39 Burst results for "Peter Thiel"
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"peter thiel" Discussed on Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
"In today's show, we'll be discussing Bitcoin Bollinger Bands hitting a key zone as Bitcoin price fights for $27,000. In breaking news just in, Bitcoin hash rate hits a new all-time high. Let's go. And quoting Stacey Herbert, Bitcoin is pumping on the news of President Bukele's speech to the UN tonight. Can't wait. We'll also be discussing Bitcoin Adoption Fund launched by Japan's $500 billion Nomura Bank. That's right. The Bitcoin Adoption Fund will have long-only exposure to Bitcoin and be available to institutional investors. We'll also be sharing Sam Bankman, Fried's father, dragged his mother into an FTX US salary dispute. You can't make this stuff up, folks. Also in today's show, Bitcoin gearing up for a post-having parabola, according to crypto analysts. I'll be sharing his very bullish all-time high target. We'll also be discussing crypto asset market cap should explode 5 to 10x during the next bull cycle, according to investor Raoul Pal. I'll also be sharing Peter Thiel's $4 million Bitcoin price prediction, and we'll also be taking a look at the overall crypto market. All this plus so much more in today's show. Yo, what's good crypto fam? This is first and foremost, a video show. So if you want the full premium experience with video, visit my YouTube channel at cryptonewsalerts.net. Again, that's cryptonewsalerts.net. Welcome everyone just joining us. This is pod episode number 1406. I'm your host JV. And today is September 19th, 2023. We have lots to cover as usual. Massive shout out to everyone today in the live chat. Please let me know where you're tuning in from. And at the end of the show, I'm going to be reading everyone's comments out loud. Let's kick off today's show with our market watch as we do each and every day, the entire crypto market back in the green with Bitcoin back above $27,100 and checking out coinmarketcap.com, the current crypto market cap on the climb at $1.08 trillion with roughly $27 billion in volume for the past 24 hours, Bitcoin dominance at 49.2% and the Ether dominance at 18.4%. And checking out the top 100 crypto gainers of the past 24 hours, we have TonCoin leading the pack up 5%, trading at $2.57, followed by GMX up about 5%, trading just under 36 bucks, followed by Conflux up 4%, trading at $0.12. And checking out the top 100 crypto gainers of the past week, virtually 95 out of the top 100 cryptos are in the green. Some of the top gainers include GMX, GRT, as well as CRV and NEO. And checking out the crypto greed and fear index, we're currently rated at 46 in fear, same as 37 in fear. So there you have it. How many of you are pretty stoked for this most recent pump? And how many of you agree with Stacey Herbert that this pump is due to Bukele's speech scheduled for this evening? Let me know, fam. And now let's dive into today's Bitcoin technical analysis. Check out the charts and what's popping with the king crypto. Bitcoin could see fresh upside volatility as the price action and the strength revisits a key level according to a classic metric. In a new post, John Bollinger, creator of the Bollinger Bands volatility indicator, says Bitcoin was positioned for a breakout decision. That's right. After hitting new September highs the day prior, Bitcoin has been challenging resistance levels out of reach since mid-August, according to data from Cointelegraph and TradingView. Now for Bollinger, the signs for Bitcoin are encouraging. Bollinger Bands use a standard deviation around the simple moving average to determine both the likely price ranges and volatility. And as Michael Saylor once said, volatility equals life force. Now, currently Bitcoin is putting in daily candles that touch the upper band. And when this happens, it can signal an imminent reversal back to the center band, or conversely, an inbound fit of upside volatility. Now narrow Bollinger Bands seen on Bitcoin recently lend weight to hopes that the latter scenario will now play out, quitting him here. And then there is the first tag of the upper Bollinger Band. After the new set of controlling bars were established at the lower band, he commented alongside this chart, the question is now, can we walk up to the upper band or is it too early to answer? What are your thoughts, chat? Let me know in the comments below. Now Bollinger characterizes the current mood among seasoned Bitcoin traders and analysts on the short-term timeframes. Despite the strength seen this week, caution abounds as various trend lines previously acting as support remain above the spot price. Now discussing the situation, we had on-chain monitoring resource, material indicators share the following. We have heavy technical resistance overhead at the key moving averages and support at the lower low. It is quite possible that we round trip the range. And with any luck, we'll see a legit test of the RS levels that will give us some clarity on where Bitcoin goes from here before the end of the week. And they also shared here in update number two, as noted earlier, it appears the Bitcoin bulls are gaining some momentum, but things are not always as they seem and goes on to share that sometime after last night's candle and close open, we've seen a new trend precognition signal develop on the daily chart and it seems to be bullish. I mean, we are breaking out. We are above 27,000. So let's freaking go. And also more strong foundation on the technicals. You can see Bitcoin hits yet another all-time high, which virtually means the network has never been this strong and this secure. Now I'm pretty stoked to tune into President Bukele's speech to the UN this evening. What do you think he has to share besides? I told you so. Let me know, fam. And again, welcome to everyone just joining us for the live show. Lots to continue to cover. So let's continue breaking it down. Next, let's discuss this adoption fund, which is a pretty big deal coming out of Japan. Let's go check this out. Japan's largest investment bank, Numura's digital asset subsidiary, Laser Digital Asset Management, launched the Bitcoin adoption fund specifically for the institutional investors. Bring it. The official announcement noted the Bitcoin-based fund will be the first in a range of digital adoption investment solutions that the firm plans to introduce. Now Numura is a Japanese financial giant with over $500 billion worth of assets, which basically that's half a trillion, baby, offers brokerage services to leading institutional investors. The Bitcoin fund launched by its digital asset arm will now offer investors direct exposure to BTC. The Laser Digital Bitcoin Adoption Fund offers long key exposure to Bitcoin. The financial giant has chosen Kamanu as its regulated custody partner. The Bitcoin fund is a portion of Laser Digital Fund's segregated portfolio company that has been registered as a mutual fund in accordance with the Cayman Islands regulatory authority. Now, Laser Digital Asset Management head Sebastian said the Bitcoin is one of the enablers of this long-lasting transformational change and long-term exposure to Bitcoin offers a solution for the investors to capture this macro trend. Now, the Bitcoin adoption fund might be the first of its kind launched by Numura and the digital asset arm, but the Japanese investment banking giant has been investing in the digital asset ecosystem for quite some time already. In fact, September of last year, the firm launched its digital asset venture capital arm to stay at the forefront of digital innovation. And also won Dubai's virtual asset regulatory authority license to operate in the country. The long-only Bitcoin adoption fund for investors in Japan comes amid a growing discussion around Bitcoin-based investment products from regulated and mainstream financial giants. The United States SEC approved two Bitcoin ETFs, even though there is a delayed decision specifically on the spot. Bitcoin ETFs. What's up with that, Mr. Gensler? Just saying. And apart from the US, Canada and focused investment products over the past couple of years. So there you have it, mass adoption, let's freaking go, especially on the institutional level. How many of you are in Japan? I know we have some in our audience out there. Let me know. And have you ever heard of this company before? Any plans in investing through them? Let me know how you guys feel. And now let's break down the latest. It gets more surprising and shocking every day with what all is going on with Bankman-Fried and FTX. Now his parents are involved. His parents are being sued by FTX. And it's just a nightmare of a mess, to say the least. So let's break down this latest story regarding SBF. Now, Joseph Bankman, the father of the former FTX CEO, Sam Bankman-Fried, complained to his son about the salary he was receiving during his employment at FTX US, turning the issue into a family matter. In a September 18 filing with the US Bankruptcy Court for the District of Delaware, FTX debtors filed a complaint against Bankman and Barbara Fried, alleging that SBF's parents misappropriated millions of dollars through their involvement in the exchange's business. And according to the court documents, Bankman's contract with FTX US should have provided a $200,000 annual salary following a leave of absence from the Stanford Law School in December 2021. However, Bankman seemed to express ignorance about the terms of the contract, claiming to both FTX US and his son that he was expecting a $1 million annual salary. What about all that property in the Bahamas, fam? What about all that? Hundreds of millions worth of properties? Just wanted to throw that out there. The complaint states that Bankman was putting Barbara on this, suggesting that SBF's mother may have been able to persuade her son to follow through with the salary change. Things get even more interesting. So according to the complaint, Bankman's influence paid off, with SBF later providing his parents $10 million from Alameda Research. Can you talk about commingling? A 16.4 million property in the Bahamas, funded by FTX Trading, the ability to expense roughly $90,000 to FTX Trading on the island nation in the Bahamas, and options to purchase company stock. Now, when reached out to the legal team representing Bankman and Fried, but did not receive a response at the time, unfortunately, the legal action brought by the debtors was the latest in the bankruptcy case involving FTX and many of its subsidiaries filed in November of last year. Bankman Fried also faces 12 criminal charges to be spread across two trials, starting in October of 2023, which is right around the corner, fam, and March of 2024, right before the halving, scheduled for April of next year. And since the federal judge revoked his bail in August, Bankman Fried has been largely confined to the Metropolitan Detention Center in Brooklyn. Where's Brooklyn at? Before the start of his October trial, then on September 19th, a three-judge panel heard an appeal from SPF's legal team requesting the former FTX CEO to be released from jail in order to prepare for the trial, citing the lack of internet access and first amendment issues. All I got to say is this, I mean, how many people realistically have access to the internet in jail? Why should he? Million dollar question right there. But what are your thoughts, fam? How do you think this is likely to play out? And do you think that Bankman Fried's parents are just as guilty as SPF himself with the commingling and the fraud of going up north of $30 billion, making it the biggest scam in history that we're aware of? Hence why we call him Mini Madoff, because he made off with billions of dollars worth of investors' money, and Gary Gensler and the SEC was protecting him behind closed doors. So it's going to be very interesting to see how all this is likely to play out. Now let's discuss post halving. We all know there is a halving scheduled roughly six months out. We all know post halving, the price action is most likely going to reach a new all-time high and enter price discovery mode. Well, this analyst shares a very intriguing target. So let's break this down, shall we? And welcome to y'all just joining us. Say hello in that live chat. Let me know where you're tuning in from. I stream live here seven days a week from Puerto Rico. Synonymous analyst Rhett Capital tells his followers on X that Bitcoin can rally above $80,000 per coin in the months following next month's event. For the halving, send it. Let's go. The Bitcoin halving cuts the Bitcoin miners' rewards in half, as we all know, expected to take place in April of next year. And while Rhett Capital is a long-term bull on Bitcoin, he notes that it is possible for Bitcoin to continue its downtrend before the halving, putting him here. Hang in there and make the most of any deeper downside in this pre halving period. You won't see the post halving parabola in the outlines here in this chart. It shows you in the yellow, the pre halving period, then in the pink, the post halving resistance, and then in the green, you can see the post halving parabola when we hit those new all-time highs. Now, Rhett notes that Bitcoin may repeat its 2019 bear market cycle when it traded within a triangle pattern before breaking out and starting off the bull market, as he shares here, if Bitcoin continues to form lower highs, could Bitcoin fill the CME, which is the Chicago Mercantile Exchange gap, at $20,000 later this year or in early 2024? So it makes a good point. There is currently a gap sitting at that $20,000 psychological level. And he continues, if so, the possible path could be consolidation to the apex of the black triangle before finally breaking out to close the halving. And you can see that triangle right here in this chart. Now, looking at the chart, he seemed to suggest that Bitcoin will confirm the triangle breakout in April of 2024, followed by a rally towards his long-term target. Now, let me know your thoughts, chat. How many of you agree that Bitcoin is likely to break out to a new all-time high, entering price discovery mode in 2024, the year of the halving? Let me know. And what are some of your targets? I'd also like to point out that the Stock the Flow model and Plan B, creator of that model, he suggests a $100 to $1 million price range for the King Crypto post halving. We also have some very other bullish predictions, which I cover on a daily basis here on the channel. But I'd love to know your personal prediction. I think we reached the cycle peak personally sometime in 2025, but I think 2024, we enter that price discovery mode. But I'd love to know your thoughts and your opinions in the comments right down below. And now let's break down our next story of the day and discuss the latest from the macro guru, Raoul Pal, who is suggesting that the Bitcoin market cap and crypto market cap as a whole does something between 5 and 10x for this upcoming bull cycle. Now, you do the math. We have a crypto market cap right now. I'm going to ballpark it at a trillion. We have a Bitcoin market cap. I'm going to ballpark it at a half a trillion, which is 500 billion. So hypothetically, if we were to 10x Bitcoin in and of itself, we're talking about a 5 trillion dollar Bitcoin market cap, which would be half the current market cap of gold. Now, with the entire crypto market cap, we can potentially hit 10 trillion. Now, also note, back in November of 2021, when we hit that all time high of 69,000 in November of last year, the total crypto market cap was just north of that 3 trillion dollar market cap. So he's so let's break this down and shout out to Raoul Pal. Here we go. Former Goldman Sachs executive Raoul Pal says the next bull cycle can bring an explosion in the market cap of all of the digital assets. That's right. In a new interview with Altcoin Daily, the macro expert says he expects a huge increase in the adoption of digital assets, and that can cause the total market cap of crypto to skyrocket as much as 900% from its current value during the next bull market. Quoting the analysts here, obviously, I think we'll go well through new all time highs. I think the whole ecosystem of crypto will go from 425 million users where we're at today. And I think at the end of this cycle, there'll be a billion users by that kind of use cases in which we have talked about. And let's not forget, we have got central bank digital currencies that are known as CBDCs and stable coins. There is a lot going on still. So if this entire space is going to grow 2.5 X in the number of users, well, the market cap of the entire space is five or 10 X. Send it. Let's go. Pal also says he is closely watching development of layer two Altcoin projects for new use cases, which could boost the value of their individual market cap, quitting him again. And then let's see how people value layer twos in this. We don't really know how layer twos accrue much value. Do we have to have a massive amount of transactions in which case then you need stuff like Ticketmaster with millions and millions and millions of transactions to drive value to those chains because they batched them and batched them down to Ethereum. So there you have it. And to watch this interview, he did Raul Pal, the macro guru with Altcoin Daily entitled best cryptocurrency investing strategy into 2024. Check the show notes, blow the video in the description and let me know your thoughts on his personal prediction. Do you feel post having that the market cap for the entire crypto market can likely 10 X from the current valuation along with Bitcoin surging 10 X to roughly a five trillion market cap? And hypothetically, if the macro guru is correct, where do you think that would likely take the Bitcoin price? Well, let's run some hypothetical math. Bitcoin was the 10 X from the current price action of 27,000. Well, that's $270,000 per coin. Take that. And as we all know, Bitcoin rises like that, the entire crypto market cap would go along for the ride, including the altcoin. So please let me know in the chat, fam, which altcoins, if any, are you most bullish on in the crypto market? And what are your thoughts surrounding Raul Pal being so bullish on Solana? A few months back, I read in an interview he shared that 80% or more of his portfolio was specifically in an altcoin called Solana. So I'd love to know your thoughts. Obviously, he has a high risk tolerance as I look at that particular cryptocurrency to be very risky, especially with all that went in with the venture capitalists and SPF and FTX exchange pumping that particular all. So I'd love to know how you feel regarding all of that. And with that being shared, fam, now let's discuss Peter Thiel and his $4 million price prediction, as well as rumor has it, and I'll be covering this as well, that he dumps most of his Bitcoin position at the top of the market practically 30 days before the crash. So let's break this down because Peter Thiel was actually one of the keynote speakers at the Miami Conference for Bitcoin. And here's what he had to share as I transcribed his speech, and then we'll discuss him reportedly making $1.8 billion cashing out on his eight-year bet around the time he was touting these all-time high predictions. So here we go. He says, the enemy's list is a list of people who I think are stopping Bitcoin. He says there is a lot of them. They tend to have nameless, faceless bureaucratic perspectives, which of course is one of the ways they hide. He goes on to share, we are going to try to expose them and realize that this is sort of what we have to fight for Bitcoin to go up, 10x or 100x from here. Now, just FYI, to give you some perspective, at the time he made this prediction on stage at the Bitcoin Miami Conference, Bitcoin was trading at roughly $43,000 per coin. So you run the math. 43,000 times 100x is over $4 million per Bitcoin. So you know that? Let's continue with what he had to share. The central banks are going bankrupt. We are at the end of the fiat money regime. How many of you agree with that statement? I agree there 100%. The first person on the list is Berkshire Hathaway CEO, Warren Buffett. Thiel put up a picture of Buffett with two of his most famous quotes about Bitcoin. One was rat poison and the other, I don't own any and I never will. I also like to point out now since then, Warren Buffett has much indirect exposure to Bitcoin through Bitcoin mining stock companies and etc. So go figure. If you can't beat them, join them, right? And he goes on. He opined, I think the direct in it. Yeah, and I say also Charlie Munger goes along with him. Now, feel further noted that Buffett has a bias and makes him long on fiat money system and money managers who follow the Berkshire Hathaway executives advice will pretend it's complicated to invest into Bitcoin. I think we call that FUD. Fear, uncertainty and doubt. Now expect nothing less from one of the wealthiest people in the fiat money matrix Ponzi scheme. You know what I mean? So just saying. The next person on the list of Bitcoin's enemies is the one and only JP Morgan Chase CEO, Jamie Dimon, or as Max Kaiser calls him, Jamie the tapeworm. They'll put diamonds picture up with the following quote. I don't call them crypto currencies. I call them crypto tokens because currencies have rules of law behind them, central banks and tax with authorities. Now you guys already know how I feel personally about JP Morgan Chase CEO, Jamie Dimon. So I won't go any deeper there. But anyways, we know he's an enemy of Bitcoin and always has been. The next picture he put up was of the BlackRock CEO, Larry Fink, with the following quote. I see huge opportunities in a digitized crypto blockchain related currency, and that's where I think it is going to go. Now just FYI, Larry Fink is the CEO of the largest asset management firm in the entire world, which owns a large share in virtually all the companies in the S &P 500, and that is BlackRock. They currently have over $10 trillion in assets under management. And for a long time, he was spreading FUD regarding Bitcoin. But guess what? Like I mentioned earlier, if you can't beat them, join them because they just most recently, a few months ago, they submitted their application for a spot Bitcoin ETF, which ultimately means they're going to be introducing this to the institutions which have trillions upon trillions of dollars as there's currently north of $700 trillion in total addressable market, and they want their piece of the Bitcoin pie. So he goes on to share, the PayPal co-founder added that Fink's quote is somewhat representative of the whole genre of Bitcoin attacks that need further context, stating that pro-blockchain is an anti-Bitcoin term, very typically. Feel then brought up the environmental, social, and governance, ESG standards, elaborating the following, the label they have come up with, and perhaps the real enemy is ESG. I think that ESG is just a hate factory. Also like to throw out there, Elon Musk, he stopped taking Bitcoin payments for Tesla, and he says it's because of the FUD regarding this ESG, and we all know it's not more than FUD, and it's already been proven that Bitcoin is more than 50% clean energy. So the million dollar question, when will the world's supposedly wealthiest man, Elon Musk, when will he start accepting Bitcoin payments again for Tesla? Isn't that a great question, and wouldn't you love to know the answer to that? Maybe you should ask Elon and tag him on X and see what he says. Anyways, feel stressed. You can always ask the question, what's the difference between ESG and the CCP, the Chinese Communist Party? Well, when you think ESG, you should be thinking of CCP per H. Now, he also goes on to share, it is the finance gentocracy that runs the country through whatever silly virtue signaling or hate factory to them, just like ESG, the billionaire concluded. This is what I would call and what you have to think of as a revolutionary youth movement, and we have to just go out from this conference and take over the world. So there you have it, fam. What are your thoughts surrounding Peter Thiel's prediction that we are likely to 100X, and along with his enemies list, as it seems, a lot of the enemies have come around and now have direct exposure to BTC, but it doesn't stop there because around that time he was making this $4 million Bitcoin price prediction. He allegedly dumped most of his position cashing out and with over a billion dollars in profits for his fund. So let's also break this down as this is also very relevant. How many of you were able to watch the speech he gave at that Bitcoin conference? It was epic, to say the least. I recall it now. So here we go. Check it out. Peter Thiel's venture capital firm reportedly made $1.8 billion closing out its crypto positions around the time when he was an early Bitcoin bull, still predicting the token's price to surge by 100X. And again, from 43,000 price action, 100X means over 4 million. Founders Fund had cashed out almost all of its bets on digital assets by March of 2022, according to the Financial Times report that cited people familiar with the matter. But Thiel was still backing Bitcoin, obviously, when he spoke at the crypto conference in Miami the following month. He went on to share where at the end of the fiat money regime, he said, adding that the token's price could increase 100 fold from its level at the time, which was reported at $44,000 per coin. That prediction was proven false and as rising interest rates and failures, the high profile firms like Celsius Network, Three Arrows Capital, FTX, Terra Luna dragged the crypto sector into the prolonged bearish winter. Now Bitcoin plummeted by over 60% in 2022 and was trading at under 17,000 by the end of the year. And I believe the bottom currently for the cycle is 15,700. How many of you feel that that bottom is in? Let me know, chat. Founders Fund first started pouring money into crypto all the way back in 2014, when Bitcoin was only trading at roughly $750 per coin. So by the time Bitcoin reached its all time high in November of 2021, it had surged 8,500% from that particular level. Not too shabby for a seven year run, wouldn't you say? Now Thiel has a long track record as one of Silicon Valley's most prominent tech investors. He took early stakes in startups, which include Facebook, Elon Musk's SpaceX, and ride hailing app Lyft, and even co-founded PayPal back in 1998. Thiel is also a high profile supporter of the Republican Party and continued to voice his support for Donald Trump since the former president left office in January of 2021. The fund held around two thirds of his portfolio in Bitcoin at one time, but now not has significant exposure to crypto according to FT's sources. So there you have it. Fam, what are your thoughts surrounding his prediction and him cashing out at around that time he was making those all time high predictions of 100X? Let me know, fam. And don't forget to check out cryptonewsalerts.net for the full premium experience with video and to participate in the live Q &A. And I look forward to seeing you on tomorrow's episode. HODL.
