The Mark Moss Show Oct 18, 2021

This is not like many many people predicted some of this new technology, like Paul Krugman famously said that the fax machine would kind of go away as a fad. Even Bill Gates called the Internet a fad. Um, this is not a fad. This is what we call a technological revolution, not a new technology. So the difference of that as a new technology, you know, like the iPhone, like Uber, Airbnb, Um, those those are cool and if you catch them right, you can make some good money.

And you know, they affect our lives a little bit. Um, a technological revolution is something so much bigger than it literally changes humanity, and it doesn't just change humanity. Technological revolutions drive financial markets. So not only will this change your life in every area, it also drives financial markets, and so if you get this right, it could be the single biggest opportunity of your lifetime. So I bring this information to each and every week so you'll have

what you need to navigate this correctly. It's that important. So if you're listening right now, just go ahead and pull out your phone, put a bookmark on your calendar for this date, this time, and this station, and make sure you tune in with me each and every week. This is the information that you need, and I'm gonna bring it to you. Uh. My name is Mark Moss. Again. You can follow me on Twitter at one Mark Moss. That's at one Mark Moss. Tweet at me. Let me

know you heard me on the radio. Ask me a question. I'll make sure to answer it next week. Now jumping into some of the news, I have a lot of stuff planned for you this uh, this episode, this show, so make sure you stick around. UM. I have a bunch of news that I won't want to talk about as far as what's going on with the price. We're gonna talk about some huge, huge, huge regulations that are happening that are going to blow things wide open. We're

gonna talk about some information we'll call it that. We might call it fud if you know what that is. I'll explain to you what that is later. But the Bank of England is warning us of a potential financial meltdown. We're gonna talk about prices going completely haywire. Of course, we're gonna tie all this back to what bitcoin and

cryptocurrencies mean. I want to get into some some some data that's recently been put out that talks about a poll that was recently done pulling Americans all over the world, um, asking that our Americans all over the country, asking them different questions. You'll be very very surprised at the answers, um And all of this goes back into the information

that you need so that you can play this correctly. Now, if you've been tuning into each and every week with me, first of all, thank you, but you'll also probably recognize if you have, and if not, I'll let you know that I started the very first episode of the show not talking about the price the US dollar of bitcoin. We started talking about it from a human rights perspective. I had on one of my good friends, Alex Gladstein,

who's who's from the Human Rights Foundation. We talked about how bitcoin is literally solving human rights issues all around the world. It's that big, And I started with that episode because I didn't want you to think it's all about money and about making making dollars. We're literally trying to change the world for the better. That's what technological revolutions do, and so it's that big. However, I get it. Bitcoin is a little bit of a bait and switch.

It sucks you in on the price, It baits you in on the price, and then it switches you into the things that are most important. All of the issues that we have in the world today all relate back to one thing, and that is the money. So we say, if we fix the money, we fix the world. So yeah, it's great, make some money, increase your US dollar stack, that's great. Prices going up like crazy, we need to increase our purchasing power. But we're literally talking about fixing

the world. It's that big. So we're gonna go through that a lot on this show, have a lot planned. But let's start with the price, because I know a lot of you people are paying attention to that, and like I said, it's a bait and switch. It's baiting anyone with the price. And so right now we are continuing to see the rise of the bitcoin price. As a matter of fact, that hit fifty eight thousand dollars

this week, which is an amazing number. We haven't seen at that price, um since back in May, and so um it's not at the highest it's ever been. We're at well, we're at about sixty five thousand dollars US dollar value of bitcoin is where the high mark has been set. We're a little bit off of that, but we are climbing up pretty fast now. Again, Uh, this

is just the price. But of course as an investor, as a trader, these are things that you want to be paying attention to, you might ask yourself why why is the price going up? Also, the question is typically asked, why does the price go down? UM. I typically don't try to get too involved into the short term price movement of it. In my opinion, I believe it's a little bit of a distraction. UM. Long term, I believe the picture is much more clear where this can go.

