty sixteen, and bitcoin security has come a long way now since this. Now I've talked about myself, I've lost, um what equate to millions of dollars of bitcoin today. At the time, it wasn't millions of dollars a bitcoin, but um, that's that's kind of where it

ended in. Just like these guys, they didn't store steal four point six billion dollars, but that's what it's worth today now. Um. What's interesting a couple of things. So One, they stole it from bitfin x, hacked it back in sixteen, but they weren't using a typical hot and cold or set up like most exchanges used. UM. Rather, what they were doing is they were they were trying to get around US sanctions and so what they did is they

set up this kind of regulatory arbitrage. So what they said is that we don't really hold the keys, we don't really hold your bitcoin. What we do is we set up like this, this weird kind of configuration where you keep a key and we keep a key. Um. And since we don't really hold the customer funds, we don't have to comply. And it was because they had this insecure set up, um, is what really allowed these

people to steal the money. Now, she was good at social engineering, so she was able to compromise a lot of these people's information and then get their bitcoin released to them using this method. So there's a UM. So that that's an important thing to understand. Um. And then more importantly, how did the government get it back? And so UM Basically the government was able to go get this four point six billion dollars worth of bitcoin him back. UM,

not because they could seize it. As I said, right, bitcoin is censorship resistant. Nobody can steal the bitcoin. The only way they can steal the bitcoin is if they could get your private key. So if I had some gold and I went and buried it somewhere in a in a in a dirt field, and I would make a map, nobody could get my gold unless they got

my map, right, that would be like the key. Um. And so the government cannot nobody, the government or anybody cannot steal your bitcoin unless they can get your private key. So that's what you have to secure with your life. And that's what they got from them. So um, they put their private key, I believe into a Google doc like a Google drive. You never want to put your private key onto the internet. Um. There was another famous

massive hack by Ian Billina. He's a crypto analyst, and he had put his private key into every note, which I use every note. I'm actually looking at every note right now. I use it all the time. But I'm not putting my private key there. I'm not putting into Google document, Google drive because if it's in the Internet somewhere,

then it can get hacked. And so while the government cannot hack your bitcoin, if they get your key, they can, and they can hack your computer, so they can hack your Google drive and they could find your key there, So that is the big piece here. Bitcoin wasn't hacked. Bitcoin wasn't compromised. What happened is they compromise the person, these people's Google Drive and found their private key. So what do you do with your private key? It's a

good learning lesson. Now. One of the show sponsors that we have here, Unchained Capital, They help users with managing their private key. It's someone that I actually personally used. As I said earlier, off Loss which which which he quotes, equates in today's dollars to about two billion dollars. Now that's because the price of bitcoin goes up really fast. As a matter of fact, the government was actually bragging about the price of bitcoin accumulating. I think I have

that clip up right here. Um, let's hear this quick little clip from the government bragging about the price of bitcoin. Here almost one hundred twenty thousand bitcoin, which at the time was worth approximately seventy one million dollars. Today the value of that bitcoin has grown to over four point five billion dollars, so they seem pretty happy about that. Um. So, at the time of the hack, they stole about seventy one million worth of bitcoin and today it's worth four

point six billion in bitcoin. And so that's kind of like how it was for me. I mean, I didn't lose a couple of million dollars worth a bitcoin at the time, but in today's dollars, if I still would have had it, which I would because I don't sell my bitcoin, I would have millions of dollars a bitcoin that I don't have any more. And so, UM, what I've done is I've used a company like Unchanged Capital helped me secure that key. And that's the piece that you have to secure. So a couple of things that

I need to tell you about that. So one, if you use like a hardware wallet, so for example, UM, you download an app on your phone and you store you know, and you put your bitcoin there. That app is holding your private key. If you keep your bitcoin on coin base, then coin Base is holding your private key. UM. What I would recommend as a level up from that is to use a hardware wallet and then a hardware wall.

It's kind of like a little USB drive that you plug in your computer and then that stores your your private key. So you plug the hardware wallet in, UM it signs the transaction. You unplug the hardware wallet and then your private key stays on there, it never goes onto the computer. And then you need to put a passphrase and a pass code on that hardware wallet. So even if the government or any intruder, robber, whatever were to get my hardware wallet, they still wouldn't have my key.