Bloomberg Daybreak Europe
Fresh "Peter Thiel" from Bloomberg Daybreak Europe
"-year yield in the US at 4 .95 percent after it briefly hit the 5 percent handle earlier looking at levels the highest since 2007 across the 10 and 30 -year end of the curve. In the European bond space, the German 10 -year bond yield at 2 .99 percent, two basis points higher this morning after briefly touching the 3 percent level as well. On equity markets, the stock 600 down a 10th of 1 percent, the FTSE 100 is a 10th of 1 percent higher, the CAC Caron down by two tenths, the DAX in Frankfurt is four tenths of 1 percent lower as well. In terms of the sectors that are moving in trading in Europe, Europe, we had been looking at the vast majority of sectors in the red, we're now seeing some more positivity return to European stocks, utilities up by seven tenths, media shares six tenths higher, with about a third of sectors in the green, but auto in parts as the worst performing sector down by 1 .24 percent Anna. Those are the markets, let's get to a market stories story. this morning, One of our the top relentless sell -off in US government bonds is sparking turmoil across global bond markets. The 30 year treasury briefly hit five percent for the first time since 2007, while the German 10 -year yield crossed three percent for the first time in 12 years. The route deepened after the latest US data showed job openings increasing by more than expected in the month of August. Our markets reporter Valerie Titel says the moves are in recent times. This route in the treasury market is just absolutely phenomenal. I've never seen anything like it myself. I've been in the markets for nearly 15 years now. The steepening that we're seeing since Jerome Powell's testimony two weeks ago, that was 10 sessions ago. The sell -off mentioned by Valerie Titel is also seeing conditions deteriorating corporate credit. At least two borrowers standing down planned issuances on Tuesday amid the market volatility. The market reaction comes as Atlanta Fed President Raphael Bostic shared his thoughts on the hiking cycle. Speaking at an event in Atlanta, he said the Fed should hold rates at elevated levels. What I'm grateful to say is that we've seen inflation come down. I feel like we're in restrictive space now, and now we just need to let that restriction play out and let it continue to bring inflation down to get back into the range of our target, and if we can do that, that would be a good thing. Bostic's comments come as the US Treasury Secretary Janet Yellen also weighed in on the debate. She told a conference in Washington that while the strength of the US economy suggests rates will remain higher for longer, it's by no means a given. Saying in the US, Kevin McCarthy has been ousted as the House Speaker after Republican hardliners rebelled over his compromise with Democrats to avert a government shutdown. Goldman Sachs says the move raises the risk of a shutdown next month as his eventual successor will be under even more pressure from those on the right of the party. The move ends a tumultuous nine months in the job for McCarthy, who says he won't run for the position again. I don't regret standing up for choosing governing over grievance. It is my responsibility. It is my job. I do not regret negotiating. Our government is designed to find compromise. I don't regret my efforts to build coalitions and find solutions. I was raised to solve problems, not create them. Despite McCarthy's lack of regret, the latest turmoil has fueled concerns about deepening dysfunction in Washington. The last time the House even voted on removing a speaker was in 1910 and in that case the office holder survived the test. Here in the UK, the Prime Minister Rishi Sunak is expected to announce that part of Europe's biggest infrastructure project, HS2, is being scrapped. It's understood the Prime Minister will use his speech at the Conservative Party conference to soften the blow announcing that some of the savings will be used to boost other parts of the UK's transport network but Labour's Greater Manchester Mayor Andy Burnham says the plan is a disgrace. Do not pull the plug on the North of England. Do not treat people here as second -class citizens when it comes to transport because if you do do those things people here will never forget. Burnham's criticism has been echoed by both the former Chancellor George Osborne and Conservative West Midlands Mayor Andy West. Here's what he told Bloomberg Radio. My argument is you do need to have HS2 so that's not really the question is it? And of course what's been put to the Prime Minister is a proposal which is supported by private businesses to say let us try to rethink the lake to the north but it is still needed Those comments from Andy Street and others have helped to cast a long shadow over the annual Tory gathering. HS2 was a core plank of the party's previous pledge to level up economic opportunities across the country. Palantir the data analysis firm co -founded by the tech billionaire Peter Thiel has emerged as the top pick for a major NHS data contract. The five -year deal could be worth close to half a billion pounds and focuses on analyzing medical information. Palantir's relationship with the NHS has been criticized by civil and rights patient advocacy groups who worry about data privacy and the firm's work with intelligence and defense agencies. And billionaire investor Ray Dalio says US -China relations are close to breaking down. Speaking to David Weston, the Bridgewater Associates founder warned of the conflict between the largest world's economies. The US -China relationship are in a number of areas on the brink of red lines. So, in other words, these irreconcilable differences, they're right on the brink. Dalio went on to say the breaking point would be if the United States came out in favor of an independent Taiwan that he said would be quote the equivalent of a declaration of war. Dalio's nurtured long relations with Chinese officials and previously expressed admiration for some of Beijing's economic policies. Those are our top stories on the markets then. The stock 600 is down by around a tenth of a percent on Wall S Street &P E -mini futures are down by a quarter of 1 % and the 10 -year US Treasury yield is at 4 81%. We see that yield going up higher again this morning. And it is on those markets where we're going to turn to next the route that is upending of course all markets it appears this morning or at least across asset classes as well. We had those milestones hit for the 30 -year Treasury yield in the US hitting 5 % briefly it's now at 4 .94 % the 10 -year German bunch yield hitting 3 % for the first time since 2011 as well. Joining us now to discuss Valerie Tytel our Market Supporter and Chrissy Gupta as well of course Bloomberg Anchor with us too. This Valerie has been quite the 24 hours on bond markets can you just take us through that give us a size and scope rundown of what's happened? I have not taken my eyes off the screen I barely slept last night amid this Treasury route it was one of the worst sessions for the Treasury market yesterday and the concerning thing is is Stephen that it's continuing today we're continuing to see these yields march higher but yesterday's move was just phenomenal we had the 15 basis point move in the long
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
A highlight from 1406: Bitcoin Will Hit $4 Million, Rising 100x - Peter Thiel
"In today's show, we'll be discussing Bitcoin Bollinger Bands hitting a key zone as Bitcoin price fights for $27 ,000. In breaking news just in, Bitcoin hash rate hits a new all -time high. Let's go. And quoting Stacey Herbert, Bitcoin is pumping on the news of President Bukele's speech to the UN tonight. Can't wait. We'll also be discussing Bitcoin Adoption Fund launched by Japan's $500 billion Nomura Bank. That's right. The Bitcoin Adoption Fund will have long -only exposure to Bitcoin and be available to institutional investors. We'll also be sharing Sam Bankman, Fried's father, dragged his mother into an FTX US salary dispute. You can't make this stuff up, folks. Also in today's show, Bitcoin gearing up for a post -having parabola, according to crypto analysts. I'll be sharing his very bullish all -time high target. We'll also be discussing crypto asset market cap should explode 5 to 10x during the next bull cycle, according to investor Raoul Pal. I'll also be sharing Peter Thiel's $4 million Bitcoin price prediction, and we'll also be taking a look at the overall crypto market. All this plus so much more in today's show. Yo, what's good crypto fam? This is first and foremost, a video show. So if you want the full premium experience with video, visit my YouTube channel at cryptonewsalerts .net. Again, that's cryptonewsalerts .net. Welcome everyone just joining us. This is pod episode number 1406. I'm your host JV. And today is September 19th, 2023. We have lots to cover as usual. Massive shout out to everyone today in the live chat. Please let me know where you're tuning in from. And at the end of the show, I'm going to be reading everyone's comments out loud. Let's kick off today's show with our market watch as we do each and every day, the entire crypto market back in the green with Bitcoin back above $27 ,100 and checking out coinmarketcap .com, the current crypto market cap on the climb at $1 .08 trillion with roughly $27 billion in volume for the past 24 hours, Bitcoin dominance at 49 .2 % and the Ether dominance at 18 .4%. And checking out the top 100 crypto gainers of the past 24 hours, we have TonCoin leading the pack up 5%, trading at $2 .57, followed by GMX up about 5%, trading just under 36 bucks, followed by Conflux up 4%, trading at $0 .12. And checking out the top 100 crypto gainers of the past week, virtually 95 out of the top 100 cryptos are in the green. Some of the top gainers include GMX, GRT, as well as CRV and NEO. And checking out the crypto greed and fear index, we're currently rated at 46 in fear, same as 37 in fear. So there you have it. How many of you are pretty stoked for this most recent pump? And how many of you agree with Stacey Herbert that this pump is due to Bukele's speech scheduled for this evening? Let me know, fam. And now let's dive into today's Bitcoin technical analysis. Check out the charts and what's popping with the king crypto. Bitcoin could see fresh upside volatility as the price action and the strength revisits a key level according to a classic metric. In a new post, John Bollinger, creator of the Bollinger Bands volatility indicator, says Bitcoin was positioned for a breakout decision. That's right. After hitting new September highs the day prior, Bitcoin has been challenging resistance levels out of reach since mid -August, according to data from Cointelegraph and TradingView. Now for Bollinger, the signs for Bitcoin are encouraging. Bollinger Bands use a standard deviation around the simple moving average to determine both the likely price ranges and volatility. And as Michael Saylor once said, volatility equals life force. Now, currently Bitcoin is putting in daily candles that touch the upper band. And when this happens, it can signal an imminent reversal back to the center band, or conversely, an inbound fit of upside volatility. Now narrow Bollinger Bands seen on Bitcoin recently lend weight to hopes that the latter scenario will now play out, quitting him here. And then there is the first tag of the upper Bollinger Band. After the new set of controlling bars were established at the lower band, he commented alongside this chart, the question is now, can we walk up to the upper band or is it too early to answer? What are your thoughts, chat? Let me know in the comments below. Now Bollinger characterizes the current mood among seasoned Bitcoin traders and analysts on the short -term timeframes. Despite the strength seen this week, caution abounds as various trend lines previously acting as support remain above the spot price. Now discussing the situation, we had on -chain monitoring resource, material indicators share the following. We have heavy technical resistance overhead at the key moving averages and support at the lower low. It is quite possible that we round trip the range. And with any luck, we'll see a legit test of the RS levels that will give us some clarity on where Bitcoin goes from here before the end of the week. And they also shared here in update number two, as noted earlier, it appears the Bitcoin bulls are gaining some momentum, but things are not always as they seem and goes on to share that sometime after last night's candle and close open, we've seen a new trend precognition signal develop on the daily chart and it seems to be bullish. I mean, we are breaking out. We are above 27 ,000. So let's freaking go. And also more strong foundation on the technicals. You can see Bitcoin hits yet another all -time high, which virtually means the network has never been this strong and this secure. Now I'm pretty stoked to tune into President Bukele's speech to the UN this evening. What do you think he has to share besides? I told you so. Let me know, fam. And again, welcome to everyone just joining us for the live show. Lots to continue to cover. So let's continue breaking it down. Next, let's discuss this adoption fund, which is a pretty big deal coming out of Japan. Let's go check this out. Japan's largest investment bank, Numura's digital asset subsidiary, Laser Digital Asset Management, launched the Bitcoin adoption fund specifically for the institutional investors. Bring it. The official announcement noted the Bitcoin -based fund will be the first in a range of digital adoption investment solutions that the firm plans to introduce. Now Numura is a Japanese financial giant with over $500 billion worth of assets, which basically that's half a trillion, baby, offers brokerage services to leading institutional investors. The Bitcoin fund launched by its digital asset arm will now offer investors direct exposure to BTC. The Laser Digital Bitcoin Adoption Fund offers long key exposure to Bitcoin. The financial giant has chosen Kamanu as its regulated custody partner. The Bitcoin fund is a portion of Laser Digital Fund's segregated portfolio company that has been registered as a mutual fund in accordance with the Cayman Islands regulatory authority. Now, Laser Digital Asset Management head Sebastian said the Bitcoin is one of the enablers of this long -lasting transformational change and long -term exposure to Bitcoin offers a solution for the investors to capture this macro trend. Now, the Bitcoin adoption fund might be the first of its kind launched by Numura and the digital asset arm, but the Japanese investment banking giant has been investing in the digital asset ecosystem for quite some time already. In fact, September of last year, the firm launched its digital asset venture capital arm to stay at the forefront of digital innovation. And also won Dubai's virtual asset regulatory authority license to operate in the country. The long -only Bitcoin adoption fund for investors in Japan comes amid a growing discussion around Bitcoin -based investment products from regulated and mainstream financial giants. The United States SEC approved two Bitcoin ETFs, even though there is a delayed decision specifically on the spot. Bitcoin ETFs. What's up with that, Mr. Gensler? Just saying. And apart from the US, Canada and focused investment products over the past couple of years. So there you have it, mass adoption, let's freaking go, especially on the institutional level. How many of you are in Japan? I know we have some in our audience out there. Let me know. And have you ever heard of this company before? Any plans in investing through them? Let me know how you guys feel. And now let's break down the latest. It gets more surprising and shocking every day with what all is going on with Bankman -Fried and FTX. Now his parents are involved. His parents are being sued by FTX. And it's just a nightmare of a mess, to say the least. So let's break down this latest story regarding SBF. Now, Joseph Bankman, the father of the former FTX CEO, Sam Bankman -Fried, complained to his son about the salary he was receiving during his employment at FTX US, turning the issue into a family matter. In a September 18 filing with the US Bankruptcy Court for the District of Delaware, FTX debtors filed a complaint against Bankman and Barbara Fried, alleging that SBF's parents misappropriated millions of dollars through their involvement in the exchange's business. And according to the court documents, Bankman's contract with FTX US should have provided a $200 ,000 annual salary following a leave of absence from the Stanford Law School in December 2021. However, Bankman seemed to express ignorance about the terms of the contract, claiming to both FTX US and his son that he was expecting a $1 million annual salary. What about all that property in the Bahamas, fam? What about all that? Hundreds of millions worth of properties? Just wanted to throw that out there. The complaint states that Bankman was putting Barbara on this, suggesting that SBF's mother may have been able to persuade her son to follow through with the salary change. Things get even more interesting. So according to the complaint, Bankman's influence paid off, with SBF later providing his parents $10 million from Alameda Research. Can you talk about commingling? A 16 .4 million property in the Bahamas, funded by FTX Trading, the ability to expense roughly $90 ,000 to FTX Trading on the island nation in the Bahamas, and options to purchase company stock. Now, when reached out to the legal team representing Bankman and Fried, but did not receive a response at the time, unfortunately, the legal action brought by the debtors was the latest in the bankruptcy case involving FTX and many of its subsidiaries filed in November of last year. Bankman Fried also faces 12 criminal charges to be spread across two trials, starting in October of 2023, which is right around the corner, fam, and March of 2024, right before the halving, scheduled for April of next year. And since the federal judge revoked his bail in August, Bankman Fried has been largely confined to the Metropolitan Detention Center in Brooklyn. Where's Brooklyn at? Before the start of his October trial, then on September 19th, a three -judge panel heard an appeal from SPF's legal team requesting the former FTX CEO to be released from jail in order to prepare for the trial, citing the lack of internet access and first amendment issues. All I got to say is this, I mean, how many people realistically have access to the internet in jail? Why should he? Million dollar question right there. But what are your thoughts, fam? How do you think this is likely to play out? And do you think that Bankman Fried's parents are just as guilty as SPF himself with the commingling and the fraud of going up north of $30 billion, making it the biggest scam in history that we're aware of? Hence why we call him Mini Madoff, because he made off with billions of dollars worth of investors' money, and Gary Gensler and the SEC was protecting him behind closed doors. So it's going to be very interesting to see how all this is likely to play out. Now let's discuss post halving. We all know there is a halving scheduled roughly six months out. We all know post halving, the price action is most likely going to reach a new all -time high and enter price discovery mode. Well, this analyst shares a very intriguing target. So let's break this down, shall we? And welcome to y 'all just joining us. Say hello in that live chat. Let me know where you're tuning in from. I stream live here seven days a week from Puerto Rico. Synonymous analyst Rhett Capital tells his followers on X that Bitcoin can rally above $80 per ,000 coin in the months following next month's event. For the halving, send it. Let's go. The Bitcoin halving cuts the Bitcoin miners' rewards in half, as we all know, expected to take place in April of next year. And while Rhett Capital is a long -term bull on Bitcoin, he notes that it is possible for Bitcoin to continue its downtrend before the halving, putting him here. Hang in there and make the most of any deeper downside in this pre halving period. You won't see the post halving parabola in the outlines here in this chart. It shows you in the yellow, the pre halving period, then in the pink, the post halving resistance, and then in the green, you can see the post halving parabola when we hit those new all -time highs. Now, Rhett notes that Bitcoin may repeat its 2019 bear market cycle when it traded within a triangle pattern before breaking out and starting off the bull market, as he shares here, if Bitcoin continues to form lower highs, could Bitcoin fill the CME, which is the Chicago Mercantile Exchange gap, at $20 ,000 later this year or in early 2024? So it makes a good point. There is currently a gap sitting at that $20 ,000 psychological level. And he continues, if so, the possible path could be consolidation to the apex of the black triangle before finally breaking out to close the halving. And you can see that triangle right here in this chart. Now, looking at the chart, he seemed to suggest that Bitcoin will confirm the triangle breakout in April of 2024, followed by a rally towards his long -term target. Now, let me know your thoughts, chat. How many of you agree that Bitcoin is likely to break out to a new all -time high, entering price discovery mode in 2024, the year of the halving? Let me know. And what are some of your targets? I'd also like to point out that the Stock the Flow model and Plan B, creator of that model, he suggests a $100 to $1 million range price for the King Crypto post halving. We also have some very other bullish predictions, which I cover on a daily basis here on the channel. But I'd love to know your personal prediction. I think we reached the cycle peak personally sometime in 2025, but I think 2024, we enter that price discovery mode. But I'd love to know your thoughts and your opinions in the comments right down below. And now let's break down our next story of the day and discuss the latest from the macro guru, Raoul Pal, who is suggesting that the Bitcoin market cap and crypto market cap as a whole does something between 5 and 10x for this upcoming bull cycle. Now, you do the math. We have a crypto market cap right now. I'm going to ballpark it at a trillion. We have a Bitcoin market cap. I'm going to ballpark it at a half a trillion, which is 500 billion. So hypothetically, if we were to 10x Bitcoin in and of itself, we're talking about a 5 trillion dollar Bitcoin market cap, which would be half the current market cap of gold. Now, with the entire crypto market cap, we can potentially hit 10 trillion. Now, also note, back in November of 2021, when we hit that all time high of 69 ,000 in November of last year, the total crypto market cap was just north of that 3 trillion dollar market cap. So he's so let's break this down and shout out to Raoul Pal. Here we go. Former Goldman Sachs executive Raoul Pal says the next bull cycle can bring an explosion in the market cap of all of the digital assets. That's right. In a new interview with Altcoin Daily, the macro expert says he expects a huge increase in the adoption of digital assets, and that can cause the total market cap of crypto to skyrocket as much as 900 % from its current value during the next bull market. Quoting the analysts here, obviously, I think we'll go well through new all time highs. I think the whole ecosystem of crypto will go from 425 million users where we're at today. And I think at the end of this cycle, there'll be a billion users by that kind of use cases in which we have talked about. And let's not forget, we have got central bank digital currencies that are known as CBDCs and stable coins. There is a lot going on still. So if this entire space is going to grow 2 .5 X in the number of users, well, the market cap of the entire space is five or 10 X. Send it. Let's go. Pal also says he is closely watching development of layer two Altcoin projects for new use cases, which could boost the value of their individual market cap, quitting him again. And then let's see how people value layer twos in this. We don't really know how layer twos accrue much value. Do we have to have a massive amount of transactions in which case then you need stuff like Ticketmaster with millions and millions and millions of transactions to drive value to those chains because they batched them and batched them down to Ethereum. So there you have it. And to watch this interview, he did Raul Pal, the macro guru with Altcoin Daily entitled best cryptocurrency investing strategy into 2024. Check the show notes, blow the video in the description and let me know your thoughts on his personal prediction. Do you feel post having that the market cap for the entire crypto market can likely 10 X from the current valuation along with Bitcoin surging 10 X to roughly a five trillion market cap? And hypothetically, if the macro guru is correct, where do you think that would likely take the Bitcoin price? Well, let's run some hypothetical math. Bitcoin was the 10 X from the current price action of 27 ,000. Well, that's $270 ,000 per coin. Take that. And as we all know, Bitcoin rises like that, the entire crypto market cap would go along for the ride, including the altcoin. So please let me know in the chat, fam, which altcoins, if any, are you most bullish on in the crypto market? And what are your thoughts surrounding Raul Pal being so bullish on Solana? A few months back, I read in an interview he shared that 80 % or more of his portfolio was specifically in an altcoin called Solana. So I'd love to know your thoughts. Obviously, he has a high risk tolerance as I look at that particular cryptocurrency to be very risky, especially with all that went in with the venture capitalists and SPF and FTX exchange pumping that particular all. So I'd love to know how you feel regarding all of that. And with that being shared, fam, now let's discuss Peter Thiel and his $4 million price prediction, as well as rumor has it, and I'll be covering this as well, that he dumps most of his Bitcoin position at the top of the market practically 30 days before the crash. So let's break this down because Peter Thiel was actually one of the keynote speakers at the Miami Conference for Bitcoin. And here's what he had to share as I transcribed his speech, and then we'll discuss him reportedly making $1 .8 billion cashing out on his eight -year bet around the time he was touting these all -time high predictions. So here we go. He says, the enemy's list is a list of people who I think are stopping Bitcoin. He says there is a lot of them. They tend to have nameless, faceless bureaucratic perspectives, which of course is one of the ways they hide. He goes on to share, we are going to try to expose them and realize that this is sort of what we have to fight for Bitcoin to go up, 10x or 100x from here. Now, just FYI, to give you some perspective, at the time he made this prediction on stage at the Bitcoin Miami Conference, Bitcoin was trading at roughly $43 ,000 per coin. So you run the math. 43 ,000 times 100x is over $4 million per Bitcoin. So you know that? Let's continue with what he had to share. The central banks are going bankrupt. We are at the end of the fiat money regime. How many of you agree with that statement? I agree there 100%. The first person on the list is Berkshire Hathaway CEO, Warren Buffett. Thiel put up a picture of Buffett with two of his most famous quotes about Bitcoin. One was rat poison and the other, I don't own any and I never will. I also like to point out now since then, Warren Buffett has much indirect exposure to Bitcoin through Bitcoin mining stock companies and etc. So go figure. If you can't beat them, join them, right? And he goes on. He opined, I think the direct in it. Yeah, and I say also Charlie Munger goes along with him. Now, feel further noted that Buffett has a bias and makes him long on fiat money system and money managers who follow the Berkshire Hathaway executives advice will pretend it's complicated to invest into Bitcoin. I think we call that FUD. Fear, uncertainty and doubt. Now expect nothing less from one of the wealthiest people in the fiat money matrix Ponzi scheme. You know what I mean? So just saying. The next person on the list of Bitcoin's enemies is the one and only JP Morgan Chase CEO, Jamie Dimon, or as Max Kaiser calls him, Jamie the tapeworm. They'll put diamonds picture up with the following quote. I don't call them crypto currencies. I call them crypto tokens because currencies have rules of law behind them, central banks and tax with authorities. Now you guys already know how I feel personally about JP Morgan Chase CEO, Jamie Dimon. So I won't go any deeper there. But anyways, we know he's an enemy of Bitcoin and always has been. The next picture he put up was of the BlackRock CEO, Larry Fink, with the following quote. I see huge opportunities in a digitized crypto blockchain related currency, and that's where I think it is going to go. Now just FYI, Larry Fink is the CEO of the largest asset management firm in the entire world, which owns a large share in virtually all the companies in the S &P 500, and that is BlackRock. They currently have over $10 trillion in assets under management. And for a long time, he was spreading FUD regarding Bitcoin. But guess what? Like I mentioned earlier, if you can't beat them, join them because they just most recently, a few months ago, they submitted their application for a spot Bitcoin ETF, which ultimately means they're going to be introducing this to the institutions which have trillions upon trillions of dollars as there's currently north of $700 trillion in total addressable market, and they want their piece of the Bitcoin pie. So he goes on to share, the PayPal co -founder added that Fink's quote is somewhat representative of the whole genre of Bitcoin attacks that need further context, stating that pro -blockchain is an anti -Bitcoin term, very typically. Feel then brought up the environmental, social, and governance, ESG standards, elaborating the following, the label they have come up with, and perhaps the real enemy is ESG. I think that ESG is just a hate factory. Also like to throw out there, Elon Musk, he stopped taking Bitcoin payments for Tesla, and he says it's because of the FUD regarding this ESG, and we all know it's not more than FUD, and it's already been proven that Bitcoin is more than 50 % clean energy. So the million dollar question, when will the world's supposedly wealthiest man, Elon Musk, when will he start accepting Bitcoin payments again for Tesla? Isn't that a great question, and wouldn't you love to know the answer to that? Maybe you should ask Elon and tag him on X and see what he says. Anyways, feel stressed. You can always ask the question, what's the difference between ESG and the CCP, the Chinese Communist Party? Well, when you think ESG, you should be thinking of CCP per H. Now, he also goes on to share, it is the finance gentocracy that runs the country through whatever silly virtue signaling or hate factory to them, just like ESG, the billionaire concluded. This is what I would call and what you have to think of as a revolutionary youth movement, and we have to just go out from this conference and take over the world. So there you have it, fam. What are your thoughts surrounding Peter Thiel's prediction that we are likely to 100X, and along with his enemies list, as it seems, a lot of the enemies have come around and now have direct exposure to BTC, but it doesn't stop there because around that time he was making this $4 million Bitcoin price prediction. He allegedly dumped most of his position cashing out and with over a billion dollars in profits for his fund. So let's also break this down as this is also very relevant. How many of you were able to watch the speech he gave at that Bitcoin conference? It was epic, to say the least. I recall it now. So here we go. Check it out. Peter Thiel's venture capital firm reportedly made $1 .8 billion closing out its crypto positions around the time when he was an early Bitcoin bull, still predicting the token's price to surge by 100X. And again, from 43 ,000 price action, 100X means over 4 million. Founders Fund had cashed out almost all of its bets on digital assets by March of 2022, according to the Financial Times report that cited people familiar with the matter. But Thiel was still backing Bitcoin, obviously, when he spoke at the crypto conference in Miami the following month. He went on to share where at the end of the fiat money regime, he said, adding that the token's price could increase 100 fold from its level at the time, which was reported at $44 ,000 per coin. That prediction was proven false and as rising interest rates and failures, the high profile firms like Celsius Network, Three Arrows Capital, FTX, Terra Luna dragged the crypto sector into the prolonged bearish winter. Now Bitcoin plummeted by over 60 % in 2022 and was trading at under 17 ,000 by the end of the year. And I believe the bottom currently for the cycle is 15 ,700. How many of you feel that that bottom is in? Let me know, chat. Founders Fund first started pouring money into crypto all the way back in 2014, when Bitcoin was only trading at roughly $750 per coin. So by the time Bitcoin reached its all time high in November of 2021, it had surged 8 ,500 % from that particular level. Not too shabby for a seven year run, wouldn't you say? Now Thiel has a long track record as one of Silicon Valley's most prominent tech investors. He took early stakes in startups, which include Facebook, Elon Musk's SpaceX, and ride hailing app Lyft, and even co -founded PayPal back in 1998. Thiel is also a high profile supporter of the Republican Party and continued to voice his support for Donald Trump since the former president left office in January of 2021. The fund held around two thirds of his portfolio in Bitcoin at one time, but now not has significant exposure to crypto according to FT's sources. So there you have it. Fam, what are your thoughts surrounding his prediction and him cashing out at around that time he was making those all time high predictions of 100X? Let me know, fam. And don't forget to check out cryptonewsalerts .net for the full premium experience with video and to participate in the live Q &A. And I look forward to seeing you on tomorrow's episode. HODL.