Short term is a lot more difficult, and that's because the price is constantly being traded back and forth. It's being set in real time. It's what's called price discovery and so the price. The price moves up and down. It's volatile, and I don't think it's very productive for the average person to be paying attention to it on that short of a time period. However, there's continuing amount of good news and good data coming out, which I

think has a lot to do with it. So a couple of big, big, big things UM that are happening, I think right off the bat, there's been talk for the last couple of years about a bitcoin e t F on ETF is an exchange traded fund. It's kind of like an index. It allows somebody UM through their stock trading account to get access to bitcoin, get access

to the price. So if you're not aware, a lot of people aren't able to buy bitcoin either one UM they don't know how, it's too difficult or especially on the institution side and inside your retirement counts your i RA S four one case, things like that, you're not able to buy bitcoin. Bitcoin is a commodity, it's that's what that's what it's classified in the United States as a commodity as an asset like property, and so you're

not able to buy those things through your normal retirement accounts. However, if it goes into an e t F, an exchange had fund, basically what they would do is then say, well, if you buy our fund, then we'll go and buy bitcoin. And so you're getting access to the price of bitcoin, but you don't technically own bitcoin. Um. So that's basically what an e t F is. Now. We have e t s for all the other big commodities, of course, so precious metals, gold and silver, um, there's a new

uranium one that's going right now. Of course, you can find them through lots of other physical commodities, and so that is basically what's happening with Bitcoin. Now. There's lots of speculation that we're finally, finally going to get a

bitcoin e t F through the door. Um. Some of these big giant, you know, financial institutions have been trying to get an e t F through the door for a couple of years now, so we've been seeing them try over and over and over, but every time they do, the SEC has shut him down and just and just

stopped him in their tracks. Now a lot of people speculate that if we get an e t F approved, we're going to see the floodgates just come into bitcoin and could push the price higher than most people have imagined. And so we've been speculated on this for years. We've been waiting, watching, watching, you know. I think it probably first really started being talked about in and I don't have the number. I should have done some research, but I would imagine at this point dozens have been put

forth and have been denied. A lot of the reasons given for denying them are that, um, the bitcoin of price, the bitcoin prices too volatile, it goes up and down. To my UM, A lot of a lot of it is that it's too small of the market. So UM, with the current price getting back up over fifty, we've seen the total market cap, which is all the existing bitcoin times the price equals the market cap, and we've

seen that get over one trillion dollars again. And so once it gets over a trillion dollars, it starts to become a big enough asset that could be used in the e t F. So that's something. The other thing is that, of course a lot of people think that the government will just make it illegal um. And so that's probably one of the biggest things that I hear all the time people talking about bitcoin and cryptocurrencies is

that the government will make them illegal. Well, some big catalyst that came out this week is both um Jerome Palell who's the head of the Federal Reserve, the Central Bank, and Gary Ginsler, who's the new head of the SEC, have both come out and said they will not make bitcoin illegal. So um, I think that's also having something

to do with the price. But also since the head of the SEC, Gensler, has made that stance and the SEC is the one that approves the e t F to go through, a lot of people are thinking it's going to come through. Now. I want to tell you what this means and what I think is going to happen, and then I want to tell you about some other catalysts that are happening inside of bitcoin right now that are going to propel it more uh much more higher

and faster than you might imagine. You're listening to the Mark Moss Show, and I'm gonna be right back, all right, welcome back. You are listening to the Mark mass Show where I talk about bitcoin and cryptocurrencies and really the d centralized revolution, the technological revolution that's literally happening now and will change the way the world works, change humanity.

And so the way that you take advantage of these opportunities, these asymmetric opportunities by having information that most people don't have, which is what I'm trying to bring to you each and every week, So make sure to tune in. Now. We were just talking about, UM, the price of bitcoin, the U. S Dollar of bitcoin. In my opinion, I think it's a little of a distraction. I try not to pay too much attention to it on a short term basis. I'm more focused on where it's going over

the long run. UM. Maybe that's because I've been a full time investor and UH developer for decades, you know, and when I was developing real estate UM, and I've developed tens of millions of dollars worth the real estate UM. And a lot of these real estate projects would be multi year, right, So I'd have to buy land, and I'd have to get it rezoned and get it approved to the city, and then I have to get architects and permits and all these things, and it could be

three to five years on a project. And so maybe that's just helped me to learn to think longer term. The one problem I see today is that everybody's thinking so short term, how much can I make this week? If you buy something and then the price goes down a little bit, people freak out. And so that's why I think the price is a little bit of a short term price is a little bit of a distraction. UM. Really we're trying to look at the long term viability of it UM. But back to the price it is.