They would need me to give them that passphrase. Right. So that way, if someone broke into my house and broke into my safe, um or wherever you know, found a found something in the backyard where I had my hardware wallet buried, they still wouldn't be able to use it. Okay, So that's the big key. Now you do need to back your key up. And this is the part that's tricky.

Back that key up. And you do that by writing down twelve or twenty four random words, and you want to put that onto paper again, not in the computer, not in every node, not in Google Drive, and it needs to be on a piece of paper. That way, if something happens to that hardware wallet, I lose it, it gets destroyed. Whatever happens, I can restore it. I can back it up. Now that's where you have to hide it. Um. I can give you a couple of ideas.

We'll talk about that. In a second, I'll give you give you a couple of good ideas of how to hide that in plain sight so people could see it and not know what it is. You're listening to the Mark Moa Show. We're talking about bitcoin. We're talking about the decentralized revolution. We're talking about the bit for nicks hack, and more importantly, how to protect your bitcoin so it

doesn't get stolen real quick. As a reminder, if you haven't already, make sure to bookmark this show, this time, this channel and join me each and every week where I'm gonna make it the most important, the most educational, maybe the most profitable, maybe the most entertainment. I don't know, but uh, a very important part of your week. Don't miss it. Put a date on your calendar and check

me out each and every week on this channel. At this time now, before the break, I was talking about this bit fanex hack and how um it was per the government bragging it was about seventy one million dollars worth a bitcoin at the time they stole it, and then it was four point five billion. Now today I was talking about the private key and how you need to protect your private key. The government the government was able to get their bitcoin because they got their private key.

They put their private key in Google Drive. So don't do that, um I was talking about. You put in a hardware wallet, and even somebody gets your hardware wallet, they can't um get your bitcoin because they don't have your passphrase. But you need to back that wallet up with twelve or twenty four words, and it needs to be on paper, not in the computer. But what do you do with the paper because if someone gets your paper, they can get your wallet. So there's a couple of

things that you could do with it. So for example, what I've what the Winkelvoss Twins, the Wink of Boss Twins are the the famous partners of Mark Zuckerberg early on who went on his form Jim and I, which

is a cryptocurrency exchange, and their bitcoin billionaires. And supposedly what they've done is they've taken that private key, that that pass phrase of those those sorry, the seed phrase, those twelve words on piece of paper, and then they broke them up and I don't know if they broke it into four groups of three words or twelve words independently, and they put them at at like safety deposit boxes or different locations around the country, So it would be

almost impossible for anyone to get all twelve words, and even if they got all twelve words, they wouldn't know the order they went in, right. That's one way. It's kind of extreme. Could could work in other way, as you could do like old school cipher kind of thing,

where like let's say that you wrote a poem. You could write a poem and you have twelve words, and let's say each line has one of those twelve words somewhere in it, and you just have to know, like a de cipher, you'd have to kind of know which of those words it was. I've heard of people I'm doing like a photo collage on their wall, and like every third photo, for example, could be a depiction of what that word is because the words are random. It's

like ocean, monkey, wrench, banana, whatever, something like that. And so like every like every third or fourth picture in the collage could be like a representative. So there's a couple of interesting ways where even if somebody saw that photo collage, they wouldn't know it represented your your bitcoin key, and even if they did, they wouldn't know which of the photos it was etcetera. Like I said, you could chop them up put them in different safety deposit boxes.

But that's your challenge. How do you protect that and make it where nobody, no robber, no home robber, no government could get ahold of that. Um. So that's it. Um, that's that's the learning lesson that we can learn from that. It's a pretty interesting story. UM go read up on that on some on your own if you want. But we got some more big news to talk about, and uh so I don't want to spend too much time on that. If you're interesting to go read more on that.

Some other really big news that I alluded to in the beginning is that real big news is that black Rock. Have you ever heard that name before? Black Rock? You probably heard they're the world's largest asset manager. I mean they are to kind of control of the world. I mean they're literally that big. Black Rock, the world's largest asset manager, is preparing to offer a cryptocurrency trading service to its investor clients. That's big news. Why is that

big news? Well, it's big news for a number of reasons. Um. I talked about I've talked about many times, and probably one of the biggest questions or objections I hear about bitcoin is the government's just gonna make it illegal. And I say, well, I don't. I mean, anything is possible, and so I don't deal in a world of absolutes. But I would say, what is the probability of that happening? And if you understand the situation, you may think it's

a lower probability or higher probably, but nothing certain. I mean better than a zero percent chance that will happen, but it's very low. And so what I would say to that is that a couple of things. One, the Federal reserved the government. Between the Federal Reserving the government, they printed about eight trillion dollars from thin air in the last twenty four months to keep the markets from acting. If they shut down bitcoin, they would crash the markets.