Bloomberg Daybreak Europe
Fresh "Peter Thiel" from Bloomberg Daybreak Europe
"Since 2011 the 10 -year French yield yield 5 basis points higher the Italians 6 basis points higher and the 10 -year gilts just opening trading up by by 5 and nearly 6 basis points now 4 .65 % that's the picture on the bond markets more on that in a moment to but bring I want you the European equity market open as well the stock 600 opening by down a half of 1 % the hundred is three tenths lower the cat garage in Paris half a percent lower the footsie maybe in Italy down by six tenths stocks as as well let's check on what sectors are moving among that all but one in the red utilities the only sector seeing gains in the stock 600 loaded up up by a tenth of 1 % bottom of the basket technology shares down by 1 % travel and leisure and auto and parts arts and construction manufacturing shares all down by eight tenths of 1 % Wall Street features also in the red S &P E -minis down by six tenths Nasdaq futures down by eight tenths and those are just again some of the top stories we're watching the on rest to the US Treasury 30 -year yield touching 5 % for the first time since 2007 the relentless sell -off in US government bonds is sparking turmoil across global bond markets the route accelerated after latest the US data showed job openings increasing by more than expected in August to 9 .6 million our market reporter Valerie Tytel says the moves are unprecedented in recent times this route the Treasury in the market is just absolutely phenomenal honestly I've never seen anything like it myself I've been in markets the for nearly 15 years now this deepening that we're seeing since Jerome Powell's testimony two weeks ago that was ten sessions ago the relentless sell -off mentioned there by Valerie Tytel in US government bonds is also seeing conditions deteriorate in corporate credit at least two corporate borrowers were standing down plant issuances on Tuesday thanks to the market volatility the market reaction comes as Atlanta Fed president Raphael Bostic shared his thoughts on the hiking cycle speaking at an event Atlanta in Bostic said the Fed should hold rates at elevated levels but I'm grateful to is say that we've seen inflation come down I feel like we're in restrictive space now and now that we need to let that restriction play out and let let it bring inflation continue to bring inflation down to get back into the range of our target and if we can do that that would be a good thing Bostic's comments come as the US Treasury Secretary Janet Yellen also weighed in on the debate she told a conference in Washington that while the strength of the US economy suggests rates will remain higher for longer quote it's by no means a given. Kevin McCarthy has been ousted as the House Speaker after Republican hardliners rebelled over his compromise with Democrats to avert a government shutdown. Goldman Sachs says the move raises the risk of a shutdown next month as his eventual will successor be under quote even more pressure from those on the right of the party. The move ends a tumultuous nine months in the job for McCarthy who says he won't run for the position again. I don't regret standing up for choosing government grievance. over It is my responsibility. It is my job. I do not regret negotiating. Our government is designed to find compromise. I don't regret my efforts to build coalitions and find solutions. I was raised to solve problems not create them. Despite McCarthy's lack of regret, the latest turmoil has fueled concerns about deepening dysfunction in Washington. Last House time the even voted on removing a speaker was over in 1910 and in that case the office holder survived the test. The Prime Minister Rishi Sunak is today expected to announce that part of Europe's biggest infrastructure project, the United States, too, is being scrapped. It's understood the Prime Minister will use his speech at the Conservative Party conference to soften the blow, announcing that some of the savings will be used to boost other parts of the UK's transport network. But Labour's Greater Manchester Mayor Andy Burnham says the plan is a disgrace. Do not pull the on plug the north of England. Do not treat people here as second -class citizens when it comes to transport, because if you do do those things, people here will never forget. Burnham's criticism has been echoed being echoed by the former Chancellor George Osborne and conservative West Midlands Mayor Andy Street. Here's what he told at the Royal Bloomberg Radio. My argument is you do need to have HS2, so that's not really the question, is it? And, of course, what's been put to the Prime Prime Minister, is a proposal which is supported by private businesses to say, let us try to rethink the lake to the north, but it is still needed to win the investment around the world. Those comments from Andy Street and others have helped to cast a long shadow over the annual Tory gathering. HS2 was a core plank of the party's previous pledge to level up economic opportunities across the country. The data analysis firm co -founded by tech billionaire Peter Thiel has emerged as the top pick for a NHS major data contract. The five year deal could be worth close to half a billion pounds and focuses analyzing on medical information. Palantir's relationship with the NHS has been criticized by civil rights and patient advocacy groups who worry about data privacy and the firm's work with intelligence and defense agencies. Billionaire investor Ray Dalio says US -China relations are close to breaking down. Speaking to Bloomberg's David Weston at the Bridgewater Associates founder warned of the risk of the two largest economies. US -China relationship are in a number of areas on the brink of red lines. So in other words, these irreconcilable differences, they're right on the brink. Dalio went on to say that the breaking point would be if the United States comes out in favor of an independent Taiwan that, he said, would be, quote, the equivalent of a declaration of war. Dalio has long nurtured relations with Chinese officials and has previously expressed admiration for some of its economic policies. Those are your top stories on the market. It's the stock, 600 down about six tenths percent, of one down three points on that index. The FTSE 100 not far behind it, down 30 points there to the tune about of four tenths of one percent. And over on Wall Street, S &P E -mini futures are weighted down by about seven tenths of one percent. So let's talk more then about the rise in global bond markets. We've been talking this morning about the 30 -year Treasury yield hitting that five percent level for the first time since 2007, just slightly below that at the moment, back down around 4 this is a milestone moment for markets at the time that we've seen Treasuries essentially bulldoze their way through global markets to the greatest extent that we saw at the start of the pandemic. Our market supporter Valerie Titel with is us as well and Chrissy this is something I know you've been following closely too. I mean where to start in this? First of all Valerie we can talk about yesterday first and what happened? Yesterday was a phenomenal session one of the worst sessions for the market Treasury on the year and not only did we have the 30 -year yield rise 15 basis points on the session but all across the curve 5 -year, 10 -year and 30 -year breached new cycle highs and it is phenomenal to see this move extending in the Asia session in the European session as well as we as you just mentioned that 30 -year yield breaching 5%. The weakness in the equity market is continuing S &P on some 1 .4 % today futures are falling nearly another 6 cents so far this morning so that's a 2 % move in the last two sessions just so far for the S &P 500 and the route is globally notable not only did we see Japan 5 -year yields breaching a new decade highs we had also Germany 10 -year yields breaching 3 % for the first time since 2011 honestly there are too many superlatives out there for how high these yields have gotten in this this phenomenal curve that we have seen over
a16z
A highlight from AI x Crypto
"AI is very much a technology that thrives and enables top -down centralized control, whereas crypto is a technology that's all about bottom -up, decentralized cooperation. One of the points of NFTs was to support the artists, but if the artists themselves are now machine learning models, then who exactly are we supporting? One of the things that will become important in a world where anyone can participate online is to be able to prove that you are human for various different purposes. If we're going to incentivize people to contribute data, basically we're going to incentivize people to create fake data so they can get paid. So we have to have some sort of a mechanism to make sure that the data you're contributing is authentic. Hello everyone and welcome back to the A16Z podcast. This is your host Steph Smith, but today I'm passing the baton back to longtime host Sonal Choksi. This, of course, is also a crossover episode from our sister podcast Web3 with A16Z, which Sonal now hosts. There are few technologies over the last few years that have quite captured the zeitgeist like crypto and AI. So in today's episode, Sonal sits down with guests Ali Yahya and Dan Bonet to explore the ways in which these two emerging technologies oppose yet also beautifully augment one another. And they attack this from both directions. How crypto can help AI, like how crypto acts as a decentralizing counterweight to the somewhat centralizing force where AI models with more data, more compute, and more complex models do tend to win. But also how AI can help crypto. For example, are we at the point where LLMs should be writing smart contract code? And what about all these deepfakes we keep hearing about? Let's find out. Welcome to Web3 with A16Z, a show about building the next generation of the Internet from the team at A16Z Crypto that includes me, your host, Sonal Choksi. Today's all new episode covers the convergence of two important top of mind trends, AI, artificial intelligence and crypto. This has major implications for how we all live our lives every day. So this episode is for anyone just curious about or already building in the space. Our special guests today are Dan Bonet, Stanford professor and senior research advisor at A16Z Crypto. He's a cryptographer who's been working on blockchains for over a decade. And the topics have a strong intersection between cryptography, computer security and machine learning, all of which are his areas of expertise. And then we also have Ali Yahya, general partner at A16Z Crypto, who also worked at Google previously, where he not only worked on a distributed system for robotics, more specifically as sort of collective reinforcement learning, which involved training a single neural network that contributed to the actions of an entire fleet of robots, but also worked on Google Brain, where he was one of the core contributors to the machine learning library, TensorFlow. And actually, Dan and Ali go back since Ali was an undergrad and master's student at Stanford. So this conversation is really more of a hallway jam between them that I asked to join. And we cover everything from deepfakes and bots to proof of humanity in a world of AI and much, much more. The first half is all about how AI could benefit from crypto and the second half on how crypto could benefit from AI. And the thread throughout is the tension between centralization versus decentralization. As a reminder, none of the following should be taken as investment, legal, business or tax advice. Please see A16Z .com slash disclosures for more important information, including a link to a list of our investments, especially since we are investors and companies mentioned in this episode. But first, we begin with how the two worlds intersect with the quick sharing of areas or visions that they're excited about. The first voice you'll hear is Ali's. There is a really good sci -fi novel called The Diamond Age by Neal Stephenson in which there is this device known as the illustrated primer. That is a kind of artificially intelligent device that acts as your mentor and your teacher throughout life. And so when you're born, you're paired to an AI, essentially, that knows you really well, learns your preferences, follows you throughout life and helps you make decisions and steers you in the right direction. So there's like a sci -fi future in which you could build such an AI, but you very much wouldn't want that AI to be controlled by a monopolistic tech giant in the middle because that position would provide that company with a great deal of control and solve these kinds of questions of privacy and sovereignty, and you'd want to have kind of control over it. And then also, what if the company goes away or they change the rules or they change the pricing? It would be great if you could build an AI that could run for a very, very long time and could get to know you over the course of a lifetime, but have that really be yours. And so there is this vision in which you could do that with a blockchain. You could embed an AI within a smart contract and with the power of zero knowledge proofs, you could also keep your data private. And then over the course of decades, this AI can become smarter and can help you. And then you have the option to do whatever you want with it or change it in whichever way you want to shut it down. And so that's kind of an interesting vision for long running AIs that are continually evolving and continually becoming better. It'd be better if it were the case that they weren't just controlled by a single centralized company. Of course, it's a very science fiction idea because there are lots of problems, including the problems of verification and the problems of keeping data private, using cryptography and still being able to compute on top of that data, maybe with fully homomorphic encryption. All of these problems continue to be outstanding, but it's not something that's inconceivable. Wow. I love Ali's vision there. I love it too, especially given that quote, I think it was Asimov that today's science fiction is tomorrow's science fact. Ali, I know you have a meta framework for thinking about all this stuff that I've heard you share before. Can you share that now too? Yeah, there is this broader narrative that has existed for quite some time now that's only becoming much more accentuated now with the development of things like LLMs. Actually define that really quickly, just for listeners who aren't already familiar, just as context. So an LLM stands for large language model, and it uses some of the technology that was developed at Google back in 2017. There's this famous paper known as Attention is All You Need. That was the title of the paper and it outlined what are now known as transformers. That's the basis basically of some of the new models that people have been training these days, including chat GPT and so on. All of these are large language models or LLMs. There was that famous, I think 2018 line from Peter Thiel that AI is communist and crypto is libertarian. That line is like very on point actually because AI and crypto in many ways are natural counterweights for one another. And maybe we can go deep over the course of the podcast into each one of these as we go through examples, but there are four major ways in which that's true. The first is that AI is very much a technology that thrives and enables top -down centralized control. Whereas crypto is a technology that's all about bottom -up decentralized cooperation. And in many ways, actually you can think of crypto as the study of building systems that are decentralized that enable large -scale cooperation of humans, where there isn't really any central point of control. So that's one natural way in which these two technologies are counterweights for one another. Another one is that AI is a sustaining innovation in that it reinforces the business models of existing technology companies because it helps them make top -down decisions. And the best example of this would be Google being able to decide exactly what ad to display for each of their users across billions of users and billions of page views. Whereas crypto is actually a fundamentally disruptive innovation in that it has a business model fundamentally that's at odds with the business models of big tech companies. And so as a result, it's a movement that is spearheaded by rebels, by the fringes as opposed to being led by the incumbents. So that's the second. A third one is that AI will probably relate and interplay a lot with all of the trends towards privacy because AI as a technology has built in all sorts of incentives that because we will have companies that want access to all of our data and AI models that are trained on more and more data will become more and more effective. And so I think that that leads us down a path of the AI panopticon where there's just collective aggregation of everyone's data into the training of these enormous models in order to make these models as good as possible. Whereas crypto moves us towards the opposite direction, which is a direction of increasing individual privacy. It's a direction of increasing sovereignty where users have control over their own data. And those two trends I think will be very important. And this is just another important way in which crypto is the counterweight for AI. And maybe the final one has to do with this latest trend in AI. The fact that AI is now very clearly a powerful technology for generating new art is now a creative tool that will lead us to infinite abundance of media, infinite creativity in many ways. And crypto is a counterweight to that because it helps us cut through all of the abundance and helping us distinguish what's created by humans versus what's created by AI. And cryptography will be an essential part of maintaining and preserving what actually is human in a world where 1000x more of the content is actually artificially generated. So these are all things that we can talk about, but I think that there is this important meta narrative and these two technologies are very much diametrically opposing in many respects. So to add to that, this is a wonderful summary. And I would say also that there's also a lot of areas where techniques from AI are having an impact in blockchains and vice versa, where techniques from blockchains are having an impact in AI. I'll give a brief answer here because we're going to dive into the details in just a minute, but there are many points of intersection. I guess we'll talk about applications of zero knowledge for machine learning in just a minute, but I also want to touch on all these applications where machine learning itself can be used to write code. So for example, machine learning can be used to write solidity code that goes into contract. It can be used to find maybe errors in codes and so on. There's points of intersection where machine learning can be used to generate deepfakes and blockchains can actually help to protect against deepfakes. And so I guess we're going to touch on all these points, but the interesting thing is that there's really quite a lot of intersection between blockchains and machine learning.