It is back up over thousan dollars at the time of this recording. And UM. Some of the catalysts that are driving it, and I was talking about one being as e t F getting approved. They've been trying to get an e t F through for the last several years. UM. But the new head of the SEC, Gary Ginsler Um, he is a bitcoin and cryptocurrency fan. As a matter of fact, he taught at M I T as a professor on bitcoin, so he not only is a fan, he literally taught on it at M I T. So

he knows it very very well. And because of that, because of his understanding of it UM, a lot of people think that we're much more likely now to get this e t F through. As a matter of fact,

I'm not really a betting man. But in the betting markets, they have markets basically to bet on everything, and they have betting markets to show what the potential approval rate of getting the e t F through is UM and a lot of people are putting in about seventy five chance of getting that e t F through, And of course if that were to happen, we could see a massive amount of money flooding into bit going over that. Now, a couple of things to keep in mind. First off,

this may shock you. Sorry if it does, brace yourself. But I'm not a big fan of an EF. I'm just I'm just not a big fan of an e t F for for a couple of reasons. The first thing is that, you know, wall modern economics tries to make everything so complicated that you can't really understand it. I think part of that strategy is so that you don't try to understand it and you just hire a financial advisor. UM. But they try to make things so complicated, But the reality is it's not. The reality is is

that it drives off of supply and demand. When demand outstrips supply, the price goes up, and the opposite is also true. So what happens is um. The more people that want bitcoin, they buy bitcoin, that's the demand go up. The supply is fixed. There can never be more than twenty one million. That's it um. And so as more and more people want it, So let's say that to you know, all these institutions want to buy it. That increases the demand, but the supply stays fixed, which of

course pushes the price up. The problem that I have with y F is that it enables people to buy fake bitcoin. What do I mean by that, Well, what happens is if you were with me on the previous segment, you said you heard me say that it's a way for people to get access to bitcoin's price, but without actually owning anything. And so what I mean by that is we have, as I said, right, we have gold

et fs. And so instead of me owning physical gold that I have to take possession of and I put into my safe or I bury in my backyard or in a safety deposit box, instead of doing that, what I could do is I can buy a gold et F and there's plenty of them to choose from. So I buy the gold ETF. Now I don't technically own gold, but I have exposure to the price of gold. So if the price of gold goes up, my shares and the e t F go up in value as well.

But I don't own the gold. And so the same would be true with bitcoin in a sense where if I bought it through an e t F, I don't actually own bitcoin. I just have exposure to the price of bitcoin. Now this is bad in my opinion for a couple of reasons. The first reason I would say is that and and and probably the bigger reason, well they're both big, but probably the first big reason is that,

back to economics one on one, supply and demand. If if more people want to buy bitcoin, there's more demand. If the supplies fixed, the price goes up. But what if I can get exposure to the price of bitcoin, but I don't actually have to buy it. So now you have all these potential buyers who want bitcoin in their portfolio, but rather than actually buying it, they're buying paper versions of it. They're buying it in an e t F. That messes up the entire demand supply and

demand relationships. So let me give you an example in back to the gold ets they've been around for a long time, in a gold et F again right, you have exposure to the price um estimates are today there's about five hundred paper ounces for everyone physical ounce of gold. So what does that mean. That means there's five people that think they own an ounce of gold, but the reality is there's only one physical ounce of gold to go around, So four nine people are gonna be left

holding worthless paper. Now that's bad in itself. Four people are going to find out they own virtually something nothing or something that's worthless. But even worse than that, Like I said, that's four people that should have just bought gold. And if those four people would have bought gold, the demand for gold would have gone up and it would have pushed the price up. And so by creating this fake paper market, this e t F market, it shifts

that supply demand. Because bitcoin is a fixed cap um, now they can buy an unlimited amount of bitcoin fake on paper. So that's one fear that I have. Another fear that I have, or thing that I just don't like about the e t F s is that again, bitcoin is not uh just a new technology. It's a technological revolution that will literally change all of humanity. And so um, you know, while you might be listening by the way to the Markma Show, we're talking about bitcoin

cryptocurrencies each and every week. Um. While you might be thinking about bitcoin as you know, maybe it's digital cash. Yeah, yeah, yeah, it's digital cash. I get it. Or I get it's it's kind of like digital gold. Oh yeah, yeah, I get it's kind of like that too. But bitcoin is actually so much more than that. Um, we actually don't know exactly what it's going to be. Now. Let me

