All right. Welcome back, everybody, to altcoin Daily Times, Austin Chim Math. Polly Hoppe, a teacher who is a multi-billionaire venture capitalist All-Around Good Dude, went on Pump’s podcast the other day and revealed some very interesting perspective on the future of Bitcoin. Now, I’m about to share with you just four minutes of a much broader, much fuller 82-minute conversation. There’s a link to the full episode down below. Listen to the full episode. You will like it because Walter Moth is a billionaire today. He admits this. He spent the first 20 years of his life with no money. He made his billions by investing, specifically investing in tech. Investing in tech is his core competency. So when your math gives his insight on bitcoin, I listen. This leads to Bitcoin, right? You’re famous for calling it the shmuck insurance. I’m not going to say that we’re in the situation where the insurances are needed yet, but we’ve definitely headed that direction over a long period of time. How are your views on bitcoin kind of changed over time and have you bought more bitcoin for bitcoin or change anything and kind of portfolio allocation standpoint? So first of all, I think you said it exactly right, which is that I think that this is the setup, meaning I think Bitcoin needed a moment like this for it to be relevant in 2003 sorry, 2013, I bought a lot and at one point I think I had almost 5 percent of all bitcoins. My basis is about 80 bucks a coin. I’ve never bought more. Most of my bitcoin now sit with a company. And you know, they use it for trading purposes. They use it to run a bunch of other strategies. And I did that mostly for safety and security and peace of mind. I didn’t want to deal with it. So I have not bought since I initially basically wrote that article for Bloomberg in 2013. My thoughts are the following right now. I think what you’re seeing is that it’s still a speculative instrument and it’s too speculative for it to be reliable. So if you’re going to make the case that you know it should replace fiat currency, well, one thing you have to look at is the volatility of the U.S. dollar. And you can’t replace it with something that’s Nine Sigma more volatile. That doesn’t work. And the reason it doesn’t work is that it’s to, again, going back to what markets are important. The only market that’s even more important than the debt markets are the currency markets. And what you see is enormous amounts of liquidity where 5 percent moves. So five hundred basis point moves are newsworthy, while those five hundred basis point moves in the absence of some massive exhaustion is that that take years to play up. And in that, there is a value because it allows more market participants to be active in that market so that they can use it as a critical pillar of how they run their business. But now all of a sudden, if you have 2000 basis point moves a half hour. You can’t effectively use it. And so what it does is it pushes it into this ghetto of day traders and speculators. And right now that’s where we are. We’re in that ghetto and you need to get out. OK. I like it. I’m going to subscribe to it. I like staying informed. But before we finish this clip, let’s just clarify it. What Jamal just said is that Bitcoin is still in its ghetto phase. His words, not mine. But he means that bitcoin right now is still way too speculative to be reliable, to be reliable enough for big money, big finance to get involved. Now, it’s the traders that are loving the ghetto. It’s traders that use bitcoin the most today, according to Jim Math. The question is, how do we get out of the ghetto for Bitcoin? I mean, aren’t these last few months that devaluing the debasing the magic money printing? Isn’t this the perfect storm for Bitcoin? Where does Timothe see bitcoin today fitting into this global crisis? And where is democracy bitcoin in 10 years by 20 2030? Listen to this. And right now, that’s where we are. We’re in that ghetto and you need to get out. And the way that it gets out is that you need to flush the speculators and day traders out. And you need to have still some bases of interest from long term holders. And then you need to have it slowly look like the traditional infrastructure could really implode. So, again, I go back to we are driving slowly, but we are driving. Towards a top of a cliff. And then we’re going to drive much, much faster down that Clift or down that hill and at the end of it is a huge brick wall. The way we avoid it is by pivoting to a resilient economy where we introduced inefficiency and cost and inflate our way out of it or debasement. OK. Just to be clear on that analogy that he just made, there’s only two ways out of this, this massive money printing cliff that was about to fall off of. No one is. As our currency inflates, our government and world governments pivot to a more responsible monetary system. That would be a good solution. Or the other option is we inflate the currency so much that it’s total fiat debasement. Those are the two paths. The path dependence for bitcoin is if it looks like the path to is likely, it will really emerge as a flight to safety. And over the next 10 years where this trajectory is going to take shape and it is a 10-year trajectory, you’ll have a lot of time to vector into it to protect yourself and to hedge yourself. And I’ve always thought of Bitcoin as a very binary investment, whether it goes from eighty to eight thousand to six thousand to three thousand to thirteen thousand. It just it doesn’t matter. This is either zero or it’s millions. Because what it will do is it will create a quasi gold standard. It’ll create an index. Except instead of having to own gold where gold is owned by central banks, it is an instrument that has a value that’s determined by in between its participants and it’s owned by everybody. So maybe the correct way to say this is that it’s not gold, but in gold being gold 2.0, which some people have used about the coin. What it does is it replaces the method of value transfer that you need for fiat money to be valuable. But that only happens if the U.S. dollar looks like it’s going to careen into this wall. So I think that’s the best. So the setup is here. So before there was no path dependence, meaning you were speculating and not really hoping because, you know, if you were if you’re using schmuck insurance, as I was, you were kind of hoping it would never come in. But now if the probability, you know, was 1 percent, that that it would be valuable. Unfortunately, the probability is now probably like 5 or 10 percent. And there is a real chance by 2030. We don’t find a way to inflate our way out of this. OK. I like that. And did you catch his price prediction? He speculates that in the end, bitcoin will either be zero or bitcoin will be worth millions. And according to him, it all comes down to one thing. How responsible or how irresponsible these world governments are being with their monetary policy. If the chances of bitcoin succeeding back then when he bought it was maybe 1 percent, based on the irresponsibility we’ve seen from the USA, from these governments in the past number of years. The chances of Bitcoin succeeding today between 5 and 10 percent. Now, one of the ways that governments could be more responsible, hypothetically, is if somehow we returned to the gold standard. U.S. dollars were backed by gold, Russian rubles were backed by gold. That would be a solution. Now the problem comes in. If let’s just say Russia, for example, says we have this much gold in our safes. So that means we have this much money to spend. Are we going to believe when Russia says we have this much gold that they actually have this much gold? That’s the problem. And there is a real chance by 2030. We don’t find a way to inflate our way out of this. And that the only way to break the back of deflation is essentially to create some quasi form of a gold standard. But it’ll be almost impossible to do that between governments and central banks. They’ll never agree on an instrument and will never agree on an exchange. But that bottoms up, people could decide to do it. And the minute that that happens, individuals and people, then it’s a done deal. Comment down below what you think. I would love to hear your thoughts. Leave me a comment. And by the way, if you go ahead and listen to the original source material, Chumash Polly Hoppity talks about a bunch of stuff. He talks about what’s in his portfolio, how he is going to know when to buy when the markets are low enough, really valuable stuff. If you listen to the whole thing, link down below. Leave a comment on Pump’s YouTube channel. Let them know. Maybe altcoin daily Saenger and 30ml alike. But that is the video for today. My name’s Austin. Like always. See you tomorrow. But now, if the probability it was 1 per cent that it would be valuable. Unfortunately, the probability is now probably like 5 or 10 per cent.