Bloomberg Daybreak Europe
Fresh update on "peter thiel" discussed on Bloomberg Daybreak Europe
"Seven four point nine eight percent now in fact five basis points higher the ten -year four point eight five percent Also up by five basis points the two -year yield 5 .16 a basis point higher this morning after JOLTS the data yesterday the sell -off in bonds accelerating and we are watching those yields move to levels not seen since 2007 on equity markets Asian shares firmly in the red the Nikkei 225 in Tokyo now down two point three percent the Hang Seng in Hong Kong is one point one percent lower the KOSPI Gold back reopened and after Seoul the holidays today at down by two and a half percent European stock futures down by a quarter quarter of one percent for EuroStox 50 futures S &P E -minis on Wall Street are down by four four -tenths of one percent our top stories this morning the Prime Minister Rishi Sunak is today expected to announced that part of Europe's biggest infrastructure project HS2 is being scrapped it's understood that the Prime Minister will his use speech the Conservative Party conference to soften the blow announcing that some of the savings will be used to boost other parts of the UK's transport network but Labour's Greater Manchester Mayor Andy Burnham says the plan is a piece do not pull the plug on the north of England do not treat people here as second -class citizens When it comes to transport because if you do do those things people here will never forget Burnham's criticism has been echoed by the former Chancellor George Osborne and Conservative West Midlands Mayor Andy Street here's what he told Bloomberg Radio my argument is you do need to have HS2 so that's not really The question the is it and of course what's been put to the Prime Minister is a proposal which is supported by private businesses to say let us try to rethink the lake to the north but it is still needed the investment around the world Those comments Mandy Street and others have helped to cast a long shadow over the annual Tory gathering HS2 was a core plank of the previous parties the party's previous pledge excuse me to level up economic opportunities across the country. in the United States Kevin McCarthy has been ousted by as Speaker of the House after Republican hardliners rebelled over his compromise with Democrats avoid to a government shutdown Goldman Sachs says the move raises the risk of a shutdown next month as his eventual successor will be under even more pressure from those on the right of the party. The move ends tumultuous a nine months on the job for McCarthy who says he won't run for the position again despite... Don't regret standing up for choosing governing over grievance. It is my responsibility. It is job. my I do not regret negotiating. Our government is designed to find compromise. I don't regret my efforts to build coalitions and find solutions. I was raised to solve problems not create them. Despite McCarthy's lack of regret the latest turmoil has fueled concerns about deepening dysfunction in Washington. The last time the House even voted on removing a speaker was in 1910 and in that office holder survived the test. Turning now to the latest from the than the bond markets. Treasury yields have hit fresh multi -year highs as the US jobs market continues to book expectations. US job openings increased to 9 .6 million in August topping all of the estimates Bloomberg in the survey of economists traders are bracing for the 10 -year Treasury yields to top 5 % for the time first since 2007. There were an endless sell -off in US government bonds as sparking moves across bond markets around the world as traders come to the realisation that interest rates are likely to remain higher for longer. The market reaction comes as Atlanta Fed President Raphael Bostic shared thoughts his on the hiking cycle. Speaking at an event in Atlanta, Bostic said the Fed should hold rates at elevated levels for a long time to bring inflation back down to target. This as the US Treasury Secretary Janet Yellen also weighed in on the debate. Here's what she told the Fortune CEO Initiative Conference in Washington. One view is that it may take a longer period of somewhat higher interest rates to control inflation to keep it down, but medium -term interest rates will go back to more normal levels. It's also possible that longer -term interest higher than we thought. Yellen also noted that it's possible that higher rates of investment could imply higher interest rates over the longer haul. Palantir, the data analysis firm co founded by tech billionaire Peter Thiel has emerged as the top pick for a major NHS data contract. The five -year deal could be worth close to half a billion pounds and focuses on analysing medical information. Palantir's relationship with the NHS has been criticised by civil rights and patient advocacy groups who worry about data privacy and the firm's work with intelligence and defence agencies. And the billionaire investor Ray Dalio says US -China relations are close to breaking down. Speaking to Bloomberg's David Weston, Aston, the Bridgewater Associates founder warned of the risk of conflict between the world's two largest economies. US -China relationship are in a number of areas on the brink of red lines. So, in other words, these irreconcilable differences, they're right on the brink. Dalio went to on say that the breaking point would be if the United States comes out in favour of an independent Taiwan, be quote that he said the would equivalent of a declaration of war. Dalio has long nurtured relations with Chinese officials and previously expressed admiration for some of stories
Crypto Critics' Corner
A highlight from All-In? We're Out: Why the All-In Podcast is Bad for America
"Welcome back everyone, I am Cas PNC, I'm joined as usual by my partner in crime, Mr. Bennett Tomlin. How are you today? Well I was just able to get out of a position in some unvested tokens I wasn't really a fan of anymore, so I'm feeling pretty good all things considered. That's awesome news man, I hope it wasn't Cas coin. We are, he's bringing up that topic because we're talking about possibly four of my least favorite people in the entire world today. We are talking about the hosts of the All In Podcast. Now if you're unfamiliar with the All In Podcast, god bless you. You probably just want to turn this off and skip it because you know what, you should never ever listen to them and just move on with your life. However I think a lot of people, especially people who listen to our show, are likely familiar with the All In Podcast and the hosts who are, let's go through them one by one, Chamath Palihapedia, Jason Calacanis, David Sacks, and David Friedberg. Now I decided that we needed to do an episode about these gentlemen because Chamath has been an asshole on Twitter a lot lately, and that's it. He basically, he triggered me to force Bennett to discuss these fellows. So I'm going to go ahead and just jump into that, which was he tweeted at this guy who said, hey man, I'm not using exacts here, but this guy basically said, hey man, how's it feel to be a billionaire after having made all this money off the backs of retail investors and scammed a bunch of people with your dumbass SPACs? SPACs are Special Purpose Acquisition Companies, that's what it stands for. It was this, I guess it's still going on kind of, but it was a bit of a fad over the time, onto stock exchanges, whether it was the, you know, New York Stock Exchange or NASDAQ or whatever. And Chamath was one of the people doing it all the time, and almost all of them had basically just done terrible. So this person asked Chamath this question and Chamath's response was, I'm in the arena, as though he's a goddamn gladiator in Roman times, which is just unreal. Like, we don't know at all, like comparing any of our existences to what it was like for gladiators in the arena, especially a billionaire who's just investing in shitcoins and fucking, and crappy investments, like what an unreal statement. You're not allowed to say you're a man in the arena until you lead the Rough Riders in the Spanish American War, everyone knows the rules. I even read a substack this past week where someone who notoriously sides with venture capitalists, like a journalist who basically writes for venture capitalists, even he was like, Chamath, what the fuck, man, like got to apologize for this. Like you, you are celebrating, you're celebrating shitting on retail investors. You're celebrating stealing money from the everyman and you're owning it. Like you're owning it, saying it's fine and suggesting that like you are the gladiator for destroying the common man. And it's just like such a weird flex. Well, and just to kind of add on to that, did you realize just how much money he made from some of his specs? Oh, it's almost a billion dollars. Yeah, like he sold his stake in Virgin Galactic for $213 million. It's now down like 95 percent from peak or something like that. Clover, he had an original $25 ,000 investment that he sold for $290 million. And it's also down like 94 percent from peak. He made a ton of money on these companies, which the market seems to have determined as soon as he dumped his stakes were effectively valueless. And I know he was involved in SoFi or whatever, too, which is doing better than these ones. But it struck me at just how massive those numbers are. Do you remember during the GameStop mess when Robinhood closed down their trading for a little bit, he sent a bunch of people over to SoFi saying like, Robinhood is selling your order flow to Citadel Securities. You should come trade it SoFi instead. And of course, SoFi was selling all their users order flow to market making firms. Anything for cash. So I fucking fly home from Italy. From Italy. Get back in the arena. At 35 ,000 feet, I decide to troll the mids. We'll talk about that later. But anyways, sipping a beautifully chilled white burgundy. So that was his first kind of strike recently, recent strike. But then he did something that really fucking pissed me off. And this is you got to go on this show. You got to join Joe Wiesenthal and Tracey Alloway, who host the Odd Lots podcast, which if you're not subscribed to, fantastic podcast, go listen to it. It's really like if you're interested in any random finance topic, they probably covered it and you should find that episode and listen to them because they're super informative and fantastic. Someone said, because Joe posted, Joe posted on Twitter and said, one of Chamath's SPACs had gone down 93 % since he had shilled it. And someone said, oh, and someone, yeah. And someone said, okay, so Chamath, are you going to go on the Odd Lots podcast? And he said, why would I go on a podcast no one listens to? Which is just like, dude, not only is it obviously not true, this is one of the most listened to financial podcasts in America, in the world, but also is just so cringe to have that as your response. It's so like, I'm rubber, you're glue kind of fucking kitty bullshit that it incensed me enough to be like, we got to talk about these guys. I fucking hate these guys. So that's where we are. Where do you want to start with these fellows? Because there's a lot, there's a lot here. It's almost overwhelming to go over some of the details about these things. So I think we kind of just need to start a little bit with some of their backgrounds, right? David Sacks and Jason Calacanis are both members of the PayPal mafia, right? They were executives involved in various ways with PayPal. And when that was initially bought out, this group, including Peter Thiel, Elon Musk, Reid Hoffman, and a bunch of these other folks became very important in Silicon Valley because they were rich. And that's how you become important in Silicon Valley. Since then, they have two varying degrees and slightly different depending on which member of the mafia you're talking about, grown in self -importance to an almost preposterous degree. And what I think is especially striking about many members of the PayPal mafia is they have not shied away from using their money to get involved in other things, especially politics and other societal issues. For David Sacks and Peter Thiel, this dates back to the book of rape apologia they wrote in college. For Jason Calacanis, he's involved in a variety of nonsense political movements. David Sacks is contributing to a bunch of idiots in various political races that he wants to support. And broadly, many of these individuals have shared opinions that range from the stupid to the abhorrent throughout their entire careers with extra consideration given to these meaningless thoughts because of their wealth. And I think that's kind of really the issue with them is that they are given consideration for stupid objectively things because they are objectively wealthy people. Yeah, it's kind of a double edged sword here, actually, because I think that in some sense, these guys represent to retail and, you know, plebes like us, these guys represent, you know, these are the wealthy, these are the wealthy people, they're speaking on behalf of the wealthy people. And then on the other end of that, I think it's funny because it's not like, not that I think venture capitalists in general kind of suck. But the truth is that not all venture capitalists suck, and not everyone in Silicon Valley sucks. However, these guys, by being the loudest, most obnoxious people coming out of venture capital and coming out of Silicon Valley, they become the voice of all the venture capitalists. And so now they represent those people, whether they like it or not. And so here it is, it's this double edged sword. On one hand, you have retail going, oh, these guys speak for all venture capitalists. And then on the other, you have venture capitalists going like, I wish these guys didn't speak for us, but they do. And I think the other thing is just how much of their shtick is like just so clearly a performance, right? Like we're talking about billionaires and centimillionaires. I'm not sure if they've all hit the billion mark, Friedberg especially. But these are incredibly wealthy individuals. And in their last podcast episode, I think it was the last one, they spent 40 minutes reacting to the song Rich Men North of Richmond. And because of this, the top 20 percent, the top 5 percent have acquired an outsized amount of the assets and outsized amount of the income, as we all know and have all benefited from. And the vast majority of Americans that have been working, I have a question for Friedberg. Friedberg, do you think that we should implement policies to change the lines on this graph? That's exactly what I was going to ask. Yeah, right. Which is them.
Bloomberg Daybreak Europe
Fresh "Peter Thiel" from Bloomberg Daybreak Europe
"Francisco Cirrus XM Channel 1 19 and around the world on Bloomberg Radio dot com and via the Bloomberg Business App. Thanks Good morning from London. I'm Stephen Carroll. You're listening to Daybreak Europe live on London DAB Radio let's start with a look on the markets and the accelerating selloff in US government bonds spreading havoc across Asia's financial markets pushing up borrowing costs weighing on currencies and driving stocks towards a technical correction let's start with those Treasury yields the 10 -year now 4 .83 % this morning up basis four points the two -year holding at five point one five percent in Asia we're looking at the MSCI is Pacific index one point four percent lower the Nikkei in Tokyo down by one point eight percent the Hang Seng in Hong Kong is nine cents lower Chinese markets in the mainland closed for the Golden Week holiday the cost being sold though back in business today down two point one percent European stock futures two tenths lower for your stocks fifty features on Wall Street S &P amenities are two tenths lower our top stories this morning the Prime Minister Rishi Sunak is is today expected to announce that part of Europe's biggest infrastructure project HS2 is being scrapped it's understood that the Prime Minister will use his speech at today's Conservative Party conference to soften the blow announcing that some of the savings will be used to boost other parts of the UK's transport network mark but Labour's Greater Manchester Mayor Andy Burnham says the plan is a disgrace. Do not pull the plug on the north of England do not treat people here as second -class citizens when it comes to transport because if you do do those things people here will never forget. Burnham's criticism has been echoed by both the former Chancellor George Osborne and Conservative West Midlands Mayor Andy Street who had this to say when we asked him about the fact that costs of the project have spiralled to more than £100 My argument is you do need to have HS2 so that's not really the question is it? And of course what's been put to the Prime The Prime Minister is a proposal which is supported by private businesses to say let us try to rethink the leg to the north but it is still needed to win the investment around the world. Those comments from from Andy Street and others have helped to cast a long shadow over the annual Tory gathering with HS2 a core plank previous Tory pledges to level up economic opportunities across the country. In In the United States Kevin McCarthy has been ousted as the House Speaker after Republican hardliners revolted over his compromise with Democrats to avert a government shutdown Goldman Sachs says the move raises the risk of a government shutdown next month with his successor under even more pressure from those on the right of the party. The move ends a tumultuous nine months in the job for McCarthy who says he won't run for the position again. I don't regret standing up for choosing government over grievance. It is my My responsibility? It is my job. I do not regret negotiating. Our government is designed to find compromise. I don't regret my efforts to build coalitions and find solutions I was was raised to solve problems not create them. Despite McCarthy's lack of regret the latest turmoil is fueled concerns about deepening dysfunction in Washington the last time the house even voted on removing hoping a for. It was in 1910 and in that case the then US job openings unexpectedly increased in August fueled by white collar postings the number of available positions increased to 9 .6 million with hiring increasing while layoffs remained low according to jolts the level of openings topped all estimates in a Bloomberg survey of of economists treasury yields rose to multi -year highs and the SMP declined after the report. the growth. Palantir the data analysis firm founded by tech billionaire Peter Thiel has emerged as the A top pick for a major NHS data contract the five -year deal could be worth close to half a billion billion pounds and focuses on analyzing medical information Palantir's relationship with the NHS has criticized been by civil rights and patient advocacy groups who worry about data privacy and the firm's work with intelligence and defense agencies and the billionaire investor Ray Dalio says US China relations are close to breaking down speaking to Bloomberg's David Weston the Bridgewater Associates founder warned warned of the risk of conflict between the world's two largest economies US -China relationship are in a number of areas on the brink of red lines so in other words these irreconcilable differences they're right on the brink Dalio went on to say the breaking point would be if United the States comes out in favor of an independent Taiwan that he said would be quote the equivalent of a declaration of war Dalio has long nurtured relations with Chinese officials and previously expressed admiration for some of Beijing's economic policies those are your top stories on the markets the MSCI Asia Pacific indexes 1 .4 % lower Euro stocks 50 futures are two tenths lower and we're looking at the 10 year treasury yield four basis points higher at 4 .83 % well let's turn to politics here in the UK Rishi Sunak facing one of the most important speeches of his career as prime minister at the Conservative Party conference later he needs to unite his supporters ahead of an election year after a party gathering overshadowed by questions over the height Caroline Hepker has been following all the developments at the Conservative Party conference she joins us from Manchester great to have you good morning what are the key things that Rishi reform prime minister Liz trust last year when the party was at historic lows in the polling remember of course Bank the Bank of England had to intervene after Liz trust's Chancellor made a disastrous speech pledging of England intervention to prop up the pensions industry Rishi sunak took over he has managed to stabilize the situation in the months since then with his chance to Jeremy hunt this speech though the prime minister needs to wow MPs and party activists here not just deliver stability that we've seen in the last few months perhaps the sort of speech that we really have not seen from the prime so minister far he must prepare the Conservatives for the next general election which is expected to take place perhaps in the autumn of next year will he talk about his own story personal not quite rags to riches but certainly a big British success story imagine to get into an elite private school go to Oxford then get into Goldman Sachs become elected as an MP and make it all all the way to Chancellor and then the first British Asian Prime Minister that the country has ever seen and will he talk about that so far this Conservative Party conference has been pretty policy light so big expectations for what we'll get from the Prime Minister today what about the issue that has dominated so many of the conversations that you've been having there Caroline are we any clearer now about what's going to happen over the HS2 rail link no not particularly the Prime Minister spent all of yesterday speaking to journalists it has been the question that has dominated this party conference we we are in Manchester after all and the rumor has been for weeks and months several weeks at least that there would be the potential of high -speed rail to connection the from Birmingham to the city here in Manchester would be scrapped because of rising costs the Prime Minister spent Tuesday telling journalists that the here he has still not made up his mind on this issue has not made a decision even though and holding a cabinet meeting it would seem during conference which is also quite an extraordinary step so will we get perhaps a decision on HS2 it's possible as part of the Prime Minister's speech and what comes alongside that if the HS2 rail line is scrapped or part of it is scrapped will we hear about new transport projects in the north of that blow Caroline the question of party unity has been another continuing theme during this event as well is the party because of the discussions that you've been talking about over HS2 over tax cuts is the Conservative Party coming away less united from this conference than it went into it? I'm not sure it's hard to say whether it's less united I mean it's certainly been an immensely difficult few years for the Conservatives you know chopping and changing prime ministers through Boris Johnson you know to Theresa May, Boris Johnson, Liz Truss, now Rishi Sunak and that's quite something totally unprecedented really in British history frankly having said that we spoke example for to former minister and member of the Treasury Select Committee Andrea Leadson you know incredibly strong about how united the party is but there are of course signs of division you've got really positioning open for the leadership of the Tories were Rishi Sunak to lose the next general election particularly it would seem between Kemi Badenoch the business secretary and the home secretary Sorelle Barhaman but the other thing to mention is that the thing that is more clear is that the US style culture wars least at the language of those culture wars does seem very present at this conservative conference got a standing ovation yesterday a speech talking about how Tories were calling out the woke politics of labor and she talked about how politicians have been too squeamish about being smeared as racist in her words by not talking about migration she talked about the hurricane
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
"peter thiel" Discussed on Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
"Yo what's good crypto fam. This is first and foremost, a video show. So if you want the full premium experience with video, visit my YouTube channel at crypto news alerts.net. Again that's crypto news alerts.net. With that being shared, fam, welcome everyone just tuning in. This is pod episode number 1383. I'm your host JV. Today is August 26, 2023, and I'm rocking the 1995 Georgetown Hoyers Iverson throwback. So you know it's game on and I'm freshly shaven. So hey, let's freaking go. Anyways fam, let's kick it off actually with our market watch. You can see Bitcoin barely back in the green, but good sign that it's holding on to 26,000 support and not crashing back to 25,000. We also have Ether pretty even for the day while BNB is in the red with XRP, Cardano, Polkadot and Solana in the green, but barely. And checking out coinmarketcap.com, the current crypto market cap sits just above a trillion dollars with 16 billion in volume in the past 24 hours with the Bitcoin dominance at 48.3% and the Ether dominance at 18.9%. And checking out the top 100 crypto gainers of the past 24 hours, we have SUI up 6% trading above 58 cents, followed by Miota up 4% trading at 15 cents, followed by Quant up almost 4% trading just above 104 bucks. And checking out the top 100 crypto gainers for the past week, holy moly, we have PLS literally up 75.2%, absolutely leading that pack. And checking out the crypto greed and fear index, we're currently rated a 38 in fear. Yesterday was a 39, last week a 39 and last month a 51, which is neutral. And welcome to everyone just joining the crypto news alerts live stream. I appreciate the support. As you know, this is an interactive show as we do here every single day, streaming live from YouTube as well as on rumble. So I greatly appreciate all the support at the end of the today's show. As we do every show, I'm going to be reading everyone's comments out loud. So any questions or comments, be sure to drop them right now. And with that being shared, now let's dive into today's Bitcoin technical analysis and check out the charts of what's popping with the King crypto, shall we? Bitcoin on chain activity is at levels last seen before its run to 2021, all time highs with a great omen, right? Bitcoin is becoming increasingly static at the current price levels, but an overall Bitcoin price trend absent for months, the impetus to buy or sell is reduced. So underscoring the status quo is the velocity, which is a measurement of Bitcoin units moving around the network. According to Crypto Quant on the daily timeframes, the metric is now at levels last seen from October of 2020. And how many of you remember in 2020, we soared from 16,000 to a new all time high the following year of 69,000. So again, great omen. Quoting him here, it can be seen as positive since the whales are holding onto it or negative since it is not being transferred to new investors. I guess it's all a matter of perspective. Right. And he also referred to a similar absence of major trading activity amongst the high volume investors, part of a narrative that states that the market is in wait and see mode on BTC. I'm on Stacksat mode as we are every Saturday here personally. Keep stacking them stats, DC dollar cross average. But anyways, oversold RSI signal persists in late 2020. Once it put in a long term bottom, the metrics rebound accompanied Bitcoin's first ascent past 20,000 to new all time highs a year later. Unlike then, however, Bitcoin appears broadly oversold at its current 26,000 level per its daily RSI, as measured by Trading View and Cointelegraph Markets Pro. Now, the 12 hour RSI, which you can see here, hit its lowest level in five years this month and has yet to recover. Again, reflect on a return of investor interest still yet to materialize. So there you have it. How many of you have been stacking stats and are bullish right now? Let me know. Quitting Max Keiser, El Salvador secures world peace by geographically decentralizing the Bitcoin hash with volcano energy. Shout out to all the people over in El Salvador, President Nike Bokele, as well as Max and Stacey. Now let's discuss the latest development with scam Bankman Frogster, aka SBF. Four million new pages were recently released. How can you even have this much evidence? How could a human being actually review four million pages of evidence? Quite interesting, right? Well, let's break this down, shall we? A federal judge will hear SBF's defense argument against a newly released batch of evidence provided by the U.S. Department of Justice yesterday, August 25th, according to Bankman Freed's attorneys. An additional four million pages of discovery were released less than six weeks before the trial. Now, Judge Lewis Kaplan issued an order August 26th today requesting the government to respond to the letters from SBF's legal team regarding his appropriate access to discovery materials, as well as a request to prevent the government from using evidence produced after July 1st. Quoting his attorneys here, we further object to the government's production just yesterday of an additional four million pages of discovery. The government cannot be allowed to dump millions of pages on the defense less than six weeks before the trial. For the reasons already discussed in our motions in Lamine ECF number 206, the What are your thoughts, fam? Do you think that is fair for them to dump those four million pages on them? Let me know. Today's decision allows Bankman Freed's legal counsel to present its arguments in a video conference hearing, which is only four days away on August 30th. It'll be interesting to see how that plays out. Bankman Freed is obviously accused of misappropriating user funds for investments, as well as personal expenses and political campaign donations. A total of 12 criminal counts have been laid against the former FTX CEO to be heard in two trials beginning October of twenty twenty three and March of next year. Interestingly, right before the having right and earlier in the week, as reported, Bankman Freed pleaded not guilty to fraud and money laundering charges levied in an updated indictment by prosecutors and during the hearing, his lawyers argued for better treatment for his Brooklyn's Metropolitan Detention Center, where he has been since, with his bail being revoked on August 11th. According to his attorney, Bankman Freed has been forced to rely on a diet of bread, peanut butter and water due to the lack of vegan options provided by the prison. His counsel also raised concerns regarding his medical needs, sharing that he has not received his medication since being jailed. That's right. He hasn't been able to get any of those uppers in which he was on. And I don't even buy into the fact that he was a vegan because he was overweight. And I personally, as a person who was vegan for years myself and who is still a vegetarian since the age of 16, I just don't buy into it. That you would have an overly weight person who really is on a vegan diet because I've never witnessed it before. But hey, anything is possible. But how do you think this is likely to play out for the frogs there? Let me know your honest thoughts in the comments right down below. Now let's discuss the ongoing Bitcoin spot ETF race, which is on right now in the United States. We all know once that spot ETF finally gets the