give you an example. So in a technological revolution, we try in our human minds, because we're not going to predict in the future, we try to relate it to something else that we can understand. So, for example, when electricity was created, which is one of the five technological revolutions, When electricity came out, it was kind of like a digital candle, and a lot of people said, why do we need that. It's stupid, it doesn't make any sense, there's no use case for it. Candles have been perfect

for five thousand years. Why do we need a digital candle? I just use a regular candle, right, um, and and and and electricity was at that time a digital candle. It was, and it still kind of is today, but it's so much more than that. It's allowing us to do what we're doing right now. And that's kind of like what bitcoin is. It's yes, it is kind of like digital gold. Sure, it is like digital cash, Yes it is, but it is so much more than that.

It's going to be so much more. Kind of going back to even the Internet in the early nineties, it was kind of a way to send electronic messages. Sure, it was kind of a way to have like chatboards. Sure, but today we have like our car hooked to something called a cloud, using something called social media to like navigate us around traffic. Right, it's so much bigger. And so what one of the revolutionary things about bitcoin is that it allows me to custody take custody of my

own personal private property. And that is a massive shift. I want to tell you just how big of a shift that is. And this is one of the key pieces that will literally transform humanity. That's how big this is gonna be. So I'll break that down for you, and of course you'll understand where the price of bitcoin will go based off that information. You're listening to Mark Moss,

I'll be right back, all right, welcome back. You are listening to the Mark Mass Show, where I bring to you the latest information on bitcoin and cryptocurrencies and this decentralized revolution that we are going through right now. Um. And before the break, I was talking to you about the price of bitcoin, you know, or at above fifty eight dollars. We haven't been at that level for a long time. I'm talking about how the short term price

is a little bit of a distraction. But then we're looking at some of the metrics that we're driving that price. We're talking about e t f s in the betting markets, they show they have about chance of being approved and what that will do to the markets. UM. I was explaining to you two reasons why I'm not a big fan of the e t F. The first one that it creates this kind of fake paper market like we've

seen happen in the gold markets. Um. But but what I was just getting into before the break was talking about how revolutionary bitcoin is and so um. One of the many revolutionary things about bitcoin is for the first time, it allows me to hold my private property, take custody of that, and hold it in a way that I can secure it, I can protect it, and nobody can take it from me and I can take it with

me anywhere I want to go. This is revolutionary. Now, think about probably the oldest problem that man has, may may one of the oldest problems, if not the oldest. One of the oldest problems is that I'm afraid somebody will come and steal my property. So, um, somebody's gonna come, you know, kill me and take my chickens. So me and my neighbor partner together. And then some were afraid someone's gonna come take our chickens and our goats. So

then we form a village. And now we're afraid the village is going to come, So then we make a kingdom, and then we make a government. And you get the idea. We have been trying to protect our property since the beginning of time, and the more property you have, the harder it is to secure it. If you have enough gold, you have to build a vault, you need to have full time security, and that's very expensive. And then how

do you move that gold. What if I decide I want to move that gold across the sea, Well, uh, that's very slow, it's very expensive. The ship could sink. We have lots of golds in the bottom of the ocean, and so I'm securing my wealth, my value, my property is like the oldest problem we have. Bitcoin has revolutionized that. For the first time in history, I can store my wealth, my value, my money in a way that's cryptographically secured.

And what that means is that I don't need to build a vault, a castle, I don't need an army to protect that. I literally need nothing. It costs me no money, and I can secure all the wealth that I have, hundreds of billions of dollars if I've had it, and then on top of it, no one can take it from me, and then on top of that, I can take it with me anywhere I want. Now, when you take away the oldest problem that man has had, which is how do I secure my wealth, and you

get rid of that problem, how does that change the future. Well, again, humans aren't really good at predicting the future. All we can do is imagine better versions if we have today. So I can't tell you every way this changes the future, but I can tell you it's going to be big. It's going to be really big. And so because we have that shift where now we can hold our value, we can store it, nobody can steal it from us and I can take it with me anywhere. That's the

revolution revolutionary aspect. Then everybody should be doing that. You should do it. I'm doing it, and everybody else should as well. And so if you're behind bitcoin through an e t F, you're not taking delivery of the bitcoin. You don't even own bitcoin. All you're doing is getting exposure to the price. And so that reason, that and the paper paper access to the to the bitcoin are two big reasons why I'm not big fans of the