But they don't want to crash the markets. They've just shown us eight trillion reasons why they don't want to. So that's that's that's number one. Number Two, what I would say is that there's this level of entrenchment that has been reached um in the government that would almost prevent them from doing that. So for example, um black rock, so UM. If you understand how the government works. Most laws and regulations they get placed that they are written

not by politicians, they're written by lobby groups. Then those lobby groups give those to the politicians to sign and sponsor. And who are these big lobby groups. Well, the pharmaceutical industry is a big one, obviously, food industry, and guess guess that the financial industry, the financial street is a major lobbying group. They have massive amounts of power, Wall Street, etcetera.

Has massive amounts of power in Washington. And when you see all these banks, you know, Fidelity, E Trade, charl Schwab and then smaller ones robin Hood, you know, etcetera, PayPal gear in into bitcoin. They've probably spent billions, maybe hundreds of billions collectively to bring on bitcoin services right for the regulations and to set them up in their office and whatever. And they don't just go spend hundreds of billions of dollars to set up bitcoin services to

let some pesky politicians go make it illegal. That's probably not going to happen. And uh, when you see the largest not just some small little robin Hood player, I'm talking about the largest financial asset manager in the world, um, black Rock. When you see them start offering it, it's pretty much game over. If you think they are going to allow any politician to make it illegal. At this point, you don't understand how you don't You don't understand much

about the financial and the political system at all. UM, the New York based company which manages over ten trilling and assets for institutions, plans to enter the cryptocurrency space with a client support trading and then with their own credit facility. So not only are they going to offer their clients trading, but also a credit facility. So I've talked a lot about UM getting your bitcoin and never selling it. I'll never sell my bitcoin. What I will

do is I'll borrow against it. As a matter of fact that I recently did borrow against them a bitcoin for the first time. And UM they want to get in on that game. They realize that people are going to hold that bitcoin and they're going to want to want to leverage that. Now, this is nothing new. I can leverage I can. I can take loans against my stocks. I can do that with Wells Fargo. I can get

loans against my house, I can get loans against my car. Right, so it's nothing new, but they want to jump in both in the trading and also credit on for bitcoin as well. It says clients would be able to borrow from black Rock by pledging crypto assets as collateral. UM. One of the people said that black Rock will allow its clients, which include public pension schemes, endowments, and sovereign wealth funds, to trade cryptocurrency through one of their networks.

So again, if you think that the government is going to make it illegal at this point, or I should say, if you think they would be able to make get illegal at this point, you don't understand how the system works. I think it's game over. Now. Again, I'm not saying that there's a zero percent chance of that happening, and I'm not saying that, but it's definitely greater than zero, but it's very low a probability. It's very low probability

that would happen. UM. So, anyway, that's pretty interesting. And on top of that, back to banks again, Wells Fargo put out a report this week. UM Wells Fargo said, quote crypto, like the Internet in the late nineties, nearing a what they say, quote unquote hyper adoption phase. What does that mean? A hyper adoption phase. That sounds uh,

sounds pretty fantastic. Well, the banking giant Wells Fargo, which I have accounts at Wells Fargo, probably a lot of you listening to they handle around one point nine trillion in assets, said that crypto should be approached, should be approached, people should be buying it. There's that's what they're saying. I'm not giving you financial advice. That's what they say. That's what they're saying. Um. In a report from the bank's Global Investment Strategy team, Wells Fargo said crypto users

are growing rapidly around the world. Crypto appears to be near a quote hyper adoption phase end quote similar to that of the Internet during the mid to late nineties. And if you remember the mid to late nineties from two thousand, if you were alive back then, if not, go back and study it. But it was a straight parabolic run and it created a lot of wealth. They went on to say, quote, we believe that cryptocurrencies are viable investments today, even though they remain in the early

stages of their investment evolution. And so, like I said, the Bank is making a recommendation to investors to approach crypto investments. Tell him them to be patient. You're listening to the Mark Moss Show talking about bitcoin. Thanks for listening.