approval from the SEC Game Theory in full effect, literally trillions of dollars can be ushered right into the Bitcoin markets. And I know that's going to set this thing up to another parabolic run, especially the perfect storm setting up for the next Bitcoin halving as the ETFs can be approved next year. I doubt they're likely to be approved this year as the SEC keeps suppressing them and pushing them back and only allowing futures ETFs. But anyways, let's break this down with Hashdex joining the race. Crypto asset management company Hashdex has joined the competition for a spot Bitcoin ETF in the US. The firm submitted an app to the US SEC for Bitcoin futures ETF that will hold spot Bitcoin. Interestingly, ETFs are investment funds that trade on the stock market with their value derived from the underlying basket of assets such as stocks, bonds, commodities and other financial instruments. And similarly, Bitcoin ETFs track Bitcoin's value and trade on traditional stock exchanges rather than on the crypto exchanges. Hashdex approach differs from the recent filings as it won't depend on Coinbase's physical exchanges within the CME market. Very interesting. And according to a 19 before filing by the NYSC ARCA with the US SEC, Hashdex intends to include spot Bitcoin in its futures ETF and modify the name, changing the ticker to Hashdex Bitcoin ETF, as shared here, this breaking news. Some experts have responded to this unique Bitcoin ETF filing. James Safart, an analyst at Bloomberg, observed that the strategy involves exclusively conducting exchange for related position transactions. This entails swapping futures contracts for an equivalent spot exposure instead of direct cash purchases from the exchanges. Now, Safart anticipates a higher likelihood of the SEC approval, considering the pressure on Gary Gensler stemming from Brayscale's lawsuit, Ethereum future submission and BlackRock's incorporation of the Coinbase surveillance sharing agreement. Other specialists, including Nate Geraci, president of the ETF store, investor Alistair Moline and finance attorney Scott Johnson, have responded to the Hashdex distinctive Bitcoin ETF submission. They believe it could alleviate certain worries of the SEC regarding Bitcoin market manipulation and liquidity. Yeah, like that's their big concern, right? The SEC and its chairman, Gary Gensler, have not commented on the spot Bitcoin ETF apps and the influx of Ethereum ETFs and the potential approval of a spot Bitcoin ETF within this year. So how do you think this is likely to play out? I personally feel around the time of the halving. Hopefully right before, like maybe in March, as having a schedule to be roughly sometime in April of 2024, now less than nine months out. I hope at least one of the major ETF filings get the approval and then I think it will usher in a domino effect of all of the ETF applications being approved because they can't just favor BlackRock and deny the less. It'll make them look like pieces of ish. You know what I mean? But anyways, once one gets approved, it's just going to open up Pandora's box, in my humble opinion, and it's going to usher in so much money into the market just based off the halving and the ETF that alone will more than usher in a six figure Bitcoin price in my humble prediction. But what are your thoughts? Let me know in the comments right down below. In which spot ETF do you feel will likely be approved first? If I was a betting man, I'd have to go with BlackRock just due to their track record is something like five hundred and seventy five to one with getting ETFs approved by the SEC. So, hey, I mean, the odds are obviously on their side. Now let's discuss the latest with the one and only one and only Arthur Hayes, the ex-BitMEX CEO and his outlook on Bitcoin. Then we'll break down Glassnode's outlook for September, specifically for Bitcoin, followed by Peter Thiel's four million dollar Bitcoin price prediction, as well as cashing out his crypto position for one point eight billion dollars, allegedly. And then we'll dive into our live Q &A for the day. And welcome again to everyone just tuning in. Make sure to smash that like button and drop a comment below. BitMEX founder and crypto vet Arthur Hayes is detailing his outlook for Bitcoin amid the market downturn and a new blog post. Hayes says the Bitcoin and other assets could benefit from the interest income earned on U.S. government paper. The BitMEX co-founder says that while forecasts are suggesting a drastic drop, he sees Bitcoin falling mildly by less than five percent from the current level. Quoting the analysts here, I also believe that at some point more investors will do the maths and realize that the Fed and the U.S. Treasury combined are handing out billions per month to wealthy savers. This money has to go somewhere and some of it will flow into tech stocks and crypto as apocalyptic as the mainstream financial media might sound, vis a vis a sharp correction in crypto prices. There's a lot of cash that needs a home in finite supply financial assets like cryptocurrency. While some think we are going to break back below twenty thousand on Bitcoin, I tend to think we spend the beginning of quarter three chopping around twenty five thousand. The ability for crypto to weather the storm will be directly related to the amount of interest income looking for a new home. And I think Arthur Hayes makes some great points there. I mean, obviously, quarter four is now only four or five days away as we head into September. And I also believe that the lows are currently in for the cycle. I believe we hit that in fourth quarter of last year, which the current low is fifteen thousand seven hundred. I don't see the Bitcoin price personally dropping back to sub twenty thousand dollars. So I actually like Arthur Hayes's analysis here and I think he is right on point with my personal opinion as well. Now, the crypto capitalist further says that the feds move to address liquidity pressures facing U.S. banks will have bullish implications for risk assets like crypto and tech stocks quitting him again. One of Bitcoin's value propositions is that it is an antidote for a broken, corrupt and parasitic fiat banking system. Therefore, as the banking system falters, Bitcoin's value proposition grows stronger. I preach that all the time on the channel. Bitcoin is the antidote to the fiat crappy CBDCs and banking system enslavement. Now, also, Bitcoin benefits from increased fiat liquidity, which people obviously don't need real stuff. They need financial assets so they can effortlessly consume their heart's desire. Bitcoin has a finite supply and therefore, as the denominator of the fiat toilet paper grows, so will Bitcoin's value in fiat currency terms. This is why Bitcoin is up 18 percent since March and we're still up what? Over 50 percent for the year to date. Now, as long as the Fed is committed to its current path, the tech stocks and crypto will continue rising. And apart from big tech as well as crypto, nothing else returns more than just parking your money with the Fed earning close to six percent. So there you have it. Let me know if you agree or disagree with Crypto Hayes. Do you think that the current price action of twenty five thousand will hold as a strong support into the fourth quarter of this year? Let me know your honest thoughts in the comments right down below. Now, let's discuss the latest prediction and outlook from Glassnode, one of my favorite analytic platforms as being September is right around the corner, bringing us into this fourth quarter. Crypto co-founders of Crypto Analytics from Glassnode think Bitcoin could have a strong performance next month. Let's go. Glassnode co-founders who share in the Platform X say that Bitcoin's momentum indicator, as well as the Relative Strength Index, which is the RSI, is currently flashing bullish for the king crypto heading into September, which begins Friday. However, they also warn if Bitcoin dips below the key level of twenty five thousand five hundred, which were only five hundred dollars away from right now, a move to the upside could prove difficult. Quitting them here, decoding Bitcoin's August trends. What is next? Introduction, Bitcoin's journey in August has caught the attention of the crypto world like a memory from June 2022. The daily Relative Strength Index makes people wonder about September. Questions arise about the pain below twenty five five and the lack of buy orders above twenty six thousand the charts. And now the chart suggests weaker short term energy, possibly affecting the twenty five thousand two hundred level. This is different from the neutral long term view. So the outlook September could bring good news as the RSI hints at a possible comeback. But we need to be careful because going below twenty five thousand five hundred dollars and rising above twenty six thousand dollars might not be easy. This balance shapes the road ahead and according to their chart, which you can see here, Bitcoin's RSI sits just below a 30 on a scale of zero to one hundred, which generally indicates an oversold territory. The co-founders also say that while the bears are dominating the Bitcoin market at the current moment, it appears that selling a Bitcoin is slowing down. Facts and they are watching closely for a relief rally that could have Bitcoin retest the twenty seven thousand dollar level as shared here. Bitcoin sellers are losing steam. The sellers are losing grip as selling pressure weakens post Bitcoin drop below twenty six thousand five hundred support. Initial signs of system strength emerge, but demand lacking for strong is long at twenty six thousand. The price bounces on solid twenty five to thirty support bullseye relief rally above twenty six thousand five hundred to reach twenty seven thousand resistance. Stay cautious. The shorts control. So there you have it. Let me know if you agree or disagree with the outlook from glass node analytics. Let me know your honest thoughts. In the comments right down below. And now for the moment you have all been waiting for. Let's discuss the latest with billionaire Peter Thiel, who is a keynote speaker at last year's Bitcoin Miami Conference, which is the largest conference for Bitcoin in the world. And I was actually there. If any of you were also there, please do let me know. But interestingly, he predicted and at the time Bitcoin was trading at roughly just north of forty three thousand. And he said, I believe the Bitcoin price will rise another hundred X from the current prices, which ultimately means four plus million dollars per one Bitcoin. But even more interestingly, there's rumors word on the street that he dumped his large crypto position at around the time of the height shortly after making the prediction. So that's what I want to cover with you today. And then we'll dive into our live Q &A. And again, welcome to everyone just tuning in. Let me know where you're tuning in from in the live chat, as I greatly appreciate everyone's support, of course. So here we go. Let's discuss this. Peter Thiel's capital firm reportedly made one point eight billion dollars, closing out its crypto positions last year around the time when the early Bitcoin bull was still predicting the token price to surge one hundred X. That's right. One hundred times forty three thousand is roughly four point three million per coin. Now, Founders Fund had cashed out almost all of its bets on digital assets by March of twenty twenty two, according to a Financial Times report that cited people familiar with the matter. But Thiel was still backing Bitcoin when he spoke at the crypto conference in Miami the following month. Pretty interesting, right? Quitting him here. We're at the end of the fiat money regime, he said, adding that the tokens price could increase one hundred fold from its level at the time, which was actually forty four thousand. So virtually predicting a above four million dollar price prediction. Now, that prediction was proven false as rising interest rates and failures of high profile firms like Celsius, Three Arrows Capital and FTX dragged the crypto sector into a prolonged slump. Obviously, twenty twenty two was the ultimate bearish year, but Bitcoin did plummet over 60 percent in that year and was trading at under seventeen thousand by the end of the year, with the current cycle low still at fifteen thousand seven hundred. Now, the Founders Fund first started pouring money into crypto all the way back in 2014, when Bitcoin was only trading at seven hundred and fifty dollars per coin. And by the time Bitcoin reached its all time high in November of twenty twenty one, it had already surged eighty five hundred percent from that level. Now, Thiel has a long track record as one of Silicon Valley's most prominent tech investors. Remember, he is a co-founder of PayPal and he took early stakes and startups, which also include Facebook, Elon Musk's SpaceX and ride hailing app Lyft and obviously co-founded PayPal all the way back in nineteen ninety eight. Thiel is also a very high profile supporter of the Republican Party and has continued to voice his support for Donald Trump since the former president left office in January of twenty twenty one. And one point they were working together. The fund held around two thirds of its portfolio in the token at one time, referring to Bitcoin, obviously, but now has no significant exposure to crypto, according to sources, which makes this all very interesting. Now, let's actually quote the billionaire PayPal co-founder from that speech he gave at the Bitcoin twenty twenty two conference in Miami, quoting him word for word because I transcribed his speech. The enemy's list is the list of people who I think are stopping Bitcoin. There are a lot of them. They tend to have nameless, faceless bureaucratic perspectives, which is, of course, one of the ways they hide. We are going to try to expose them and realize that this is sort of what we have to fight for, for Bitcoin to go up 10 X or 100 X from here. Preach. The central banks are going bankrupt. We're at the end of the fiat money regime. The first person on the list is Berkshire Hathaway CEO Warren Buffett. Thiel put up a picture of Buffett with two of his most famous quotes about Bitcoin. The first one rat poison squared. We all know that and I don't own any and I never will. And lo and behold, how much Bitcoin does Warren Buffett currently hold indirectly? Because he's a major investor in Bitcoin related mining companies. So it's interesting, right? He opined, I think the sociopathic grandpa of Omaha is perhaps the most honest and the most direct in it. Now, feel further noted that Buffett has a bias that makes him long in the fiat money system, naturally, and money managers who follow Berkshire Hathaway's executive advice will pretend it's complicated to invest into Bitcoin. The next person on the list of Bitcoin enemies is the one and only JP Morgan Chase CEO Jamie Dimon, a.k.a. Jamie, the tapeworm, as Max Kaiser refers to him as the output diamonds picture up with the following quote. I don't call them crypto currencies. I call them crypto tokens because currencies have rules of law behind them, central banks and tax with authorities. And the next picture he put up was that of BlackRock CEO Larry Fink with the following quote. And I remind you, this is before the BlackRock filing for the spot ETF. I see huge opportunities in digitized crypto, blockchain related currency, and that's where I am. Think it's going. The PayPal co-founder added that thinks, quote, is somewhat representative of a whole genre of Bitcoin attacks that need further context, stating that the pro blockchain is an anti Bitcoin term very typically. Now, feel also brought up environmental, social and governance standards elaborating the following they label they have come up with and perhaps the real enemy is ESG. I think that ESG is just a hate factory. Any stress you can always ask the question, what is the difference between ESG and the CCP, which you can see what that stands for right here? I don't want to get kicked off of YouTube, just FYI. Anyways, when you think ESG, you should be thinking CCP. It is the finance genetocracy that runs the country through whatever silly virtue signaling and hate factory to them like ESG they have, the billionaire concluded. And I'll leave you with this. This is what I would call what we have to think of as a revolutionary youth movement. And we have to just go out from this conference and take over the world. So there you have it coming directly from Peter Thiel. Let me know if you agree or disagree with his predictions regarding the Bitcoin enemy list. I agree 100 percent. I know that JP Morgan Chase and Jamie Dimon is anti Bitcoin, meanwhile investing into it indirectly the same way as Warren Buffett and also BlackRock. I mean, I don't really need to say much, but now BlackRock is obviously bullish on Bitcoin. They're looking to get that spot ETF approved in the United States and be the first to do that, which will usher in trillions of dollars into the number one crypto in the world, the one and only king Bitcoin. So it'll be interesting to see how this all plays out. And what are your thoughts on Peter Thiel allegedly cashing in his Bitcoin prediction at around the time he was making those bullish price predictions? Obviously, he must have made a smart move if I mean considering the Bitcoin price did dump shortly after that speech from forty four thousand at the time he gave it all the way to fifteen thousand seven hundred at the end of last year. So obviously that would put him in a great position to get a new position. But it's all very interesting just the fact that someone would be making such bullish predictions and then be selling at the same time. I don't know if that surprises you or not, but it is what it is. But bigger picture, what are your thoughts surrounding his 100 X price prediction that the Bitcoin price can realistically hit four million dollars per coin? And by what timeframe, more importantly, do you think the Bitcoin price trajectory is likely to hit that level at? Let me know your honest thoughts, fam, in the comments right down below. And don't forget to check out Crypto News Alerts dot net for the full premium experience with video and to participate in the live Q &A. And I look forward to seeing you on tomorrow's episode. HODL.
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
A highlight from 1383: Bitcoin Will 100x to $4 Million - Peter Thiel
"In today's show, Bitcoin velocity hits Lowe's last scene before the Q4 2020 Bitcoin price breakout. Quitting Max Keiser, El Salvador secures world peace by geographically decentralizing Bitcoin hash with volcano energy. We'll also be discussing the judge to hear Sam Bankman freed his defense against 4 million new pages of released evidence. We'll also be discussing hash DEX joins the race for a spot Bitcoin ETF with a brand new unique strategy, as well as the BitMEX founder Arthur Hayes details the path forward for Bitcoin amid an apocalyptic mood, I'll be breaking down his outlook, as well as Glass Note Analytics says that September, which is right around the corner, could bring big good news for Bitcoin, but as always, there is a catch. We'll also be discussing billionaire Peter Thiel made $1 .8 billion allegedly cashing out an eight -year bet on crypto around the time he was touting that 100x price predictions and then the Bitcoin price above $4 million per coin also be revealing Bitcoin's biggest enemies list. According to Peter Thiel, we'll also be taking a look at the overall crypto market, all this plus so much more in today's show.
The Hugh Hewitt Show: Highly Concentrated
A highlight from Silicon Valley Entrepreneur, GOP Funder and Activist David Sacks
"At Rocket, we know buying a home is exciting and a bit overwhelming. Ready to buy a home but stressed about writing those big checks? Rocket can help you save. When you buy with Rocket Homes and finance with Rocket Mortgage, you can get up to $10 ,000 cash toward closing from Rocket Mortgage. It's a pretty big deal. And one you can get only with Rocket. Visit onlywithrocket .com to get started today. For purchase transactions only, you must log right between 331 and 831. Call 837 -ROCKET for conditions and restrictions, equal housing, lender license in all 50 states, and I'm lessconsumeraccess .org, number 30. Welcome to today's podcast sponsored by Hillsdale College, all things Hillsdale, at hillsdale .edu. I encourage you to take advantage of the many free online courses there, and of course, listen to the Hillsdale Dialogues, all of them at Q for hillsdale .com or just Google Apple, iTunes, and Hillsdale. Joined now by David Sacks of Kraft Ventures and the co -host of the All In podcast, as well as a big presence on Twitter. Hello, David, thank you for joining me. I'm very glad you did. Good to be here. Thanks to you. Now, I've spent a lot of time with some of your friends like Peter Thiel, and I just got off an hour -long interview with Tristan Harris of the Center for Humane Technology. Are you familiar with Tristan? I don't think so. Nothing I know of. Well, I am only learning about the All In podcast, and I listened to the vague interview with great interest because I interviewed him yesterday, and then I listened to Bill Gurley's interview with even more interest, but I have a problem. I don't know your voice yet. The only time I'd ever heard your voice was on the Twitter thing with Rhonda Sanders. It was so choppy. I couldn't get a good ... I've been doing this for 33 years, but I still couldn't get it in. When you were doing biographies, which was really the most interesting part of both podcasts, somebody said they liked Shoe Dog, Man in the Arena, and Hamilton. Was that you? I don't know. Let's see. No, I don't think so. Wait. A voice said that those were ... Oh, that those were books that they liked. Biographies. You guys were talking about biographies. Yes. I think that was a friend of mine, Brad Gerstner, who was also on the pod, so yeah, no, unfortunately, that was not me. Okay. Tell me what biographies you read because I actually think it's one of the most interesting questions you can ask somebody.
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
"peter thiel" Discussed on Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
"Yo, what's good, crypto fam? This is first and foremost, a video show. So if you want the full premium experience with video, visit my rumble channel at cryptonewsalerts.net. Again, that's cryptonewsalerts.net. Welcome to y'all just joining us. This is pod episode number 1371, believe it or not, time sure does fly. And this is August 14th, 2023. I'm your host JV and we have lots to cover. Let's kick off with our market watch. As you can see here, we can see Bitcoin currently consolidating trading just above 29,300. We also have ether and many of the major alts correcting and in the red and checking out of yeah, is that coinmarketcap.com the current crypto market cap sits at $1.17 trillion and checking out the crypto greed and fear index. We're currently rated a 50, which is neutral yesterday at 54 last week, a 49 and last month, a 56 in greed. Without further ado, let's dive into today's Bitcoin technical analysis, shall we? Here we go and welcome y'all just joining us in the live chat. Make sure to say hello and let me know where you're tuning in from. As you can see here, Bitcoin hit multi-day highs after the August 14th Wall Street open as modest volatility trickled throughout the market, which you can see here in the Bitcoin one hour candle chart. We got data from Cointelegraph Markets and Trading View tracked the trip past 29.5, marking the highest Bitcoin price action level since August of the 10th, yeah, that is for the past week. Now, unusually flat trading conditions followed by a brief dip to 29,000 support comprised weekend price action and this is now appearing to give way more interesting behavior analyzing the current setup on exchange order books. We've got popular trader Dan Crypto Trades quitting him here. Quite the wall above price, supposedly to push the price down. Often these big orders are spoof orders and have no intention to actually get filled. He also shares that does show that there is some action going on in the books in this price region, which you can see in this chart. Bitcoin nonetheless stayed above key resistance zone for the bulls to flip with 29.7 still in the line for the sand for the continuation and quitting red capital. Bitcoin will soon challenge the multi-week series of higher highs for a breakout attempt and he also shares this chart. And if we take a look at the latest weekly close of significance, despite the recent lack of volatility coming in at just above the key 29.250 level, which the bulls required, quitting him again here, Bitcoin has just about the weekly candle close above the 29.250 and already Bitcoin is showing very early signs of successfully recessing the 29.250 level of support for this week, coupled together with the diamond shaped bottom, a rebound could be near. And what are your thoughts? Do let me know. Meanwhile, the dollar stalls, which I mean, it's not surprising to me. We all know that Fiat is trash at the end of the day and quoting the gig at shad on this throwback when he used to work at McDonald's. Look at that apron doing whatever it takes. Quoting him here, Bitcoin is money and everything else is credit preach and welcome y'all just joining the live show. Don't forget this is a live and interactive show seven days a week. So make some noise and let me know where you're tuning in from. And at the end of the show, I'll be reading everyone's comments out loud. Now let's discuss rumors that Gary Gensler can be replaced by the crypto mom. How many of you would be excited if Gary Gensler did get replaced from the SEC? As you know, he is currently the chairman. Let me know your thoughts in the comments right down below. This is actually quite interesting. The U.S. securities regulator could completely U-turn its approach to crypto enforcement, depending on a key election in the U.S. next year, 2024, according to the former SEC official John Reed Stark in a August 13th tweet, the former SEC Office of Internet Enforcement Chief predicted that a Republican president could drastically shift the crypto regulatory tide, including the potential appointment of crypto friendly Commissioner Hester Pierce to replace Gary Gensler as the agency's chairman. If you'd like to see that happen, let me know in the comments. Now, there are currently a number of Republican candidates in the running. We have former President Donald Trump remains the most popular candidate. Amongst Republican voters, followed in a distant second by Florida Governor Ron DeSantis and then by South Carolina Senator Tim Scott. Now, should a Republican be elected as president, according to Stark, Gensler would likely be replaced by Pierce, aka crypto mom, as he shared here in this tweet with or will the SEC approve any of the recent Bitcoin spot ETF apps? People often ask for my opinion on whether the SEC will approve any of the recent spate of Bitcoin spot ETF apps, which is an interesting and important question. And he goes on to share that he thinks that, like I said, Gensler can be replaced by Hester Pierce. Now, he also says the world should expect that most U.S. SEC crypto related enforcement and most crypto related SEC disruption would grind to a screeching halt. So is he trying to say the corruption is all democratic? Very interesting. Stark also drew attention to the increasing polarization of crypto regulation within the SEC and U.S. politics. More broadly, when Stark first began writing about crypto in 2017, he said a diverse scope of politicians held the same viewpoint with then held President Trump, Secretary Hillary Clinton, as well as Congressman Maxine Waters, who we have seen blowing kisses to Sam Bankman freed. You can't make this stuff up. Now, crypto has become far more divisive issue. Republican candidate DeSantis said he plans to protect Bitcoin and vowed to ban CBDCs if elected president. And on the other side of the fence, we have Democratic Senator Elizabeth Warren has made a number of concerted efforts to crack down on all forms of crypto in the country, going as far as forming an anti-crypto army as part of the Senate reelection campaign until such a time when Republicans sit in the Oval Office. Stark said it was unlikely that a regulator would become any more friendly towards crypto, predicting that the SEC will reject the current swath of spot Bitcoin ETFs for a change of compelling reasons. Let me know if you agree. Do you think that a spot Bitcoin ETF is likely to get rejected or you think the one from BlackRock will likely get approved as well as a list of others? Now, citing an August 8th Better Markets SEC comment letter, Stark shared that spot Bitcoin markets have a history of artificially inflated trading volumes and are highly concentrated within the hands of few actors and rely on a small group of select entities to maintain the Bitcoin network. This reportedly leaves investors extremely vulnerable to manipulation by bad actors. Well, another reason we need a spot ETF and enough of the futures ones that are manipulated, despite the number of industry heavyweights from the world of traditional finance, such as BlackRock, the world's largest asset manager, Fidelity, lodging apps for a spot Bitcoin ETF product. Stark believes the SEC will eventually reject all of the outstanding filings, which goes against what other experts are predicting, including Bloomberg analysts, as well as all the guys in charge of the ETF, such as Eric Balchunes. He is predicting like a 99 percent chance that the spot Bitcoin ETF does get approved. We also got to consider the track record of BlackRock getting ETFs approved by the SEC is something like five hundred and seventy five to one. So I am more optimistic that a approval of the spot Bitcoin ETF does get approved by the SEC sometime before the Bitcoin halving, scheduled to be in April of twenty twenty four. But what are your thoughts? Please let me know in the comments right down below. Now, let's discuss the latest ramifications of the PayPal stablecoin. Many analysts are predicting very bullish things to come as a result. But could this have a negative impact on the altcoin market, such as with Ethereum? Well, let's discuss it, shall we? And welcome to those just tuning in. A strategist from Bloomberg says that PayPal's launch of its own stablecoin hasn't been priced into the markets yet and should have a significantly positive effect on Ethereum. Now, Jamie Kautz, crypto market analyst at Bloomberg Intelligence, says that market participants are discounting the fact that PayPal's network is hundreds of times larger than Ethereum's. And since the PayPal stablecoin is an ERC 20 token, meaning it's on the Ethereum blockchain, Kautz says that even a small amount of PayPal users converting their PayPal stablecoin will have a massive effect on Ethereum. Quitting him here, the PayPal announcement is not priced in. PayPal has four hundred and thirty five million active accounts versus Ethereum layer one and two active addresses of only one million. So if one percent convert a dollar balance to the stablecoin, four point three five million begin to use it, then the ramifications of the Ethereum ecosystem and ETH, the asset are massive. And you can see here all the blockchains versus Ethereum versus the stablecoins. Now, taking a closer look at Ethereum, Kautz also says that the leading smart contract platform could be undervalued when considering the large growth in fee revenue compared to the rather modest increase of the price. He says such a divergence preceded the