e t F coming now. UM. Some of e t F say they would be physically settled, and so that means if I buy the bitcoin UM, then uh and I and I went, I could actually take delivery of it. But most of them will be cash settled, and so that's a problem. But anyway, UM, back to the price going up. Like I said, the betting markets are saying it's about chance we see one go through UM, and I think they're onto something. Like I said, the market cap is over one trillion dollars, which makes it a

big enough asset to do that with. And the new head of the SEC, Gary ginsler Um is, like I said, he used to teach at M I t as a professor on bitcoin, so he's definitely a very bitcoin friendly. UM. So those are two reasons why I think we're really seeing the price shoot up. By the way, you're listening to the Mark Moss Show, and I bring to you the latest in bitcoin, cryptocurrency information and news each and

every week. Bookmark it on your calendar. Follow me on Twitter at one Mark Moss, send me a tweet and I'll answer your question next week. Um. And so that's one of the big catalyst that's happening. But there's lots of other things going on now. Um. In the kind of the famous quote of I think it was Gandhi that said, you know, first they ignore you, then they laugh at you, um, then they try to fight you. Um. Kind of a kind of a narrative, and then they join you. Um. And we've kind of seen the same

thing happen with bitcoin over the last eleven years. And so, you know, at first ignored bitcoin and so bitcoin was ignored for six seven years, kind of just left alone, left to kind of grow do their thing. By we started seeing people laugh at bitcoin. It's a joke, it's stupid, it will never be anything. It's a fat all these things. Um, then we got to the point where they started to fight it. UM. So we've seen China now has banned

bitcoin I think nine times now. UM. Other countries have thought about it as well, try to do things to fight it. Um. And now we're at the final stage of that famous quote, which is then they join you and so, UM, what what does that mean? Well, we've seen first the individuals have started buying bitcoin, storing their

wealth in bitcoin. It's now my reserve as set. Then we started to see over the last year year and a half, um, fortune five hundred companies, publicly traded companies like micro Strategy actually take their savings what's what they would call their treasury reserve and put that into bitcoin. So it went from people like you and I, then it went to like investors, maybe some hedge fund guys. Now it went to publicly traded corporations, and then we

went to countries. So we've seen El Salvador be the very first country to adopt bitcoin as a legal tender. And um, when they did that, they launched their own wallet's called achiev a wallet, and then a chiev a wallet. Um, that's how everybody could get access to bitcoin. They gave everybody in the country who downloaded that wallet thirty dollars in bitcoin just for downloading it. So, um, hey, congratulations, you're an El Salvador citizen. Here's your new wallet, and

here's thirty dollars in bitcoin. Now, depending on where where you're at in the world, most likely here in the United States listening to this right now, Uh, thirty dos may not sound like that much, but when you're in El Salvador, I can guarantee you that's a lot of money. It could be a it could be a whole week's

worth of wages for somebody. So imagine however much money you make if if your government gave you a week's worth of wages for free, probably the stimmy that's been being sent out for the last year, you know, getting your extra six d bucks or something like that. And

so everybody got thirty dollars in bitcoin. Now, what's interesting about that is if I don't know how many did, I don't have the data on the percentage of what the people did with it, But if they would have held that bitcoin from the time it went legal tender, which was I believe it was September seven, so just about a month ago, Um, they would have now doubled their money. They did now be sitting on sixty dollars a bitcoin, which is pretty cool. Um. So we've seen that.

And now on top of that, so remember the they ignore you, they laugh at you, they fight you, and then they join you. So now we've seen people, we've seen investors, hedge funds, we've seen publicly traded corporations. Uh, now we're seeing countries, countries. That's a big deal by the way. You listen to the Mark Mass show, um, and we're seeing countries at dot bitcoin and that is starting to trigger a domino effect. So we saw just a couple of days ago that now bitcoin is set

to become legal payments in Brazil. So the Brazilian brazil Federal Deputy or A Ribeiro, has revealed that Brazilians could soon be able to buy houses, cars, and yes, even McDonald's with bitcoin. The South American nation is preparing to vote on a cryptocurrency regulation bill, which is expected to be presented to the Planary of the Chamber of Deputies within the next couple of days. Um. And so they want to create basically the same thing that El Salvador

has done and they're not the only ones now. UM. If you think what UM El Salvador did is cool, UM, the population of Brazil is like ten x the size of El Salvador. UM. And then we've we're seeing other countries come on board with it and there is even more UM. I want to talk about that now. Some of the things why these countries want to adopt it

is for a couple of reasons. One what we've seen is in El Salvador since they've opened this up a month ago, they've had massive interests of investors coming into the markets UM to come into El Salvador, set up businesses, to buy real estate, to start moving people down there. And they've they've they've they've brought all this investment into their country. And of course other countries are watching this and they want to bring all that investment as well.