bull run of 2020. Quoting him again here, 2023 fees have climbed 176 percent versus the price of 53 percent. The relationship between the two was instructive for the last bull market when the fees outpaced the prices in 2020 after the two year decline. This is a very strong performance from the leading layer one outperforming our expectations on the erosion of fee income from layer two expansion. Ethereum's moat is deepening and widening. So there you have it. How many of you are bullish on the PayPal stablecoin? I have to share my insights. I do not trust PayPal. I don't even trust having a PayPal account because they can freeze your assets at any time. They've done that to me in the past for no logical reason. And also they can freeze your cryptocurrency if you're holding it on the PayPal, you know, not your keys, not your cheese, no different from an exchange. So if you're going to be using PayPal or any centralized exchange to make a sort of transaction, make sure to hold your private keys or forever hold your piece. Now, obviously, the mass adoption element is very bullish, considering they have almost, what do we say, 400 plus million active users. This is bullish. That's why we have some Bitcoin advocates predicting that this news alone, which is not yet priced, then can take the Bitcoin price faster to a quarter million dollars per coin sooner than later, as Charlie Shrem predicted, which I covered in a few episodes ago. But let me know, are you bullish for this factor that the mass adoption is coming in, which we're seeing right now in real time with PayPal, with the launch of their stablecoin? Let me know your honest thoughts in the comments right down below. And now let's break down some more breaking news coming out of Argentina. Let's go. Latin America, please stand up. Here we go. Major news. An Argentine politician who supports Bitcoin and calls for abolishing his country's central bank. Much respect has taken the lead in the country's presidential open primary elections, with over 90 percent of the votes counted. Libertarian pro-Bitcoin candidate Javier Malay is leading with nearly 32 percent, and he is trailed by the conservative Together for Change party with just under 30 percent, according to Bloomberg. Meanwhile, the left wing union for the Homeland Coalition, the incumbent government group, is third with just over twenty eight and a half percent of the vote. Now, Malay founded and leads the Liberty Advances Coalition, whose views have been described as anywhere between libertarian and far right. Malay calls himself an anarcho capitalist and has rallied for Argentina's central bank to be abolished, calling it a scam and has said that human organ sales are just another market. Now, he says Bitcoin is a reaction against the central bank scammers and claim that fiat currency allows politicians to scam Argentines with inflation. Let me know if you agree or disagree. Now, such rhetoric has proven popular with Argentine voters who face an annual inflation rate of a whopping hundred and sixteen percent. Yikes. The worst in over three decades, adding to the country's cost of living crisis. Now, Argentina's general presidential election will be held October 22nd, and if no candidate secures at least 45 percent of the votes, a runoff election will be held in November. Now, for some very powerful quotes coming from him as well. And doesn't kind of remind you a little bit of Austin Powers. I know he has that Jeet Kune Do pose of Bruce Lee right here, but anyways, here's some powerful quotes. Bitcoin represents the return of money to its original creator, the private sector. Bitcoin has an algorithm that one day it will reach a certain amount and there is no more and it can compete with other currencies. Bitcoin is the natural reaction against the central bank scammers and to make money private again in economies with high inflation. The scam problem is bigger. That's why, as I suggest, you can propose to close the central bank. Inflation is killing us. And job uncertainty doesn't let you plan your life. The central bank is a scam. It is a mechanism by which politicians cheat the good people with inflationary tax. So much love and respect to the candidate. I hope he wins. I'd love to see a pro Bitcoin president in Argentina, wouldn't you? And what if he followed in the footsteps of Bukele and made Argentina where Bitcoin is illegal tender? Wouldn't that be something and game changing? Let me know how you feel that is likely to play out. And if you think he'll win the presidency. And with that being shared, fam, now let's discuss the era of fraud as per the high priest of Bitcoin, Max Keiser. And then we'll be discussing Peter Thiel, his four million dollar price prediction and specifically the enemies of Bitcoin, keeping the price suppressed from hitting 10 to 100 X from today's price. And then we'll dive into our live Q &A. So massive shout out to Max Keiser. I posted this this morning and I ultimately transcribed an epic rant that he had. And I hope you have heard it before. If you haven't, you've got to hear it directly from Max. But here's the next best thing. Me quoting it. Wall Street is fraud. America is fraud. The world is fraud. Banks are fraud. Central banks are fraud. We live in an era of fraud. It's all based on fraud and they get a percentage of the fraud. That's the business model to suggest that there is any moral or ethical aspect to anything going on now is to be completely naive about the fact we live in an era dominated by financial terrorists, terrorists, terrorists, jihadis of banking. They are here to kill you and themselves. They don't care because they are trained in Madrasa's called Princeton, Harvard and Yale. They believe in an ideology, not the Koran, but Adam Smith. And they completely misread and misinterpret as something to justify. They're blowing themselves up. And the cost of terrorism is cheap. Nine eleven only cost five hundred thousand dollars. The ability to borrow money and take over a company by Warren Buffett is zero. He is borrowing money at zero. He's taking all of those jobs away. He's creating economic destruction because of financial terrorism. And that's the era that we live in today. Are you going to stop it? There is only one way to stop it. Raise interest rates right now. Make the cost of terrorism too high. Do it today. If you don't, you're a frickin terrorist. Janet Yellen is a terrorist. The Central Bank of Japan is a terrorist. There are the real terrorists, not the immigrants, not the people dying in the water. So there you have it. Let me know if you agree or disagree with the one and only Max Kaiser. Shout out to him and Stacey Herbert and to all the beautiful people in El Salvador making a change and making a difference. Preaching the Holy Gospel, a Bitcoin. I have a lot of love and respect for this man. And with that being shared, now let's dive into our breaking story of the day. Now, Peter Thiel, if you're not familiar with him, he was one of the keynote speakers at the Bitcoin Miami Conference last year, and he made a very great speech and he pinpointed Bitcoin's enemies. Now, some of those enemies of Bitcoin have come around, including the CEO of BlackRock, as well as others. But this is very, very interesting. So I want to break this down for you. Quoting Peter Thiel, I transcribed his speech from the Bitcoin Miami Conference. Here's what he had to say. The enemies list is a list of people who I think are stopping Bitcoin. There are a lot of them. They tend to have nameless, faceless bureaucratic perspectives, which is, of course, one of the ways they hide. And he goes on to share. We are going to try to expose them and realize that this is sort of what we have to fight for for Bitcoin to go up 10x, 100x from here. And if you run the math fam, 30,000 times 10x is a three hundred thousand dollar Bitcoin and 100x from 30,000 is three million. But the time when he made this prediction, Bitcoin was above 40,000, hence the four million prediction, just FYI. Anyways, he continues, the central banks are going bankrupt. We're at the end of the fiat money regime. The first person on the list is Berkshire Hathaway CEO Warren Buffett. Thiel put up a picture of Buffett with two of his most famous quotes about Bitcoin. Number one, rat poison. And number two, I don't own any and I never will. Then he opined, I think the sociopathic grandpa of Omaha is perhaps the most honest and the most direct in it preach. Phil further noted that Buffett has a bias that makes him long on the fiat money system and money managers who follow the Berkshire Hathaway executive's advice will pretend it is complicated to invest into Bitcoin. Now, the next person on the list of Bitcoin's enemies is JPMorgan Chase CEO Jamie Dimon, as Max commonly refers to as Jamie the tapeworm. Now, they'll put Dimon's picture up with the quote, I don't call them crypto currencies. I called them crypto tokens because currencies have rules of law behind them. Central banks and tax with authorities. Then the next picture he put up was that of BlackRock CEO Larry Fink with the following quote. I see huge opportunities in a digitized crypto blockchain related currency, and that's where I think it is going. Now, the PayPal co-founder added that Fink's quote is somewhat representative of the whole genre of Bitcoin attacks that need further context, stating that pro blockchain is an anti Bitcoin term very typically. And lo and behold, we all know that BlackRock recently submitted that ETF application to the SEC. So even the Bitcoin enemies are coming around anyways. Phil then brought up environmental, social and governance known as ESG standards. Elaborating the following, the label they have come up with and perhaps the real enemy is ESG. I think that ESG is just a hate factory. That's right. He stressed. You can always ask the question, what's the difference between ESG and CCP, the Chinese Communist Party? When you think ESG, you should be thinking CCP and quoting him again. It is the finance, if I'm pronouncing that right, fam, please correct me, that runs the country through whatever silly virtual signaling and hate factory to them like ESG that they have, the billionaire concluded. This is what I would call and what we have to think of as a revolutionary youth movement. And we have to just go out from this conference and take over the world, preach. Nonetheless, here's some more quotes from this speech. It's always hard to know where Bitcoin goes from here. Again, at the time he made the speech, Bitcoin was trading at forty three thousand and asked the question, where does it go? Well, I like to say it is that Bitcoin is almost the most honest market in the world. Well, it always is, he says it is the most efficient market and it was the canary in the gold mine. It was telling us that the inflation was coming in the last two years as it went from five thousand six thousand up by a factor of 10x. It is telling us that the central banks are bankrupt, that we are at the end of the fiat money regime, and that's sort of what it has priced in. I think the central bankers, Mr. Jerome Powell, people like that should be extremely grateful to Bitcoin because it's the last warning they are going to get. They have chosen to ignore it and they will have to pay the consequences for that in the years ahead. So why has Bitcoin not yet gone to one hundred thousand dollars per coin or a million dollars per Bitcoin? Why has it not converged with gold or even with the equities markets more broadly? What is it going to take for this to happen? I know that sort of the way we often talk about businesses or technologies as how great the technology is or how great the code is, how great the math is, how it's sort of innovated. But I want to sort of suggest that we should maybe think of it in a one dimension as sort of a political question. And it's a movement and it's a political question whether this movement is going to succeed or whether the enemies of the movement are going to succeed in stopping us. Nothing shall stop us. Just saying. Anyways, fan, what are your thoughts on what Peter Thiel had to share from his speech? Do you agree with the billionaire PayPal co-founder? Let me know your honest thoughts in the comments below. And don't forget to check out CryptoNewsAlerts.net for the full premium experience with video and to participate in the live Q &A. And I look forward to seeing you on tomorrow's episode. HODL.
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
A highlight from 1371: This Will Send Bitcoin to $4,000,000 - Peter Thiel
"In today's show, I'm going to be breaking down the latest technical analysis and quoting Michael Saylor, Bitcoin is money, everything else is credit preach. We're also going to be discussing a scenario which can see Gary Gensler replaced by the SEC's crypto mom. Also in today's show, Bloomberg analyst says that PayPal stablecoin announcement is not yet priced in and predicts huge ramifications for Ethereum. Also breaking news, pro Bitcoin Javier Malay wins most votes in Argentina's primary election. Quoting him here, Bitcoin represents the return of money to its original creator, the private sector. Bitcoin has an algorithm that one day it will reach a certain amount and there is no more and it can compete with other currencies. Preach. We'll also be discussing the most epic rant from Max Kaiser. Here's a glimpse. Wall Street is fraud. America is fraud. The world is fraud. Banks are fraud. Central banks are fraud. We live in an era of fraud. It's all based on fraud and they get a percentage of the fraud. That's the business model. The main topic for today is Peter Thiel's prediction that the Bitcoin price will hit $4 million per coin, but there are enemies of Bitcoin, which is currently preventing that from happening. I'll be breaking all this down for you. All this plus so much more in today's show.
The Eric Metaxas Show
A highlight from Michael Gibson
"Welcome to the Eric Metaxas show. They say it's a thin line between love and hate, but we're working every day to thicken that line, or at least make it a double or triple line. Now here's your line jumping host, Eric Metaxas. Hey there, folks. As you know, on this program, we always try to give you a little hope. You know, we talk about all kinds of subjects and every now and again, something comes across the transom that I say, what the heck is this? This is really cool. I'm holding in my hands a book called Paper Belt Fire. on That'll intrigue you, right? Paper Belt on Fire, how renegade investors sparked a revolt against the university. If you listen to this program, you know, I'm all about that. I love that idea. On the back of the book is a blurb, an endorsement, an encomium from Peter Thiel, whom some of you know just through my Socrates in the City event or from the culture at large, probably. But Peter Thiel says about this book, Paper Belt on Fire, part adventure tale, part manifesto, Paper Belt on Fire is a battle cry for anyone who ever dreamed of resting power back from corrupt institutions or of nailing the truth to the cathedral door. You may know that I wrote a big book about Martin Luther, who nailed something to a cathedral door about 500 years ago. I am thrilled to have the author and the perpetrator of the aforesaid events. His name is Michael Gibson as my guest. Michael, welcome to the program. Thanks for having me on. It's great to be here. Big fan. This is, well, you're really kind. This is a huge concept, what you've done. So I want my audience to understand it because I barely do. Tell us, I mean, first give us the short version so we can track with you. What is it that you and a group of investors did? Well, let's start with the Reformation and Martin Luther. So, you know, funny enough, and then that's Peter being clever with the blurb because we started a venture capital fund and we were thinking about naming it. Names are very important in the book and in what we do. And what we realized is that modern universities, there's a historical analogy with the state of the church or the Catholic church in the 16th century. And the geeky analogy we like to draw was that at the time the church was selling a piece of paper at great cost and told people it was a way they could save their souls. All you had to do was fork over some cash to the church. And when Luther nailed his 95 theses to the church door and, you know, what he was protesting against was mainly the sale of these indulgences. And so the analogy we like to draw is that, you know, nowadays there's an institution, they're selling a piece of paper. They're telling you it's the only way you can save their soul. And instead of the indulgence, it's called the diploma. Okay, that is brilliant. That is absolutely brilliant. And listen, as somebody with a diploma from Yale University, I know better than anybody that what you're saying is true. These are corrupt institutions, corrupt on a number of levels, intellectually very, very corrupt. But the idea that you perceived that and you could frame it so neatly that, you know, yes, in 1517 we were protesting selling a piece of paper, which is a sham, and that lo and behold, secular institutions today, five centuries later, doing exactly the same thing. So kudos to you just for thinking of that. But when you started your firm, this was in your mind. Right, yes. So we named the fund 1517 after the year Luther nailed the theses to the church door. And what's great about numbers is, we put them on t shirts and stuff and, and people right away say 1517 What does that mean? You know, and then I get to tell some story like I just did. I did that. That's how we started the fund in 2015. But before that, you know, we, so I worked for Peter Thiel, I helped him launch a fellowship in 2010. So five years prior to the fund, and these are the events recounted in the book. And we initially started a nonprofit, we gave $100 ,000 to 20 individuals a year. But there were two conditions that were noteworthy. One was that you had to be 19 and under to apply. And the second newsworthy condition was that you had to drop out of school or not be enrolled. And so we gave out these grants over the years and, and some of the big success stories that some of your listeners or people watching might have heard of, like in 2012 2013, we discovered the young man Vitalik Buterin helped him launch the cryptocurrency Ethereum. There's another more recent Adobe bought a company called figma for 20 billion, we helped the founder start that company in 2012. So we had been doing this nonprofit, and we decided, wait a second, we, we could be making money doing this. So I wanted to tell this business story that by investing in people who don't have college degrees, who don't have credentials, can we show that there is a fulfilling path to a successful career without that credential? I mean, it goes way beyond that, because not only are most people wasting a lot of money, and a lot of time getting a piece of paper that's essentially worthless, if it were merely worthless, they'd be wasting time and money. But it's worse than worthless. It is usually a ticket to decades of ideological confusion. And that has become increasingly true over the decades. It was true when I was at Yale in the 80s. It was already very true then. But it's become increasingly true when Buckley wrote about Yale in his 1951 book, got a man at Yale, he's writing about the Yale of the late 40s. So this has been part of the academic world, but it's gotten worse and worse and worse and worse. So for you guys to be encouraging people not to go to college and to do these things, I just want to say thank you for that. So what exactly - Well, it's been fun to pick those fights. Yeah, so I wanted to, so we've talked about higher education as this institution that relies on a piece of paper. The title of the book, Paper Belt on Fire, that expands that theme. So a friend of mine, we were just jamming one night, trading ideas. And we thought, and this is back 2012, 2013, we thought just as the Rust Belt defines the Midwest and the hollowed out industries that are left barren due to either globalization or technological change, we thought there were some technological trends and political trends that were going to cause trouble for what we decided was the paper belt. Now this is from Washington DC to Boston. In DC, they print money, laws, regulations on paper. In Delaware, that companies incorporate on paper. In New York, there's media and advertising on paper, New York Times, Wall Street Journal, Madison Avenue. And then we thought Boston as the pinnacle of the arch symbol of American higher education, Harvard and MIT are printing diplomas on paper. So what all these institutions have in common that are paper -based is that I think in terms of computer security, I'm very influenced by the cypherpunks. And what they notice is that if you're using a piece of paper, you need an institution to validate it and authenticate it, to validate that one, it's real, and two, that whatever information it's signaling is accurate and true and reliable. And so we can think of the Federal Reserve, for instance, and the Treasury Department, they tell us that these dollar bills they print are worth something and they authenticate whether they're real. And likewise, we've been trusting universities to print diplomas and authenticate them and say, hey, this is real. But what I've noticed is that in any of these institutions over the last 40, 50 years, the people running them are either incompetent or have become corrupted. Whether it's collusion inside, insiders against outsiders, or just plain old, hey, we don't know what we're doing, it's clear that the performance of these institutions have declined over time. So that's higher ed, the media, and even the Federal Reserve, you name it, we could go across the board. Well, I say I say often that the all these legacy institutions are dead. And people need to wake up to the fact that they're dead. Yale is dead. Harvard is dead. The New York Times is dead. They're dead. Whatever they once were. They are now decidedly not that they have been sliding. They had been sliding for a long time. But they weren't like really fully dead until recently. It wasn't until recently that I could say the New York Times is mostly trash. I could say five or 10 years ago, there's a lot there that I don't like. They're leftward leaning. But they have really become horrible. Not just ideologically off, but really horrible. I know for me, I used to read the Sunday Times just for the magazine and the book review. And like you, I know like the book reviews were excellent. And then all of a sudden, six, five years ago, that got terrible. We've got a lot more to talk about, folks. The book is Paper Belt on Fire. Michael Gibson is my guest. Don't go away. Every day, the parallel economy grows bigger and bigger. It's powered by everyday Americans who are sick and tired of all the propaganda being jammed into every product they consume. Big mobile companies are no different. For years, they've been dumping millions into leftist causes. And we had to take it because you needed a cell phone, probably thought there was no alternative. But now there is. Patriot Mobile is America's only Christian conservative wireless provider offering dependable nationwide coverage on all three major networks. 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The Hugh Hewitt Show: Highly Concentrated
Silicon Valley and Capitol Hill Build an Anti-China Alliance
"A good bit of news. Wall Street journalist morning. Silicon Valley and Capitol Hill build an anti China alliance. A group of Silicon Valley executives, including Peter Thiel and Washington lawmakers, are quietly mobilizing at China's involvement in the U.S. tech industry. They plan to meet for a private dinner on Wednesday to discuss China national security and intensifying competition between the tech sectors of the U.S. and China. This was before TikTok gets hammered. TikTok is going to be out of business in the United States before long. Here's the deal. I love this hill and valley forum. The key thing is whom from whom will the Silicon Valley big tech people listen to advice. They might still get ambassador Robert O'Brien. They might, that deputy national security adviser, Matt pottinger, go get representative Mike Gallagher, go get representative Michael waltz, go get yourself. The Michael Pillsbury if he's a get good information and you'll get a good product out. But if you sit around listening to Wall Street bankers as you have for the last 30 years, you're not going to get good information on what the CCP is up to. It
CoinDesk Podcast Network
Silicon Valley Bank Shut Down by State Regulators
"We just got news right before the show that the California department of financial protection and innovation shut down some common valley bank and then appointed the FDIC as a receiver. And now we have a proper bank failure in 2023. Ensured deposits will be fully accessible by Monday, they say. And then at TSC is going to try to make uninsured depositors as whole as possible. This is the 18th largest bank or was 18 largest bank in the U.S.. This is the largest bank failure since the Great Recession. Man, I love entropy. Zach, and he takes on this? Yeah, bank runs are crazy, all this is nuts. This is not so we're seeing this unfold in real time. You know, I think it's not just Peter Thiel, right? We saw pantera. We saw a bunch of other VC firms say, hey, portfolio companies, you might want to get your money out of Silicon Valley bank, go like real quick. Well, this was all unfolding Thursday night. So that may have been sort of the death knell, but it's certainly not what I think caused it. At its root, you know, you saw sort of Arthur Hayes tweeting. I think it was yesterday saying that, you know, Jay Powell, Jerome Powell, has broken the U.S. banking system. I guess arguably by curtailing sort of bond buying, right? So you have some of these macroeconomic ripples that are unfolding across. The banking sector is not just crypto in this instance. I think silver gate was rightly capturing headlines. We saw a little bit of grave dancing from the likes of Elizabeth Warren and other lawmakers who were long wary and skeptical of silver Gates involvement with crypto. Silicon Valley that's less of the story here. I think it's more tech startups rather than crypto startups. They certainly served a few crypto startups, but by and large, we're talking about one of the preeminent banks that we're serving an emerging class of web two startups in California and beyond. So yeah, pretty wild to see this really unfold against the backdrop of what had been some otherwise positive signs in the economy that were announced even earlier this morning.
The Hugh Hewitt Show: Highly Concentrated
"peter thiel" Discussed on The Hugh Hewitt Show: Highly Concentrated
"I think there's stuff right there. Welcome back, America. That is senator Chris Murphy. There are senators who are rooting for conflict with China. I asked former senator Jim talent who joins me now. What do you make of that senator talent? It's the, it's the classic line you that those of us who believe the way to prevent war is to be strong to strengthen deterrence are actually warmongers. When it's actually weakness, of course, that encourages the aggressor to aggress. It's our ability to impose sufficient costs and consequences on aggressive powers that deters conflict, right? So the problem and the reason we're moving towards war in indopacom is that the Chinese are the dominant military power, certainly within the first island chain, and are therefore encouraged to believe that they can attack, for example, in Taiwan and achieve their objectives. So it's exactly the opposite of what he's saying. Yeah, senator Murphy is a perfect example of what Peter Thiel and I spent two hours talking about. People who are co opted. And I immediately thought Greenwich, Connecticut, has got a lot of financial interests that are tied up with China. And that senator Murphy has been a guest on this show. He's a nice enough guy. But he is clueless or deeply compromised and I don't mean in an intelligence way. I just mean, he doesn't want to upset the Chinese. Yeah, look, the language he used was incendiary. It's not unusual to hear that. From people who don't want to build up our defenses. So it shouldn't have done that. I think he's generally speaking given his ideological point of view with which I do not agree at all. A pretty good senator, but that kind of comment is not representative of where the vast majority of the Congress is coming from. You know, I mean, as you know, the democratic Congress last year added $40 billion to Joe Biden's defense request. And we're going to continue to see a strong bipartisan majority wanting to be strong and have policies that will deter China. Yeah, I would love for you to go and read the transcript. I edited it for readability with Peter Thiel. He really gets China. And he is very aware that India isn't the greatest ally Germany is completely co opted. And that the world is on a holiday from history is what we're on collectively when it comes to Xi and the CCP. I think we were on that holiday from history from the end of the Cold War roughly through the middle part of the teens. And I think this is one of Donald Trump's big achievements, as he dragged our foreign policy into the 21st century in particular where China was concerned. And so if you look at national security strategies before then, although Obama had begun the rebalance to Asia. I mean, the roots of Trump's policies were in Obama's policies in the second term. You got to be fair. But we weren't even mentioning China really to any degree at all in our national security strategies until Trump took over. And then as people very quickly came around and he very quickly began building a national security architecture that we need to deal with China going forward. So it's a messy process. But I'm overall you if we were if we were doing what Mike Gallagher has said, we need to do to strengthen short term deterrence in indo paycom. I would be pretty pleased with how Washington is responded in the last 5 or 6 years to the senator. I want to give you a chance The New York Times says we're going to add 19 trillion in debt over ten years. I just talked to Rick Scott about that. That means 50 trillion in debt, which means that 5%, two and a half trillion in interest payments every year. I don't know how we maintain piece through strength when we have got a debt of $50 trillion. Yeah, well, one way we don't maintain it you is by blaming it or cutting the defense budget or restricting what we're going to do on defense, okay? I mean, there's so many reasons for that. We do not have that deficit because of what we've done with the Department of Defense. I have a very brave concern that these deficit talks are going to result in restrictions on discretionary spending. Half of which is the Department of Defense that as soon as an Democrats get full control again, they'll blow the lids off the non defense discretionary spending and all will be left with is more restrictions on defense. You want to hurt the economy and blow the blow the debt up even higher. Let's get a war in Asia, okay? So we have to have peace in order to be able to dig our way out of this debt. It's just, it's absolutely counterproductive to suppress the defense of the country in the name of the economy. Can we do anything like that right now? Oh, if we've done commissions, I mean, we know what we need to do. The other thing about it is so ironic is what we the things we need to do to strengthen short term deterrence and indo pay come are not that expensive. It's longer reach cruise missiles. It's hardening the bases. I mean,.
The Hugh Hewitt Show: Highly Concentrated
"peter thiel" Discussed on The Hugh Hewitt Show: Highly Concentrated
"Peter Thiel, thank you for joining me. Awesome. Be well. Hi, too, Hewitt for birch gold. You get your gold at Hugo dot com or by texting my name Hugh to 98 98 98. Do you know what we're going to have a debt limit crisis because the U.S. has blown through $31.4 trillion. The national debt was under 6 trillion before 9 11, and in the 20 years since we have added 25 trillion to it. That's not sustainable. And that means the money the value of the money is going down, but you know what has kept pace with inflation since the early part of the last century gold. Gold holds its value. There's no better way to make sure you're safe against hyperinflation safe against all the upset that comes with a debt limit crisis, all you need to do is get some goal. Start an IRA at 401k today. They physically store your physical precious metals a plus rating with the better business bureau of thousands of happy customers, birch gold is who I trust text to 98 98 98 today. Birch gold at Hugh gold dot com. Welcome back America, senator Rick Scott of Florida is running for reelection. He's going to run and win easily in Florida because he serves the people of Florida very well. But I want to talk to him about this headline story. Good morning, senator Scott, great to talk to you again. Good morning, how are you doing? I was better before I read The New York Times this morning. U.S. on track to add 19 trillion in new debt over ten years. That senator Scott will take us to $50 trillion in national debt. If the interest rate is 5%, that will be two and a half $1 trillion in a year in interest rate. What are we going to do? We got to do what I did in Florida. We've got to start looking at a budget. Look at every line in the budget and pick the things that are most important to us. That's what your family does. That's what you do. That's what everybody in this country does. Your government just hasn't been doing it. We've got 31 and a half $1 trillion for the debt. And look at just the last two years. 1.71 $.8 trillion omnibus. $1.2 trillion so called infrastructure, which was an 80 billion $1 billion anti China Bill, which was an anti China. Just the spending is unbelievable. We've taken just in four years, expenditures of this country will go from 4.4 to over $6 trillion a year. This has got to end. I mean, if you care about the military, if you care about any of our safety net, then you have to balance a budget. That's what we all do. We go to a personal life. I mean, if you want to be able to send your kid to college, you say, well, I got to save money. This is just entitlement senator. If anything happens in the United States, has happened in turkey and Syria. And by the way, it could. I mean, I live on a fault in California. There's a Missouri Mississippi River fault as well. There are faults off the coast of Oregon. We're not going to not do anything. We're going to print the money. So I think right now the best case scenario is $50 trillion in debt by 2034. It's not going to happen. I'm a hell bent on making sure that doesn't happen..
The Hugh Hewitt Show: Highly Concentrated
"peter thiel" Discussed on The Hugh Hewitt Show: Highly Concentrated
"And the sort of social cultural question we ask about our society is not why was SPF a fraud, but why did you get away with this fraud? Why was it so desired by the media by the regulators? And it somehow this capitalist communist fusion product is what they wanted and that's unfortunately what a lot of crypto turned into. It was not all that bad. What do you think was the lure to the meat? What was the vision? There's a utopianism there. And I think you're right. And I agree with you, but I want to hear you tell me what you think drew them in to the image of SPF sitting on a stage with Tony Blair and Bill Clinton in cargo shorts and fizzy hair talking about making a $1 trillion so we can give it away. What do you think attracted me? I always thought it was nuts. I think. A lot of different things, but I think some version of it is that. If crypto worked on its own, it probably would be very non egalitarian. You know, some people would make a lot more money than others. And I think the inequality was deranging and then you needed a communist offset. And then somehow SPF was, you know, it was again, it was this self contradictory narrative. It's like this hegelian a and not a, you know, I am going to make a $1 trillion and I'm going to give it all away. And that's it's logically self contradictory, but psychologically, it's what they wanted to hear. And then the regulators and the media didn't pay word very critical of SPF or FTX, and they were critical of the crypto Bros that were just in it to make money or something like that. And then the FTX was used to outflank everybody else. That was the SPF plan. It was, you know, we're going to do the fake left wing stuff, and that's how we're going to beat everybody else. That is brilliant. Have I got 5 more minutes, Peter? I want to ask you about. I want to ask you about the drug problem in America, addicted America. And a libertarian who thinks about this. I'm sure you've driven past homeless encampments in Los Angeles. You and I have been in the same parts of LA. Those folks are either mentally to rank or they're addicted, do we have to go to a Brave New World sort of soma for everybody model or is there any fixing this or are you despairing of fixing the addiction problem in America? It's, again, it's very hard to know what to do as a libertarian, I am skeptical of the war on drugs, but as a cultural observer, I do think there's something about all the forms of drug legalization that's deeply linked to pessimism and hopelessness of our society. So if we don't talk about it on the individual level, but just the social level, there was something about prohibition in the 1920s that was wrong as a policy, but it was optimistic in the sense that you had to the 1920s were the last ridiculously hopeful decade where you have to work so hard. You can't have a hangover the next day. And then the 1930s we have the depression and then you legalize alcohol and I think it's correct to legalize alcohol, but it's also what you do when everyone's out of work and they have nothing better to do. And the marijuana legalization you have to think of it was this slow, slow moving thing and the inflection point was 2008. When you have the crash in O 8 and then everyone's depressed and we need legalizing marijuana post O 8 was like legalizing alcohol post 1929. And so I see it as. A policy maker. I'm sympathetic to the legalization arguments, but I don't, I really don't like what it tells us about our society or our culture. And. That's sort of where we're stuck. And that's where we're going to stop. Peter Thiel, I appreciate the generosity of your time. That was provocative and I hope everyone starts to think about the chai comes as other than the CCP, if nothing else, we're going to get out of this more focused back on Xi and his gang and whether or not they're ever going to change, and we're not doing a very good job, but you're helping us do the right one..
The Hugh Hewitt Show: Highly Concentrated
"peter thiel" Discussed on The Hugh Hewitt Show: Highly Concentrated
"We shouldn't exaggerate that. And we shouldn't we shouldn't overstate CNN. Well, if Chris lecter, then the new leader of CNN called up Peter Thiel and said, what do I do to regain your credibility to get you to watch again? What would you tell him? Well, look, it's. The sort of straightforward things you can do. There's some way in which you just, it's you just cover both sides. You just let both sides talk. You know, it's not that the bias in media is not in health, how topics are presented. It's in what topics you even select. It's how certain things we don't cover. It's certain things you probably, if you cover, if you talk about the question of whether the CCP is a problem for the U.S., just raising the question, you know, is almost an answer. And then we end up just not talking about certain types of questions. And so that's I think CNN, all these places would correct it if we, if we just had a debate, if we just corrected it, just having the debate, our side will win. You're very right. There are some topics. I myself. We're going to do that. I'm going to honor myself up as an example of self censorship. I do not talk about gender fluidity on the radio because there are children in the car on the way to school, and I don't want to present the parent with a question that they don't want their third grader to ask them as they're getting out of the cars they're being dropped off at elementary school. So I self censor the topics that I cover and something as controversial as gender fluidity has gotten J. K. Rowling basically on a pit barbecue spin in the left wing circles. So self censorship is almost a necessary ingredient of survival with an audience because people will turn you off if you make them uncomfortable. So I don't know how and this is more of a comment than a question. I don't know how the media deals with some of these given that people will turn them off if they start talking about it. And I think they might turn the channel at the CCP comes up because they don't want to worry about it. Yes, but look. I think there are, let me just push back a little bit on this you. I think there are all these debates about diversity, identity, politics, that are kind of crazy, but I wonder whether they are also distractions from, again, communist China. Let's just let's just pause it that every single one of these debates is a distraction from, you know, from communist China. And so, you know, we can have there's, you know, I don't know. There are race problems in this country, and there is a debate. We need to have about racism and there's something we need to do about the history and overcome that. But if we only talk about that and talk about nothing else, that's somehow doing the CCP's bidding..
The Hugh Hewitt Show: Highly Concentrated
"peter thiel" Discussed on The Hugh Hewitt Show: Highly Concentrated
"And that's telling you something about how messed up the politics there are. Let's focus on how messed up our politics are. America was until a generation ago still living on the fumes of having been a frontier and farming country that was also powered by manual labor and was very resilient. So when we went off to war in World War I and World War II, we were sending people who had grown up under tough circumstances, The Great Depression or industrialization. Is America too soft generally to survive in this cutthroat international environment, Peter Thiel? You know, I don't think I don't think we're too soft. But I think it is, look, I think it's a, it's a, it's a strange, it's a strange global problem. We have to find ways to work with all these other countries. There are, yeah, but there are all these ways, you know, I think we're kind of soft. I think there are ways, there are ways in which. We're kind of old. We're not as willing to fight. So I think there are a lot of things that are messed up, but I wouldn't say we're way too soft. Now, Peter, I myself pitched you on investing in Spanish language media because I'm concerned about the American politics being driven by an ill informed mass electorate that is increasingly disconnected from reality. And I'm wondering, you are obviously concerned about American politics. You back candidates, you went to the RNC in 2016, your concern. What are we doing about American media? It is, it's fraught with dishonesty and simple incompetence and I'm curious people who don't even read. What do we do about it? Well, look, you know, I don't have answers to all these problems and certainly, you know, look, if you just, if you just look at the state of the mainstream media or things like this, you would be completely pessimistic and you say it's just completely hopeless. And. The thing that's countervailing or at least moderating that is that it's been in such decline and it just doesn't dominate the discourse and the way that it did. You know, 2025 years ago. So yes, it's very messed up if it was up to the mainstream media of the country would be completely lost. But unfortunately, fortunately, it's still very powerful. Fortunately, it's not quite as, you know, not quite as omnipotent as as. We sometimes make it out to be, you know, they skew things in a partisan way in this country, on the other hand, you know, they hated mister Trump in a completely deranged way, and it was not enough to stop him from winning. So that was like a I know it was a, it was a manifestation of just how weak the media is that they couldn't they couldn't stop Trump in 2016. There's a way in which there's a way in which the derangement it always backfires. People, you know, people know that the media is biased and they discount it appropriately. I know that before I turn to American politics, I know what the leftist response will be to that exchange. They'll say, did you not see the Super Bowl shot that had Rupert Murdoch sitting next to Elon Musk in a box at the Super Bowl, Fox network and Twitter are owned by center right perceived center right people or conservative people and I'm nuts for saying media. But in fact, journalists themselves. I mean, like 95% of them are not merely liberal anymore, they're deranged. That's a word I think you probably use more than any other word if we put this into the machine you would use to rank. I think they're deranged about Republicans. They certainly are deranged about Donald Trump. Does that change any time soon? Because the people who go into the business are not are just not that willing to be persuaded of facts that are contrary to their worldview. I don't think it, I don't think it changes, but yeah, so look, I think if you look at things like, I don't know, The New York Times or CNN, they were biased in a liberal way already in the 1980s and they are complete one party state organs at this point. So they're much worse than they were 30 years ago by any way try to measure these things objectively. But they're also, they're also somewhat weaker. And they can't quite control the discourse because everybody understands that they're biased. And so they're constantly the constantly undermining themselves. It is just, it's like teenage girls into cutting or something like this. It is just, it's just pathologically self destructive. And so there is something about them that's, you know, it's deranged, but it's also, you know, we shouldn't exaggerate how powerful they are. Now, CNN has trying to change. Chris licht is actually trying to jump. And even that we shouldn't exaggerate..
The Hugh Hewitt Show: Highly Concentrated
"peter thiel" Discussed on The Hugh Hewitt Show: Highly Concentrated
"Why is India a bad ally for us? Because I'm kind of counting on India as our ace in the hole because of AI requires people generating information, they've got as many people as China. So if they're on the right team, that helps us. Man, it is, you know, I'm tempted to say something like with Friends like that who needs enemies, but they are it is, you know, it's a, it's a profoundly corrupt society. It is. It is, it's probably, if you think of it as a place to do business, it's probably as bad or worse than China. I mean, I think there are ways U.S. companies can make money in China. It's even harder to do that in India. So it's deeply corrupt. There are ways in which there's some good things that came out of the British colonial period. It has some kind of democracy to some kind of rule of law, but it's also just the whole society is just steeped in anti western anti colonial resentment. So there are all these ways India is a very, very messed up place. I think I'd rather count on Japan, Australia, even Western Europe, you know, all these other places we should, you know, UK, France, these are the places we probably need to count on much more in having this anti China coalition. Ukraine. You're right that you're right that, you know, it's in India's interest to be anti China. There's sort of natural rivals, but we better count in other countries. The invasion by Russia of Ukraine, mobilized a portion of Europe to the reality of the competition that exists for domination in Europe and perhaps a little bit with China and Iran because Iran is arming Russia to kill Ukrainians and threaten Eastern Europe. Do you think Europe is awake yet? Peter Thiel. You are originally a German. And people may not know that. And you're also a New Zealander and you're also an American. And I just wonder about the Germans, whether they have reverted to their historic and this is history talk and not you do it. They tried to play both sides for as long as we've been writing history in Germany. Since the Frederick the great or whoever put it together, they haven't really been a western country. Do you have confidence in them? Man, it is, I am, you know, I am not, I'm not a German citizen, any longer, and there are certainly all these ways it is, it's a deeply messed up country. It is, you know, I think you had, you had the Nord stream pipeline with Germany and Russia where it was all the sort of unhealthy. I don't think interdependence. I think the right word is codependence with China. We used appeasement in the 1930s and 1970s was detente. And I think we need a new word for the unhealthy relationship with China. And it's something like it's a codependent relationship. And just like the codependent relationship that Russia had with Germany where this pipeline was this sort of unhealthy codependency, we have a hundred pipelines between the U.S. and China or between Western Europe and China where things are sort of entangled in this in this codependent way. So I think it's yeah, I think it's very, very messed up in that way. In the 1930s, Germany was the country that was the subject of appeasement and now it has become the appeaser in chief. So yeah, there's some very, very strange dimensions about the history, but it is, you know. In some ways you can think of Germany. It's all sort of, it's all sort of dominated by these weird corporate interests. If you look at it on a partisan level, you think of a company like folks, and the social Democrats are a company that's deeply co op by China because they're cars are now made in China and have somehow appease the Chinese government and the social Democrats are the workers at Volkswagen and the Christian Democrats or the management and the free Democrats of the shareholders. And probably the Green Party in Germany is the most anti communist Chinese..
The Hugh Hewitt Show: Highly Concentrated
"peter thiel" Discussed on The Hugh Hewitt Show: Highly Concentrated
"Peter Thiel. Because it is the overarching number one issue of our time. Are you an Iowa? If you look at the states in the U.S., I was a state that has a lot of agricultural exports and it is, it is relatively co opted by China. So how do you run an Iowa primary? And. There's certain issues that Iowa skews to, but excuse dovish on China. And so there's a weird challenge with the caucuses in Iowa. And you're right. Down the line. When we come to China, for the parents out there, Mitt Romney, when I first sat down to interview him 2005 or 6, he asked me if I was a grandfather, and I wasn't yet. I am now, and the reason he said is because once you become a grandparent, your perspective changes completely. You go from worrying about the next ten or 20 years to worry about the next 50 to 75 years, and that has happened to me as I become a grandfather. Are you an optimist about the next 50 to 75 years or are you in the camp of, we're going to get B and we're going to be part of the middle kingdoms, they're not going to invade anyone. Henry Kissinger told me they're never going to invade anyone. They're just going to dominate everyone. He didn't tell me the latter party just said they would never invade anyone. Are you an optimist or a pessimist about the next 50 to 75 years? Well, I always think that both optimism and pessimism are somehow incorrect. The two ideological and they're both, they're both modes where you don't do enough because extreme optimism means that you don't have to do anything. You know, we're sort of on the winning side, extreme pessimism is defeatist and we're going to lose. So I had to always think of extreme optimism as a form of denial, extreme, extreme pessimism as a form of acceptance. And what we need to do is somewhere in between. We need to be fighting. And we need and then I think it's not, I don't think these things are written in the laws of history. They're up to humans, they're up to human agency. They're sort of choice. There's freedom and deciding what's going to happen. But I think the truth is somewhere in between. We're kind of evenly matched with China. We're kind of going to be evenly matched with them for a long time. And it's up to us what to do. It is true that China is growing faster than the U.S. and in some sense, if you look at it on a GDP basis, it's going to overtake the U.S.. But I don't think it's true as a matter of a strategic map because as China overtakes the U.S. in GDP. I think there's so many countries that are going to become scared of China and that will naturally ally against China. And so if you look at it versus 20 years ago, Japan was weirdly pro China 20 years ago. It's anti China, Australia has flipped Vietnam has flipped. India, I don't think that's the best ally for us, but they've kind of flipped. So there's sort of and I don't think China will overtake the whole world..
The Hugh Hewitt Show: Highly Concentrated
What Is China's Baloons Collecting?
"Well, we are in an arms race with China on AI. And this very moment morning spoke with chairman Mike Gallagher is leading the House select committee on the Chinese Communist Party about the balloon that lingered over our ballistic missile fields in Montana and elsewhere, and the threat that that post and whether or not they're collecting the data that could be used to jam or destroy our ability to respond to a first strike. Am I wrong to worry about that and to jump to that? Because you don't send a balloon over those fields to take pictures at satellites can take. They're collecting something. It is. Look, we are in a very, we're in a very crazy dynamic with China. It's been probably it's probably been understated in strange ways for some time. But yes, I think that we have this rivalry with China that's has a military dimension. It's a technological dimension. It has economic dimensions and it has been it's been understated for quite some time.
The Hugh Hewitt Show: Highly Concentrated
Peter Thiel on the Threat Posed by Communist China
"I've got to explain for the audience Tom bombadil is a particularly unique character in Tolkien. And you and I are both Tolkien fans. You've probably read it, double the number of times I have. But early in the book, Frodo and his couple of hobbits go off and they're worn by Tom bombadil, this ageless character who's sort of a God figure, but I'm not really sure who he is. He says, you'll be fine. Don't go near me. He said, don't go near these mounds. Don't go into those because if you do, you're gonna be in trouble. And the first thing to do, they, of course, they end up doing exactly what they've been warned about. So you just gave a very nuanced answer. Don't do the wrong thing and we'll be fine. But there are 330 million Americans who can do whatever they want. There's Google. There's Microsoft. There are a lot of smart people who are not responsible. So if you take the worst actors and the best AI, what happens? Well, well, I think look, I think there's a. I don't know if we really always need to be careful not to overstate and exaggerate these kinds of things. But probably the worst actors are something like, you know, the Chinese Communist Party. Yes. And what does China do with it? How does it how does it how does it relate, how does it relate to the U.S.? How does it relate as a weapons system?
The Hugh Hewitt Show: Highly Concentrated
Nikki Haley Kicks Off Run for President
"Nikki Haley, let's go to cut number 15. I have devoted my life to this fight, and I'm just getting started. For a strong America. For a proud America, I am running for president of the United States of America. Now the most controversial thing Nikki Haley said was cut number 14. So let's hear from ambassador Haley on that. And the America I see, the permanent politician will finally retire. We'll have term limits for Congress. And mandatory metal competency tests for politicians over 75 years old. Mandatory competency tests for politicians over 75 years old. That's a thinly veiled shot. I would, my advice to every republic. I'm in Switzerland, as you know. I am not going to have a favorite in this race. I'm going to ask questions of them all. Ambassador Haley is welcome here every day, as is the former president as is Mike Pompeo, as is Mike Pence as his Tim Scott, as is everyone who is anyone who's going to run for president, and there are a lot of them. They're all welcome here, and I will ask them all pretty much the same question. I'm going to talk to them as I did with Peter Thiel about China and the media and how do we get the country going? What do we do about this drug addiction problem?