But again, it's not just about money. I want to tell you what it's actually doing to change people's lives UM. And when you understand how big it's changing people's lives there, you're gonna have a totally totally different perspective and it's going to make this seem way bigger than it is. So I'm gonna talk about that as soon as I come back. You're listening to the Mark Moa Show. All right,

welcome back. You are listening to the Mark Moss Show, and I'm bringing you the latest in information in new that you need for Bitcoin, for cryptocurrencies, and for this decentralized revolution that's going on. I continue to tell you over and over this is not just a new technology. It's not a fad, it's not something passing. This will literally change the way the world works. It will change the direction of the world. Now, we've gone through quite a bit so far. UM. If you if you're just

tuning in, uh, don't miss next week. Put on your calendar right now. But we've gone through talking about, you know, the bitcoin price. We started talking about e t f s, talked about some things that I do and don't like about the e t f s UM. Then we started talking about and how first it was people using it, then then hedge funds, investors, publicly traded companies, and now we're seeing countries talking about Al salvador UM. Now Brazil's announcing that they want to come on board with it.

We're seeing about four or five other countries talking about the same so now you're kind of caught up. But I want to tell you one thing that that most people just don't understand. Um, and I have to kind of admit that maybe I didn't even understand it either. Now I say that with a little bit of embarrassment, and maybe I shouldn't have that embarrassment, but it I travel a lot. I've been traveling the world for a

long time, pretty much my entire adult life. Part of the reason why because I'm a surfer, and so I'm constantly chasing waves all around the world. And as a surfer, you're trying to go to the most remote locations that you can. The farther you go off the beaten path, the more remote the location is, hopefully the less people that are there. And so you're always trying to get to,

you know, remote locations. And so because of that, I've gone through lots of very poor countries with very bad infrastructure things like that, and so, UM, I tell you, I stay, I have a little bit of embarrassment. I didn't know this because I have that perspective. I've traveled to these countries, but I just haven't necessarily looked at them through the through the proper lens and so, UM, I've been down to al Sova or a couple of times surfing. Um I was recently down there, UM just

a few months ago. Um, once this law came through that they're making bitcoin legal tender. And so I was there and UM, I'm I'm working on a project to take jobs down there. I'm not gonna get super deep into that, but UM, what what I noticed when I was there that just changed my perspective on this is that, Um, you may not know, but per the u N, there's about two billion adults in the world today that have

no access to financial services. Two billion adults. Now there's approximately seven and a half, maybe closer to eight billion people in the world. That's from babies to you know, old people elderly, and so if there's two billion adults, you know, that's probably a little bit more than half of the world have no access to the financial services,

to the financial markets of the world. And so at a time when the entire world is screaming for equality, equality of everything, right, equality of income equality and uh, you know, gender equality and every equality that you can imagine, at a time when the whole world is screaming that everything must be fair. We have two billion adults that have no access to the financial system, and if they have no acts to the financial system, how can that

be fair? There's no equality. But a lot of people, unfortunately today are starting to talking about equality of an outcome, meaning we should all have the same thing at the end. That's ridiculous, that's dangerous, and I reject that. But we should at least have equality of an opportunity. We should all at least have the opportunity to get ahead. And when you have two billion adults who don't even have access to the financial system, they do not have equality

of a of an opportunity. Now why why do they not have that? Why why can't they get into the financial system? Well they're not allowed to. They're not allowed to, that's right. So let me explain what I mean. So, um, in order to get a bank account, um, because you know, you're a couple hundred bucks could lead to terrorism and do all these bad things. Never mind the you know, palettes of hundreds of millions of dollars that we've given to actual terrorist countries. But your a couple hundred bucks

good lead to terrorism. And so you are you're under this heavy, heavy restriction of two things. It's called k y C, Know your Customer and a m L, which is anti money laundering, And so all the banks around the world have to comply with these two things, k y C and a m L. If you've ever gone to open up a bank account, you'll know the amount of paperwork that you have to put together to open one,