The Hugh Hewitt Show: Highly Concentrated
US on Track to Add $19 Trillion to National Debt
"On track to add 19 trillion, 19 trillion of the T in debt over the next ten years. That's in The New York Times. We already have 31 trillion. That means 50 trillion in debt. All right, just assume it's 3%. 3% interest. And it's not. It's much more than that. Go figure how much interest and we're not paying down the principle. We have to change direction. The CBL warns of possible default between July and September. All right, if it's really out there, and it's July, look, it's February. You got to March April May, June. You got four months for Joe Biden to Saddam with Kevin McCarthy and work something out. But the president isn't interested in that. Nikki
Bloomberg Radio New York
"peter thiel" Discussed on Bloomberg Radio New York
"Stuff as always. All right, let's talk about a big, big picture topic here. We're talking ESG, we're talking diversity, maybe in the technology space because there's been some news coming out of Silicon Valley on that front And there was a recent op-ed in newsweek entitled why Elon Musk and Peter Thiel are wrong on ESG investing and the person who wrote that op-ed piece is our Bloomberg interactive broker studio. Help me out with the pronunciation here. Anila ungur. She's a founder of edge and power. She's based in Zürich, but she's here in our Bloomberg interactive broker studio today. How good is that? Any other thanks so much for joining us here. Talk to us about why you wrote this op-ed and what are some of the key takeaways from your operating as you think about diversity and equality? Thank you for having me. So one of the main reasons why we wrote that op-ed is that, of course, with all the layoffs that are going on in the tech sector right now, the big question is, why should companies continue their investments in diversity, equity and inclusion? Are these investments only making sense when things are going well in times are good? Right. And is this disposable investment in that times? And there are three reasons why we believe that companies should continue there the NI investments also in tougher times in times of layoffs. First and foremost, it's because study after study shows positive correlation between profitability and diversity. The most recent one published in January by the World Economic Forum shows that ethnically diverse and gender diverse companies outperform their industry peers in terms of profitability by 36% in 25 per second. That is fascinating. Because I would expect an outperformance in terms of revenue growth, right? If you want to sell more stuff to more people, you need to get more people to sell that stuff, right? In a sense. But profitability is an even more interesting metric. Why do you think that is? I think that profitability is also related to the capacity of the organization to show agility to adapt to changing market conditions to show resilience and to show an increased capacity to innovate, and all this are positively correlated with a more diverse workforce. So just looking at your that was only one. There are three. Oh, three, go. You jump in all the time. What's reason number two why we should care about? Reason number two is that we should really care about people who stay in the workforce. So we should really give them some good news. And positive vibes and showing them that we need them to stay engaged. As opposed to quiet quitters. As opposed to quite quitters and very interestingly, a Gallup study showed that in the U.S. right now, the number one reason for diverse talent women and other historically underrepresented groups to join or to stay a company is how well they feel respected, what is their work life balance and what is their personal well-being taking care of in the workplace. So these are key ingredients for engagement alongside it's a good motivator is basically what you're saying. Exactly. What's number three? Number three is that, of course, we need to take a long-term view of diversity equity and inclusion. We can not continue considering it as a layer on top of an organizational core purpose. It's fundamental to it because its investment in people. So there has been number three is a little softer. I think number three is a little bit wishy washy or that number. I mean, number one, I get it. You're driving the bottom line. Number two, okay, you're motivating your soldiers. Number three, we should because we should. Well, not exactly. In the last three months, one in four American employees were recruited, whether they were looking actively for an opportunity or not. And 39% of those declined a job offer because the company could not demonstrate their commitments to diversity, equity and inclusion. Now, in a market where there is a lot of competing demand for talent being able to demonstrate long-term commitment to that gives you an edge in terms of attracting, retaining and motivating the best talent. Okay, sorry. Now go ahead. Sorry, I just wanted to get through those. I know, but let me take the other side of the coin, some influential folks out there, Elon Musk, they're pushing back on this stuff. Elon Musk recently called ESG the devil. Peter Thiel is out there and some others Bill ackman and so on and so forth. What is their and we've had Vivek Rama swan and come in here and say, he's telling companies just focus on profits. Don't worry about social stuff. He would like reason number one, he might even like reason number two. He might? Yeah. So what's the pushback that you in the ESG community you're seeing from some of these folks? Yeah, so I think that the main pushback is related exactly to what you said. ESG is perceived as wishy washy. And why is he a she perceived as wishy washy because we do not feel that we can measure some of the aspects behind the ESG, especially behind the S and behind the gene. The taxonomy just isn't there. In objective ways, we can not agree how material some of those topics are. And we can not agree to some standards of excellence when it comes to the ESG. So because we can not make that link, which is undoubtedly there, we tend to think that ESG is an afterthought. And it's destroying shareholder value while ESG is about creating sustainable shareholder value and keeping the company competitive long term. Well, see, the argument vivec ramaswami would make if you were here. Actually, I can't speak for him. No. But I would guess he would say, look, my number one motivation is profit. And if I need to put some environmental or social concerns aside for that, I'm going to do it. Yes, I think that you will always have investors. You might think that shortsighted. Well, I think that that's his opinion, and he's entitled to have it. I think that the beauty of it. I'm guessing that's his opinion. I have to have both of you all together. That's what be a very good conversation. I think that the idea of it is to go beyond this very polarized view. I think that there will always be companies and investors that will take that view. Our focus is profit profit only short term. And there will be companies who will take a longer term view of how they create value for their stakeholders. And the two can coexist. We just have to make sure. That there are very clear signs because they will always make people who want to work for one company or to the or the other or who would want to invest in one rather than the other. Well, this ESG also seems to me in a sense like the crypto industry in that it's nascent, right? It's still growing up and getting into its adolescence. We just started talking about this really a decade ago. And we haven't developed the classifications. We haven't developed the metrics standard metrics that we all agree on yet, but we're doing that. For example, you help Bloomberg work on the gender equality index, don't you? So, and as we get more metrics like that and you can show investors, hey, look, this chart goes up
Mark Levin
Masters Hopeful for McConnell Support in Arizona Senate Race
"The Blake's not cutting it right now Now Republican Senate candidate according to the Arizona central that is the republic says he hopes Senate minority leader Mitch McConnell will back his close campaign So a change agent he is not Like masters hopeful for Mitch McConnell's support in Arizona Senate campaign well then I guess he's going to vote for Mitch McConnell will be the leader Said Friday he hopes Striking a magnanimous tone toward the GOP leader he fiercely criticized during the primary Isn't that the problem This is what politicians do I think he'll come in and spend I rezone is going to be competitive So he relied on Peter Thiel to spend $10 million to get him the nomination and now he's begging Mitch McConnell to do the same Is that a leader
Mark Levin
Why Is Blake Masters 8 Points Behind Mark Kelly?
"There's a lot of trashing of Doctor Oz going on I'm winning the Putin oids with their hemorrhoids I guess they don't want us to take the Senate but I have a question to ask Why is Blake masters The Republican nominee for the Senate in Arizona 8 points behind Mark Kelly Mark Kelly is as charismatic as as well foot fungus toe fungus He has a real voting record and his voting record is 100% with Schumer People don't even know what his voice sounds like Should be an easy target in a state that is frankly more Republican than Pennsylvania Why is it that the guy that was backed by Peter Thiel and unfortunately I feel president Trump and some of my brothers and sisters in the media why is it that he's so far behind In Arizona don't we need to pick up that seat in Arizona I'll tell you why People don't like it when billionaires impose their will On the primary process And that's what Peter Thiel did
The Hugh Hewitt Show: Highly Concentrated
The 10 Most Important Races in 2022
"Master dot com, Joe day dot com, team Herschel dot com, Ted bud dot com, Morse the number four Senate dot com, Adam laxalt dot com. JD Vance dot com, Doctor Oz dot com, smiley for Senate dot com, Ron Johnson for Senate dot com. That's not order of importance. That's the order of the states. Blake masters in Arizona, Joe Dan, Colorado, Herschel Walker, and Georgia, Ted bud in North Carolina, I think, oh, got that wrong. It's then C, but NH I was using the abbreviations. Chuck Morris in New Hampshire, Adam laxalt and Nevada, JD vents and Ohio, Doctor Oz and Pennsylvania, Tiffany smiley and Washington state and Ron Johnson in Wisconsin. That's the key. Those ten races. And I hope Peter jail gives them all Peter Thiel gives a $100 million to each of those races. Sets up an independent expenditure committee. If you're listening, Peter, I'm just saying, give a $1 billion away and win the country. It matters. It matters. We got to stop these crazy judges. Yes, we got to fix tax policy. We can fix that. We're going to have the House of Representatives in any event. And great candidates winning all across the United States last night. Republicans low end, they're going to pick up ten high end. They could pick up 40. Depends on how badly Joe Biden screws up and what happens with inflation. And right now, the misery index, I think it's baked in. The house is one. Democrats are giving up the retiring in droves. They're running away. And they should. Because redistricting plus the misery index means a Republican wave in the house.
Mark Levin
Josh Mandel: Welcoming Sen. Ted Cruz to Ohio This Weekend
"Peter Thiel is a billionaire who's going from state to state back in candidates that he wishes to purchase a Senate seat for And he's doing that in Arizona He's doing it in Ohio is doing it in another place How much money has he put into a political action committee To support JD Vance do you know It's up to $13.5 million and we have another opponent of ours who's put in I think 16 million of his own money We've got a third opponent who's put in I think over 15 million of his family money I mean Mark the amount of money that's coming in against us from all these different candidates is amazing I've got never trumpers running against me I've got pro impeachment rhinos running against me I've got people running against me who think that Mitt Romney is an example of how they should act in Washington and I'll tell you what I'm excited about This coming Friday and Saturday Mark We've got Ted Cruz coming to Ohio to barnstorm the state with me We're going to post all the events on our website Josh mandel dot com Again J O SH MAN D E L dot com and we're excited to have crews coming in We're going to be in Dayton since in addi Cleveland Columbus Toledo and other parts of the state as well And very proud of earned senator Cruz's support and I'm grateful that he's coming to Ohio to campaign for me
Bloomberg Radio New York
"peter thiel" Discussed on Bloomberg Radio New York
"This midterm election year important story on the terminal as state legislatures set up an even more polarized Congress by redrawing congressional districts we'll talk about it with Bloomberg national political reporter Mark nicht coming up First an update on the market so let's see how it went this Monday with Charlie Pelé went down Joe Matthew and it went down on the final hour of trading today with the S&P dropping 16 points down four tenths of 1% late day fade We have the Aztec composite index drop 82 points down 6 tenths The Dow by the way held onto a game little changed virtually flat on the day up by one point Stocks fell amid renewed declines in big technology names benchmark treasury yields little change as investors assess the outlook for military policy ahead of key inflation data this coming week Ten year yield 1.92% spot gold of 1820 the ounce and West Texas intermediate crude dropped to 99 cents today 91 32 a barrel down by 1.1% Tech investor Peter Thiel who has advised Mark Zuckerberg for nearly two decades of Facebook will step down from the company's board after meta's annual shareholder meeting in May teal who joined the board in 2005 after an early investment in Facebook plans to increase his political support of former president Trump's agenda during the 22 2022 election Recapping S&P down 16 down four tenths I'm Charlie pellet and that Joe Matthew is a Bloomberg business flash Hey.
Insight Out with Billy Samoa
"peter thiel" Discussed on Insight Out with Billy Samoa
"Was crazy but he was actually doing which we all know. Today it was creating the unique content library than at flicks ended up becoming an of course they steamrolled their competition like doe. How do you know if the timing's right. Give us your thoughts on how you can give your best shot at determining whether or not your timing is ideal for whatever it is. You're doing. I wish i had a silver bullet for you buddy but the truth is nobody knows. It's very difficult either. The smartest found the smartest person knew everything about your industry and still fail. I'll give you the best example of this does a great shopping app. Can you remind me the name. Is you know where you can order deliveries. You've been hurt. Thank you so much instrument exactly so instruments idea wasn't new in the late nineteen ninety s. There is simple very similar idea to insta- card. There is two billion dollars. I've got the name of the startup but it failed because the timing wasn't right nobody really had mobile phones. the broadband internet speeds berg. Fast enough and people didn't really want to buy groceries off the internet really quickly. And then the idea resurfaced ten years later now instruments multibillion dollar company. Same idea timing was different. That's why by the way. Jeff bezos who arguably in my opinion is the best entrepreneur of our generation by a very long shot. He was very strategic about what he sold on the internet. I do you know what he sold. As a fund lewis course books man right so people donor says. Why did he choose books. People just stopped the logic like. Oh yeah it's his books. No the reason he started with books. Billy is because the cost of each ship is very low and there's a clear competitive advantage to having an online bookstore that having a library. So let's i wanted to buy a tv. It makes sense from beat it like potentially go to electronics store versus by on the internet. Spending a thousand dollars or two thousand three thousand each..
Insight Out with Billy Samoa
"peter thiel" Discussed on Insight Out with Billy Samoa
"Clearly. So what fascinated and what really freaked me out the most. Was that story where peter said. You know the craziest thing about socks was how short that boardroom meeting was because it was fifty minutes and he went into that meeting and he just said no. We're not selling. And peter. And jim just looked at him and said mark you sir. You ought to sell this company. You're going to literally walk away with two hundred million dollars and you're mark answer billy. He answered Well if i sell facebook. I have to build another one. What's play koos says the that's even more insane for me like i'm crazy but this guy's not a hold the level of crazy and that's why duck succeeded. Don't you find it odd. All these billionaires are still working. Why are they still working. So hard suck. Cylinder is a net worth of sixty billion because the eccentric They don't get there without something being wrong here in a good way. And that's the idea. Yeah it's the crazy factor. And i think that's the key point for number two. When we think of the case studies they would think of you highlighted. The one common thread is this craziness. Gene that they all have to some degree. Call it eccentric. Call it just insane. Whatever label you wanna give it. There's a they're not doing if in order to do something that's not normal day. Themselves are not normal. So yeah okay. So what's the third thing. I would say the third in general and i'm happy to give us an example here of just everything that we believe that conventional wisdom and he just says is it true and he argues every single. One of them really. Well it's basically what the book is for those of you who do think about reading it is. It's a whole book around unique thoughts. That you never really thought of that motivates you to create your own version of zero to like if you created your own version of all your controversial believes ruled. That book look like feel. That was my biggest takeaway as a third point block of one of those examples. Yes a chapter called. Competition is for losers right. He says that monopolies pretend to be all the gop laze in allah. God please pretend to be the monopolies or action. Explain what i mean here..
Insight Out with Billy Samoa
"peter thiel" Discussed on Insight Out with Billy Samoa
"Dissect how insights influence who we are and ultimately who would become i interview new york times bestselling authors and some of the most influential minds of our time to find out what insights have helped to make them who they are when. I realize the world worked in many different ways. I'm an accused. Green alive cynically designed for me. I see infinite capacity to create. That's the magic that we all have. You can tap into that any point in your life just up the side to it and as a leader you have to be a transition figure as dr condie said light not a judge. A model not a critic. If you're like me constantly working to design a life the will allow you to reach your fullest potential. So that you can leave your mark on this planet. then you're in the right.
The Hugh Hewitt Show: Highly Concentrated
California's Recall Election Is a Chance to End Cycle of Dysfunction
"I'm hugh hewitt. The california recall ballots are arriving in the mail this week. Voting will continue until september fourteenth the last three days while out in person voting. I wrote a column for the washington post yesterday. Here's what it is. Most of california's recall election. Ballots are expected to reach voters by early. Next week absent cliffhanger. The elections should wrap up shortly after september fourteenth question one before the golden state's electorate should governor gavin newsom be recalled question to presents a list of forty six candidates who qualified for the ballot if a majority of votes cast on question. One are yes then. The leading vote getter among the forty six becomes governor. At least until the inauguration of whoever wins next year gubernatorial election. There is a small chance that either former republican congressman doug osi or republican state assemblyman. Kevin kiley could parlay divided feel into the smallest and plurality doing so would take large vast amounts of cash. It's not impossible. This is the rare case. Where a mike. Bloomberg peter thiel or a mark zuckerberg could actually tilt an election per ends none as indicated plans to do so but part of any such plan. Success would be stealth execution and until the moment of unveiling absence such an intervention. it has become a two candidate race. Between former san diego mayor kevin falkiner and my long time colleague and friend larry elder best known as the veteran talk. Show radio talk show. Host elder is also a businessman filmmaker and author parental disclosure elders. Radio show is syndicated by salem media which syndicates mine as well again this is the washington. I must disclose that. You know that. Readers of the washington post column. Don't larry elder is whip. Smart has a gift for sharp rhetoric and is a fellow university of michigan law. School grad. My thinking right now is that if donald trump loudly endorses him elder would win the plurality of votes but probably at the cost of newsom surviving the recall.
Radical Personal Finance
"peter thiel" Discussed on Radical Personal Finance
"That's the key. You can't be anywhere near the realme fraud. You need to have records data. That says here's what. I think the company's worth here's my argumentation for that. So here are the number of shares. That i want to have. That's my understanding of it. As a non attorney that's how we as human beings with risk you're dealing with risk at all times and you're looking at it and you're saying i see something more in in every single financial transaction every voluntary transaction. Both people will walk away feeling like they got the better end of the deal or they'll return the product or be unhappy but in every happy transaction which is the vast majority of them. both people feel like they. Walk away winning if you go to work today. At the end you get a paycheck on friday at the end of the week on friday. You're going to walk away feeling like you got the better end of the deal versus your boss because you got a paycheck and your boss got forty hours of your time on the other hand. Your boss is going to go away feeling like he got the better end of the deal because he got forty hours of your time and he only had to give you a paycheck. Every transaction works that way and so innocent areo like -til here and the company -til walked away from this transaction feeling like he got the better end of the deal and pay pal. The company walked away feeling like they got the better into the deal by selling him. The shares at the valuations put there. There's really no other way to to figure out evaluation other than what two independent people arrive at in the marketplace without coercion. We arrive at a deal and that deal is going to result in both of us walking away. There's no more exact science than that. You'll have one person walk up to a fifty dollar steak and say this steak is a deal. I'm taking it and have another person to walk up and says i don't want it the guy who's selling the fifty dollar steak the only way he figures out his price as based upon him going away feeling like he won. I hope the points clear. I feel like i'm not communicating. Well enough but in a in a free market scenario the only way you can figure out a number on this is based upon the parties involved and the only tool that attacks authority can impose to say the number is fair or not fair is. Here's our approved methods evaluation. And then what is the market. Say so while. I'm open to the idea that teo committed something wrong. I would say he's certainly didn't commit fraud. And if he did take a liberal valuation. He did what everyone else does when they value company. He did what everyone else does when they value a house for sale. He did whatever everyone out to look at the marketplace. You choose the number and you say. Here's how i got there. I can argue this in front of a judge. I'm ready to go now. Let's continue with the story. Then move faster after nine hundred nineteen would never again contribute money to his roth. Tax records show. He didn't need to just a year's time the value of his roth jumped from one thousand. Six hundred sixty. Excuse me let me come back from moment. I want you to follow the numbers. -til khimik contributed one thousand seven hundred dollars to buy the shares of pay pal. Then the company goes through a round of valuation and they start selling funds to other investors etc that in just a month time. The company sold a slice of itself to investors for five hundred thousand dollars that june and august another four point five million dollars poured in from the venture fund arm of telecom giant nokia and other investors those records show the dot com boom was in full swing going on when it came time to. I should read it for fairness. We're definitely onto something. Big -til told employees late nineteen ninety nine. Predicting the pay pow would become quote. The microsoft of payments according to the paypal wars a book by a former employee recounting those heady but when it came time for penn sco the custodian of teals raw to report the value of the account at the close of nineteen ninety nine. None of the investor enthusiasm was apparent. Penske told the irs that teals roth was worth just one thousand six hundred sixty four dollars at the end of nineteen ninety nine tax records. Show now this. In an interview. Anderson said pens go relied on the companies whose shares were in. A roth say what they were worth. He didn't know how pay pal came up with its market value but he said teals purchase of those shares was quote very legitimate. From then on nothing would stop teals roth. In silicon valley equivalent of token alchemy. His roth would transform those pay pal shares into a tax free fortune. One that would be safer than all the gems. Gold and silver and the dragon smog. Mountain once again we come to a situation all right. How would the custodian do something wrong. In this case i would say no custodian didn't do anything wrong. This is as i understand standard practice when you have a private company like this even a private company that is engaging an early stage financing the valuation is completely made up out of thin air every single one of those early investors thought. The was a multibillion dollar company. That was why they were investing but on paper. Their valuations are not multibillion. That's why they're investing early. They're trying to get in and so there's no public market for the shares. There's no ability for you to to see what the market is is trading those things for and there's just no way no way to know and for every argument in favor of a certain valuation. There's an argument against imagine like this guy. Then ask a question. What do you believe is.
Radical Personal Finance
"peter thiel" Discussed on Radical Personal Finance
"Investors aren't allowed to buy assets for less than their true value through an ira the practices sometimes known as stuffing. Because it gets around. The strict limits imposed by congress. On how much money can be put in a roth. Pay later disclosed details about the early history of the company in an sec filing before its initial public offering the filing reveals that teals founders shares. Were among those. The company sold to employees at quote below fair value. Close quote Victor fleischer attacks law professor at the university of california who has written about the valuation of founders shares read the pay pal filings at propublica request buying startup shares at a discounted point zero zero one dollar price with a roth. Yes sir would be indefensible. That's a huge scandal. Fleischer said how greedy. Can you get warren baker a seattle tax attorney. Who specializes in. Ira's said he would advise clients who are top executives working at a startup not purchase founder shares with a roth to avoid accusations by the irs. That they got a special deal and undervalued. The shares baker was speaking generally. Not about -til quote. I would be concerned about the fact that you can't support the valuation number as being reasonable he said and it goes on and it talks about how they had bought more shares there was other people buying shares etc. Now the intimation. It's not an allegation. But the intimation here is that -til did something wrong by buying these shares in his roth. Ira at this discounted price. And i don't know if he did or if he did not all. I have is the article with their to expert people that they interviewed. What i do know is early. Stage companies small companies. Private companies are vanishingly difficult to value. Pretty much you make it up but you try to make it up in some way that makes sense. I have a company one of my companies. This company is worthless. But i have one million shares in this company. The company has no assets. The business is not yet going. It's worthless it's worth less than one tenth of a dollar of share and so the argument goes back and you have to say pay pal was actually worth a lot more and everybody knew it now without question you could argue that successfully now because in hindsight you could argue that successfully. If you say we'll -til thought the company was worth a lot more than point zero zero one dollars per share. -til thought the company was worth a lot more without question. He did right. That was why he was excited about that. That was why he was working in it. But here's what's so wacky. The market may or may not have thought it was worth more other investors had the opportunity to invest and they passed. We don't actually know what -til thought about it. We don't actually know what actually what it was worth. It was worth as much as what someone was willing to pay and teal was willing to pay that price and the company thought it was worth it for them to sell that amount of shares to -til at that price because these people are committed to it. Could there be a legal opinion here. I'm sure there could be And they fight it out in court so if -til is done something wrong and ira. The government could sue them. I can't remember what the rules would be at this point in terms of the statute of limitations on the tax returns. And everything like that. I don't know how that would work out. But the proper place for that as in a court in the court of public opinion. We don't have enough information to pass judgment. I'm very open to the idea that -til engaged in some kind of stuffing strategy. That he got a sweetheart deal. That's very possible. You and i will do exactly the same thing if we could. I'm also also very possible. The -til saw something that he thought was good. No court no jury would ever find that he did anything wrong and turns out that that it just worked out probably with a lot of work for him and had right time in the market there were probably a lot of other people who put shares of their small private companies into roth. Ira's their companies went bust in one thousand nine hundred nine two thousand two thousand one and they're worth nothing so it only works out if you're successful so it's possible that he did something but having the stuff for a long time. There is a wide range of defensible. Numbers that you put on things like valuations and there is no law. That says you can't use the thing. That is the most advantageous for you. You can't use if the irs gives you four different ways evaluation. You can work them through and then you can choose the one. That's most advantageous for you and so it would be my guest that a court case would actually find that nothing wrong was was done. I don't know that just guessing because there's no reason to do something that's actually wrong in this situation. There's no reason to do something. It's actually illegal. You just simply choosing the thing that you think is going to be best for you now. I would defer to mr fleischer the tax law professor and mr baker the seattle tax attorney They certainly have good. Good points to say but i doubt that either of those men has teals brain in the sense. That -til is somebody who is willing to take the risk. You have one guy who's a legal professor at university that means i don't know anything about his career. I'm judging stereotyping ba- generally he's not someone who would even understand the concept of risk of entrepreneurial risk he's looking for a safe government job got the other guy who's a tax lawyer again. We don't know anything about him but an entrepreneur would look at it differently. If i were int heels shoes sitting at the table talking to a tax advisor. I would say to him. Listen i need to know what the law says. The advisor would say. Here's what the law says. You have to put them in at a fair market value. And then i would respond and i would say well. How do we know what a fair market value is. Well here's what we understand. Here's what we know. Here's what we don't know okay. Now once that's done i'm going to look at and say what are the risks. What are the risks of my not doing it. what meaning. What are the risks. If i choose this valuation versus the other valuation and in these scenarios the risk is basically that the transactions disallowed and that taxes imposed. Well if i'm following the law right. There's no risk of my committing tax fraud for which there would be jail time. I'm following the law. I'm choosing evaluation that is favorable to me. This most favorable to me if i get sued about this i have to defend it in tax court and if i lose what'll happen is i'll have to pay the tax but if i don't choose this and i don't put the money in the shares of maratha. I have to pay the tax. So there's just no reason for me not to take the risk. As long as i would not be anywhere near the realm of fraud..