and it's it's very difficult. Now, that's difficult for you in the United States, but when you live in one of these third world countries, you don't even have the information to give them, so they can't really do the k y C or a m L on you. Uh. That's one big problem. Another problem is that there's a lot of parts of the world where people aren't allowed. They're not given permission. So our financial system is called permission. It's a permission system. You have to be allowed to

be given permission to join it. Now, there's a lot of people around the world that don't have permission, can't get permission. Why. Well, let's say that you're a fifteen year old kid and you just happen to grow up in uh Iran, and you started a little uh Instagram account and you want to start selling some pet supplies or whatever. I don't know. Well, you can't join the financial system because you were born in Iran and Iran sanctioned.

You maybe had never anything to do with what's going on in the country, but because you were born there, you don't get to join the financial system of the world. And so there's lots of countries that have that problem. The other problem, going back to El Salvador, is that while El Salvadorians used the US dollar, they are allowed to get into the into the banking system, the world financial system. The problem for them is that it's too expensive.

It's too expensive. So again, um, you have to understand that El Salvador and most essential America is very poor, as as most of the world is. So um. El Salvador is ranked I believe a hundred and seven on Global GDP, so out of about hundred eight d ninety countries. There in the bottom half of that. And you may not know this, but about half the war world lives on less than five dollars a day. A half half

the world lives on less than five dollars day. About seventy five percent of the world lives on less than ten. So if you make more than ten dollars a day, you're in the upper As a matter of fact, if you're in the United States listening to this, which I'm sure you're at this point, and you make the poverty line, you're in the top of like one percent of the world. Anyway, back to UM El Salvador. So um, you know, if they make a couple hundred bucks a month, they're doing

really good. Well. The problem is is, just like in the United States, it costs money to open up a bank account. So you know, it could cost five bucks a month or fifty bucks a month to open a bank account. Now, the way it typically works in the United States with Wells, Fargirl, Bank of America, JP, Morgan, etcetera, is that if you keep a minimum balance, then that is typically waved. Well, in El Salvador, they're paying twenty five to fifty dollars per month for a bank account,

but they don't have the balances. They don't get those fees waved, and so now it's going to cost them up to fifty bucks a month of a bank account. That could be half of their monthly pay. Can they afford to spend could you afford to spend half of your income? Just to have a bank account. Of course,

the answer is no, you can't. You wouldn't. And so all of these people and people like that in this low income bracket, even if they have permission, even if they're allowed to join the global financial system, they can't. And so all these people in al Sovadore, literally not all of them, but people that are affected by this, they don't have bank accounts. They can't join into the global financial system. They can't use digital money. Now, um, a lot of people still think of the dollars not

being digital, but about of all dollar transactions are done digital. Um. I rarely carry cash around anymore. It's all being done with debit cards or credit cards. You know, you're buying stuff online, etcetera. And so these people have no way to join the global finance system, no way to join the digital payment system. Now that's on the that's on the on the on the people, that's on the person's side. What about the business, says, well, the businesses have a

very similar problem. The problem for the businesses is that again you need to be on the global financial system, you need to be uh into the digital payment realm, and so um, a lot of the business is down there in some of these areas. UM. You know this help upoosa is on the side of the road or coconuts or things like that. Um, and you need to be doing anywhere from fifteen twenty thous dollars a month to get a credit card system, a merchant accounts set up.

And uh, but most of them don't do that much business, they don't do that much revenue, and so they're not able to get a credit card system and merchant account systems set up. And so basically what you have is a huge segment of the population as consumers. They don't have banking accounts, they're not on in the finance system, and the merchants aren't able to join that. How can

you ever have equality? How could they ever bring their skills, their products, their services to the global marketplace if they're not allowed into the global financial system. That's not equal. That's not equality. Now again I'm not going for equality of an outcome, but that they don't even have an opportunity. Well, guess what bitcoin fixes that, just like it fixes everything else. So um. Bitcoin has now given bank accounts to millions and millions of people within weeks that were not able

to get them and it's even bigger than that. Uh, you're listening to the Mark Moa show where I'm talking about bitcoin, cryptocurrencies and the decentralized revolution. When I come back, I want to talk about some other catalysts that are going to push bitcoins higher than you might ever imagine, So stick with me.